Common use of Security Deposit Clause in Contracts

Security Deposit. If a security deposit is specified in Section 1.1 hereof, Tenant agrees that the same will be paid upon execution and delivery of this Lease, and that Landlord shall hold the same throughout the Term of this Lease as security for the performance by Tenant of all obligations on the part of Tenant hereunder. Landlord shall have the right from time to time, without prejudice to any other remedy Landlord may have on account thereof, to apply such deposit, or any part thereof, to Landlord’s damages arising from, or to cure, any Event of Default. If Landlord shall so apply any or all of such deposit, Tenant shall immediately upon demand deposit with Landlord the amount so applied to be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms of this Section, to Tenant on the expiration or earlier termination of the Term of this Lease and surrender of possession of the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord to Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holder.

Appears in 3 contracts

Sources: Lease (Enova International, Inc.), Lease Agreement (Howard Bancorp Inc), Lease Agreement (Enova International, Inc.)

Security Deposit. If Landlord acknowledges receipt of the sum of Thirty Thousand and 00/100THS U.S. Dollars ($30,000.00) paid by Tenant upon the execution hereof. In addition, the Tenant shall pay to Landlord on December 1, 1997 the sum of Twelve Thousand Five Hundred and 00/100ths U.S. Dollars ($12,500.00) for a total security deposit is specified in Section 1.1 hereofof Forty-two Thousand Five Hundred and 00/100THS U.S. Dollars ($42,500.00), Tenant agrees that the same will to be paid upon execution and delivery of this Lease, and that retained by Landlord shall hold the same throughout the Term of this Lease as security for the performance by Tenant of all obligations on of the part terms and conditions of Tenant hereunderthis lease Agreement to be performed by Tenant, including payment of all rental due under the terms hereof. Landlord shall have not owe Tenant any interest on the right deposit. At Landlord's election, deductions may be made by Landlord from time to time, without prejudice to any other remedy Landlord may have on account thereof, to apply such deposit, or any part thereof, to Landlord’s damages arising from, or to cure, any Event of Default. If Landlord shall so apply any or all of such deposit, Tenant shall immediately upon demand deposit with Landlord the amount so applied retained for the reasonable cost of repairs to be held as security hereunder. the premises which should have been performed by Tenant, for any rental payment or other sum delinquent under the terms hereof, and for any sum used by Landlord shall return in any manner to cure any default in the deposit, or so much thereof as shall not have theretofore been applied in accordance with performance of Tenant under the terms of this Sectionlease. In the event deductions are so made during the rental term, upon notice by Landlord, Tenant shall redeposit such amounts so expended so as to maintain the security deposit in the amount as herein provided for, within 10 days after receipt of such written demand from Landlord. Nothing herein contained shall limit the liability of Tenant as to any repairs or maintenance of the premises; and nothing herein shall limit the obligation of Tenant promptly to pay all sums otherwise due under this lease and to comply with all the terms and conditions hereof. The security deposit, less any sums withheld by Landlord pursuant to the terms hereof, shall be repaid to Tenant on within sixty days after the expiration or earlier date of termination of the Term of this Lease and surrender of possession of the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord to Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderlease.

Appears in 3 contracts

Sources: Lease Agreement (Displaytech Inc), Lease Agreement (Displaytech Inc), Lease Agreement (Displaytech Inc)

Security Deposit. If Landlord currently holds a security deposit is specified in Section 1.1 hereof, Ninety Thousand and 00/100 Dollars ($90,000) letter of credit as the Security Deposit under the Lease (the “Existing Letter of Credit”) and Tenant agrees that shall be required to provide such Security Deposit to Landlord for the same will be paid upon execution and delivery duration of this the Term of the Lease, and that Landlord shall hold as extended by this Amendment pursuant to the same throughout terms of the Lease. In addition the following provision is hereby added to the Lease with respect to the Security Deposit: “If at any time during the Term of this Lease (as security the same may be extended) Landlord determines that the financial condition of the issuer of the then current letter of credit deposited by Tenant with Landlord as the Security Deposit (the “Letter of Credit”), is such that Landlord’s ability to draw upon the Letter of Credit is, or in the future may be, impaired, restricted, refused or otherwise adversely affected, then Tenant shall, within thirty (30) days of Landlord’s written request to Tenant, obtain a replacement Letter of Credit in substitution for the performance then current Letter of Credit in the form and amount required herein from an issuer chosen by Tenant Tenant, but reasonably acceptable to Landlord. Upon Tenant’s delivery of all obligations on the part replacement letter of Tenant hereunder. credit to Landlord, Landlord shall have then simultaneously release the right from time prior letter of credit being held by Landlord to time, without prejudice to any other remedy Landlord may have on account thereof, to apply such deposit, or any part thereof, to Landlord’s damages arising from, or to cureTenant.” Also, any Event of Default. If Landlord shall so apply any or all of such deposit, Tenant shall immediately upon demand deposit with Landlord option in the amount so applied to be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms of this Section, to Tenant on the expiration or earlier termination of the Term of this Lease and surrender of possession of the Premises by for Tenant to Landlord at such time, provided that there is then existing no Event choose to provide the Security Deposit in the form of Default (nor any circumstance whichcash versus a letter of credit are hereby deleted, with the passage of time or Tenant agreeing that that the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord Security Deposit shall have no obligation be required to pay interest on be in the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord to Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder form of a mortgage shall not be responsible to Tenant for the return or application letter of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holdercredit.

Appears in 3 contracts

Sources: Lease (Wave2Wave Communications, Inc.), Lease (Wave2Wave Communications, Inc.), Lease (Wave2Wave Communications, Inc.)

Security Deposit. If a security deposit is specified 12.1 Tenant has deposited with Landlord the sum set forth in Section 1.1 hereof2.6 the (“Security Deposit”), Tenant agrees that the same will which sum shall be paid upon execution and delivery of this Lease, and that held by Landlord shall hold the same throughout the Term of this Lease as security for the faithful performance by Tenant of all obligations of the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the period commencing on the part Execution Date and ending upon the expiration or termination of this Lease. If Tenant hereunder. Landlord shall have the right from time to time, without prejudice defaults with respect to any other remedy provision of this Lease, including, but not limited to, any provision relating to the payment of Rent, then Landlord may have on account thereof(but shall not be required to) use, to apply such deposit, or retain all or any part thereof, to Landlord’s damages arising fromof the Security Deposit for the payment of any Rent or any other sum in default, or to cure, compensate Landlord for any Event other loss or damage that Landlord may suffer by reason of DefaultTenant’s default. If Landlord shall any portion of the Security Deposit is so apply any used or all of such depositapplied, then Tenant shall immediately upon shall, within ten (10) business days following demand therefor, deposit cash with Landlord in an amount sufficient to restore the amount Security Deposit to its original amount, and Tenant’s failure to do so applied to shall be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms a material breach of this Section, to Tenant on Lease. The provisions of this Article 12 shall survive the expiration or earlier termination of this Lease. TENANT HEREBY WAIVES THE REQUIREMENTS OF SECTION 1950.7 OF THE CALIFORNIA CIVIL CODE, AS THE SAME MAY BE AMENDED FROM TIME TO TIME. 12.2 In the Term event of bankruptcy or other debtor-creditor proceedings against Tenant, the Security Deposit shall be deemed to be applied first to the payment of Rent and other charges due Landlord for all periods prior to the tiling of such proceedings. 12.3 Landlord may deliver to any purchaser of Landlord’s interest in the Premises the funds deposited hereunder by Tenant, and thereupon Landlord shall be discharged from any further liability with respect to such deposit. This provision shall also apply to any subsequent transfers. 12.4 If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, then the Security Deposit, or any balance thereof, shall be returned to Tenant (or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder) within thirty (30) days after the expiration or earlier termination of this Lease. 12.5 [Intentionally omitted] 12.6 If the Security Deposit shall be in cash. Landlord shall hold the Security Deposit in an account at a banking organization selected by Landlord; provided, however, that Landlord shall not be required to maintain a separate account for the Security Deposit, but may intermingle it with other funds of Landlord. Landlord shall be entitled to all interest and/or dividends, if any, accruing on the Security Deposit. Landlord shall not be required to credit Tenant with any interest for any period during which Landlord does not receive interest on the Security Deposit. 12.7 The Security Deposit may be in the form of cash, a letter of credit or any other security instrument acceptable to Landlord in its sole discretion. Tenant may at any time, except during Default (as defined below), deliver a letter of credit (the “L/C Security”) as the entire Security Deposit, as follows. 12.7.1 If Tenant elects to deliver L/C Security, then Tenant shall provide Landlord and surrender maintain in full force and effect throughout the Term, a letter of possession credit in the form of Exhibit E issued by an issuer reasonably satisfactory to Landlord, in the amount of the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance whichSecurity Deposit, with an initial term of at least one year. If, at the passage Term Expiration Date, any Rent remains uncalculated or unpaid, then: (i) Landlord shall with reasonable diligence complete any necessary calculations; (ii) Tenant shall extend the expiry date of such L/C Security from time or the giving of notice, or both, would constitute an Event of Default). While to time as Landlord holds reasonably requires; and (iii) in such depositextended period, Landlord shall have no obligation not unreasonably refuse to consent to an appropriate reduction of the L/C Security. Tenant shall reimburse Landlord’s legal costs (as estimated by Landlord’s counsel) in handling Landlord’s acceptance of L/C Security or its replacement or extension. 12.7.2 If Tenant delivers to Landlord satisfactory L/C Security in place of the entire Security Deposit, Landlord shall remit to Tenant any cash Security Deposit Landlord previously held. 12.7.3 Landlord may draw upon the L/C Security, and hold and apply the proceeds in the same manner and for the same purposes as the Security Deposit, if: (i) an uncured Default (as defined below) exists; (ii) as of the date forty-five (45) days before any L/C Security expires (even if such scheduled expiry date is after the Term Expiration Date) Tenant has not delivered to Landlord an amendment or replacement for such L/C Security, reasonably satisfactory to Landlord, extending the expiry date to the earlier of (1) six (6) months after the then-current Term Expiration Date or (2) the date one year after the then-current expiry date of the L/C Security; (iii) the L/C Security provides for automatic renewals, Landlord asks the issuer to confirm the current L/C Security expiry date, and the issuer fails to do so within ten (10) business days; (iv) Tenant fails to pay interest on (when and as Landlord reasonably requires) any bank charges for Landlord’s transfer of the same and L/C Security; or (v) the issuer of the L/C Security ceases, or announces that it will cease, to maintain an office in the city where Landlord may present drafts under the L/C Security. This paragraph does not limit any other provisions of this Lease allowing Landlord to draw the L/C Security under specified circumstances. 12.7.4 Tenant shall have the right not seek to commingle the same enjoin, prevent, or otherwise interfere with Landlord’s other fundsdraw under L/C Security, even if it violates this Lease. Tenant acknowledges that the only effect of a wrongful draw would be to substitute a cash Security Deposit for L/C Security, causing Tenant no legally recognizable damage. Landlord shall hold the proceeds of any draw in the same manner and for the same purposes as a cash Security Deposit. In the event of a wrongful draw, the parties shall cooperate to allow Tenant to post replacement L/C Security simultaneously with the return to Tenant of the wrongfully drawn sums, and Landlord shall upon request confirm in writing to the issuer of the L/C Security that Landlord’s draw was erroneous. 12.7.5 If Landlord conveys transfers its interest in the Premises, then Tenant shall at Tenant’s expense, within five (5) Business Days after receiving a request from Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord to Landlord’s grantee, deliver (and, if so turned over, Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewithissuer requires. The holder of a mortgage Landlord shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds consent to) an amendment to the position of L/C Security naming Landlord’s grantee as substitute beneficiary. If the required Security changes while L/C Security is in force, then reliant shall deliver (and, if the issuer requires, Landlord hereunder, unless such deposit shall have been received in hand by such holderconsent to) a corresponding amendment to the L/C Security.

Appears in 3 contracts

Sources: Lease (Tocagen Inc), Lease (Tocagen Inc), Lease (Tocagen Inc)

Security Deposit. If a security 11.1. Tenant shall deposit is specified with Landlord on or before the Execution Date the sum set forth in Section 1.1 hereof2.6 (the “Security Deposit”), Tenant agrees that the same will which sum shall be paid upon execution and delivery of this Lease, and that held by Landlord shall hold the same throughout the Term of this Lease as security for the faithful performance by Tenant of all obligations of the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the period commencing on the part Execution Date and ending upon the expiration or termination of Tenant’s obligations under this Lease. If Tenant hereunder. Landlord shall have the right from time to time, without prejudice Defaults (as defined below) with respect to any other remedy provision of this Lease, including any provision relating to the payment of Rent, then Landlord may have on account thereof(but shall not be required to) use, to apply such deposit, or retain all or any part thereof, to Landlord’s damages arising fromof the Security Deposit for the payment of any Rent or any other sum in default, or to cure, compensate Landlord for any Event other loss or damage that Landlord may suffer by reason of DefaultTenant’s default. If Landlord shall any portion of the Security Deposit is so apply any used or all of such depositapplied, then Tenant shall immediately upon shall, within ten (10) days following demand therefor, deposit cash with Landlord in an amount sufficient to restore the amount Security Deposit to its original amount, and Tenant’s failure to do so applied to shall be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms a material breach of this Section, to Tenant on Lease. The provisions of this Article shall survive the expiration or earlier termination of this Lease. TENANT HEREBY WAlVES THE REQUIREMENTS OF SECTION 1950.7 OF THE CALIFORNIA CIVIL CODE, AS THE SAME MAY BE AMENDED FROM TIME TO TIME. 11.2. In the Term event of bankruptcy or other debtor-creditor proceedings against Tenant, the Security Deposit shall be deemed to be applied first to the payment of Rent and other charges due Landlord for all periods prior to the filing of such proceedings. 11.3. Landlord may deliver to any purchaser of Landlord’s interest in the Premises the funds deposited hereunder by Tenant, and thereupon Landlord shall be discharged from any further liability with respect to such deposit. This provision shall also apply to any subsequent transfers. 11.4. If Tenant shall fully and faithfully perform every provision of this Lease and surrender of possession of to be performed by it, then the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of noticeSecurity Deposit, or bothany balance thereof after any application as permitted in this Lease, would constitute an Event shall be returned to Tenant (or, at Landlord’s option, to the last assignee of Default)Tenant’s interest hereunder) within thirty (30) days after the expiration or earlier termination of this Lease. 11.5. While Landlord holds such deposit[Intentionally omitted] 11.6. If the Security Deposit shall be in cash, Landlord shall have no obligation hold the Security Deposit in an account at a banking organization selected by Landlord; provided, however, that Landlord shall not be required to pay maintain a separate account for the Security Deposit, but may intermingle it with other funds of Landlord. Landlord shall be entitled to all interest and/or dividends, if any, accruing on the Security Deposit. Landlord shall not be required to credit Tenant with any interest for any period during which Landlord does not receive interest on the same Security Deposit. 11.7. The Security Deposit may be in the form of cash, a letter of credit or any other security instrument acceptable to Landlord in its sole discretion. Tenant may at any time, except when Tenant is in Default (as defined below), deliver a letter of credit (the “L/C Security”) as the entire Security Deposit, as follows: (a) If Tenant elects to deliver L/C Security, then Tenant shall provide Landlord, and maintain in full force and effect throughout the Term and until the date that is three (3) months after the then-current Term Expiration Date, a letter of credit in the form of Exhibit E issued by an issuer reasonably satisfactory to Landlord, in the amount of the Security Deposit, with an initial term of at least one year. Landlord may require the L/C Security to be re-issued by a different issuer at any time during the Term if Landlord reasonably believes that the issuing bank of the L/C Security is or may soon become insolvent; provided, however, Landlord shall have return the right existing L/C Security to commingle the same existing issuer immediately upon receipt of the substitute L/C Security. If any issuer of the L/C Security shall become insolvent or placed into FDIC receivership, then Tenant shall immediately deliver to Landlord (without the requirement of notice from Landlord) substitute L/C Security issued by an issuer reasonably satisfactory to Landlord, and otherwise conforming to the requirements set forth in this Article. As used herein with respect to the issuer of the L/C Security, “insolvent” shall mean the determination of insolvency as made by such issuer’s primary bank regulator (i.e., the state bank supervisor for state chartered banks; the OCC or OTS, respectively, for federally chartered banks or thrifts; or the Federal Reserve for its member banks). If, at the Term Expiration Date, any Rent remains uncalculated or unpaid, then (i) Landlord shall with reasonable diligence complete any necessary calculations, (ii) Tenant shall extend the expiry date of such L/C Security from time to time as Landlord reasonably requires and (iii) in such extended period, Landlord shall not unreasonably refuse to consent to an appropriate reduction of the L/C Security. Tenant shall reimburse Landlord’s other funds. If Landlord conveys legal costs (as estimated by Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord to counsel) in handling Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application acceptance of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return L/C Security or application of any such deposit, whether its replacement or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderextension.

Appears in 3 contracts

Sources: Sublease (Zentalis Pharmaceuticals, Inc.), Sublease (Zentalis Pharmaceuticals, LLC), Sublease (Zentalis Pharmaceuticals, LLC)

Security Deposit. If a security deposit is specified in Section 1.1 hereofLandlord acknowledges receipt from Tenant of the Security Deposit to be held by Landlord or its agent, as security, for and during the Term, to be returned to Tenant within thirty (30) days after the expiration of the Term or the termination of this lease provided there exists no breach of any undertaking of Tenant. Upon the occurrence of any default by Tenant hereunder, Tenant agrees that Landlord may apply all or any part of the same will be paid upon execution and delivery of this LeaseSecurity Deposit together with accrued interest, and that Landlord shall hold the same throughout the Term of this Lease as security for the performance by Tenant of all obligations on the part if any, thereon to any obligation of Tenant hereunder. Landlord shall have If all or any portion of the right from time to time, without prejudice Security Deposit is applied to any other remedy Landlord may have on account thereof, to apply such deposit, or any part thereof, to Landlord’s damages arising from, or to cure, any Event obligation of Default. If Landlord shall so apply any or all of such depositTenant hereunder, Tenant shall immediately upon demand deposit with request by Landlord restore the amount so applied Security Deposit to be held as security hereunderits original amount. Landlord shall return the deposit, or so much thereof as Tenant shall not have theretofore been applied in accordance with the terms of this Section, to Tenant on the expiration or earlier termination of the Term of this Lease and surrender of possession of the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with Landlord’s other funds. If call upon Landlord conveys Landlord’s interest under this Lease, the deposit, to apply all or any part thereof not previously appliedof the Security Deposit to cure any default or fulfill any obligation of Tenant, may but such use shall be turned over solely in the discretion of Landlord. Upon any conveyance of the Premises by Landlord to Landlord’s granteegrantee or transferee, andthe Security Deposit together with accrued interest, if so turned overany, thereon may be delivered by Landlord to Landlord’s grantee or transferee. Upon any such delivery, Tenant hereby releases Landlord herein named of any and all liability with respect to the Security Deposit, its application and return, and Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of or transferee. It is further understood that this Section, provision shall also apply to subsequent grantees and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holdertransferees.

Appears in 3 contracts

Sources: Lease (Inotek Pharmaceuticals Corp), Lease (Inotek Pharmaceuticals Corp), Lease (Inotek Pharmaceuticals Corp)

Security Deposit. If a security deposit is specified in Section 1.1 hereofTenant hereby deposits with Landlord the sum of $9,955.00 (hereinafter referred to as “Collateral”), Tenant agrees that the same will be paid upon execution and delivery of this Lease, and that Landlord shall hold the same throughout the Term of this Lease as security for the prompt, full and faithful performance by Tenant of each and every provision of this Lease and of all obligations on the part of Tenant hereunder. Landlord No interest shall have the right from time to time, without prejudice to any other remedy Landlord may have on account thereof, to apply such deposit, or any part thereof, to Landlord’s damages arising from, or to cure, any Event of Default. If Landlord shall so apply any or all of such deposit, Tenant shall immediately upon demand deposit with Landlord the amount so applied to be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms of this Section, paid to Tenant on the expiration or earlier termination of the Term of this Lease Collateral, and surrender of possession of the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same Collateral with Landlord’s other funds. If Tenant fails to perform any of its obligations hereunder, Landlord conveys may use, apply or retain the whole or any part of the Collateral for the payment of (a) any rent or other sums of money which Tenant may not have paid when due, (b) any sum expended by Landlord on Tenant’s behalf in accordance with the provisions of this Lease, and/or (c) any sum which Landlord may expend or be required to expend by reason of Tenant’s default, including, without limitation, any damage or deficiency in or from the reletting of the Premises as provided in Paragraph 21. The use, application or retention of the Collateral, or any portion thereof, by Landlord shall not prevent Landlord from exercising any other right or remedy provided by this Lease or by law (it being intended that Landlord shall not first be required to proceed against the Collateral) and shall not operate as a limitation on any recovery to which Landlord may otherwise be entitled. If any portion of the Collateral is used, applied or retained by Landlord for the purposes set forth above, T▇▇▇▇▇ agrees, within ten days after the written demand therefor is made by Landlord’s interest under , to deposit cash with the Landlord in an amount sufficient to restore the Collateral to its original amount. If Tenant shall fully and faithfully comply with all of the provisions of this Lease, the depositCollateral, or any part balance thereof, shall be returned to Tenant without interest after the expiration of the Term or upon any later date after which T▇▇▇▇▇ has vacated the Premises. In the absence of evidence satisfactory to Landlord of any permitted assignment of the right to receive the Collateral, or of the remaining balance thereof, Landlord may return the same to the original Tenant, regardless of one or more assignments of Tenant’s interest in this Lease or the Collateral. In such event, upon the return of the Collateral, or the remaining balance thereof not previously appliedto the original Tenant, may Landlord shall be turned over completely relieved of liability under this Paragraph 24 or otherwise with respect to the Collateral. Tenant acknowledges that L▇▇▇▇▇▇▇ has the right to transfer or mortgage its interest in the Land and the Building and in this Lease and T▇▇▇▇▇ agrees that in the event of any such transfer or mortgage, Landlord shall have the right to transfer or assign the Collateral to the transferee or mortgagee. Upon written acknowledgement of transferee’s or mortgagee’s receipt of such Collateral, Landlord shall thereby be released by Landlord to Landlord’s grantee, and, if so turned over, Tenant agrees to from all liability or obligation for the return of such Collateral and Tenant shall look solely to such grantee transferee or mortgagee for proper application the return of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewithCollateral. The holder of a mortgage Collateral shall not be responsible to mortgaged, assigned or encumbered in any manner whatsoever by Tenant for without the return or application prior written consent of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderLandlord.

Appears in 3 contracts

Sources: Office Lease Agreement (Semper Paratus Acquisition Corp), Office Lease Agreement (Semper Paratus Acquisition Corp), Office Lease Agreement (Semper Paratus Acquisition Corp)

Security Deposit. If a security deposit is specified in Section 1.1 hereof, Tenant agrees that the same will be paid upon execution and delivery of this Lease, and that Landlord shall hold the same throughout the Term of this Lease as 4.01 As security for the performance and observance by Tenant of all of its obligations on under this Lease, Tenant has deposited with Landlord the part sum specified in Paragraph 1.01E, which sum shall be held by Landlord as a security deposit during the Term. If Tenant performs and observes all of Tenant hereunder. it obligations under this Lease, Landlord shall have return the right from time to time, without prejudice to any other remedy Landlord may have on account thereof, to apply such security deposit, or balance thereof then held by Landlord, without interest, to Tenant within thirty (30) days after the Expiration Date or after Tenant surrenders possession of the Premises, whichever is later. In the event of a default by Tenant under this Lease, whether in payment of rent or otherwise, then Landlord may, at its option and without notice, apply all or any part thereof, to Landlord’s damages arising from, of the security deposit in payment of such rent or to cure, cure any Event of Default. If other such default; and if Landlord shall so apply any or all of such depositdoes so, Tenant shall immediately shall, upon demand request, deposit with Landlord the amount so applied to be held as so that Landlord will have on hand at all times during the Term the full amount of the security hereunderdeposit. Landlord shall return may commingle the deposit, security deposit with Landlord’s other funds. 4.02 In the event of a sale or so much thereof as shall not have theretofore been applied in accordance with the terms of this Section, to Tenant on the expiration or earlier termination lease of the Term of this Lease and surrender of possession of the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such depositBuilding, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle transfer the same with Landlord’s other funds. If security deposit to its purchaser or Tenant, and Landlord conveys Landlord’s interest under this Lease, shall thereupon be released by Tenant from all responsibility for the return of such deposit, or any part thereof not previously applied, may be turned over by Landlord to Landlord’s grantee, and, if so turned over, ; and Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to new purchaser or Tenant for the return or application of any such deposit. In the event of a permitted assignment of this Lease by Tenant, whether or not it succeeds the security deposit shall be deemed to be held by Landlord as a deposit made by the assignee, and Landlord shall have no further responsibility of such deposit to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderassignor.

Appears in 3 contracts

Sources: Office Lease Agreement (Apellis Pharmaceuticals, Inc.), Office Lease Agreement (Apellis Pharmaceuticals, Inc.), Office Lease Agreement (Apellis Pharmaceuticals, Inc.)

Security Deposit. If a security 11.1. Tenant shall deposit is specified with Landlord on or before the Execution Date the sum set forth in Section 1.1 hereof2.6 (the “Security Deposit”), Tenant agrees that the same will which sum shall be paid upon execution and delivery of this Lease, and that held by Landlord shall hold the same throughout the Term of this Lease as security for the faithful performance by Tenant of all obligations of the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the period commencing on the part Execution Date and ending upon the expiration or termination of Tenant’s obligations under this Lease. If Tenant hereunder. Landlord shall have the right from time to time, without prejudice Defaults (as defined below) with respect to any other remedy provision of this Lease, including any provision relating to the payment of Rent, then Landlord may have on account thereof(but shall not be required to) use, to apply such deposit, or retain all or any part thereof, to Landlord’s damages arising fromof the Security Deposit for the payment of any Rent or any other sum in default, or to cure, compensate Landlord for any Event other loss or damage that Landlord may suffer by reason of DefaultTenant’s default. If Landlord shall any portion of the Security Deposit is so apply any used or all of such depositapplied, then Tenant shall immediately upon shall, within ten (10) days following demand therefor, deposit cash with Landlord in an amount sufficient to restore the amount Security Deposit to its original amount, and Tenant’s failure to do so applied to shall be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms a material breach of this Section, to Tenant on Lease. The provisions of this Article shall survive the expiration or earlier termination of this Lease. TENANT HEREBY WAIVES THE REQUIREMENTS OF SECTION 1950.7 OF THE CALIFORNIA CIVIL CODE, AS THE SAME MAY BE AMENDED FROM TIME TO TIME. 11.2. In the Term event of bankruptcy or other debtor-creditor proceedings against Tenant, the Security Deposit shall be deemed to be applied first to the payment of Rent and other charges due Landlord for all periods prior to the filing of such proceedings. 11.3. Landlord may deliver to any purchaser of Landlord’s interest in the Premises the funds deposited hereunder by Tenant, and thereupon Landlord shall be discharged from any further liability with respect to such deposit. This provision shall also apply to any subsequent transfers. 11.4. If Tenant shall fully and faithfully perform every provision of this Lease and surrender of possession of to be performed by it, then the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of noticeSecurity Deposit, or bothany balance thereof, would constitute an Event shall be returned to Tenant (or, at Landlord’s option, to the last assignee of Default)Tenant’s interest hereunder) within thirty (30) days after the expiration or earlier termination of this Lease. 11.5. While Landlord holds such depositIf the Security Deposit shall be in cash, Landlord shall have no obligation hold the Security Deposit in an account at a banking organization selected by Landlord; provided, however, that Landlord shall not be required to pay maintain a separate account for the Security Deposit, but may intermingle it with other funds of Landlord. Landlord shall be entitled to all interest and/or dividends, if any, accruing on the Security Deposit. Landlord shall not be required to credit Tenant with any interest on the same Security Deposit. 11.6. The Security Deposit may be in the form of cash, a letter of credit or any other security instrument acceptable to Landlord in its sole discretion. Tenant may at any time, except when Tenant is in Default (as defined below), deliver a letter of credit (the “L/C Security”) as the entire Security Deposit, as follows: (a) If Tenant elects to deliver L/C Security, then Tenant shall provide Landlord, and maintain in full force and effect throughout the Term and until the date that is four (4) months after the then-current Term Expiration Date (or date of earlier termination), a letter of credit in the form of Exhibit E issued by an issuer reasonably satisfactory to Landlord, in the amount of the Security Deposit, with an initial term of at least one year. Landlord may require the L/C Security to be re-issued by a different issuer at any time during the Term if Landlord reasonably believes that the issuing bank of the L/C Security is or may soon become insolvent; provided, however, Landlord shall have return the right existing L/C Security to commingle the existing issuer immediately upon receipt of the substitute L/C Security. If any issuer of the L/C Security shall become insolvent or placed into FDIC receivership, then Tenant shall immediately deliver to Landlord (without the requirement of notice from Landlord) substitute L/C Security issued by an issuer reasonably satisfactory to Landlord, and otherwise conforming to the requirements set forth in this Article. As used herein with respect to the issuer of the L/C Security, “insolvent” shall mean the determination of insolvency as made by such issuer’s primary bank regulator (i.e., the state bank supervisor for state chartered banks; the OCC or OTS, respectively, for federally chartered banks or thrifts; or the Federal Reserve for its member banks). If, at the Term Expiration Date (or date of earlier termination), any Rent remains uncalculated or unpaid, then (i) Landlord shall with reasonable diligence complete any necessary calculations, (ii) Tenant shall extend the expiry date of such L/C Security from time to time as Landlord reasonably requires and (iii) in such extended period, Landlord shall not unreasonably refuse to consent to an appropriate reduction of the L/C Security. Tenant shall reimburse Landlord’s legal costs (as estimated by Landlord’s counsel) in handling Landlord’s acceptance of L/C Security or its replacement or extension. (b) If Tenant delivers to Landlord satisfactory L/C Security in place of the entire Security Deposit, Landlord shall remit to Tenant any cash Security Deposit Landlord previously held. (c) Landlord may draw upon the L/C Security, and hold and apply the proceeds in the same manner and for the same purposes as the Security Deposit, if (i) an uncured Default (as defined below) exists, (ii) as of the date forty-five (45) days before any L/C Security expires (even if such scheduled expiry date is after the Term Expiration Date) Tenant has not delivered to Landlord an amendment or replacement for such L/C Security, reasonably satisfactory to Landlord, extending the expiry date to the earlier of (1) six (6) months after the then-current Term Expiration Date or (2) the date one year after the then-current expiry date of the L/C Security, (iii) the L/C Security provides for automatic renewals, Landlord asks the issuer to confirm the current L/C Security expiry date, and the issuer fails to do so within ten (10) business days, (iv) Tenant fails to pay (when and as Landlord reasonably requires) any bank charges for Landlord’s transfer of the L/C Security or (v) the issuer of the L/C Security ceases, or announces that it will cease, to maintain an office in the city where Landlord may present drafts under the L/C Security (and fails to permit drawing upon the L/C Security by overnight courier or facsimile). This Section does not limit any other provisions of this Lease allowing Landlord to draw the L/C Security under specified circumstances. (d) Tenant shall not seek to enjoin, prevent, or otherwise interfere with Landlord’s other fundsdraw under L/C Security, even if it violates this Lease. Tenant acknowledges that the only effect of a wrongful draw would be to substitute a cash Security Deposit for L/C Security, causing Tenant no legally recognizable damage. Landlord shall hold the proceeds of any draw in the same manner and for the same purposes as a cash Security Deposit. In the event of a wrongful draw, the parties shall cooperate to allow Tenant to post replacement L/C Security simultaneously with the return to Tenant of the wrongfully drawn sums, and Landlord shall upon request confirm in writing to the issuer of the L/C Security that Landlord’s draw was erroneous. (e) If Landlord conveys transfers its interest in the Premises, then Tenant shall at Tenant’s expense, within five (5) business days after receiving a request from Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord to Landlord’s grantee, deliver (and, if so turned overthe issuer requires, Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage Landlord shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds consent to) an amendment to the position of L/C Security naming Landlord’s grantee as substitute beneficiary. If the required Security Deposit changes while L/C Security is in force, then Tenant shall deliver (and, if the issuer requires, Landlord hereunder, unless such deposit shall have been received in hand by such holderconsent to) a corresponding amendment to the L/C Security.

Appears in 3 contracts

Sources: Lease (Zentalis Pharmaceuticals, Inc.), Lease (Zentalis Pharmaceuticals, LLC), Lease (Zentalis Pharmaceuticals, LLC)

Security Deposit. If 10.1 Tenant shall deposit with Landlord within five (5) days of the Execution Date a security deposit is specified in the amount set forth in Section 1.1 hereof2.8 (the “Security Deposit”), Tenant agrees that the same will which Security Deposit shall be paid upon execution and delivery of this Lease, and that held by Landlord shall hold the same throughout the Term of this Lease as security for the faithful performance by Tenant of all obligations of the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the period commencing on the part Execution Date and ending upon the expiration or termination of this Lease. If Tenant hereunder. Landlord shall have the right from time to time, without prejudice defaults with respect to any other remedy provision of this Lease, including, but not limited to, any provision relating to the payment of Rent, then Landlord may have on account thereof(but shall not be required to) use, to apply such deposit, or retain all or any part thereof, to Landlord’s damages arising fromof the Security Deposit for the payment of any Rent or any other sum in default, or to cure, compensate Landlord for any Event other loss or damage that Landlord may suffer by reason of DefaultTenant’s default. If Landlord shall any portion of the Security Deposit is so apply any used or all applied, then Tenant shall, within ten (10) days following demand therefor, increase the amount of such deposit, Tenant shall immediately upon demand the L/C Security or deposit cash with Landlord in an amount sufficient to restore the amount Security Deposit to its required amount, and Tenant’s failure to do so applied to shall be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms a material breach of this Section, to Tenant on Lease. The provisions of this Article 10 shall survive the expiration or earlier termination of this Lease. 10.2 In the Term event of bankruptcy or other debtor-creditor proceedings against Tenant, the Security Deposit shall be deemed to be applied first to the payment of Rent and other charges due Landlord for all periods prior to the filing of such proceedings. 10.3 Landlord may deliver to any purchaser of Landlord’s interest in the Premises the funds deposited hereunder by Tenant, and thereupon Landlord shall be discharged from any further liability with respect to such deposit. This provision shall also apply to any subsequent transfers. 10.4 If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, then the Security Deposit, or any balance thereof, shall be returned to Tenant (or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder) within thirty (30) days after the expiration or earlier termination of this Lease. 10.5 The Security Deposit may be in the form of cash, a letter of credit or any other security instrument acceptable to Landlord in its sole discretion. Tenant may at any time, except during Default, deliver a letter of credit (the “L/C Security”) as the entire Security Deposit, as follows. (a) If Tenant elects to deliver L/C Security, then Tenant shall provide Landlord, and surrender maintain in full force and effect throughout the Term, a letter of possession credit in the form of Exhibit H issued by an issuer reasonably satisfactory to Landlord, in the amount of the Premises Security Deposit, with an initial term of at least one year. If, at the Term Expiration Date, any Rent remains uncalculated or unpaid, then: (i) Landlord shall with reasonable diligence complete any necessary calculations; and (ii) Tenant shall extend the expiry date of such L/C Security from time to time as Landlord reasonably requires (not to exceed 30 days). Tenant shall reimburse Landlord’s reasonable legal costs (as reasonably estimated by Landlord’s counsel) in handling Landlord’s acceptance of L/C Security or its replacement or extension. (b) If Tenant delivers to Landlord at such time, provided that there is then existing no Event satisfactory L/C Security in place of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such depositentire Security Deposit, Landlord shall have no obligation remit to Tenant any cash Security Deposit Landlord previously held. (c) Landlord may draw upon the L/C Security, and hold and apply the proceeds in the same manner and for the same purposes as the Security Deposit, if: (i) an uncured Default exists; (ii) as of the date 45 days before any L/C Security expires (even if such scheduled expiry date is after the Term Expiration Date) Tenant has not delivered to Landlord an amendment or replacement for such L/C Security, reasonably satisfactory to Landlord, extending the expiry date to the earlier of (1) six (6) months after the then-current Term Expiration Date or (2) the date one year after the then-current expiry date of the L/C Security; (iii) the L/C Security provides for automatic renewals, Landlord requests that the issuer confirm the current L/C Security expiry date (with a copy of such request to Tenant), and the issuer fails to do so within fifteen (15) business days after Tenant and the issuer each receives such request; (iv) Tenant fails to pay interest (when and as Landlord reasonably requires) any bank charges for Landlord’s transfer of the L/C Security; or (v) the issuer of the L/C Security ceases, or announces that it will cease, to maintain an office in the city where Landlord may present drafts under the L/C Security. This paragraph does not limit any other provisions of this Lease allowing Landlord to draw the L/C Security under specified circumstances. If Landlord draws on the same and Security L/C, any amount that is not applied in accordance with Section 10.1 hereof shall have the right be held as a cash Security Deposit. (d) Tenant shall not seek to commingle the same enjoin, prevent, or otherwise interfere with Landlord’s other fundsdraw under L/C Security, even if it violates this Lease. Landlord shall hold the proceeds of any draw in the same manner and for the same purposes as a cash Security Deposit. In the event of a wrongful draw, the parties shall cooperate to allow Tenant to post replacement L/C Security simultaneously with the return to Tenant of the wrongfully drawn sums, and Landlord shall upon request confirm in writing to the issuer of the L/C Security that Landlord’s draw was erroneous. (e) If Landlord conveys transfers its interest in the Premises, then Tenant shall at Tenant’s expense, within fifteen (15) business days after receiving a request from Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord to Landlord’s grantee, deliver (and, if so turned overthe issuer requires, Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage Landlord shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds consent to) an amendment to the position of L/C Security naming Landlord’s grantee as substitute beneficiary. If the required Security changes while L/C Security is in force, then Tenant shall deliver (and, if the issuer requires, Landlord hereunder, unless such deposit shall have been received in hand by such holderconsent to) a corresponding amendment to the L/C Security.

Appears in 3 contracts

Sources: Lease (NanoString Technologies Inc), Lease (NanoString Technologies Inc), Lease (NanoString Technologies Inc)

Security Deposit. If a Tenant has deposited with Landlord the sum of Thirty Six Thousand Seven Hundred Seventy and 00/100 Dollars ($36,770.00), which represents the security deposit is specified in Section 1.1 hereof(“Security Deposit”). Said sum shall be held by Landlord as security for Tenant’s faithful performance of the terms, covenants, and conditions of this Lease. If Tenant agrees that the same will be paid upon execution and delivery defaults with respect to any provision of this Lease, and that Landlord shall hold including but not limited to the same throughout the Term payment of this Lease as security for the performance by Tenant of all obligations on the part of Tenant hereunder. Landlord shall have the right from time to timeRent, without prejudice to any other remedy Landlord may have on account thereof(but shall not be required to) use, to apply such depositapply, and retain all or any part thereofof the Security Deposit for the payment of any Rent or any other sum in default, for the payment of any amount which Landlord may spend or become obligated to spend by reason of Tenant’s default, to Landlordcompensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default (including without limitation damages arising from, or to cure, any Event of Default. If Landlord shall so apply any or all of such deposit, Tenant shall immediately upon demand deposit with Landlord for rent lost after the amount so applied to be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms of this Section, to Tenant on the expiration or earlier termination of the Term of this Lease and surrender all other amounts recoverable under California Civil Code section 1951.2), or repair damage to the Premises caused by Tenant or for which Tenant is liable under this Lease, or to clean the Premises upon the termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit with Landlord, in Immediate Funds, an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Tenant shall not be entitled to receive interest on the Security Deposit and Landlord shall not be required to segregate the Security Deposit from its general funds. Landlord shall refund the unused balance of the Security Deposit within thirty (30) days after the later of Landlord’s recovery of possession of the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving termination of notice, or both, would constitute an Event this Lease. Upon the termination of Default). While Landlord holds such depositLandlord’s interest in this Lease, Landlord shall have no obligation to pay interest on transfer the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord Security Deposit to Landlord’s grantee, and, if so turned over, successor in interest. Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds waives all rights under California Civil Code section 1950.7 to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderextent inconsistent with this Lease.

Appears in 2 contracts

Sources: Office and Warehouse Lease (Tilly's, Inc.), Office and Warehouse Lease (Tilly's, Inc.)

Security Deposit. If a security (a) Prior to the Commencement Date, Sublessee shall deposit is specified in Section 1.1 hereof, Tenant agrees that with Sublessor the same will sum of $53,390 (the “Security Deposit”) which sum shall be paid upon execution and delivery of this Lease, and that Landlord shall hold the same throughout the Term of this Lease held by Sublessor as security for the faithful performance by Tenant Sublessee of all obligations of the terms, covenants and conditions of this Sublease to be performed by Sublessee during the period commencing on the part Commencement Date and ending upon the expiration or termination of Tenant hereunderSublessee’s obligations under this Sublease. Landlord shall have the right from time to time, without prejudice If Sublessee is in monetary default or otherwise defaults with respect to any other remedy Landlord provision of this Sublease, including any provision relating to the payment of Rent, in any case beyond applicable notice and cure periods, then Sublessor may have on account thereof(but shall not be required to) use, to apply such deposit, or retain all or any part thereof, to Landlord’s damages arising fromof the Security Deposit for the payment of any Rent or any other sum in default, or to cure, compensate Sublessor for any Event other loss or damage that Sublessor may suffer by reason of DefaultSublessee’s default. If Landlord any portion of the Security Deposit is so used or applied, then Sublessee shall, within ten (10) days following demand therefor, deposit cash with Sublessor in an amount sufficient to restore the Security Deposit to its original amount, and Sublessee’s failure to do so shall so apply any or all of such deposit, Tenant shall immediately upon demand deposit with Landlord the amount so applied to be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms a material breach of this Section, to Tenant on Sublease. The provisions of this Section 14 shall survive the expiration or earlier termination of this Sublease. (b) In the Term event of bankruptcy or other debtor-creditor proceedings against Sublessee, the Security Deposit shall be deemed to be applied first to the payment of Rent and other charges due Sublessor for all periods prior to the filing of such proceedings. (c) Sublessor may deliver to any purchaser of Sublessor’s interest in the Subleased Premises the funds deposited hereunder by Sublessee, and thereupon Sublessor shall be discharged from any further liability with respect to such deposit. This provision shall also apply to any subsequent transfers. (d) If Sublessee shall fully and faithfully perform every provision of this Lease and surrender of possession of Sublease to be performed by it, then the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of noticeSecurity Deposit, or bothany balance thereof, would constitute shall be returned to Sublessee (or, at Sublessor’s option, to the last assignee of Sublessee’s interest hereunder) within thirty (30) days after the expiration or earlier termination of this Sublease. (e) If the Security Deposit shall be in cash, Sublessor shall hold the Security Deposit in an Event account at a banking organization selected by Sublessor; provided, however, that Sublessor shall not be required to maintain a separate account for the Security Deposit, but may intermingle it with other funds of Default)Sublessor. While Landlord holds such depositSublessor shall be entitled to all interest and/or dividends, Landlord if any, accruing on the Security Deposit. Sublessor shall have no obligation not be required to pay credit Sublessee with any interest for any period during which Sublessor does not receive interest on the same Security Deposit. (f) The Security Deposit may be in the form of cash, a letter of credit or any other security instrument acceptable to Sublessor in its sole discretion. Sublessee may at any time, except when Sublessee is in default, deliver a letter of credit (the “L/C Security”) as the entire Security Deposit, as follows: (i) If Sublessee elects to deliver L/C Security, then Sublessee shall provide Sublessor, and maintain in full force and effect throughout the Term and until the date that is thirty (30) days after the expiration or termination of the Term, a letter of credit in the form reasonable acceptable to Sublessor issued by an issuer reasonably satisfactory to Sublessor, in the amount of the Security Deposit, with an initial term of at least one year. Sublessor may require the L/C Security to be re-issued by a different issuer at any time during the Term if Sublessor reasonably believes that the issuing bank of the L/C Security is or may soon become insolvent; provided, however, Sublessor shall have return the right existing L/C Security to commingle the same with Landlord’s other fundsexisting issuer immediately upon receipt of the substitute L/C Security. If Landlord conveys Landlordany issuer of the L/C Security shall become insolvent or placed into FDIC receivership, then Sublessee shall immediately deliver to Sublessor (without the requirement of notice from Sublessor) either cash in the amount of the Security Deposit or substitute L/C Security issued by an issuer reasonably satisfactory to Sublessor, and otherwise conforming to the requirements set forth in this Section 5, and Sublessor shall return the existing L/C Security to the existing issuer immediately upon receipt of the substitute L/C Security. As used herein with respect to the issuer of the L/C Security, “insolvent” shall mean the determination of insolvency as made by such issuer’s interest under this Leaseprimary bank regulator (i.e., the depositstate bank supervisor for state chartered banks; the OCC or OTS, respectively, for federally chartered banks or any part thereof not previously applied, may be turned over by Landlord to Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee thrifts; or the Federal Reserve for proper application of the deposit in accordance its member banks). Except with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds respect to the position initial letter of Landlord hereundercredit delivered prior to the Commencement Date, unless such deposit Sublessee shall have been received reimburse Sublessor’s legal costs (as estimated by Sublessor’s counsel) in hand by such holderhandling Sublessor’s acceptance of L/C Security or its replacement or extension.

Appears in 2 contracts

Sources: Sublease (Spero Therapeutics, Inc.), Sublease (Spero Therapeutics, Inc.)

Security Deposit. If a security 11.1. Tenant shall deposit is specified with Landlord on or before the Execution Date the sum set forth in Section 1.1 hereof2.5 (the “Security Deposit”), Tenant agrees that the same will which sum shall be paid upon execution and delivery of this Lease, and that held by Landlord shall hold the same throughout the Term of this Lease as security for the faithful performance by Tenant of all obligations of the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the period commencing on the part Execution Date and ending upon the expiration or termination of Tenant’s obligations under this Lease. If Tenant hereunder. Landlord shall have the right from time to time, without prejudice Defaults (as defined below) with respect to any other remedy provision of this Lease, including any provision relating to the payment of Rent, then Landlord may have on account thereof, to (but shall not be required to) use apply such deposit, or retain all or any part thereof, to Landlord’s damages arising fromof the Security Deposit for the payment of any Rent or any other sum in default, or to cure, compensate Landlord for any Event other loss or damage that Landlord may suffer by reason of DefaultTenant’s default. If Landlord shall any portion of the Security Deposit is so apply any used or all of such depositapplied, then Tenant shall immediately upon shall, within ten (10) days following written demand therefor, deposit cash with Landlord in an amount sufficient to restore the amount Security Deposit to its original amount, and Tenant’s failure to do so applied to shall be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms a material breach of this Section, to Tenant on Lease. The provisions of this Article shall survive the expiration or earlier termination of this Lease. 11.2. In the Term event of bankruptcy or other debtor-creditor proceedings against Tenant, the Security Deposit shall be deemed to be applied first to the payment of Rent and other charges due Landlord for all periods prior to the filing of such proceedings. 11.3. Landlord may deliver to any purchaser of Landlord’s interest in the Premises the funds deposited hereunder by Tenant, and thereupon Landlord shall be discharged from any further liability with respect to such deposit. This provision shall also apply to any subsequent transfers. 11.4. If Tenant is not in default at the end of thirty (30) days following the expiration or earlier termination of this Lease and surrender of possession of Lease, then the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of noticeSecurity Deposit, or bothany balance thereof, would constitute an Event shall be returned to Tenant (or, at Landlord’s option, to the last assignee of Default)Tenant’s interest hereunder) within thirty (30) days after the expiration or earlier termination of this Lease. 11.5. While Landlord holds such depositIf the Security Deposit shall be in cash, Landlord shall have no obligation hold the Security Deposit in an account at a banking organization selected by Landlord; provided, however, that Landlord shall not be required to pay maintain a separate account for the Security Deposit, but may intermingle it with other funds of Landlord. Landlord shall be entitled to all interest and/or dividends, if any, accruing on the Security Deposit. Landlord shall not be required to credit Tenant with any interest for any period during which Landlord does not receive interest on the same Security Deposit. 11.6. The Security Deposit may be in the form of cash, a letter of credit or any other security instrument acceptable to Landlord in its sole discretion. Tenant may at any time, except when Tenant is in Default (as defined below), deliver a letter of credit (the “L/C Security”) as the entire Security Deposit, as follows: (a) If Tenant elects to deliver L/C Security, then Tenant shall provide Landlord, and maintain in full force and effect throughout the Term and until the date that is three (3) months after the then-current Term Expiration Date, a letter of credit in the form of Exhibit F issued by an issuer reasonably satisfactory to Landlord, in the amount of the Security Deposit, with an initial term of at least one year. Landlord may require the L/C Security to be re-issued by a different issuer at any time during the Term if Landlord reasonably believes that the issuing bank of the L/C Security is or may soon become insolvent; provided, however, Landlord shall have return the right existing L/C Security to commingle the same with Landlord’s other fundsexisting issuer immediately upon receipt of the substitute L/C Security. If any issuer of the L/C Security shall become insolvent or placed into FDIC receivership, then Tenant shall immediately deliver to Landlord conveys (without the requirement of notice from Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over ) substitute L/C Security issued by Landlord an issuer reasonably satisfactory to Landlord’s grantee, and, if so turned over, Tenant agrees and otherwise conforming to look solely the requirements set forth in this Article. As used herein with respect to such grantee for proper application the issuer of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holder.L/C

Appears in 2 contracts

Sources: Lease (Oncorus, Inc.), Lease (Oncorus, Inc.)

Security Deposit. If a security 11.1. Tenant shall deposit is specified with Landlord on or before the Execution Date the sum set forth in Section 1.1 hereof2.6 (the “Security Deposit”), Tenant agrees that the same will which sum shall be paid upon execution and delivery of this Lease, and that held by Landlord shall hold the same throughout the Term of this Lease as security for the faithful performance by Tenant of all obligations of the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the period commencing on the part Execution Date and ending upon the expiration or termination of Tenant’s obligations under this Lease. If Tenant hereunder. Landlord shall have the right from time to time, without prejudice Defaults (as defined below) with respect to any other remedy provision of this Lease, including any provision relating to the payment of Rent, then Landlord may have on account thereof(but shall not be required to) use, to apply such deposit, or retain all or any part thereof, to Landlord’s damages arising fromof the Security Deposit for the payment of any Rent or any other sum in default, or to cure, compensate Landlord for any Event other loss or damage that Landlord may suffer by reason of DefaultTenant’s default. If Landlord shall any portion of the Security Deposit is so apply any used or all of such depositapplied, then Tenant shall immediately upon shall, within ten (10) days following demand therefor, deposit cash with Landlord in an amount sufficient to restore the amount Security Deposit to its original amount, and Tenant’s failure to do so applied to shall be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms a material breach of this Section, to Tenant on Lease. The provisions of this Article shall survive the expiration or earlier termination of this Lease. 11.2. In the Term event of bankruptcy or other debtor-creditor proceedings against Tenant, the Security Deposit shall be deemed to be applied first to the payment of Rent and other charges due Landlord for all periods prior to the filing of such proceedings. 11.3. Landlord may deliver to any purchaser of Landlord’s interest in the Premises the funds deposited hereunder by Tenant, and thereupon Landlord shall be discharged from any further liability with respect to such deposit. This provision shall also apply to any subsequent transfers. 11.4. If Tenant shall fully and faithfully perform every provision of this Lease and surrender of possession of to be performed by it, then the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of noticeSecurity Deposit, or bothany balance thereof, would constitute an Event shall be returned to Tenant (or, at Landlord’s option, to the last assignee of Default)Tenant’s interest hereunder) within thirty (30) days after the expiration or earlier termination of this Lease. 11.5. While Landlord holds such deposit[Intentionally omitted] 11.6. If the Security Deposit shall be in cash, Landlord shall have no obligation hold the Security Deposit in an account at a banking organization selected by Landlord; provided, however, that Landlord shall not be required to pay maintain a separate account for the Security Deposit, but may intermingle it with other funds of Landlord. Landlord shall be entitled to all interest and/or dividends, if any, accruing on the Security Deposit. Landlord shall not be required to credit Tenant with any interest for any period during which Landlord does not receive interest on the same Security Deposit. 11.7. The Security Deposit may be in the form of cash, a letter of credit or any other security instrument acceptable to Landlord in its sole discretion. Tenant may at any time, except when Tenant is in Default (as defined below), deliver a letter of credit (the “L/C Security”) as the entire Security Deposit, as follows: (a) If Tenant elects to deliver L/C Security, then Tenant shall provide Landlord, and maintain in full force and effect throughout the Term and until the date that is six (6) months after the then-current Term Expiration Date, a letter of credit in the form of Exhibit E issued by an issuer reasonably satisfactory to Landlord, in the amount of the Security Deposit, with an initial term of at least one year. Landlord may require the L/C Security to be re-issued by a different issuer at any time during the Term if Landlord reasonably believes that the issuing bank of the L/C Security is or may soon become insolvent; provided, however, Landlord shall have return the right existing L/C Security to commingle the same existing issuer immediately upon receipt of the substitute L/C Security. If any issuer of the L/C Security shall become insolvent or placed into FDIC receivership, then Tenant shall immediately deliver to Landlord (without the requirement of notice from Landlord) substitute L/C Security issued by an issuer reasonably satisfactory to Landlord, and otherwise conforming to the requirements set forth in this Article. As used herein with respect to the issuer of the L/C Security, “insolvent” shall mean the determination of insolvency as made by such issuer’s primary bank regulator (i.e., the state bank supervisor for state chartered banks; the OCC or OTS, respectively, for federally chartered banks or thrifts; or the Federal Reserve for its member banks). If, at the Term Expiration Date, any Rent remains uncalculated or unpaid, then (i) Landlord shall with reasonable diligence complete any necessary calculations, (ii) Tenant shall extend the expiry date of such L/C Security from time to time as Landlord reasonably requires and (iii) in such extended period, Landlord shall not unreasonably refuse to consent to an appropriate reduction of the L/C Security. Tenant shall reimburse Landlord’s other funds. If Landlord conveys actual, reasonable legal costs (as estimated by Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord to counsel) in handling Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application acceptance of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return L/C Security or application of any such deposit, whether its replacement or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderextension.

Appears in 2 contracts

Sources: Lease (EverQuote, Inc.), Lease (EverQuote, Inc.)

Security Deposit. If a security 11.1. Tenant shall deposit is specified in cash with Landlord the sum set forth in Section 1.1 hereof2.6 (the “Security Deposit”), Tenant agrees that the same will which sum shall be paid upon execution and delivery of this Lease, and that held by Landlord shall hold the same throughout the Term of this Lease as security for the faithful performance by Tenant of all obligations of the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the period commencing on the part Execution Date and ending upon the expiration or termination of Tenant’s obligations under this Lease. The Security Deposit shall be deposited by Tenant hereunderas follows: (a) a portion of the Security Deposit equal to two (2) months’ Base Rent shall be deposited with Landlord by the Execution Date, (b) a portion of the Security Deposit equal to four (4) months’ Base Rent shall be deposited with Landlord no later than August 1, 2014 (such that the Security Deposit shall equal six (6) months’ Base Rent as of August 1, 2014), and (c) the balance of the Security Deposit shall be deposited with Landlord by the Term Commencement Date. Landlord shall have the right from time to time, without prejudice If Tenant Defaults (as defined below) with respect to any other remedy provision of this Lease, including any provision relating to the payment of Rent, then Landlord may have on account thereof(but shall not be required to) use, to apply such deposit, or retain all or any part thereof, to Landlord’s damages arising fromof the Security Deposit for the payment of any Rent or any other sum in default, or to cure, compensate Landlord for any Event other loss or damage that Landlord may suffer by reason of DefaultTenant’s default. If Landlord shall any portion of the Security Deposit is so apply any used or all of such depositapplied, then Tenant shall immediately upon shall, within ten (10) business days following demand therefor, deposit cash with Landlord in an amount sufficient to restore the amount Security Deposit to its original amount, and Tenant’s failure to do so applied to shall be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms a material breach of this Section, to Tenant on Lease. The provisions of this Article shall survive the expiration or earlier termination of this Lease for a period of one hundred twenty (120) days. 11.2. In the Term event of bankruptcy or other debtor-creditor proceedings against Tenant, the Security Deposit shall be deemed to be applied first to the payment of Rent and other charges due Landlord for all periods prior to the filing of such proceedings. 11.3. Landlord may deliver to any purchaser of Landlord’s interest in the Premises the funds deposited hereunder by Tenant, and thereupon Landlord shall be discharged from any further liability with respect to such deposit. This provision shall also apply to any subsequent transfers. 11.4. If Tenant shall fully and faithfully perform every provision of this Lease and surrender to be performed by it, then the Security Deposit, or any balance thereof, shall be returned to Tenant (or, at Landlord’s option, to the last assignee of possession Tenant’s interest hereunder) within thirty (30) days after the expiration or earlier termination of this Lease. 11.5. Landlord shall hold the Premises Security Deposit in an account at a banking organization selected by Landlord; provided, however, that Landlord shall not be required to maintain a separate account for the Security Deposit, but may intermingle it with other funds of Landlord. Landlord shall be entitled to all interest and/or dividends, if any, accruing on the Security Deposit. Landlord shall not be required to credit Tenant to with any interest for any period during which Landlord at such timedoes not receive interest on the Security Deposit. 11.6. Provided that (i) no Default, provided that there is then existing no Event of Default (nor any circumstance or event which, with the giving of notice or the passage of time or the giving of noticetime, or both, would constitute an Event of could become a Default). While Landlord holds such deposit, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest exists under this Lease, at the deposittime of such request, and (ii) the Financial Condition (defined below) has been satisfied, as evidenced by delivery to Landlord of (x) a certificate executed by an officer of Tenant certifying that the Financial Condition has been satisfied, and (y) reasonable supporting documentation of satisfaction of the Financial Condition, then commencing in the month following the month in which the Financial Condition was satisfied, the Security Deposit may be reduced to an amount equal to six (6) months’ of Base Rent. “Financial Condition” shall mean that Tenant has at least an additional (i) $40,000,000 in cash received from an executed partnership, collaboration or licensing agreement, or (ii) $40,000,000 in Equity (defined below) including any part thereof not previously appliednon-dilutive investments that are classified as Equity on Tenant’s balance sheet under GAAP (or a combination (i) and (ii) resulting in an additional $40,000,000) as compared to Tenant’s Equity as of December 31, may be turned over by Landlord to Landlord2013. As used herein, “Equity” shall mean financial instruments that are classified as equity on Tenant’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application of the deposit balance sheet in accordance with GAAP, including the terms Financial Accounting Standards Board (“FASB”) Statement of this Section, Financial Accounting Standards No. 150 -Accounting for Certain Financial Instruments with Characteristics of both Liabilities and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderEquity.

Appears in 2 contracts

Sources: Lease Agreement (Spark Therapeutics, Inc.), Lease Agreement (Spark Therapeutics, Inc.)

Security Deposit. If a security deposit is specified in Section 1.1 hereofOn or before the date of execution of the lease, Tenant agrees that will deposit with Landlord the same total sum of Five thousand Dollars ($5000.00) (hereinafter referred to as "Security Deposit"). For the first three months the base rent will be paid upon execution and delivery of this Leasefree. The base rent, plus property taxes, fire insurance, and that sales tax for the fourth month will be $5,846.62 due on the first day of the second month. Security Deposit shall be held by Landlord shall hold the same throughout the Term of this Lease as security for the faithful performance by Tenant of all obligations on the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the term hereof. If Tenant defaults with respect to any provision of this Lease, including, but not limited to the provisions relating to the payment of rent, Landlord may (but shall not be required to) use, apply or retain all or any part of this security deposit for the payment of any rent or any other sum in default, or for the payment of any amount which Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied Tenant hereundershall, within five (5) days after written demand therefore deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant's failure to do so shall be a default under this Lease. Landlord shall have the right not be required to keep this security deposit separate from time its general funds, and Tenant shall not be entitled to time, without prejudice to any other remedy Landlord may have interest on account thereof, to apply such deposit, or any part thereof, to Landlord’s damages arising from, or to cure, any Event of Default. If Landlord shall so apply any or all of such deposit, Tenant shall immediately upon demand deposit with Landlord the amount so applied to be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms of this Section, to Tenant on the expiration or earlier termination of the Term fully and faithfully perform every provision of this Lease and surrender to be performed by it, the Security Deposit or any balance thereof shall be returned to Tenant (or, at Landlord's option, to the last assignee of possession Tenant's interest hereunder) within TEN (10) days following expiration of the Premises by Tenant to Landlord at such time, provided that there is then existing no Event Lease Term. In the event of Default (nor any circumstance which, with the passage termination of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such depositLandlord's interest in this Lease, Landlord shall have no obligation transfer said deposit to pay Landlord's successor in interest on the same and shall have the right to commingle the same no further obligation with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord to Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderrespect thereto.

Appears in 2 contracts

Sources: Agreement and Plan of Reorganization (Biomira Inc), Commercial Lease Agreement (Biomira CORP)

Security Deposit. If a security Tenant shall deposit is specified with Landlord in Section 1.1 hereof, Tenant agrees that the same will be paid advance upon Tenant’s execution and delivery of this Lease, and that Landlord shall hold for Landlord’s general account, the same throughout the Term of this Lease Security Deposit set forth in Section 1.01.G hereof as security for the performance of each and every term, covenant, agreement and condition of this Lease to be performed by Tenant Tenant. In the event of all obligations on the part of Tenant hereunder. Landlord shall have the right from time to timea Default, without prejudice to any other remedy Landlord may have use, apply on account thereof, to apply such deposit, Tenant’s behalf or retain (without liability for interest) during the Term all or any part thereofof the Security Deposit to the extent required for the payment of any Rent which may be owed hereunder, or for any sum which Landlord may expend to cure any Default of Tenant. After each application from the Security Deposit, Tenant shall, within five (5) business days of Notice from Landlord, restore said deposit to the amount set forth in Section 1.01.G hereof. The use, application or retention of the Security Deposit by Landlord shall not be deemed a limitation on Landlord’s damages arising fromrecovery in any case, or to curea waiver by Landlord of any Default, nor shall it prevent Landlord from exercising any Event of Defaultother right or remedy for a Default by Tenant. If Tenant has complied with all the terms, covenants, agreements, and conditions of this Lease, the Security Deposit (less any amount applied as herein provided) shall be returned to Tenant without interest within thirty (30) days after the Termination Date and after surrender of possession of the Leased Premises to Landlord shall so apply any or all of such deposit, Tenant shall immediately upon demand deposit with Landlord the amount so applied to be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms of this Section, to Tenant on the expiration or earlier termination of the Term of this Lease and surrender of possession of the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord to Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holder.

Appears in 2 contracts

Sources: Office Lease Agreement (SI-BONE, Inc.), Office Lease Agreement (SI-BONE, Inc.)

Security Deposit. If a security 11.1. Tenant shall deposit is specified with Landlord on or before the Execution Date the sum set forth in Section 1.1 hereof2.6 (the “Security Deposit”), Tenant agrees that the same will which sum shall be paid upon execution and delivery of this Lease, and that held by Landlord shall hold the same throughout the Term of this Lease as security for the faithful performance by Tenant of all obligations of the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the period commencing on the part Execution Date and ending upon the expiration or termination of Tenant’s obligations under this Lease. If Tenant hereunder. Landlord shall have the right from time to time, without prejudice Defaults (as defined below) with respect to any other remedy provision of this Lease, including any provision relating to the payment of Rent, then Landlord may have on account thereof(but shall not be required to) use, to apply such deposit, or retain all or any part thereof, to Landlord’s damages arising fromof the Security Deposit for the payment of any Rent or any other sum in default, or to cure, compensate Landlord for any Event other loss or damage that Landlord may suffer by reason of DefaultTenant’s default. If Landlord shall any portion of the Security Deposit is so apply any used or all of such depositapplied, then Tenant shall immediately upon shall, within ten (10) days following demand therefor, deposit cash with Landlord in an amount sufficient to restore the amount Security Deposit to its original amount, and Tenant’s failure to do so applied to shall be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms a material breach of this Section, to Tenant on Lease. The provisions of this Article shall survive the expiration or earlier termination of this Lease. TENANT HEREBY WAIVES THE REQUIREMENTS OF SECTION 1950.7 OF THE CALIFORNIA CIVIL CODE, AS THE SAME MAY BE AMENDED FROM TIME TO TIME. 11.2. In the Term event of bankruptcy or other debtor-creditor proceedings against Tenant, the Security Deposit shall be deemed to be applied first to the payment of Rent and other charges due Landlord for all periods prior to the filing of such proceedings. 11.3. Landlord may deliver to any purchaser of Landlord’s interest in the Premises the funds deposited hereunder by Tenant, and thereupon Landlord shall be discharged from any further liability with respect to such deposit. Landlord shall provide notice of such transfer to Tenant, which notice shall include the name and address of the transferee. This provision shall also apply to any subsequent transfers. 11.4. If Tenant shall fully and faithfully perform every provision of this Lease and surrender of possession of to be performed by it, then the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Lease, the depositSecurity Deposit, or any part thereof not previously appliedbalance thereof, may shall be turned over by Landlord returned to Tenant (or, at Landlord’s granteeoption, and, if so turned over, Tenant agrees to look solely to such grantee for proper application the last assignee of Tenant’s interest hereunder) within thirty (30) days after the deposit in accordance with the terms expiration or earlier termination of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderLease.

Appears in 2 contracts

Sources: Lease (Asterias Biotherapeutics, Inc.), Lease (Biotime Inc)

Security Deposit. If a security deposit is specified in Section 1.1 hereof, Tenant agrees that the same will be paid upon execution and Concurrently with ▇▇▇▇▇▇'s delivery of this Lease, and that Tenant shall deposit with Landlord shall hold the same throughout sum, if any, stated in Item 9 of the Term of this Basic Lease Provisions to be held by Landlord as security for the full and faithful performance of Tenant's obligations under this Lease (the Security Deposit ). Upon any default by Tenant of Tenant, including specifically Tenant's failure to pay rent or to abide by its obligations under Sections 7.1 and 15.3 below, Landlord may apply all obligations on the or part of the Security Deposit as full or partial compensation for that default. If any portion of the Security Deposit is so applied, Tenant hereundershall, within five (5) days after written demand by Landlord, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount. Landlord shall have the right not be required to keep this Security Deposit separate from time to time, without prejudice to any other remedy Landlord may have on account thereof, to apply such deposit, or any part thereof, to Landlord’s damages arising from, or to cure, any Event of Default. If Landlord shall so apply any or all of such deposit, its general funds and Tenant shall immediately upon demand deposit with Landlord the amount so applied not be entitled to be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms of this Section, to Tenant on the expiration or earlier termination of the Term of this Lease and surrender of possession of the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with Landlord’s other fundsSecurity Deposit. If Landlord conveys Landlord’s interest Tenant fully performs its obligations under this Lease, the deposit, Security Deposit or any part balance thereof not previously applied, may shall be turned over by Landlord returned to Tenant (or at Landlord’s grantee, and, if so turned over, Tenant agrees 's option to look solely to such grantee for proper application the last assignee of Tenant's interest in this Lease) after the expiration of the deposit Term, provided that Landlord may retain the Security Deposit until such time as all amounts due from Tenant in accordance with the terms this Lease have been determined and paid in full. Provided Tenant has not been in default of any provision of this SectionLease during the Term, and one-third (1/3) of the return thereof in accordance herewith. The holder of a mortgage shall not Security Deposit will be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds returned to the position Tenant during the twenty-fifth (25th) month of Landlord hereunder, unless such deposit shall have been received in hand by such holderthe Term and one-third (1/3) of the Security Deposit will be returned to the Tenant during the sixty-first (61st) month of the Term.

Appears in 2 contracts

Sources: Assignment of Lease (NBC Internet Inc), Assignment of Lease (Xoom Inc)

Security Deposit. Tenant has deposited with Landlord the sum of Three Thousand seven hundred thirty seven dollars and fifty cents Dollars ($ 3,737.50) as security for the full and faithful performance of every provision of this Lease to be performed by Tenant. If a security deposit is specified in Section 1.1 hereof, Tenant agrees that the same will be paid upon execution and delivery defaults with respect to any provision of this Lease, including but not limited to the provisions relating to the payment of Rent, Landlord may use, apply or retain all or any part of this security deposit for the payment of any Rent or any other sum in default or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default, or to compensate Landlord for any other loss, cost or damage which landlord may suffer by reason of Tenant’s default. If any portion of said deposit is so use or applied, Tenant shall, within five (5) days after written demand therefore, deposit cash with Landlord in an amount sufficient to restore the security deposit to its original amount and that Tenant’s failure to do so shall be a breach of this Lease. Landlord shall hold not, unless otherwise required by law, be required to keep this security deposit separate from its general funds, nor pay interest to Tenant. If Landlord is required to maintain said deposit in an interest bearing account, Landlord will retain the same throughout the Term maximum amount permitted under applicable law as a bookkeeping and administrative charge. If Tenant shall fully and faithfully perform every provision of this Lease as to be performed by it, the security for the performance by deposit or any balance thereof shall be returned to Tenant of all obligations on the part of Tenant hereunder. Landlord shall have the right from time to time(or, without prejudice to any other remedy Landlord may have on account thereofat Landlord’s option, to apply such deposit, or any part thereof, to Landlordthe last transferee of Tenant’s damages arising from, or to cure, any Event of Default. If Landlord shall so apply any or all of such deposit, Tenant shall immediately upon demand deposit with Landlord the amount so applied to be held as security interest hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms of this Section, to Tenant on ) at the expiration or earlier termination of the Term of this Lease term and surrender of possession upon Tenant’s vacation of the Premises by Tenant to Landlord at such time, provided that there Premises. In the event the Building is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Leasesold, the deposit, or any part thereof not previously applied, may security deposit will be turned over by Landlord transferred to Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, new owner and the return thereof in accordance herewith. The holder of a mortgage shall not new owner will be solely responsible to Tenant for the return or application of any such deposit, whether or not it succeeds the security deposit to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderTenant.

Appears in 2 contracts

Sources: Office Lease (Alimera Sciences Inc), Office Lease (Alimera Sciences Inc)

Security Deposit. If a Tenant has agreed to deposit with Landlord the Security Deposit as security deposit is specified in Section 1.1 hereoffor the punctual performance by Tenant of each and every obligation of it under this Lease. In the event of any default by Tenant, Landlord may apply or retain all or any part of the Security Deposit to cure the default or to reimburse Landlord for any sum which Landlord may spend by reason of the default. In the case of every such application or retention, Tenant agrees shall, on demand, pay to Landlord the sum so applied or retained which shall be added to the Security Deposit so that the same will shall be paid upon execution restored to its original amount. If at the end of the Term, Tenant shall not be in default under this Lease and delivery shall have delivered to Landlord evidence of final utility service readings and payment thereof, the Security Deposit or any balance thereof, shall be returned to Tenant within [***] days. If Landlord shall sell the Shopping Center, or shall lease the Shopping Center, in either case subject to this Lease, or shall otherwise assign or dispose of this Lease, Landlord may assign and turn over the Security Deposit or any balance thereof to Landlord's grantee, lessee or assignee, and Tenant hereby releases and relieves Landlord from any and all liability for the return of said deposit and shall look solely to said grantee, lessee or assignee; it being expressly agreed that Landlord this provision shall hold apply to each and every sale, conveyance or lease of the same throughout the Term Shopping Center or assignment or disposition of this Lease as security for the performance by Tenant of all obligations on the part of Tenant hereunderLease. Landlord shall have not be required to place the right from time to time, without prejudice to any other remedy Landlord may have on Security Deposit in an interest-bearing account thereof, to apply such deposit, or any part thereof, to Landlord’s damages arising from, or to cure, any Event of Default. If Landlord and said fund shall so apply any or all of such deposit, Tenant shall immediately upon demand deposit with Landlord the amount so applied to be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms of this Section, returned to Tenant on the expiration or earlier termination of the Term of this Lease and surrender of possession of the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default)without interest. While Landlord holds such deposit, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord to Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holder.---------- *** confidential treatment requested 8-4 46 ARTICLE 9

Appears in 2 contracts

Sources: Lease Agreement (Silicon Entertainment Inc /Ca/), Lease Agreement (Silicon Entertainment Inc /Ca/)

Security Deposit. If Concurrently with Tenant’s execution of this lease, Tenant shall deposit with Landlord the sum of Twenty-Two Thousand Seven Hundred and Forty-Nine and 30/100 Dollars ($22,749.30), which sum shall be held by Landlord as a security deposit is specified in Section 1.1 hereof, Tenant agrees that the same will be paid upon execution and delivery of this Lease, and that Landlord shall hold the same throughout the Term of this Lease as security for the faithful performance by Tenant of all obligations on of the terms, covenants and conditions of this lease to be kept and performed by Tenant. If Tenant defaults with respect to any provision of this lease, including but not limited to, the provisions relating to the payment of basic rent and common area charges, Landlord may (but shall not required to) use, apply, or retain all or any part of this security deposit for the payment of any amount which Landlord may spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of default. If any portion of said deposit is so used, Tenant hereundershall, within ten (10) days after written demand therefor, deposit cash with Landlord in the amount sufficient to restore the security deposit to its original amount; Tenant’s failure to do so shall be a material breach of this lease. Landlord shall have the right not be required to keep this security deposit separate from time its general funds and Tenant shall not be entitled to time, without prejudice to any other remedy Landlord may have interest on account thereof, to apply such deposit. If Tenant is not in default at the expiration or termination of this lease, the security deposit or any part thereofbalance thereof shall be returned to Tenant after Tenant has vacated the Premises. In the event of termination of Landlord’s interest in this lease, Landlord shall transfer said deposit to Landlord’s damages arising fromsuccessor in interest, or to cure, any Event of Default. If and Tenant agrees that Landlord shall so apply any or all of such deposit, Tenant shall immediately upon demand deposit with Landlord the amount so applied to thereupon be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms of this Section, to Tenant on the expiration or earlier termination of the Term of this Lease and surrender of possession of the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord to Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant released from liability for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderor any accounting therefor.

Appears in 2 contracts

Sources: Standard Industrial Lease (Southwall Technologies Inc /De/), Standard Industrial Lease (Southwall Technologies Inc /De/)

Security Deposit. If a security deposit is specified in Section 1.1 hereof, Tenant agrees that On or before the same will be paid upon execution and delivery Execution Date of this Lease, and that Tenant shall deposit the sum in cash set forth in Section 2.2 (the "Security Deposit"), which sum shall be held by Landlord shall hold the same throughout the Term of this Lease as security for the faithful performance by Tenant of all obligations on of the part terms, covenants and conditions of this Lease to be kept and performed by Tenant hereunderduring the Term. Landlord shall have not be required to maintain a separate account for the right from time to timeSecurity Deposit, without prejudice but may intermingle it with other funds of Landlord. Upon distribution of any portion of the Holdback Escrow Amount to any other remedy Landlord may have on account thereof, to apply such deposit, or any part thereof, to Landlord’s damages arising from, or to cure, any Event of Default. If Landlord shall so apply any or all of such deposit, Tenant shall immediately upon demand deposit with Landlord the amount so applied to be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied party in accordance with the terms of this Sectionthe Holdback Escrow Agreement, to Tenant on the expiration or earlier termination Security Deposit shall increase by [***] Dollars for every [***] Dollars ($[***]) of Holdback Escrow Amount so released. For illustration purposes only, if the full [***] Dollars ($[***]) of the Term of this Lease and surrender of possession of the Premises by Tenant to Landlord at such time, provided that there Holdback Escrow Amount is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord to Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application of the deposit disbursed in accordance with the terms Holdback Escrow Agreement, then the Security Deposit shall increase by [***] Dollars ($[***]). If Tenant defaults with respect to any provision of this SectionLease, and the return thereof in accordance herewith. The holder of a mortgage then without notice to Tenant, Landlord may (but shall not be responsible required to) apply all or any part of the Security Deposit for the payment of any Rent or any other sum in default. If any portion of the Security Deposit is so used or applied, then Tenant shall, upon demand therefor, restore the Security Deposit to its original amount. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, then the unapplied portion of the Security Deposit shall be returned to Tenant, or, at Landlord's option, to the last assignee of Tenant's interest hereunder, within sixty (60) days following the expiration of the Term. Tenant shall not be entitled to any interest on the Security Deposit. Tenant hereby irrevocably waives and relinquishes any and all rights, benefits, or protections, if any, Tenant now has, or in the future may have under any provision of law which (i) establishes the time frame by which a landlord must refund a security deposit under a lease, or (ii) provides 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 subject premises. Tenant acknowledges and agrees that (A) any statutory time frames for the return or application of a security deposit are superseded by the express period identified in this Section 6.4, and (B) rather than be so limited, Landlord may claim from the Security Deposit (i) any such depositand all sums expressly identified in this Section 6.4, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holder.and (ii) any additional

Appears in 2 contracts

Sources: Lease Agreement (Ascend Wellness Holdings, LLC), Lease Agreement (Ascend Wellness Holdings, LLC)

Security Deposit. If a security 10.1. Tenant shall deposit is specified in cash with Landlord on or before the Effective Date the sum set forth in Section 1.1 hereof2.7 (the “Security Deposit”), Tenant agrees that the same will which sum shall be paid upon execution and delivery of this Lease, and that held by Landlord shall hold the same throughout the Term of this Lease as security for the faithful performance by Tenant of all obligations on of the part terms, covenants and conditions of this Lease to be kept and performed by Tenant hereunderduring the Term. Landlord shall have the right from time to time, without prejudice If Tenant Defaults with respect to any other remedy provision of this Lease, including any provision relating to the payment of Rent, then Landlord may have on account thereof(but shall not be required to) use, to apply such deposit, or retain all or any part thereof, to Landlord’s damages arising fromof the Security Deposit for the payment of any Rent or any other sum in default, or to cure, compensate Landlord for any Event other loss or damage that Landlord may suffer by reason of DefaultTenant’s default. If Landlord shall any portion of the Security Deposit is so apply any used or all of such depositapplied, then Tenant shall immediately upon shall, within ten (10) days following demand therefor, deposit cash with Landlord in an amount sufficient to restore the amount Security Deposit to its original amount, and Tenant’s failure to do so applied to shall be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms a material breach of this Section, to Tenant on Lease. The provisions of this Article shall survive the expiration or earlier termination of this Lease. 10.2. In the Term event of bankruptcy or other debtor-creditor proceedings against Tenant, the Security Deposit shall be deemed to be applied first to the payment of Rent and other charges due Landlord for all periods prior to the filing of such proceedings. 10.3. Landlord may deliver to any purchaser of Landlord’s interest in the Premises the funds deposited hereunder by Tenant, and thereupon Landlord shall be discharged from any further liability with respect to such deposit. This provision shall also apply to any subsequent transfers. 10.4. If Tenant shall fully and faithfully perform every provision of this Lease and surrender to be performed by it, then the Security Deposit, or any balance thereof, shall be returned to Tenant (or, at Landlord’s option, to the last assignee of possession Tenant’s interest hereunder) within thirty (30) days after the expiration or earlier termination of this Lease; provided, however, that Landlord may retain an amount of the Premises by Security Deposit, as it shall reasonably determine, to secure the payment of any Rent, the amount of which Landlord is then unable to determine finally (and Landlord shall return any such retained amount to Tenant promptly following the final determination of such Rent amount and the full payment to Landlord of such Rent). 10.5. The Security Deposit shall not be deemed an advance payment of Rent or a measure of Landlord’s damages for any default under this Lease by Tenant, nor shall it be a bar or defense to any action that Landlord may at such time, provided that there is then existing no Event any time commence against Tenant. The Security Deposit shall be the property of Default (nor Landlord and Landlord may commingle the Security Deposit with other assets of Landlord or its affiliates and Tenant shall not be entitled to any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord to Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderSecurity Deposit.

Appears in 2 contracts

Sources: Lease (Graybug Vision, Inc.), Lease (Graybug Vision, Inc.)

Security Deposit. If a security 11.1. Tenant shall deposit with Landlord on or before the date that is specified five (5) business days after the Execution Date the sum set forth in Section 1.1 hereof2.6 (the “Security Deposit”), Tenant agrees that the same will which sum shall be paid upon execution and delivery of this Lease, and that held by Landlord shall hold the same throughout the Term of this Lease as security for the faithful performance by Tenant of all obligations on of the part terms, covenants and conditions of this Lease to be kept and performed by Tenant. If Tenant hereunder. Landlord shall have the right from time to time, without prejudice Defaults (as defined below) with respect to any other remedy provision of this Lease, including any provision relating to the payment of Rent, then Landlord may have on account thereof(but shall not be required to) use, to apply such deposit, or retain all or any part thereof, to Landlord’s damages arising fromof the Security Deposit for the payment of any Rent or any other sum in default, or to cure, compensate Landlord for any Event other loss or damage that Landlord may suffer by reason of DefaultTenant’s default. If Landlord shall any portion of the Security Deposit is so apply any used or all of such depositapplied, then Tenant shall immediately upon shall, within ten (10) days following demand therefor, deposit cash with Landlord in an amount sufficient to restore the amount Security Deposit to its original amount, and Tenant’s failure to do so applied to shall be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms a material breach of this Section, to Tenant on Lease. The provisions of this Article shall survive the expiration or earlier termination of this Lease. 11.2. In the Term event of this Lease bankruptcy or other debtor-creditor proceedings against Tenant, the Security Deposit shall be deemed to be applied first to the payment of Rent and surrender other charges due Landlord for all periods prior to the filing of possession such proceedings. 11.3. Landlord may deliver to any purchaser of Landlord’s interest in the Premises the funds deposited hereunder by Tenant, and thereupon Landlord shall be discharged from any further liability with respect to such deposit. This provision shall also apply to any subsequent transfers. 11.4. So long as no Default exists, Tenant has not received written notice from Landlord that any failure of Tenant to Landlord at such time, provided act or any state of facts exists that there is then existing no Event of Default (nor any circumstance which, with the passage of time or time) could ripen into a Default, and Tenant surrenders the giving of noticePremises to Landlord in the condition required by this Lease, then the Security Deposit, or bothany balance thereof, would constitute an Event shall be returned to Tenant (or, at Landlord’s option, to the last assignee of Default)Tenant’s interest hereunder) within thirty (30) days after the expiration or earlier termination of this Lease. 11.5. While Landlord holds such depositIf the Security Deposit shall be in cash, Landlord shall have no obligation hold the Security Deposit in an account at a banking organization selected by Landlord; provided, however, that Landlord shall not be required to pay maintain a separate account for the Security Deposit, but may intermingle it with other funds of Landlord. Landlord shall be entitled to all interest and/or dividends, if any, accruing on the Security Deposit. Landlord shall not be required to credit Tenant with any interest for any period during which Landlord does not receive interest on the same Security Deposit. 11.6. The Security Deposit may be in the form of cash, a letter of credit or any other security instrument acceptable to Landlord in its sole discretion. Tenant may at any time, except when Tenant is in Default (as defined below), deliver a letter of credit (the “L/C Security”) as the entire Security Deposit, as follows: (a) If Tenant elects to deliver L/C Security, then Tenant shall provide Landlord, and maintain in full force and effect throughout the Term and until the date that is six (6) months after the then-current Term Expiration Date, a letter of credit in the form of Exhibit D issued by an issuer reasonably satisfactory to Landlord, in the amount of the Security Deposit, with an initial term of at least one year. Landlord may require the L/C Security to be re-issued by a different issuer at any time during the Term if Landlord reasonably believes that the issuing bank of the L/C Security is or may soon become insolvent; provided, however, Landlord shall have return the right existing L/C Security to commingle the same existing issuer immediately upon receipt of the substitute L/C Security. If any issuer of the L/C Security shall become insolvent or placed into FDIC receivership, then Tenant shall immediately deliver to Landlord (without the requirement of notice from Landlord) substitute L/C Security issued by an issuer reasonably satisfactory to Landlord, and otherwise conforming to the requirements set forth in this Article. As used herein with respect to the issuer of the L/C Security, “insolvent” shall mean the determination of insolvency as made by such issuer’s primary bank regulator (i.e., the state bank supervisor for state chartered banks; the OCC or OTS, respectively, for federally chartered banks or thrifts; or the Federal Reserve for its member banks). If, at the Term Expiration Date, any Rent remains uncalculated or unpaid, then (i) Landlord shall with reasonable diligence complete any necessary calculations, (ii) Tenant shall extend the expiry date of such L/C Security from time to time as Landlord reasonably requires and (iii) in such extended period, Landlord shall not unreasonably refuse to consent to an appropriate reduction of the L/C Security. Tenant shall reimburse Landlord’s other funds. If Landlord conveys legal costs (as estimated by Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord to counsel) in handling Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application acceptance of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return L/C Security or application of any such deposit, whether its replacement or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderextension.

Appears in 2 contracts

Sources: Lease (Pandion Therapeutics Holdco LLC), Lease (Pandion Therapeutics Holdco LLC)

Security Deposit. If a security deposit is specified in Section 1.1 hereofTenant has deposited with Landlord the sum of $3,000, Tenant agrees that (Three Thousand Dollars) hereinafter referred to as "the same will be paid upon execution and delivery of this Lease, and that Landlord shall hold Security Deposit," to secure the same throughout the Term of this Lease as security for the faithful performance by Tenant of all obligations each term, covenant, and condition of this Lease. If Tenant shall at any time fail to make any payment or fail to keep or perform any term, covenant, and condition on its part to be made or performed or kept under this Lease, Landlord may, but shall not be obligated to and without waiving or releasing Tenant from any obligation under this Lease, use, apply or retain the whole or any part of the Security Deposit (i) to the extent of any sum due to Landlord; or (ii) to make any required payment on Tenant's behalf; or (iii) to compensate Landlord for any loss, damage, attorneys fees, or expense sustained by Landlord due to Tenants default. In such event, Tenant hereundershall within 10 days of written demand by Landlord, remit to Landlord sufficient funds to restore the Security Deposit to its original sum. Tenant's failure to do so shall be a material breach of this Lease. Landlord shall have not be required to keep the right Security Deposit separate from time its general funds, and Tenant shall not be entitled to time, without prejudice to any other remedy Landlord may have interest on account thereof, to apply such deposit, or any part thereof, to Landlord’s damages arising from, or to cure, any Event of Default. If Landlord shall so apply any or Should Tenant comply with all of such depositthe terms, Tenant shall immediately upon demand deposit with Landlord the amount so applied to be held as security hereunder. Landlord shall return the depositcovenants, or so much thereof as shall not have theretofore been applied in accordance with the terms of this Section, to Tenant on the expiration or earlier termination of the Term and conditions of this Lease and surrender at the end of possession the term of this Lease leave the Premises in the condition required by this Lease, then the Security Deposit, less any sums owing to Landlord, shall be returned to Tenant (or, at Landlord's option, to the first assignee of Tenant's interests hereunder) within 30 days after the termination of this Lease and vacancy of the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord to Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderTenant.

Appears in 2 contracts

Sources: Lease Agreement, Lease Agreement

Security Deposit. If a security 11.1 Tenant shall deposit is specified with Landlord on or before the Execution Date the sum set forth in Section 1.1 hereof2.6 (the “Security Deposit”), Tenant agrees that the same will which sum shall be paid upon execution and delivery of this Lease, and that held by Landlord shall hold the same throughout the Term of this Lease as security for the faithful performance by Tenant of all obligations of the terms, covenants and conditions of this Lease to be kept and performed by Tenant during period commencing on the part Execution Date and ending upon the expiration or termination of the Term. If Tenant hereunder. Landlord shall have the right from time to time, without prejudice Defaults (as defined below) with respect to any other remedy provision of this Lease, including any provision relating to the payment of Rent, then Landlord may have on account thereof(but shall not be required to) use, to apply such deposit, or retain all or any part thereof, to Landlord’s damages arising fromof the Security Deposit for the payment of any Rent or any other sum in default, or to cure, compensate Landlord for any Event other loss or damage that Landlord may suffer by reason of DefaultTenant’s default. If Landlord shall any portion of the Security Deposit is so apply any used or all of such depositapplied, then Tenant shall immediately upon shall, within ten (10) days following demand therefor, deposit cash with Landlord in an amount sufficient to restore the amount Security Deposit to its original amount, and Tenant’s failure to do so applied to shall be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms a material breach of this Section, to Tenant on Lease. The provisions of this Article shall survive the expiration or earlier termination of this Lease. TENANT HEREBY WAIVES THE REQUIREMENTS OF SECTION 1950.7 OF THE CALIFORNIA CIVIL CODE, AS THE SAME MAY BE AMENDED FROM TIME TO TIME. 11.2 In the Term event of bankruptcy or other debtor-creditor proceedings against Tenant, the Security Deposit shall be deemed to be applied first to the payment of Rent and other charges due Landlord for all periods prior to the filing of such proceedings. 11.3 Landlord may deliver to any purchaser of Landlord’s interest in the Premises the funds deposited hereunder by Tenant, and thereupon Landlord shall be discharged from any further liability with respect to such deposit. This provision shall also apply to any subsequent transfers. 11.4 If Tenant shall fully and faithfully perform every provision of this Lease and surrender of possession of to be performed by it, then the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of noticeSecurity Deposit, or bothany balance thereof, would constitute an Event shall be returned to Tenant (or, at Landlord’s option, to the last assignee of Default). While Landlord holds such depositTenant’s interest hereunder) within thirty (30) days after the expiration or earlier termination of this Lease. 11.5 If the Security Deposit shall be in cash, Landlord shall have no obligation hold the Security Deposit in an account at a banking organization selected by Landlord; provided, however, that Landlord shall not be required to pay maintain a separate account for the Security Deposit, but may intermingle it with other funds of Landlord. Landlord shall be entitled to all interest and/or dividends, if any, accruing on the Security Deposit. Landlord shall not be required to credit Tenant with any interest for any period during which Landlord does not receive interest on the same Security Deposit. 11.6 The Security Deposit may be in the form of cash, a letter of credit or any other security instrument proposed by Tenant that is acceptable to Landlord in its sole discretion. Tenant may at any time, except when Tenant is in Default (as defined below), deliver a letter of credit (the “L/C Security”) as the entire Security Deposit, as follows: (a) If Tenant elects to deliver L/C Security, then Tenant shall provide Landlord, and maintain in full force and effect throughout the Term and until the date that is four (4) months after the then-current Term Expiration Date, a letter of credit in the form of Exhibit E issued by an issuer reasonably satisfactory to Landlord, in the amount of the Security Deposit, with an initial term of at least one year. Landlord may require the L/C Security to be re-issued by a different issuer at any time during the Term if Landlord reasonably believes that the issuing bank of the L/C Security is or may soon become insolvent; provided, however, Landlord shall have return the right existing L/C Security to commingle the same existing issuer immediately upon receipt of the substitute L/C Security. If any issuer of the L/C Security shall become insolvent or placed into FDIC receivership, then Tenant shall immediately deliver to Landlord (without the requirement of notice from Landlord) substitute L/C Security issued by an issuer reasonably satisfactory to Landlord, and otherwise conforming to the requirements set forth in this Article. As used herein with respect to the issuer of the L/C Security, “insolvent” shall mean the determination of insolvency as made by such issuer’s primary bank regulator (i.e., the state bank supervisor for state chartered banks; the OCC or OTS, respectively, for federally chartered banks or thrifts; or the Federal Reserve for its member banks). If, at the Term Expiration Date, any Rent remains uncalculated or unpaid, then (i) Landlord shall with reasonable diligence complete any necessary calculations, (ii) Tenant shall extend the expiry date of such L/C Security from time to time as Landlord reasonably requires and (iii) in such extended period, Landlord shall not unreasonably refuse to consent to an appropriate reduction of the L/C Security. Tenant shall reimburse Landlord’s other funds. If Landlord conveys legal costs (as estimated by Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord to counsel) in handling Landlord’s granteeacceptance of L/C Security or its replacement or extension, and, if so turned over, Tenant agrees not to look solely to such grantee for proper application of the deposit exceed Five Thousand Dollars ($5,000) in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderone instance.

Appears in 2 contracts

Sources: Lease (Cue Health Inc.), Lease (Cue Health Inc.)

Security Deposit. If a Lessee has deposited with Lessor the sum set forth in Article 1i. as the security deposit is specified in Section 1.1 hereof(“Security Deposit”). The Security Deposit shall be held by Lessor as security for the faithful performance by Lessee of all the terms, Tenant agrees that covenants and conditions of this Lease to be kept and performed by Lessee during the same will be paid upon execution and delivery Term. If Lessee defaults with respect to any provision of this Lease, including, but not limited to the provisions relating to the payment of Rentals or the condition of the Premises at Lease Termination, Lessor may (but shall not be required to) use, apply or retain all or any part of the Security Deposit for the payment of any Rentals or any other sum in default, or for the payment of any amount which Lessor may spend or become obligated to spend by reason of Lessee’s default, or to compensate Lessor for any other loss or damage which Lessor may suffer by reason of Lessee’s default. If any portion of the Security Deposit is so used or applied, Lessee shall within five (5) business days after written demand therefore, deposit cash with Lessor in an amount sufficient to restore the Security Deposit to its original amount and that Landlord Lessee’s failure to do so shall hold be a material breach of this Lease. Lessor shall not be required to keep the same throughout Security Deposit separate from its general funds, and Lessee shall not be entitled to interest on the Term Security Deposit. Lessor is not a trustee of the Security Deposit and may use it in ordinary business, transfer it or assign it, or use it in any combination of such ways, subject to the provisions of this Lease as security for governing the performance by Tenant of all obligations on the part of Tenant hereunder. Landlord shall have the right from time to time, without prejudice to any other remedy Landlord may have on account thereof, to apply such deposit, or any part thereof, to Landlord’s damages arising from, or to cure, any Event of Default. If Landlord shall so apply any or all of such deposit, Tenant shall immediately upon demand deposit with Landlord the amount so applied to be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms of this Section, to Tenant on the expiration or earlier termination disposition of the Term of this Lease and surrender of possession of the Premises by Tenant to Landlord at such time, provided that Security Deposit. Provided there is then existing no Event continuing default by Lessee of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest its obligations under this Lease, (i) then the depositmonthly Base Rent for the months of July, or any part thereof not previously applied, may be turned over by Landlord to Landlord’s granteeAugust and September of 2012, and, if so turned overthis Lease is not effectively terminated by Lessee pursuant to Article 3a., Tenant agrees an amount equal to look solely $22,192.00 against the monthly Base Rent for October of 2013, shall be paid to Lessor from the Security Deposit in lieu of Lessee’s monthly Base Rent payments for the months of July, August and September of 2012 and such grantee for proper application portion of the deposit in accordance with monthly Base Rent payment for the terms month of October of 2013, and (ii) the remainder of the Security Deposit, less any portion of the Security Deposit that has or is to be used or retained by Lessor pursuant to any provision of this SectionLease, shall be returned to Lessee (or, at Lessor’s option, to the last assignee of Lessee’s interests hereunder) no later than thirty (30) days after the date Lessor receives possession of the Premises, together with a written statement that details such use or retention by Lessor. Lessee shall not transfer or encumber the Security Deposit nor shall Lessor be bound by Lessee’s attempt to do so. If Lessor’s interest in this Lease is transferred, Lessor may transfer the Security Deposit to Lessor’s successor in interest, and the return thereof in accordance herewith. The holder of a mortgage upon such transfer Lessor shall not be responsible released from any liability to Tenant for the return or application of any such deposit, whether or not it succeeds Lessee with respect to the position Security Deposit and Lessee shall look only to the transferee for any return of Landlord hereunder, unless such deposit shall the Security Deposit to which Lessee may be entitled. Lessee hereby waives all rights Lessee may have been received in hand by such holderunder Section 1950.7 of the California Civil Code or under any other statute or common law principle of similar effect.

Appears in 2 contracts

Sources: Lease Agreement (Asante Solutions, Inc.), Lease Agreement (Asante Solutions, Inc.)

Security Deposit. If a security deposit is specified 9.1. Tenant has deposited with Landlord the sum set forth in Section 1.1 hereof2.6 (the “Security Deposit”), Tenant agrees that the same will which sum shall be paid upon execution and delivery of this Lease, and that held by Landlord shall hold the same throughout the Term of this Lease as security for the faithful performance by Tenant of all obligations of the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the period commencing on the part Execution Date and ending upon the expiration or termination of this Lease. If Tenant hereunder. Landlord shall have the right from time to time, without prejudice defaults with respect to any other remedy provision of this Lease, including, but not limited to, any provision relating to the payment of Rent, then Landlord may have on account thereof(but shall not be required to) use, to apply such deposit, or retain all or any part thereof, to Landlord’s damages arising fromof the Security Deposit for the payment of any Rent or any other sum in default, or to cure, compensate Landlord for any Event other loss or damage that Landlord may suffer by reason of DefaultTenant’s default. If Landlord shall any portion of the Security Deposit is so apply any used or all of such depositapplied, then Tenant shall immediately upon shall, within ten (10) days following demand therefor, deposit cash with Landlord in an amount sufficient to restore the amount Security Deposit to its original amount, and Tenant’s failure to do so applied to shall be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms a material breach of this Section, to Tenant on Lease. The provisions of this Article 9 shall survive the expiration or earlier termination of this Lease. TENANT HEREBY WAIVES THE REQUIREMENTS OF SECTION 1950.7 OF THE CALIFORNIA CIVIL CODE, AS THE SAME MAY BE AMENDED FROM TIME TO TIME. 9.2. In the Term event of bankruptcy or other debtor-creditor proceedings against Tenant, the Security Deposit shall be deemed to be applied first to the payment of Rent and other charges due Landlord for all periods prior to the filing of such proceedings. 9.3. Landlord may deliver to any purchaser of Landlord’s interest in the Premises the funds deposited hereunder by Tenant, and thereupon Landlord shall be discharged from any further liability with respect to such deposit. This provision shall also apply to any subsequent transfers. 9.4. If Tenant shall fully and faithfully perform every provision of this Lease and surrender of possession of to be performed by it, then the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of noticeSecurity Deposit, or bothany balance thereof, would constitute an Event of Default). While Landlord holds such depositshall be returned to Tenant (or, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with at Landlord’s other funds. If Landlord conveys Landlordoption, to the last assignee of Tenant’s interest hereunder) within thirty (30) days after the expiration or earlier termination of this Lease. 9.5. Provided that Tenant is not then in default of its obligations under this Lease, upon the depositexpiration of the thirty-sixth (36th) month of the Term, the Security Deposit requirement shall be reduced to $78,889.20 and (a) Landlord shall, on or before the end of the thirty-seventh (37th) month of the Term, refund to Tenant the amount of the Security Deposit held by Landlord in excess thereof or (b) the amount of the L/C Security (as defined below) shall be reduced accordingly, as applicable. 9.6. If the Security Deposit shall be in cash, Landlord shall deposit the Security Deposit into an interest-bearing account at a banking organization selected by Landlord. All interest and/or dividends, if any, accruing on the Security Deposit, less a one percent (1%) per annum charge on the Security Deposit for administrative expenses, shall be added to, held and included within the term Security Deposit and, provided that no Default shall have occurred and be continuing, shall accrue to the account of Tenant. Landlord shall not be required to credit Tenant with any interest for any period during which Landlord does not receive interest on the Security Deposit. 9.7. The Security Deposit may be in the form of cash, a letter of credit or any other security instrument acceptable to Landlord in its sole discretion. Tenant may at any time, except during Default, deliver a letter of credit (the “L/C Security”) as the entire Security Deposit, as follows. (a) If Tenant elects to deliver L/C Security, then Tenant shall provide Landlord, and maintain in full force and effect throughout the Term, a letter of credit in the form of Exhibit H issued by an issuer reasonably satisfactory to Landlord, in the amount of the Security Deposit, with an initial term of at least one year. Landlord hereby approves of Silicon Valley Bank as the issuer of Tenant’s L/C Security. If, at the Term Expiration Date, any Rent remains uncalculated or unpaid, then: (i) Landlord shall with reasonable diligence complete any necessary calculations; (ii) Tenant shall extend the expiry date of such L/C Security from time to time as Landlord reasonably requires; and (iii) in such extended period, Landlord shall not unreasonably refuse to consent to an appropriate reduction of the L/C Security. Tenant shall reimburse Landlord’s actual legal costs (as calculated by Landlord’s counsel) in handling Landlord’s acceptance of L/C Security or its replacement or extension. (b) If Tenant delivers to Landlord satisfactory L/C Security in place of the entire Security Deposit, Landlord shall remit to Tenant any cash Security Deposit Landlord previously held. (c) Landlord may draw upon the L/C Security, and hold and apply the proceeds in the same manner and for the same purposes as the Security Deposit, if: (i) an uncured Default exists; (ii) as of the date 30 (thirty) days before any L/C Security expires (even if such scheduled expiry date is after the Term Expiration Date) Tenant has not delivered to Landlord an amendment or replacement for such L/C Security, reasonably satisfactory to Landlord, extending the expiry date to the earlier of (1) six (6) months after the then-current Term Expiration Date or (2) the date one year after the then-current expiry date of the L/C Security; (iii) the L/C Security provides for automatic renewals, Landlord asks the issuer to confirm the current L/C Security expiry date, and the issuer fails to do so within ten (10) business days; (iv) Tenant fails to pay (when and as Landlord reasonably requires, provided that Tenant shall not be required to pay any such charges earlier than twenty (20) days following Landlord’s demand therefor) any bank charges for Landlord’s transfer of the L/C Security; or (v) the issuer of the L/C Security ceases, or announces that it will cease, to maintain an office in the city where Landlord may present drafts under the L/C Security, and Tenant fails to obtain a replacement letter of credit conforming to the requirements of this Lease at least fifteen (15) business days prior to such cessation. This paragraph does not limit any part thereof not previously applied, may be turned over by other provisions of this Lease allowing Landlord to draw the L/C Security under specified circumstances. (d) Tenant shall not seek to enjoin, prevent, or otherwise interfere with Landlord’s granteedraw under L/C Security, even if it violates this Lease. (e) If Landlord transfers its interest in the Premises, then Tenant shall at Tenant’s expense, within five Business Days after receiving a request from Landlord, deliver (and, if so turned overthe issuer requires, Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage Landlord shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds consent to) an amendment to the position of L/C Security naming Landlord’s grantee as substitute beneficiary. If the required Security changes while L/C Security is in force, then Tenant shall deliver (and, if the issuer requires, Landlord hereunder, unless such deposit shall have been received in hand by such holderconsent to) a corresponding amendment to the L/C Security.

Appears in 2 contracts

Sources: Lease (Receptos, Inc.), Lease (Receptos, Inc.)

Security Deposit. If a security deposit is specified in Section 1.1 hereof, Tenant agrees that Contemporaneously with the same will be paid upon execution and delivery of this Lease, and that (i) Landlord shall hold retain and apply the same throughout Existing Security Deposit set forth in Section 2.2 above as part of the Term Security Deposit set forth in Section 10 of this Lease the Summary, and (ii) Tenant shall deposit with Landlord the balance of such Security Deposit in the amount of $38,898.28 (such amounts retained by Landlord and deposited by Tenant shall be collectively referred to herein as the "SECURITY DEPOSIT"). The Security Deposit shall be held by Landlord as security for the faithful performance by Tenant of all obligations on the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the Lease Term. If Tenant defaults with respect to any provisions of this Lease, including, but not limited to, the provisions relating to the payment of Rent, Landlord may, but shall not be required to, use, apply or retain all or any part of Tenant hereunder. Landlord shall have the right from time to time, without prejudice to Security Deposit for the payment of any Rent or any other remedy sum in default, or for the payment of any amount that Landlord may have on account thereofspend or become obligated to spend by reason of Tenant's default, or to apply such depositcompensate Landlord for any other loss or damage that Landlord may suffer by reason of Tenant's default. If any portion of the Security Deposit is so used or applied, Tenant shall, within ten (10) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount, and Tenant's failure to do so shall be a default under this Lease. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the Security Deposit, or any part balance thereof, shall be returned to Tenant, or, at Landlord’s damages arising from, or to cure, any Event of Default. If Landlord shall so apply any or all of such deposit, Tenant shall immediately upon demand deposit with Landlord the amount so applied to be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms of this Section's option, to Tenant on the last assignee of Tenant's interest in the Security Deposit, within thirty (30) days following the expiration (or earlier termination for any reason other than an event of default by Tenant) of the Term of this Lease and surrender of possession of the Premises by Term. Tenant shall not be entitled to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord shall have no obligation to pay interest on the same Security Deposit, except to the extent Landlord fails to return the Security Deposit within thirty (30) days after expiration (or such earlier termination) of the Lease Term, in which case the Security Deposit shall accrue interest at the Interest Rate from and shall have after the right expiration of such 30-day period until returned to commingle Tenant. Tenant hereby waives the same with Landlord’s provisions of Section 1950.7 of the California Civil Code, and all other funds. If provisions of law, now or hereafter in force, which provide that Landlord conveys Landlord’s interest under this Leasemay claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the depositPremises, it being agreed that Landlord may, in addition, claim those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the act or omission of Tenant or any part thereof not previously appliedofficer, may be turned over by Landlord to Landlord’s granteeemployee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application agent or invitee of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderTenant.

Appears in 2 contracts

Sources: Office Lease (Websense Inc), Office Lease (Websense Inc)

Security Deposit. If a security deposit is specified in Section 1.1 hereof, Tenant agrees that Concurrently with the same will be paid upon execution and delivery of this Lease, Tenant has deposited with Landlord one month’s Base Rent in the amount of Thirty-Five Thousand Eight Hundred Thirty-Three and that 33\100 Dollars ($35,833.33), which amount shall be held by Landlord shall hold the same throughout the Term of this Lease as security for the faithful performance by Tenant of all of the terms, covenants, conditions and agreements of this Lease. Landlord shall not be required to separate such security from Landlord’s general funds and no interest shall be payable thereon. In the event Tenant shall default in any of such terms, covenants, conditions, or agreements, including, but not limited to, the payment of any Rent thereunder. Landlord may use, apply or retain the whole or any part of the security required for the payment of any Rent or any other sum expended by Landlord by reason of Tenant’s default. Tenant, within five (5) days after written demand by Landlord, shall replenish the security or any portion hereof so used or applied by Landlord; Tenant’s failure to restore such security shall constitute a material breach of the Lease. The security deposit shall not be deemed an advance payment of Rent. If Lessee shall faithfully comply with all terms, covenants, conditions and agreements of this Lease, any balance of the security deposit then due shall be returned within fourteen (14) days after termination of this Lease, but only after delivery of entire possession of the Premises to Landlord and other performance by Tenant of all obligations on the part of Tenant required hereunder. In the event of sale of the Premises or of a sale of Landlord’s interest in this Lease, Landlord shall have the right from time to timetransfer the security deposit to its transferee, without prejudice to any other remedy Landlord may have on account thereof, to apply and upon such deposit, or any part thereof, to Landlord’s damages arising from, or to cure, any Event of Default. If Landlord shall so apply any or all of such deposit, Tenant shall immediately upon demand deposit with Landlord the amount so applied to be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms of this Section, to Tenant on the expiration or earlier termination of the Term of this Lease and surrender of possession of the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposittransfer, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same be released by Tenant form all liability with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord to Landlord’s grantee, and, if so turned overregard thereto, Tenant agrees to look looking solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant new landlord for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holdersaid security.

Appears in 2 contracts

Sources: Lease Agreement, Industrial Building Lease (Bway Corp)

Security Deposit. If a security deposit is specified in Section 1.1 hereofOn or before the Commencement Date, Tenant agrees that will deposit with Landlord a sum in an amount of THIRTY ONE THOUSAND SIX HUNDRED FOUR DOLLARS AND 8 CENTS ($31,604.08), as security for the same will full and faithful performance of every provision of this Lease to be paid upon execution and delivery performed by Tenant. If Tenant defaults with respect to any provision of this Lease, including but not limited to the provisions relating to the payment of Rent, Landlord may use, apply or retain all or any part of this security deposit for the payment of any Rent or any other sum in default or for the payment of any other amount which, Landlord may spend or become obligated to spend by reason of Tenant’s default. If any portion of said deposit is to be used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit to its original amount and that Tenant’s failure to do so shall be a breach of this Lease. Landlord shall hold the same throughout the Term not, unless otherwise required by law, be required to keep this security deposit separate from its general funds. If Tenant shall fully and faithfully perform every provision of this Lease as to be performed by it, the security for the performance by deposit or any balance thereof shall be returned to Tenant of all obligations on the part of Tenant hereunder. Landlord shall have the right from time to time(or, without prejudice to any other remedy Landlord may have on account thereofat Landlord’s option, to apply such deposit, or any part thereof, to Landlordthe last transferee of Tenant’s damages arising from, or to cure, any Event of Default. If Landlord shall so apply any or all of such deposit, Tenant shall immediately upon demand deposit with Landlord the amount so applied to be held as security interest hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms of this Section, to Tenant on ) at the expiration of the Lease term (or earlier termination pursuant to Section 2 herein) and upon Tenant’s vacation of the Term of this Lease and surrender of possession of Premises. In the Premises by Tenant to Landlord at such time, provided that there event the Building is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Leasesold, the deposit, or any part thereof not previously applied, may security deposit will be turned over by Landlord to Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds transferred to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holdernew owner.

Appears in 2 contracts

Sources: Lease Agreement (Columbia Care Inc.), Lease Agreement (Columbia Care Inc.)

Security Deposit. If a security deposit is specified in Section 1.1 hereof, Tenant agrees that (a) Concurrently with the same will be paid upon execution and delivery of this LeaseLease by ▇▇▇▇▇▇, and that Tenant shall deposit with Landlord a sum equal to three (3) month’s rent ($42,204.51) as a security deposit (together with any additional security deposit as described below, the “Security Deposit”). Notwithstanding the foregoing, if, as of July 1, 2024, there has not occurred a monetary or material non-monetary event of default beyond the period given to cure such default as set forth in paragraph 19(a) hereof provided, Landlord shall hold return to Tenant $ 14,068 of the same Security Deposit within five (5) business days after such date. The Security Deposit shall be held as security for the performance and observance by Tenant of all of its obligations under the terms, conditions and covenants of this Lease throughout the Term of this Lease. If ▇▇▇▇▇▇ performs and observes all of the terms, conditions and covenants of this Lease as security for which are required to be performed and observed by it, Landlord shall return the Security Deposit, or balance thereof then held by Landlord, to Tenant within thirty (30) days after the Expiration Date or after ▇▇▇▇▇▇ surrenders possession of the Premises, whichever is later. In the event of a default by Tenant in the payment of rent or the performance by Tenant or observance of any of the other terms, conditions or covenants of this Lease beyond the period given to cure such default as set forth in paragraph 19(a) hereof, then Landlord may, at its option and without notice, apply all obligations on the part of Tenant hereunder. Landlord shall have the right from time to time, without prejudice to any other remedy Landlord may have on account thereof, to apply such deposit, or any part thereof, to Landlord’s damages arising from, of the Security Deposit in payment of such rent or to cure, cure any Event of Default. If other such default; and if Landlord shall so apply any or all of such depositdoes so, Tenant shall immediately shall, upon demand request, deposit with Landlord the amount so applied to be held as security hereunder. so that Landlord shall return the deposit, or so much thereof as shall not will have theretofore been applied in accordance with the terms of this Section, to Tenant on the expiration or earlier termination of hand at all times throughout the Term of this Lease and surrender of possession the full amount of the Premises Security Deposit. Landlord shall not be required to hold the Security Deposit as a separate account, but may commingle it with ▇▇▇▇▇▇▇▇’s other funds. The use, application or retention of the Security Deposit or any portion thereof by Tenant Landlord shall not prevent Landlord from exercising any other right or remedy provided by this Lease or by law (it being intended that Landlord shall not first be required to proceed against the Security Deposit) and shall not operate as a limitation on any recovery to which Landlord at such time, provided that there is then existing no Event may otherwise be entitled. (b) In the event of Default (nor a sale or any circumstance which, with other transfer of the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such depositBuilding, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle transfer the same with Landlord’s other funds. If Security Deposit to its purchaser and Landlord conveys Landlord’s interest under this Lease, shall thereupon be released by Tenant from all responsibility for the return of such deposit, or any part thereof not previously applied, may be turned over by Landlord to Landlord’s grantee, and, if so turned over, Tenant ; and ▇▇▇▇▇▇ agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant purchaser for the return or application of any such deposit. In the event of an assignment of this Lease, whether or not it succeeds the Security Deposit shall be deemed to be held by Landlord as a deposit made by the assignee, and Landlord shall have no further responsibility for the return of such deposit to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderassignor.

Appears in 2 contracts

Sources: Office Lease (MBX Biosciences, Inc.), Office Lease (MBX Biosciences, Inc.)

Security Deposit. If a security deposit is specified in Section 1.1 hereofUpon the execution of this Agreement and the Sublease, Tenant agrees Renter shall deliver to Ariba cash or irrevocable standby letter of credit subject to the terms of Paragraph 4 of the Sublease, but Ariba and Renter hereby agree that the same will be paid upon execution and delivery of this Lease, and that Landlord reduction described therein shall hold the same throughout not apply for the Term of this Lease and Option Term, for Five Hundred Thousand ($500,000) as security for the prompt and complete performance by Tenant Renter of all of the obligations on the part and terms of Tenant hereunder. Landlord shall have the right from time to time, without prejudice to any other remedy Landlord may have on account thereof, to apply such deposit, or any part thereof, to Landlord’s damages arising from, or to cure, any Event of Default. If Landlord shall so apply any or all of such deposit, Tenant shall immediately upon demand deposit with Landlord the amount so applied this Agreement to be held performed by Renter, and not as security hereunderprepayment of Furniture Rent (the "Security Deposit). Landlord shall return Upon the deposit, or so much thereof as shall not have theretofore been applied in accordance with occurrence of an event of default by Renter under the terms of this SectionAgreement, Ariba may deduct and apply the above Security Deposit, as is reasonably necessary, towards the following: (i) to Tenant remedy any default by Renter in the payment of Furniture Rent under this Agreement; (ii) to clean, restore and repair the Furniture following its surrender to Ariba, if not surrendered in the condition required pursuant to this Agreement, and (iii) to remedy any other default of Renter hereunder. Ariba shall limit the amounts deducted from the Security Deposit to the amounts it reasonably deems necessary to cure defaults hereunder by Renter. In the event any portion of the Security Deposit is drawn upon by Ariba, Renter shall, within five (5) days after demand by Ariba shall deposit cash with Ariba in an amount that, when added to the amount of Security Deposit remaining, shall equal the original amount of the Security Deposit. Ariba shall not be deemed a trustee of the Security Deposit. Ariba may use the Security Deposit in Ariba's ordinary business and shall not be required to segregate it from Ariba's general accounts. Renter shall not be entitled to any interest on the Security Deposit. The Security Deposit, less any portion thereof which Ariba is entitled to retain, shall be returned to Renter (or at Ariba's option to the last assignee, if any, of Renter's interest hereunder) within sixty (60) days after the later of the expiration or earlier termination of the Term of this Lease and surrender of possession of the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time hereof or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord shall have no obligation to pay interest date on which Renter vacates the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord to Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderPremises.

Appears in 2 contracts

Sources: Sublease Commencement Date Agreement (Ariba Inc), Sublease (Interwoven Inc)

Security Deposit. If a security 11.1. Tenant shall deposit is specified with Landlord on or before the Execution Date the sum set forth in Section 1.1 hereof2.6 (the “Security Deposit”), Tenant agrees that the same will which sum shall be paid upon execution and delivery of this Lease, and that held by Landlord shall hold the same throughout the Term of this Lease as security for the faithful performance by Tenant of all obligations of the terms, covenants and conditions of this Lease to be kept and performed by Tenant during period commencing on the part Execution Date and ending upon the expiration or termination of Tenant’s obligations under this Lease. If Tenant hereunder. Landlord shall have the right from time to time, without prejudice defaults with respect to any other remedy provision of this Lease, including any provision relating to the payment of Rent, then Landlord may have on account thereof(but shall not be required to) use, to apply such deposit, or retain all or any part thereof, to Landlord’s damages arising fromof the Security Deposit for the payment of any Rent or any other sum in default, or to cure, compensate Landlord for any Event other loss or damage that Landlord may suffer by reason of DefaultTenant’s default. If Landlord shall any portion of the Security Deposit is so apply any used or all of such depositapplied, then Tenant shall immediately upon shall, within ten (10) days following demand therefor, deposit cash with Landlord in an amount sufficient to restore the amount Security Deposit to its original amount, and Tenant’s failure to do so applied to shall be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms a material breach of this Section, to Tenant on Lease. The provisions of this Article shall survive the expiration or earlier termination of this Lease. TENANT HEREBY WAIVES THE REQUIREMENTS OF SECTION 1950.7 OF THE CALIFORNIA CIVIL CODE, AS THE SAME MAY BE AMENDED FROM TIME TO TIME. 11.2. In the Term event of bankruptcy or other debtor-creditor proceedings against Tenant, the Security Deposit shall be deemed to be applied first to the payment of Rent and other charges due Landlord for all periods prior to the filing of such proceedings. 11.3. Landlord may deliver to any purchaser of Landlord’s interest in the Premises the funds deposited hereunder by Tenant, and thereupon Landlord shall be discharged from any further liability with respect to such deposit. This provision shall also apply to any subsequent transfers. 11.4. If Tenant shall fully and faithfully perform every provision of this Lease and surrender of possession of to be performed by it, then the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of noticeSecurity Deposit, or bothany balance thereof, would constitute an Event shall be returned to Tenant (or, at Landlord’s option, to the last assignee of Default)Tenant’s interest hereunder) within thirty (30) days after the expiration or earlier termination of this Lease. 11.5. While Landlord holds such depositIf the Security Deposit shall be in cash, Landlord shall have no obligation hold the Security Deposit in an account at a banking organization selected by Landlord; provided, however, that Landlord shall not be required to pay maintain a separate account for the Security Deposit, but may intermingle it with other funds of Landlord. Landlord shall be entitled to all interest and/or dividends, if any, accruing on the Security Deposit. Landlord shall not be required to credit Tenant with any interest for any period during which Landlord does not receive interest on the same Security Deposit. 11.6. The Security Deposit may be in the form of cash, a letter of credit or any other security instrument acceptable to Landlord in its sole discretion. Tenant may, at any time, except when Tenant is in Default (as defined below), deliver a letter of credit (the “L/C Security”) as the entire Security Deposit, as follows: (a) If Tenant elects to deliver L/C Security, then Tenant shall provide Landlord, and maintain in full force and effect throughout the Term and until the date that is six (6) months after the then-current Term Expiration Date, a letter of credit in the form of Exhibit E issued by an issuer reasonably satisfactory to Landlord, in the amount of the Security Deposit, with an initial term of at least one year. Landlord may require the L/C Security to be re-issued by a different issuer at any time during the Term if Landlord reasonably believes that the issuing bank of the L/C Security is or may soon become insolvent; provided, however, Landlord shall have return the right existing L/C Security to commingle the same existing issuer immediately upon receipt of the substitute L/C Security. If any issuer of the L/C Security shall become insolvent or placed into FDIC receivership, then Tenant shall immediately deliver to Landlord (without the requirement of notice from Landlord) substitute L/C Security issued by an issuer reasonably satisfactory to Landlord, and otherwise conforming to the requirements set forth in this Article. As used herein with respect to the issuer of the L/C Security, “insolvent” shall mean the determination of insolvency as made by such issuer’s primary bank regulator (i.e., the state bank supervisor for state chartered banks; the OCC or OTS, respectively, for federally chartered banks or thrifts; or the Federal Reserve for its member banks). If, at the Term Expiration Date, any Rent remains uncalculated or unpaid, then: (i) Landlord shall with reasonable diligence complete any necessary calculations; (ii) Tenant shall extend the expiry date of such L/C Security from time to time as Landlord reasonably requires; and (iii) in such extended period, Landlord shall not unreasonably refuse to consent to an appropriate reduction of the L/C Security. Tenant shall reimburse Landlord’s other funds. If Landlord conveys legal costs (as estimated by Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord to counsel) in handling Landlord’s granteeacceptance of L/C Security or its replacement or extension, and, if so turned over, Tenant agrees not to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderexceed Two Thousand Five Hundred Dollars ($2,500.00).

Appears in 2 contracts

Sources: Lease (Ambit Biosciences Corp), Lease (Ambit Biosciences Corp)

Security Deposit. If a security deposit is specified in Section 1.1 hereofTenant shall pay to Landlord, Tenant agrees that the same will be paid immediately upon execution and delivery of this Lease, and that the Security Deposit, which shall be held by Landlord shall hold the same throughout the Term of this Lease as security for the faithful performance by Tenant of all obligations on of the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the Term hereof. If Tenant defaults with respect to any provision of the Lease, including but not limited to, the provisions relating to the payment of Rent, Landlord may (but shall not be required to) use, apply or retain all or any part of the Security Deposit for the payment of any Rent or any other sum in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default or to compensate Landlord for any other loss or damage which landlord may suffer by reason of Tenant's default. If any portion of the Security Deposit is so used or applied, Tenant hereundershall, upon demand therefor, deposit with Landlord cash, in an amount sufficient to restore the Security Deposit to its original amount and Tenant's failure to do so shall be a material breach of this Lease. Landlord shall have not be required to keep the right Security Deposit separate from time its general funds, and Tenant shall not be entitled to time, without prejudice to any other remedy Landlord may have interest on account thereof, to apply such deposit, or any part thereof, to Landlord’s damages arising from, or to cure, any Event of Defaultthe Security Deposit. If Landlord shall so apply any or all of such deposit, Tenant shall immediately upon demand deposit with Landlord the amount so applied to be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms of this Section, to Tenant on the expiration or earlier termination of the Term fully and faithfully perform every provision of this Lease and surrender to be performed by it, the Security Deposit or any balance thereof shall be returned to Tenant (or at Landlord's option to the last assignee of possession Tenant's interest hereunder) within thirty (30) days following expiration of the Premises by Tenant to Landlord at such timeTerm, provided that there is then existing no Event of Default (nor Landlord may retain the Security Deposit until such time as any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord to Landlord’s grantee, and, if so turned over, amount due from Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof hereof has been determined paid in accordance herewithfull. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holder.Initials /s/ EJC -------- Initials --------

Appears in 2 contracts

Sources: Lease Agreement (HNC Software Inc/De), Lease Agreement (Fair Isaac & Company Inc)

Security Deposit. If a As security deposit is specified in Section 1.1 hereoffor the full and faithful payment of all sums due under this Lease and the full and faithful performance of every covenant and condition of this Lease to be performed by Tenant, Tenant agrees that the same will be paid to pay to Landlord upon execution and delivery of this Lease the sum specified in the definition of the term Security Deposit. If Tenant shall breach or default with respect to any payment obligation or other covenant or condition of this Lease, and that Landlord shall hold the same throughout the Term of this Lease as security for the performance by Tenant of all obligations on the part of Tenant hereunder. Landlord shall have the right from time to time, without prejudice to any other remedy Landlord may have on account thereof, to apply such deposit, all or any part thereof, of the Security Deposit to Landlord’s damages arising from, the payment of any sum in default or to cure, any Event of Default. If damage suffered by Landlord shall so apply any or all as a result of such depositbreach or default, and in such event, Tenant shall immediately shall, upon demand by Landlord, deposit with Landlord the amount so applied to be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms of this Section, to Tenant on the expiration or earlier termination of the Term of this Lease and surrender of possession of the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord shall have no obligation to pay interest the full amount of the Security Deposit on hand at all times during the same Lease Term. Landlord's use or application of all or any portion of the Security Deposit shall not impair any other rights or remedies provided under this Lease or under applicable law and shall have the right to commingle the same with Landlord’s other fundsnot be construed as a payment of liquidated damages. If Landlord conveys Landlord’s interest under Tenant shall have fully complied with all of the covenants and conditions of this Lease, the depositSecurity Deposit shall be repaid to Tenant, without interest, within ten (10) Business Days after the expiration of this Lease. Tenant may not mortgage, assign, transfer or encumber the Security Deposit and any such act on the part thereof not previously appliedof Tenant shall be without force or effect. In the event any bankruptcy, insolvency, reorganization or other creditor-debtor proceedings shall be instituted by or against Tenant, the Security Deposit shall be deemed to be applied first to the payment of Base Rent, Additional Rent and all other sums payable under this Lease to Landlord for all periods prior to the institution of such proceedings and the balance, if any, may be turned over retained by Landlord to and applied against Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holder's damages.

Appears in 2 contracts

Sources: Lease (Integrated Information Systems Inc), Lease (Integrated Information Systems Inc)

Security Deposit. If a security 11.1. Tenant shall deposit is specified with Landlord on or before the Execution Date the sum set forth in Section 1.1 hereof2.6 (the “Security Deposit”), Tenant agrees that the same will which sum shall be paid upon execution and delivery of this Lease, and that held by Landlord shall hold the same throughout the Term of this Lease as security for the faithful performance by Tenant of all obligations of the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the period commencing on the part Execution Date and ending upon the expiration or termination of Tenant’s obligations under this Lease. If Tenant hereunder. Landlord shall have the right from time to time, without prejudice Defaults (as defined below) with respect to any other remedy provision of this Lease, including any provision relating to the payment of Rent, then Landlord may have on account thereof(but shall not be required to) use, to apply such deposit, or retain all or any part thereof, to Landlord’s damages arising fromof the Security Deposit for the payment of any Rent or any other sum in default, or to cure, compensate Landlord for any Event other loss or damage that Landlord may suffer by reason of DefaultTenant’s default. If Landlord shall any portion of the Security Deposit is so apply any used or all of such depositapplied, then Tenant shall immediately upon shall, within ten (10) days following demand therefor, deposit cash with Landlord in an amount sufficient to restore the amount Security Deposit to its original amount, and Tenant’s failure to do so applied to shall be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms a material breach of this Section, to Tenant on Lease. The provisions of this Article shall survive the expiration or earlier termination of this Lease. TENANT HEREBY WAIVES THE REQUIREMENTS OF SECTION 1950.7 OF THE CALIFORNIA CIVIL CODE, AS THE SAME MAY BE AMENDED FROM TIME TO TIME. 11.2. In the Term event of bankruptcy or other debtor-creditor proceedings against Tenant, the Security Deposit shall be deemed to be applied first to the payment of Rent and other charges due Landlord for all periods prior to the filing of such proceedings. 11.3. Landlord may deliver to any purchaser of Landlord’s interest in the Premises the funds deposited hereunder by Tenant, and thereupon Landlord shall be discharged from any further liability with respect to such deposit. This provision shall also apply to any subsequent transfers. 11.4. If Tenant shall fully and faithfully perform every provision of this Lease and surrender of possession of to be performed by it, then the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of noticeSecurity Deposit, or bothany balance thereof, would constitute an Event shall be returned to Tenant (or, at Landlord’s option, to the last assignee of Default)Tenant’s interest hereunder) within thirty (30) days after the expiration or earlier termination of this Lease. 11.5. While Landlord holds such deposit[Intentionally omitted] 11.6. If the Security Deposit shall be in cash, Landlord shall have no obligation hold the Security Deposit in an account at a banking organization selected by Landlord; provided, however, that Landlord shall not be required to pay maintain a separate account for the Security Deposit, but may intermingle it with other funds of Landlord. Landlord shall be entitled to all interest and/or dividends, if any, accruing on the Security Deposit. Landlord shall not be required to credit Tenant with any interest for any period during which Landlord does not receive interest on the same Security Deposit. 11.7. The Security Deposit may be in the form of cash, a letter of credit or any other security instrument acceptable to Landlord in its sole discretion. Tenant may at any time, except when Tenant is in Default (as defined below), deliver a letter of credit (the “L/C Security”) as the entire Security Deposit, as follows: (a) If Tenant elects to deliver L/C Security, then Tenant shall provide Landlord, and maintain in full force and effect throughout the Term and until the date that is six (6) months after the then-current Term Expiration Date, a letter of credit in the form of Exhibit E issued by an issuer reasonably satisfactory to Landlord, in the amount of the Security Deposit, with an initial term of at least one year. Landlord may require the L/C Security to be re-issued by a different issuer at any time during the Term if Landlord reasonably believes that the issuing bank of the L/C Security is or may soon become insolvent; provided, however, Landlord shall have return the right existing L/C Security to commingle the same existing issuer immediately upon receipt of the substitute L/C Security. If any issuer of the L/C Security shall become insolvent or placed into FDIC receivership, then Tenant shall immediately deliver to Landlord (without the requirement of notice from Landlord) substitute L/C Security issued by an issuer reasonably satisfactory to Landlord, and otherwise conforming to the requirements set forth in this Article. As used herein with respect to the issuer of the L/C Security, “insolvent” shall mean the determination of insolvency as made by such issuer’s primary bank regulator (i.e., the state bank supervisor for state chartered banks; the OCC or OTS, respectively, for federally chartered banks or thrifts; or the Federal Reserve for its member banks). If, at the Term Expiration Date, any Rent remains uncalculated or unpaid, then (i) Landlord shall with reasonable diligence complete any necessary calculations, (ii) Tenant shall extend the expiry date of such L/C Security from time to time as Landlord reasonably requires and (iii) in such extended period, Landlord shall not unreasonably refuse to consent to an appropriate reduction of the L/C Security. Tenant shall reimburse Landlord’s other funds. If Landlord conveys legal costs (as estimated by Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord to counsel) in handling Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application acceptance of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return L/C Security or application of any such deposit, whether its replacement or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderextension.

Appears in 2 contracts

Sources: Lease (CymaBay Therapeutics, Inc.), Lease (Infinity Oil & Gas Co)

Security Deposit. If a security deposit is specified 12.1. Tenant has deposited with Landlord the sum set forth in Section 1.1 hereof2.7 (the “Security Deposit”), Tenant agrees that the same will which sum shall be paid upon execution and delivery of this Lease, and that held by Landlord shall hold the same throughout the Term of this Lease as security for the faithful performance by Tenant of all obligations of the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the period commencing on the part Execution Date and ending upon the expiration or termination of this Lease. If Tenant hereunder. Landlord shall have the right from time to time, without prejudice Defaults with respect to any other remedy provision of this Lease, including, but not limited to, any provision relating to the payment of Rent, then Landlord may have on account thereof(but shall not be required to) use, to apply such deposit, or retain all or any part thereof, to Landlord’s damages arising fromof the Security Deposit for the payment of any Rent or any other sum in default, or to cure, compensate Landlord for any Event other loss or damage that Landlord may suffer by reason of DefaultTenant’s default. If Landlord shall any portion of the Security Deposit is so apply any used or all of such depositapplied, then Tenant shall immediately upon shall, within ten (10) days following demand therefor, deposit cash with Landlord in an amount sufficient to restore the amount Security Deposit to its original amount, and Tenant’s failure to do so applied to shall be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms a material breach of this Section, to Tenant on Lease. The provisions of this Article 12 shall survive the expiration or earlier termination of this Lease. TENANT HEREBY WAIVES THE REQUIREMENTS OF SECTION 1950.7 OF THE CALIFORNIA CIVIL CODE WITH RESPECT TO THE USES TO WHICH SECURITY DEPOSITS MAY BE APPLIED PURSUANT TO THIS LEASE AND SUCH SECTION, AS THE SAME MAY BE AMENDED FROM TIME TO TIME. 12.2. In the event of bankruptcy or other debtor-creditor proceedings against Tenant, the Security Deposit shall be deemed to be applied first to the payment of Rent and other charges due Landlord for all periods prior to the filing of such proceedings. 12.3. Landlord may deliver to any purchaser of Landlord’s interest in the Premises the funds deposited hereunder by Tenant; and thereupon Landlord shall be discharged from any further liability with respect to such deposit. This provision shall also apply to any subsequent transfers. 12.4. Provided Tenant has surrendered the Premises to Landlord, the Security Deposit, or any balance thereof (after Landlord has made appropriate deductions, if any, to restore the condition of the Premises to that required by the Lease and to cure any other defaults by Tenant under the Lease), shall be returned to Tenant (or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder) within thirty (30) days after the expiration or earlier termination of this Lease. 12.5. [Intentionally omitted] 12.6. If the Security Deposit shall be in cash, Landlord shall hold the Security Deposit in an account at a banking organization selected by Landlord; provided, however, that Landlord shall not be required to maintain a separate account for the Security Deposit, but may intermingle it with other funds of Landlord. Landlord shall be entitled to all interest and/or dividends, if any, accruing on the Security Deposit. Landlord shall not be required to credit Tenant with any interest for any period during which Landlord does not receive interest on the Security Deposit. 12.7. The Security Deposit may be in the form of cash, a letter of credit or any other security instrument acceptable to Landlord in its sole discretion. Tenant may at any time, except during Default (as defined below), deliver a letter of credit (the “L/C Security”) as the entire Security Deposit, as follows. (a) If Tenant elects to deliver L/C Security, then Tenant shall provide Landlord, and maintain in full force and effect throughout the Term, a letter of credit in the form of Exhibit E issued by an issuer reasonably satisfactory to Landlord, in the amount of the Security Deposit, with an initial term of at least one year. If, at the Term Expiration Date, any Rent remains uncalculated or unpaid, then: (i) Landlord shall with reasonable diligence complete any necessary calculations; (ii) Tenant shall extend the expiry date of such L/C Security from time to time as Landlord reasonably requires, but no longer than ninety (90) days; and (iii) in such extended period, Landlord shall not unreasonably refuse to consent to an appropriate reduction of the L/C Security. Tenant shall reimburse Landlord’s legal costs (as estimated by Landlord’s counsel) in handling Landlord’s acceptance of L/C Security or its replacement or extension, not to exceed Five Hundred Dollars ($500) per occurrence. (b) If Tenant delivers to Landlord satisfactory L/C Security in place of the entire Security Deposit, Landlord shall remit to Tenant any cash Security Deposit Landlord previously held. Tenant may at any time replace the L/C Security with a cash Security Deposit, at which time Landlord shall return the L/C Security to Tenant. (c) Landlord may draw upon the L/C Security, and hold and apply the proceeds in the same manner and for the same purposes as the Security Deposit, if: (i) an uncured Default (as defined below) exists; (ii) as of the date thirty (30) days before any L/C Security expires (even if such scheduled expiry date is after the Term Expiration Date) Tenant has not delivered to Landlord an amendment or replacement for such L/C Security, reasonably satisfactory to Landlord, extending the expiry date to the earlier of (1) six (6) months after the then-current Term Expiration Date or (2) the date one year after the then-current expiry date of the L/C Security; (iii) Tenant fails to pay (when and as Landlord reasonably requires) any bank charges for Landlord’s transfer of the L/C Security; or (iv) provided the issuer will not accept draw requests by overnight courier, the issuer of the L/C Security ceases, or announces that it will cease, to maintain an office within twenty (20) miles of the city where Landlord may present drafts under the L/C Security. This paragraph does not limit any other provisions of this Lease allowing Landlord to draw the L/C Security under specified circumstances. (d) Tenant shall not seek to enjoin, prevent, or otherwise interfere with Landlord’s draw under L/C Security, even if it violates this Lease. Tenant acknowledges that the only effect of a wrongful draw would be to substitute a cash Security Deposit for L/C Security, causing Tenant no legally recognizable damage. Landlord shall hold the proceeds of any draw in the same manner and surrender for the same purposes as a cash Security Deposit. In the event of possession a wrongful draw, the parties shall cooperate to allow Tenant to post replacement L/C Security simultaneously with the return to Tenant of the Premises by wrongfully drawn sums, and Landlord shall upon request confirm in writing to the issuer of the L/C Security that Landlord’s draw was erroneous. (e) If Landlord transfers its interest in the Premises, then Tenant to Landlord shall at such timeTenant’s expense, provided that there is then existing no Event of Default within five (nor any circumstance which5) Business Days after receiving a request from Landlord, with deliver (and, if the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such depositissuer requires, Landlord shall have no obligation consent to) an amendment to pay interest on the same and shall have the right to commingle the same with L/C Security naming Landlord’s other fundsgrantee as substitute beneficiary. If Landlord conveys Landlord’s interest under this Leasethe required Security changes while L/C Security is in force, the deposit, or any part thereof not previously applied, may be turned over by Landlord to Landlord’s grantee, then Tenant shall deliver (and, if so turned overthe issuer requires, Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of Landlord shall consent to) a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds corresponding amendment to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderL/C Security.

Appears in 2 contracts

Sources: Lease (Ardelyx, Inc.), Lease (Ardelyx, Inc.)

Security Deposit. If a security 11.1 Tenant shall deposit is specified with Landlord on or before the Execution Date the sum set forth in Section 1.1 hereof2.6 (the “Security Deposit”), Tenant agrees that the same will which sum shall be paid upon execution and delivery of this Lease, and that held by Landlord shall hold the same throughout the Term of this Lease as security for the faithful performance by Tenant of all obligations on of the part terms, covenants and conditions of this Lease to be kept and performed by ▇▇▇▇▇▇. If Tenant hereunder. Landlord shall have the right from time to time, without prejudice Defaults (as defined below) with respect to any other remedy provision of this Lease, including any provision relating to the payment of Rent, then Landlord may have on account thereof(but shall not be required to) use, to apply such deposit, or retain all or any part thereof, to Landlord’s damages arising fromof the Security Deposit for the payment of any Rent or any other sum in default, or to cure, compensate Landlord for any Event other loss or damage that Landlord may suffer by reason of DefaultTenant’s default. If Landlord shall any portion of the Security Deposit is so apply any used or all of such depositapplied, then Tenant shall immediately upon shall, within ten (10) days following demand therefor, deposit cash with Landlord in an amount sufficient to restore the amount Security Deposit to its original amount, and ▇▇▇▇▇▇’s failure to do so applied to shall be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms a material breach of this Section, to Tenant on Lease. The provisions of this Article shall survive the expiration or earlier termination of this Lease. TENANT HEREBY WAIVES THE REQUIREMENTS OF SECTION 1950.7 OF THE CALIFORNIA CIVIL CODE, AS THE SAME MAY BE AMENDED FROM TIME TO TIME. 11.2 In the Term event of bankruptcy or other debtor-creditor proceedings against ▇▇▇▇▇▇, the Security Deposit shall be deemed to be applied first to the payment of Rent and other charges due Landlord for all periods prior to the filing of such proceedings. 11.3 Landlord may deliver to any purchaser of Landlord’s interest in the Premises the funds deposited hereunder by Tenant, and thereupon Landlord shall be discharged from any further liability with respect to such deposit. This provision shall also apply to any subsequent transfers. 11.4 If Tenant shall fully and faithfully perform every provision of this Lease and surrender of possession of to be performed by it, then the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of noticeSecurity Deposit, or bothany balance thereof, would constitute an Event shall be returned to Tenant (or, at Landlord’s option, to the last assignee of Default). While Landlord holds such depositTenant’s interest hereunder) within sixty (60) days after the expiration or earlier termination of this Lease. 11.5 If the Security Deposit shall be in cash, Landlord shall have no obligation hold the Security Deposit in an account at a banking organization selected by Landlord; provided, however, that Landlord shall not be required to pay maintain a separate account for the Security Deposit, but may intermingle it with other funds of Landlord. Landlord shall be entitled to all interest and/or dividends, if any, accruing on the Security Deposit. Landlord shall not be required to credit Tenant with any interest for any period during which Landlord does not receive interest on the same Security Deposit. 11.6 The Security Deposit may be in the form of cash, a letter of credit or any other security instrument acceptable to Landlord in its sole discretion. Tenant may at any time, except when Tenant is in Default (as defined below), deliver a letter of credit (the “L/C Security”) as the entire Security Deposit, as follows: (a) If Tenant elects to deliver L/C Security, then Tenant shall provide Landlord, and maintain in full force and effect throughout the Term and until the date that is four (4) months after the then-current Term Expiration Date, a letter of credit in the form of Exhibit E issued by an issuer reasonably satisfactory to Landlord, in the amount of the Security Deposit, with an initial term of at least one year. Landlord may require the L/C Security to be re-issued by a different issuer at any time during the Term if Landlord reasonably believes that the issuing bank of the L/C Security is or may soon become insolvent; provided, however, Landlord shall have return the right existing L/C Security to commingle the same existing issuer immediately upon receipt of the substitute L/C Security. If any issuer of the L/C Security shall become insolvent or placed into FDIC receivership, then Tenant shall immediately deliver to Landlord (without the requirement of notice from Landlord) substitute L/C Security issued by an issuer reasonably satisfactory to Landlord, and otherwise conforming to the requirements set forth in this Article. As used herein with respect to the issuer of the L/C Security, “insolvent” means the determination of insolvency as made by such issuer’s primary bank regulator (i.e., the state bank supervisor for state chartered banks; the OCC or OTS, respectively, for federally chartered banks or thrifts; or the Federal Reserve for its member banks). If, at the Term Expiration Date, any Rent remains uncalculated or unpaid, then (i) Landlord shall with reasonable diligence complete any necessary calculations, (ii) Tenant shall extend the expiry date of such L/C Security from time to time as Landlord reasonably requires and (iii) in such extended period, Landlord shall not unreasonably refuse to consent to an appropriate reduction of the L/C Security. Tenant shall reimburse Landlord’s other funds. If Landlord conveys legal costs (as reasonably estimated by ▇▇▇▇▇▇▇▇’s counsel) in handling Landlord’s interest under this Lease, the deposit, acceptance of L/C Security or any part thereof not previously applied, may be turned over by Landlord to Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return its replacement or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderextension.

Appears in 2 contracts

Sources: Lease Agreement (BlossomHill Therapeutics, Inc.), Lease (BlossomHill Therapeutics, Inc.)

Security Deposit. If Lessee further agrees to pay to Lessor Thirty-One Thousand Four Hundred Eighty-Three and 62/100 ($31,483.62) Dollars as a security deposit is specified in Section 1.1 to be held by Lessor as security for the faithful performance by Lessee of all the terms, covenants and conditions of this Lease to be kept and performed by Lessee during the term hereof, Tenant agrees that the same will be paid upon execution and delivery . If Lessee defaults with respect to any provision of this Lease, including, but not limited to the provisions relating to the payment of rent, Lessor may (but shall not be required to) use, apply or retain all or any part of this security deposit for the payment of rent or any other sum in default, or for the payment of any amount which Lessor may spend or become obligated to spend by reason of Lessee's default, or to compensate Lessor for any other loss or damage which Lessor may suffer by reason of Lessee's default. If any portion of said deposit is so used or applied, Lessee shall within ten (10) days after written demand therefor, deposit cash with Lessor in an amount sufficient to restore the security deposit to its original amount and that Landlord Lessee's failure to do so shall hold the same throughout the Term be a material breach of this Lease. Lessor shall not be required to keep this security deposit separate from its general funds, and Lessee shall not be entitled to interest on such deposit. If Lessee shall fully and faithfully perform every provision of this Lease as to be performed by it, the security for deposit or any balance thereof shall be returned to Lessee or, at Lessee's option, to the performance by Tenant last assignee of all obligations on Lessee's interest hereunder at the part expiration of Tenant hereunderthe Lease term. Landlord In the event of termination of Lessor's interest in this Lease, Lessor shall have transfer said deposit to Lessor's successor-in-interest. If the right monthly rent shall, from time to time, without prejudice to any other remedy Landlord may have on account thereof, to apply such deposit, or any part thereof, to Landlord’s damages arising from, or to cure, any Event increase during the term of Default. If Landlord shall so apply any or all of such deposit, Tenant shall immediately upon demand deposit with Landlord the amount so applied to be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms of this Section, to Tenant on the expiration or earlier termination of the Term of this Lease and surrender of possession of the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Lease, Lessee shall thereupon deposit with Lessor additional security so that the deposit, or any part thereof not previously applied, may be turned over amount of deposit held by Landlord to Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application of Lessor shall at all times bear the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds same proportion to the position of Landlord hereunderthen current rent as the original security deposit bears to the original monthly rent set forth in paragraph 1, unless such deposit shall have been received in hand by such holderhereof.

Appears in 2 contracts

Sources: Modified Net Industrial Building Lease (Decrane Aircraft Holdings Inc), Modified Net Industrial Building Lease (Decrane Holdings Co)

Security Deposit. If a security 11.1. Tenant shall deposit is specified with Landlord on or before the Execution Date the sum set forth in Section 1.1 hereof2.6 (the “Security Deposit”), Tenant agrees that the same will which sum shall be paid upon execution and delivery of this Lease, and that held by Landlord shall hold the same throughout the Term of this Lease as security for the faithful performance by Tenant of all obligations of the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the period commencing on the part Execution Date and ending upon the expiration or termination of Tenant’s obligations under this Lease. If Tenant hereunder. Landlord shall have the right from time to time, without prejudice defaults with respect to any other remedy provision of this Lease, including any provision relating to the payment of Rent, then Landlord may have on account thereof(but shall not be required to) after notice and the expiration of three (3) business days, to use, apply such deposit, or retain all or any part thereof, to Landlord’s damages arising fromof the Security Deposit for the payment of any Rent or any other sum in default, or to cure, compensate Landlord for any Event other loss or damage that Landlord may suffer by reason of DefaultTenant’s default. If Landlord shall any portion of the Security Deposit is so apply any used or all of such depositapplied, then Tenant shall immediately upon shall, within ten (10) business days following demand therefor, deposit cash with Landlord in an amount sufficient to restore the amount Security Deposit to its original amount, and Tenant’s failure to do so applied to shall be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms a material breach of this Section, to Tenant on Lease. The provisions of this Article shall survive the expiration or earlier termination of this Lease. TENANT HEREBY WAIVES THE REQUIREMENTS OF SECTION 1950.7 OF THE CALIFORNIA CIVIL CODE, AS THE SAME MAY BE AMENDED FROM TIME TO TIME. 11.2. In the Term event of bankruptcy or other debtor-creditor proceedings against Tenant, the Security Deposit shall be deemed to be applied first to the payment of Rent and other charges due Landlord for all periods prior to the filing of such proceedings. 11.3. Landlord shall deliver to any purchaser of Landlord’s interest in the Premises the funds deposited hereunder by Tenant, and thereupon Landlord shall be discharged from any further liability with respect to such deposit. This provision shall also apply to any subsequent transfers. 11.4. If Tenant shall fully and faithfully perform every provision of this Lease and surrender of possession of to be performed by it, then the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of noticeSecurity Deposit, or bothany balance thereof, would constitute an Event shall be returned to Tenant (or, at Landlord’s option, to the last assignee of Default)Tenant’s interest hereunder) within thirty (30) days after the expiration or earlier termination of this Lease. 11.5. While Landlord holds such depositIf the Security Deposit shall be in cash, Landlord shall have no obligation hold the Security Deposit in an account at a banking organization selected by Landlord; provided, however, that Landlord shall not be required to pay maintain a separate account for the Security Deposit, but may intermingle it with other funds of Landlord. Landlord shall be entitled to all interest and/or dividends, if any, accruing on the Security Deposit. Landlord shall not be required to credit Tenant with any interest for any period during which Landlord does not receive interest on the same Security Deposit. 11.6. The Security Deposit may be in the form of cash, a letter of credit or any other security instrument acceptable to Landlord in its sole discretion. Tenant may at any time, except when Tenant is in Default (as defined below), deliver a letter of credit (the “L/C Security”) as the entire Security Deposit, as follows: (a) If Tenant elects to deliver L/C Security, then Tenant shall provide Landlord, and maintain in full force and effect throughout the Term and until the date that is ninety (90) days after the then-current Term Expiration Date, a letter of credit in the form of Exhibit D issued by an issuer reasonably satisfactory to Landlord, in the amount of the Security Deposit, with an initial term of at least one year. Landlord may require the L/C Security to be reissued by a different issuer at any time during the Term if the issuing bank of the L/C Security becomes insolvent; provided, however, Landlord shall have return the right existing L/C Security to commingle the same with Landlord’s other fundsexisting issuer immediately upon receipt of the substitute L/C Security. If any issuer of the L/C Security shall become insolvent or placed into FDIC receivership, then Tenant shall within five (5) business days deliver to Landlord conveys (without the requirement of notice from Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over ) substitute L/C Security issued by Landlord an issuer reasonably satisfactory to Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holder.otherwise

Appears in 2 contracts

Sources: Sublease Agreement (Natera, Inc.), Sublease Agreement (Natera, Inc.)

Security Deposit. Upon execution of this lease Tenant will deposit with Landlord the sum of One hundred and one thousand four hundred seventy seven dollars and twenty five cents ($101,477.25) as security (“Security Deposit”) for the full and faithful performance of every provision of this Lease to be performed by Tenant. If a security deposit Tenant is specified in Section 1.1 hereof, Tenant agrees that the same will be paid upon execution and delivery Default with respect to any provision of this Lease, including, but not limited to, the provisions relating to the payment of Rent, Landlord may use, apply or retain all or any part of the security deposit for the payment of any Rent and that any other sum with respect to which Tenant is in Default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s Default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s Default. If any portion of the security deposit is to be used or applied, Tenant, within five (5) days after written demand therefore, shall deposit cash with Landlord in an amount sufficient to restore the security deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall hold not be required to keep the same throughout security deposit separate from its general funds and Tenant shall not be entitled to interest on any security deposit. Provided Tenant has not been in default under the Term Lease, the Security Deposit, will be reduced by one (1) month following the completion of every two (2) years of the Lease. If Tenant fully and faithfully performs every provision of this Lease as to be performed by it, the security for the performance by Tenant of all obligations on the part of Tenant hereunder. Landlord shall have the right from time to time, without prejudice to any other remedy Landlord may have on account thereof, to apply such deposit, deposit or any part thereof, balance thereof shall be returned to Tenant (or at Landlord’s damages arising from, or option to cure, any Event the last assignee of Default. If Landlord shall so apply any or all of such deposit, Tenant shall immediately upon demand deposit with Landlord the amount so applied to be held as security Tenant’s interest hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms of this Section, to Tenant on ) within thirty (30) days after the expiration or earlier termination of the Term of this Lease and surrender of possession Tenant’s vacation of the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord to Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderPremises.

Appears in 2 contracts

Sources: Office Lease (ElectroCore, LLC), Office Lease (ElectroCore, LLC)

Security Deposit. If a security deposit is specified in Section 1.1 hereofThe Tenant deposited with the Landlord, Tenant agrees that simultaneously with the same will be paid upon execution and delivery of this Lease, the sum of four thousand and that Landlord shall hold eight hundred and eighty dollars and seventy five cents ($4,880.75) (the same throughout the Term of this Lease "Security Deposit") as security for the Rent payable hereunder, for the return of the Leased Premises in good order and condition, and the performance of each and every one of the covenants, conditions and agreements herein stipulated. The said sum shall not be applicable to the payment of Rent by the Tenant, or any other charges for which it may become liable under this Lease, and such deposit shall, in no way, relieve Tenant from the faithful performance of all covenants and conditions hereby imposed upon it. Landlord may use so much or all of the Security Deposit for payment of past-due obligations on of Tenant, and, upon notice and demand from Landlord, Tenant shall, within five (5) days, pay sufficient sums to restore the part Security Deposit to its original amount. Landlord agrees that at the termination of this Lease, or at the termination of any extension thereof, the deposit shall be returned to Tenant hereunderthirty (30) days after the Leased Premises have been vacated in good order and condition, provided that the Tenant shall have complied in all respects with the terms, covenants and conditions herein. In the event of a sale or leasing of the Building, Landlord shall have the right from time to time, without prejudice transfer the Security Deposit to any other remedy Landlord may have on account thereof, to apply such deposit, or any part thereof, to Landlord’s damages arising from, or to cure, any Event of Default. If its vendee and Landlord shall so apply any or thereupon be released by Tenant from all of such deposit, Tenant shall immediately upon demand deposit with Landlord liability for the amount so applied to be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms of this Section, to Tenant on the expiration or earlier termination of the Term of this Lease and surrender of possession of the Premises by Tenant to Landlord at Security Deposit. In such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord to Landlord’s grantee, and, if so turned overevent, Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant new landlord for the return of said deposit. The provisions hereof shall apply to every transfer or application assignment made of any such deposit, whether or not it succeeds the Security Deposit to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holdera new landlord.

Appears in 1 contract

Sources: Lease (Renaissance Entertainment Corp)

Security Deposit. If a security deposit is specified in Section 1.1 hereof, Tenant agrees that (a) Concurrently with the same will be paid upon execution and delivery of this Lease, Tenant has delivered to Landlord cash in the amount of Ten Million Dollars ($10,000,000) (the "Security Deposit") which shall be deposited in a segregated interest- ---------------- bearing account (the "Account") with a financial institution or institutions ------- selected by Lender or Landlord. The Security Deposit shall secure the payment by Tenant of the Rent and that all other charges or payments to be paid hereunder and the performance of the covenants and obligations contained herein. (b) If at any time an Event of Default shall have occurred and be continuing beyond the applicable grace period, if any, Landlord shall hold be entitled, at its sole discretion, at any time and from time to time, to withdraw the same throughout Security Deposit or any portion thereof from the Account and to apply the proceeds in payment of (i) any Rent or other charges for the payment of which Tenant shall be in default, (ii) any expense incurred by Landlord in curing any default of Tenant, (iii) any other sums due to Landlord in connection with any default or the curing thereof, including, without limitation, any damages incurred by Landlord by reason of such default, including maintenance expenses and management fees and/or (iv) the payment of leasing commissions and tenant improvements for any substitute tenant. If any portion of the Security Deposit is used, retained or applied by Landlord for any purpose set forth above, Tenant shall, within fifteen (15) days after demand therefor is made by Landlord, provide to Landlord cash which complies with the requirements of this Paragraph 37 so that the Security Deposit is in the original principal amount thereof. Landlord shall deliver to Tenant copies of all statements regarding the account(s) in which the Security Deposit is held promptly after receipt thereof by Landlord. (c) So long as no Event of Default exists, at any time following the later to occur of payment in full of the Initial Loan or the expiration of the tenth (10th) Lease Year, the balance of the Security Deposit shall be returned to Tenant upon the earlier to occur of: (i) the expiration of the Term or (ii) no later than fifteen (15) days after the date on which Tenant receives a rating ("Required Rating")on its publicly-traded unsecured senior debt of Baa3 or better from ▇▇▇▇▇'▇, provided that at the time of such rating Tenant has a rating from S&P of not less than BB+. (d) Notwithstanding the foregoing, if at any time or from time to time following the release of the Security Deposit pursuant to Subsection (ii) of this Paragraph 37(c) (A) Tenant's publicly-traded unsecured debt rating shall be downgraded to Ba1 or Ba2 from ▇▇▇▇▇'▇, and is BB or BB+ from S&P, Tenant shall redeposit with Landlord a security deposit in the amount of Five Million Dollars ($5,000,000) or (B) if such debt rating from ▇▇▇▇▇'▇ shall be less than Ba2 and from S&P shall be less than BB, Tenant shall redeposit with Landlord Ten Million Dollars ($10,000,000) (or if the deposit described in clause (A) has been made, Five Million Dollars $5,000,000). Any such amounts shall be deposited within fifteen (15) days following the downgrade of Tenant's rating and any amounts so deposited shall be considered the "Security Deposit" for the purposes of this Lease and shall thereafter be subject to the applicable provisions of this Lease, including this subparagraph (c). (e) At the request of Tenant (so long as security for no Event of Default exists) the performance Security Deposit shall be invested in: (i) securities issued or fully guaranteed or insured by the United States Government or any agency thereof having maturities of not more than 12 months from the date of acquisition; (ii) certificates of deposit, time deposits, Eurodollar time deposits, repurchase agreements, reverse repurchase agreements, or bankers' acceptances, having in each case a tenor of not more than 12 months, issued by any Bank, or by any U.S. commercial bank or any branch or agency of a non-U.S. bank licensed to conduct business in the U.S. having combined capital and surplus of not less than $100,000,000 and whose short-term securities are rated at least A-1 by S&P or at least P-1 by ▇▇▇▇▇'▇; (iii) taxable and tax-exempt commercial paper of an issuer rated at least A-1 by S&P or at least P-1 by ▇▇▇▇▇'▇ and in either case having a tenor of not more than 270 days; (iv) medium term notes of an issuer rated at least AA by S&P or at lease Aa2 by ▇▇▇▇▇'▇ and having a remaining term of not more than 12 months after the date of acquisition by the Company or its Subsidiaries; (v) municipal notes and bonds which are rated at least SP-1 or AA by S&P or at least MIG-2 or Aa by ▇▇▇▇▇'▇ with tenors of not more than 12 months; (vi) investments in taxable or tax-exempt money market funds with assets greater than $500,000,000 and whose assets have average maturities less than or equal to 180 days and are rated at least A-1 by S&P or at least P-1 by ▇▇▇▇▇'▇; (vii) money market preferred instruments of an issuer rated at least A-1 by S&P or at least P-1 by ▇▇▇▇▇'▇ with tenors of not more than 12 months; or (viii) such other comparable investments as may be requested by Tenant and approved by Landlord and Lender, such approval not to be unreasonably withheld. (f) As long as no Event of Default exists, all obligations interest accrued on the part Security Deposit shall be paid to Tenant as and when such interest is received from the investment of Tenant hereunder. the Security Deposit, but in no event more than once per calendar quarter. (g) Landlord shall have the right to designate Lender as the holder of the Security Deposit during the term of the applicable Loan in which event Lender shall have all of the rights of Landlord under this Paragraph 37. Tenant covenants and agrees to execute such agreements, consents and acknowledgments as may reasonably be requested by Landlord from time to time, without prejudice time to any other remedy Landlord may have on account thereof, to apply such deposit, or any part thereof, to Landlord’s damages arising from, or to cure, any Event of Default. If Landlord shall so apply any or all of such deposit, Tenant shall immediately upon demand deposit with Landlord change the amount so applied to be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms of this Section, to Tenant on the expiration or earlier termination holder of the Term of this Lease and surrender of possession of the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord to Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderSecurity Deposit as hereinabove provided.

Appears in 1 contract

Sources: Lease Agreement (Advanced Micro Devices Inc)

Security Deposit. If a security deposit is specified in Section 1.1 hereof, Tenant agrees that the same will be paid upon (a) Upon execution and delivery of this LeaseLease by Tenant, and that Landlord shall hold as security for performance by Tenant during the same throughout Lease Term of the Term terms of this Lease as security for the performance by Tenant of all obligations on the part of Tenant hereunderto be performed, Tenant shall deposit with Landlord the Security Deposit. Such amount shall be returned to Tenant, without interest, within forty-five (45) days after the expiration of the Lease Term, provided Tenant has fully observed and performed all of the terms, covenants, agreements, warranties and conditions hereof on its part to be observed and performed. Landlord shall have the right from time to right, at any time, without prejudice to any other remedy Landlord may have on account thereof, to apply such deposit, all or any part thereofof said Security Deposit toward the cure of any default of Tenant, the repair of any damage to the Premises or otherwise caused by Tenant, or the amount of any Rent owing under this Lease. No application of the Security Deposit shall be construed to limit Landlord’s right to recover additional sums from Tenant for damages arising from, or to cure, the Premises.- If any Event part of Default. If Landlord shall so apply any or all of such depositsaid Security Deposit is applied by Landlord, Tenant shall immediately upon demand pay to Landlord an amount sufficient to return said Security Deposit to the balance on deposit with Landlord the amount so applied prior to be held as security hereunderapplication. Landlord shall return not be required to keep the depositSecurity Deposit separate from its general accounts. (b) Tenant shall not be entitled to apply the Security Deposit to Rent due hereunder. In an act of bankruptcy by or insolvency of Tenant, or so much thereof the appointment of a receiver for Tenant or a general assignment for the benefit of Tenant’s creditors, then the Security Deposit shall be deemed immediately assigned to Landlord. The right to retain the Security Deposit shall be in addition and not alternative to Landlord’s other remedies under this Lease or as may be provided by law and shall not have theretofore been applied in accordance with the terms of this Section, be affected by summary proceedings or other proceedings to Tenant on the expiration or earlier termination of the Term of this Lease and surrender of recover possession of the Premises. (c) In a sale or transfer of Landlord’s interest in the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving Building or a lease by Landlord of notice, or both, would constitute an Event of Default). While Landlord holds such depositthe Building, Landlord shall have no obligation transfer the Security Deposit to pay interest on the same and shall have purchaser or lessee, as the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, case may be turned over by Landlord to Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Sectionbe, and the return thereof in accordance herewith. The holder Landlord shall be relieved of a mortgage shall not be responsible liability to Tenant for the return or application of any such deposit, whether or not it succeeds Security Deposit. Tenant shall look solely to the position new owner or lessee for the return of said Security Deposit. The Security Deposit shall not be mortgaged, assigned or encumbered by Tenant. In a permitted assignment or sublet under this Lease by Tenant, the Security Deposit shall be held by Landlord hereunder, unless such as a deposit made by the permitted assignee or subtenant and Landlord shall have been received in hand by such holderno further liability with respect to the return of said Security Deposit to Tenant.

Appears in 1 contract

Sources: Lease Agreement (Teavana Holdings Inc)

Security Deposit. If a security deposit (a) The Tenant has deposited with the Landlord NIL (the "Security Deposit"), receipt of which is specified in Section 1.1 hereof, Tenant agrees that acknowledged by the same Landlord. The Security Deposit will be paid upon execution held by the Landlord throughout the Term and delivery any renewal or renewals thereof, without liability for interest, as security for the faithful and complete performance by the Tenant of all of its covenants and obligations under this Lease. (b) If the Basic Rent or Additional Rent are at any time overdue and unpaid or if the Tenant fails to keep and perform any terms, covenants and conditions of this Lease, and that Landlord shall hold then the same throughout the Term of this Lease as security for the performance by Tenant of all obligations on the part of Tenant hereunder. Landlord shall have the right from time to timeLandlord, without prejudice at its option may, in addition to any other remedy Landlord may have on account thereofrights it has, to appropriate and apply such the entire security deposit, or any part thereof, as much of it as is necessary to Landlord’s damages arising fromcompensate the Landlord for loss or damage sustained or suffered by the Landlord due to the Tenant's breach. If the entire Security Deposit, or any portion of it, is appropriated and applied by the Landlord for the payment of overdue Rent, then the Tenant will, upon demand, forthwith remit to cure, any Event the Landlord a sufficient amount in cash to restore the Security Deposit to the original sum deposited and the Tenant's failure to do so within five (5) days after receipt of Defaultsuch demand constitutes a breach of this Lease. If Landlord shall so apply any or the Tenant complies with all of such depositthe terms, covenants and conditions and promptly pays all of the Rent, the Security Deposit will be returned in full to the Tenant shall immediately upon demand deposit with Landlord without interest within sixty (60) days after the amount so applied to be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms of this Section, to Tenant on the expiration or earlier termination end of the Term of this Lease and surrender of possession or any renewal or renewals thereof. (c) The Landlord may deliver the Security Deposit to any purchaser of the Landlord's interest in the Leased Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Building and the Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same thereafter be relieved of all further liability with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord to Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds respect to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderSecurity Deposit.

Appears in 1 contract

Sources: Lease (Ironside Technologies Inc)

Security Deposit. If a security 11.1 Tenant shall deposit is specified with Landlord on or before the Execution Date the sum set forth in Section 1.1 hereof2.6 (the “Security Deposit”), Tenant agrees that the same will which sum shall be paid upon execution and delivery of this Lease, and that held by Landlord shall hold the same throughout the Term of this Lease as security for the faithful performance by Tenant of all obligations of the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the period commencing on the part Execution Date and ending upon the expiration or termination of Tenant’s obligations under this Lease. If Tenant hereunder. Landlord shall have the right from time to time, without prejudice Defaults (as defined below) with respect to any other remedy provision of this Lease, including any provision relating to the payment of Rent, then Landlord may have on account thereof(but shall not be required to) use, to apply such deposit, or retain all or any part thereof, to Landlord’s damages arising fromof the Security Deposit for the payment of any Rent or any other sum in default, or to cure, compensate Landlord for any Event other loss or damage that Landlord may suffer by reason of Tenant’s Default. If Landlord shall any portion of the Security Deposit is so apply any used or all of such depositapplied, then Tenant shall immediately upon shall, within ten (10) days following demand therefor, deposit cash with Landlord in an amount sufficient to restore the amount Security Deposit to its original amount, and Tenant’s failure to do so applied to shall be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms a material breach of this Section, Lease. The obligations of each party pursuant to Tenant on this Article shall survive the expiration or earlier termination of this Lease. 11.2 In the Term event of this Lease bankruptcy or other debtor-creditor proceedings against Tenant, the Security Deposit shall be deemed to be applied first to the payment of Rent and surrender other charges due Landlord for all periods prior to the filing of possession such proceedings. 11.3 Landlord may deliver to any purchaser of Landlord’s interest in the Premises the funds deposited hereunder by Tenant to Landlord at such timeTenant, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such depositand thereupon, Landlord shall have no obligation be discharged from any further liability with respect to pay such deposit. This provision shall also apply to any subsequent transfers. 11.4 The Security Deposit, or any balance thereof remaining after application thereof in accordance with this Article 11, shall be returned to Tenant (or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder) within thirty (30) days after the expiration or earlier termination of this Lease. 11.5 If the Security Deposit shall be in cash, Landlord shall hold the Security Deposit in an account at a banking organization selected by Landlord; provided, however, that Landlord shall not be required to maintain a separate account for the Security Deposit, but may intermingle it with other funds of Landlord. Landlord shall be entitled to all interest and/or dividends, if any, accruing on the Security Deposit. Landlord shall not be required to credit Tenant with any interest for any period during which Landlord does not receive interest on the same Security Deposit. 11.6 The Security Deposit may be in the form of cash, a letter of credit or any other security instrument acceptable to Landlord in its sole discretion. Tenant may at any time, except when Tenant is in Default (as defined below), deliver a letter of credit (the “L/C Security”) as the entire Security Deposit, as follows: (a) If Tenant elects to deliver L/C Security, then Tenant shall provide Landlord, and maintain in full force and effect throughout the Term and until the date that is six (6) months after the then-current Term Expiration Date, a letter of credit in the form of Exhibit D issued by an issuer reasonably satisfactory to Landlord, in the amount of the Security Deposit, with an initial term of at least one year. Landlord may require the L/C Security to be re-issued by a different issuer at any time during the Term if Landlord reasonably believes that the issuing bank of the L/C Security is or may soon become insolvent; provided, however, Landlord shall have return the right existing L/C Security to commingle the same existing issuer immediately upon receipt of the substitute L/C Security. If any issuer of the L/C Security shall become insolvent or placed into FDIC receivership, then Tenant shall immediately deliver to Landlord (without the requirement of notice from Landlord) substitute L/C Security issued by an issuer reasonably satisfactory to Landlord, and otherwise conforming to the requirements set forth in this Article. As used herein with respect to the issuer of the L/C Security, “insolvent” shall mean the determination of insolvency as made by such issuer’s primary bank regulator (i.e., the state bank supervisor for state chartered banks; the OCC or OTS, respectively, for federally chartered banks or thrifts; or the Federal Reserve for its member banks). If, at the Term Expiration Date, any Rent remains uncalculated or unpaid, then (i) Landlord shall with reasonable diligence complete any necessary calculations, (ii) Tenant shall extend the expiry date of such L/C Security from time to time as Landlord reasonably requires and (iii) in such extended period, Landlord shall not unreasonably refuse to consent to an appropriate reduction of the L/C Security. Tenant shall reimburse Landlord’s other funds. If Landlord conveys legal costs (as estimated by Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord to counsel) in handling Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application acceptance of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return L/C Security or application of any such deposit, whether its replacement or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderextension.

Appears in 1 contract

Sources: Lease (Silverback Therapeutics, Inc.)

Security Deposit. If a security deposit is specified in Section 1.1 hereof(a) Tenant, Tenant agrees that the same will be paid upon concurrently with its execution and delivery of this Lease, and that shall deliver to Landlord shall hold a letter of credit meeting the same throughout the Term requirements of Exhibit “L” of this Lease as a Security Deposit the sum of $456,410.49, which sum shall be retained by Landlord as security for the performance payment by Tenant of all obligations on the part rent herein agreed to be paid and for the faithful performance of the covenants contained in this Lease. If at any time Tenant hereunder. shall be in uncured default following applicable notice and cure periods under any of the provisions of this Lease, Landlord shall have the right from time to timebe entitled, without prejudice to any other remedy Landlord may have on account thereof, at its sole discretion to apply such depositSecurity Deposit: (i) to payment of: (A) any rent for the payment of which Tenant shall be in default as aforesaid; (B) any expense incurred by Landlord in curing any such default, and/or; (C) any other sums due to Landlord in connection with such default or any part the curing thereof, to Landlord’s damages arising fromincluding, or to curewithout limitation, any Event of Default. If damages incurred by Landlord shall so apply any or all by reason of such deposit, Tenant shall immediately upon demand default; or (ii) to retain the same in liquidation of all or part of the damages suffered by Landlord by reason of such uncured default following applicable notice and cure periods. Any portion of such deposit with Landlord the amount so applied to be held as security hereunder. Landlord shall return the deposit, or so much thereof as which shall not have theretofore been applied in accordance with the terms of this Section, be utilized for any such purpose shall be returned to Tenant on upon the expiration or earlier termination of the Term of this Lease and surrender of possession the entire Premises to Landlord. In the event that Landlord shall apply some or all of the Premises security deposit toward one or more of the items referred to in this Article 34 Tenant shall pay to Landlord an amount equal to the sum so applied in replenishment of the security deposit. Such payment shall be made by Tenant to within five (5) days after Landlord’s request therefor. (b) Provided that if at any time after the third anniversary of the execution date of this Lease: (i) Landlord at such timehas not given Tenant notice of a default under this Lease more than two (2) times in the 24-month period preceding, provided that there is then existing exists no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord shall have no obligation uncured default after notice and opportunity to pay interest on the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest cure under this Lease; and (ii) Tenant is then profitable per Regulation G of the ▇▇▇▇▇▇▇▇-▇▇▇▇▇ Act, then the depositSecurity Deposit shall be reduced to $152,136.83, or any part thereof after not previously applied, may be turned over by Landlord less than ten (10) business days notice from Tenant to Landlord’s grantee, and, if so turned over, accompanied by a certification from Tenant agrees to look solely to chief financial officer that such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall requirements have been received in hand by such holdersatisfied.

Appears in 1 contract

Sources: Lease Agreement (Auxilium Pharmaceuticals Inc)

Security Deposit. If a security deposit is specified in Section 1.1 hereof, Tenant agrees that the same will be paid upon execution and delivery of this Lease, and that Landlord shall hold the same throughout the Term of this Lease as (a) As security for the faithful performance by Tenant of all obligations on of the terms and conditions upon Tenant's part to be performed and for the payment of any damages to which Landlord may be entitled in the event of default by Tenant hereunder, Tenant has this day deposited with Landlord the sum of Eleven thousand four hundred thirty one and 36/100 dollars $11,431.36 the "Security Deposit" which shall be returned to Tenant without interest thirty (30) days after the date set for expiration of the term of this Lease (notwithstanding this Lease may be sooner terminated) or thirty (30) days after the actual expiration or termination of this Lease, whichever shall be sooner, provided, however, that Tenant has fully and faithfully carried out all of the terms, covenants and conditions on its part to be performed. Landlord shall have the right from time to time, without prejudice to any other remedy Landlord may have on account thereof, to apply such deposit, or any part thereof, to Landlord’s damages arising from, or to cure, any Event of Default. If Landlord shall so apply any or all of such depositthe Security Deposit to cure any default of Tenant and if Landlord does so, Tenant shall immediately upon demand demand, deposit with Landlord an amount equal to the amount so applied so that Landlord shall have the Security Deposit on hand at all times during the term of this Lease. Payment of Security Deposit is due upon execution of this Lease. (b) In the event of a sale or other transfer of Landlord's estate or interest in the Building the Landlord shall transfer the Security Deposit and the Landlord shall be considered released by Tenant from all liability for the return of the Security Deposit and the Tenant shall look solely to the transferee for the return of the Security Deposit. In the event of any permitted assignment of Tenant's estate or interest in the Leased Space the Security Deposit shall be deemed to be held by Landlord as security hereunder. Landlord shall return a deposit made by the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms of this Section, to Tenant on the expiration or earlier termination of the Term of this Lease assignee and surrender of possession of the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord shall have no obligation further liability in respect to pay interest on the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord to Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application return of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds Security Deposit to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderassignor.

Appears in 1 contract

Sources: Lease Agreement (Bio Imaging Technologies Inc)

Security Deposit. If a security deposit is specified in Section 1.1 hereof, Tenant agrees that Concurrently with the same will be paid upon execution and delivery of this Lease, Tenant has deposited with Landlord one month’s Base Rent in the amount of Eighteen Thousand Five Hundred and that 00/100 Dollars ($18,500.00), which amount shall be held by Landlord shall hold the same throughout the Term of this Lease as security for the faithful performance by Tenant of all of the terms, covenants, conditions and agreements of this Lease. Landlord shall not be required to separate such security from. Landlord’s general funds and no interest shall be payable thereon. In the event Tenant shall default in any of such terms, covenants, conditions, or agreements, including, but not limited to, the payment of any Rent hereunder, Landlord may use, apply or retain the whole or any part of the security required for the payment of any Rent or any other sum expended by Landlord by reason of Tenant’s default. Tenant, within five (5) days after written demand by Landlord, shall replenish the security or any portion thereof so used or applied by Landlord; Tenant’s failure to restore such security shall constitute a material breach of the Lease. The security deposit shall not be deemed an advance payment of Rent. If Lessee shall faithfully comply with all terms, covenants, conditions and agreements of this Lease, any balance of the security deposit then due shall be returned within fourteen (14) days after termination of this Lease, but only after delivery of entire possession of the Premises to Landlord and other performance by Tenant of all obligations on the part of Tenant required hereunder. In the event of sale of the Premises or of a sale of Landlord’s interest in this Lease, Landlord shall have the right from time to timetransfer the security deposit to its transferee, without prejudice to any other remedy Landlord may have on account thereof, to apply and upon such deposit, or any part thereof, to Landlord’s damages arising from, or to cure, any Event of Default. If Landlord shall so apply any or all of such deposit, Tenant shall immediately upon demand deposit with Landlord the amount so applied to be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms of this Section, to Tenant on the expiration or earlier termination of the Term of this Lease and surrender of possession of the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposittransfer, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same be released by Tenant form all liability with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord to Landlord’s grantee, and, if so turned overregard thereto, Tenant agrees to look looking solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant new landlord for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holdersaid security.

Appears in 1 contract

Sources: Industrial Building Lease (Phoenix Container, Inc.)

Security Deposit. If a security 11.1 Tenant shall deposit is specified with Landlord on or before the Execution Date the sum set forth in Section 1.1 hereof2.6 (the “Security Deposit”), Tenant agrees that the same will which sum shall be paid upon execution and delivery of this Lease, and that held by Landlord shall hold the same throughout the Term of this Lease as security for the faithful performance by Tenant of all obligations of the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the period commencing on the part Execution Date and ending upon the expiration or termination of Tenant’s obligations under this Lease. If Tenant hereunder. Landlord shall have the right from time to time, without prejudice Defaults with respect to any other remedy provision of this Lease, including any provision relating to the payment of Rent, then Landlord may have on account thereof(but shall not be required to) use, to apply such deposit, or retain all or any part thereof, to Landlord’s damages arising fromof the Security Deposit for the payment of any Rent or any other sum in Default, or to cure, compensate Landlord for any Event other loss or damage that Landlord may suffer by reason of Tenant’s Default. If Landlord shall any portion of the Security Deposit is so apply any used or all of such depositapplied, then Tenant shall immediately upon shall, within ten (10) days following demand therefor, deposit cash with Landlord in an amount sufficient to restore the amount Security Deposit to its original amount, and Tenant’s failure to do so applied to shall be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms a material breach of this Section, to Tenant on Lease. The provisions of this Article shall survive the expiration or earlier termination of this Lease. TENANT HEREBY WAIVES THE REQUIREMENTS OF SECTION 1950.7 OF THE CALIFORNIA CIVIL CODE, AS THE SAME MAY BE AMENDED FROM TIME TO TIME. 11.2 In the Term event of bankruptcy or other debtor-creditor proceedings against Tenant, the Security Deposit shall be deemed to be applied first to the payment of Rent and other charges due Landlord for all periods prior to the filing of such proceedings. 11.3 Landlord may deliver to any purchaser of Landlord’s interest in the Premises the funds deposited hereunder by Tenant, and thereupon Landlord shall be discharged from any further liability with respect to such deposit. This provision shall also apply to any subsequent transfers. 11.4 If Tenant shall fully and faithfully perform every provision of this Lease and surrender of possession of to be performed by it, then the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Lease, the depositSecurity Deposit, or any part thereof not previously appliedbalance thereof, may shall be turned over by Landlord returned to Tenant (or, at Landlord’s granteeoption, and, if so turned over, Tenant agrees to look solely to such grantee for proper application the last assignee of Tenant’s interest hereunder) within thirty (30) days after the deposit in accordance with the terms expiration or earlier termination of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderLease.

Appears in 1 contract

Sources: Lease (aTYR PHARMA INC)

Security Deposit. If a security 11.1 Tenant shall deposit is specified with Landlord on or before the Execution Date the sum set forth in Section 1.1 hereof2.6 (the “Security Deposit”), Tenant agrees that the same will which sum shall be paid upon execution and delivery of this Lease, and that held by Landlord shall hold the same throughout the Term of this Lease as security for the faithful performance by Tenant of all obligations on of the part terms, covenants and conditions of this Lease to be kept and performed by Tenant. If Tenant hereunder. Landlord shall have the right from time to time, without prejudice Defaults (as defined below) with respect to any other remedy provision of this Lease, including any provision relating to the payment of Rent, then Landlord may have on account thereof(but shall not be required to) use, to apply such deposit, or retain all or any part thereof, to Landlord’s damages arising fromof the Security Deposit for the payment of any Rent or any other sum in default, or to cure, compensate Landlord for any Event other loss or damage that Landlord may suffer by reason of DefaultTenant’s default. If Landlord shall any portion of the Security Deposit is so apply any used or all of such depositapplied, then Tenant shall immediately upon shall, within ten (10) days following demand therefor, deposit cash with Landlord in an amount sufficient to restore the amount Security Deposit to its original amount, and Tenant’s failure to do so applied to shall be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms a material breach of this Section, to Tenant on Lease. The provisions of this Article shall survive the expiration or earlier termination of this Lease. 11.2 In the Term event of bankruptcy or other debtor-creditor proceedings against Tenant, the Security Deposit shall be deemed to be applied first to the payment of Rent and other charges due Landlord for all periods prior to the filing of such proceedings. 11.3 Landlord may deliver to any purchaser of Landlord’s interest in the Premises the funds deposited hereunder by Tenant, and thereupon Landlord shall be discharged from any further liability with respect to such deposit. This provision shall also apply to any subsequent transfers. 11.4 If Tenant shall faithfully perform every provision of this Lease and surrender of possession of to be performed by it, then the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of noticeSecurity Deposit, or bothany balance thereof, would constitute an Event shall be returned to Tenant (or, at Landlord’s option, to the last assignee of Default). While Landlord holds such depositTenant’s interest hereunder) within forty-five (45) days after the expiration or earlier termination of this Lease. 11.5 If the Security Deposit shall be in cash, Landlord shall have no obligation hold the Security Deposit in an account at a banking organization selected by Landlord; provided, however, that Landlord shall not be required to pay maintain a separate account for the Security Deposit, but may intermingle it with other funds of Landlord. Landlord shall be entitled to all interest and/or dividends, if any, accruing on the Security Deposit. Landlord shall not be required to credit Tenant with any interest for any period during which Landlord does not receive interest on the same Security Deposit. 11.6 The Security Deposit may be in the form of cash, a letter of credit or any other security instrument acceptable to Landlord in its sole discretion. Tenant may at any time, except when Tenant is in Default (as defined below), deliver a letter of credit (the “L/C Security”) as the entire Security Deposit, as follows: (a) If Tenant elects to deliver L/C Security, then Tenant shall provide Landlord, and maintain in full force and effect throughout the Term and until the date that is ninety (90) days after the then-current Term Expiration Date, a letter of credit in the form of Exhibit E issued by an issuer reasonably satisfactory to Landlord, in the amount of the Security Deposit, with an initial term of at least one year. Landlord may require the L/C Security to be re-issued by a different issuer at any time during the Term if Landlord reasonably believes that the issuing bank of the L/C Security is or may soon become insolvent; provided, however, Landlord shall have return the right existing L/C Security to commingle the same with Landlord’s other fundsexisting issuer immediately upon receipt of the substitute L/C Security. If any issuer of the L/C Security shall become insolvent or placed into FDIC receivership, then Tenant shall immediately deliver to Landlord conveys (without the requirement of notice from Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over ) substitute L/C Security issued by Landlord an issuer reasonably satisfactory to Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holder.otherwise conforming to

Appears in 1 contract

Sources: Lease (Pyxis Oncology, Inc.)

Security Deposit. If 9.1 Tenant has deposited with Landlord a security deposit is specified letter of credit in the sum set forth in Section 1.1 hereof2.11 (the “Security Deposit”), Tenant agrees that the same will which letter of credit shall be paid upon execution and delivery of this Lease, and that held by Landlord shall hold the same throughout the Term of this Lease as security for the faithful performance by Tenant of all obligations of the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the period commencing on the Execution Date and ending upon the expiration or termination of this Lease. If Tenant defaults beyond applicable notice and cure periods with respect to any provision of this Lease, including, but not limited to, any provision relating to the payment of Rent, then Landlord may (but shall not be required to) use, apply or retain all or any part of the Security Deposit for the payment of any Rent or any other sum in default, or to compensate Landlord for any other loss or damage that Landlord may suffer by reason of Tenant’s default. If any portion of the Security Deposit is so used or applied, then Tenant hereundershall, within ten (10) days following demand therefor, deposit cash or a new or updated letter of credit with Landlord in an amount sufficient to restore the Security Deposit to its original amount, and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall have not be required to keep this Security Deposit separate from its general fund, and Tenant shall not be entitled to interest on the right from time Security Deposit. In lieu of a letter of credit, Tenant may deposit cash with Landlord. 9.2 In the event of bankruptcy or other debtor-creditor proceedings against Tenant, the Security Deposit shall be deemed to time, without prejudice be applied first to the payment of Rent and other charges due Landlord for all periods prior to the filing of such proceedings. 9.3 Landlord may deliver to any other remedy purchaser of Landlord’s interest in the Premises the funds deposited hereunder by Tenant, and thereupon, provided the purchaser assumes in writing all of Landlord’s obligations under this Lease, Landlord may have on account thereof, shall be discharged from any further liability with respect to apply such deposit. This provision shall also apply to any subsequent transfers. 9.4 Provided Tenant has surrendered the Premises to Landlord, the Security Deposit, or any part thereofbalance thereof (after Landlord has made appropriate deductions, if any, to restore the condition of the Premises to that required by the Lease and to cure any other defaults by Tenant under the Lease), shall be returned to Tenant (or, at Landlord’s damages arising from, or to cure, any Event of Default. If Landlord shall so apply any or all of such deposit, Tenant shall immediately upon demand deposit with Landlord the amount so applied to be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms of this Sectionoption, to Tenant on the last assignee of Tenant’s interest hereunder) within thirty (30) days after the expiration or earlier termination of the Term of this Lease and surrender of possession of the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord to Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holder.

Appears in 1 contract

Sources: Lease (Zosano Pharma Corp)

Security Deposit. If a security deposit is specified in Section 1.1 hereof, Tenant agrees that Contemporaneously with the same will be paid upon execution and delivery of this Lease, the Tenant has deposited with the Landlord the sum of FOUR THOUSAND EIGHT HUNDRED AND FIFTEEN DOLLARS AND SEVENTY TWO CENTS ($4,815.72) receipt of which is hereby acknowledged by the Landlord. Said deposit shall be held by the Landlord, without liability for interest and that Landlord shall hold applied firstly to the same throughout first rent payment due August 1, 2007 and secondly as security for the faithful performance by the Tenant of all of the terms, covenants and conditions of this Lease. If at any time during the Term of this Lease as security for any of the performance rent herein reserved or any other sum payable by the Tenant to the Landlord hereunder shall be overdue and unpaid, or the Tenant shall fail to keep and perform any of all obligations on the part terms, covenants and conditions of Tenant hereunder. Landlord shall have this Lease to be kept and performed by the right from time to timeTenant, without prejudice then the Landlord, at its option and in addition to any and all other remedy Landlord rights, may have on account thereof, to appropriate and apply such deposit, the whole or any part thereof, portion of the said deposit to Landlord’s damages arising fromthe payment of any such overdue rent or other sum, or to curecompensate the Landlord for loss or damage sustained or suffered by the Landlord as a result of the Tenant's failure to keep and perform any of the aforesaid terms, covenants and conditions of this Lease. Immediately following any Event of Default. If Landlord shall so apply any or all of such depositappropriation by the Landlord, the Tenant shall immediately upon demand pay as a further deposit with Landlord that amount necessary to restore the amount so applied said deposit to be held as security hereunderits original amount. Landlord shall return the deposit, The appropriation of all or so much thereof as shall not have theretofore been applied in accordance with the terms of this Section, to Tenant on the expiration or earlier termination part of the Term of this Lease and surrender of possession of deposit by the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with does not stop the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with Landlord’s from using its other funds. If Landlord conveys Landlord’s interest remedies under this Lease, the . The said deposit, or any part thereof if not previously applied, may be turned over appropriated by Landlord to Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderbe applied to the last month’s rent.

Appears in 1 contract

Sources: Lease Agreement (Industrial Minerals Inc)

Security Deposit. (a) Tenant shall deposit with Landlord upon execution hereof the sum of $2,042,977.50 (the “Security Deposit”), as security for Tenant’s faithful performance of Tenant’s obligations under this Lease. If a security deposit is specified Tenant fails to pay Monthly Base Rent or Additional Rent or charges due hereunder within applicable notice and cure periods, or otherwise defaults under this Lease (as defined in Section 1.1 hereofParagraph 22), Landlord may use, apply or retain all or any portion of said Security Deposit to the extent reasonably necessary to cure the default, for the payment of any amount due Landlord, and to reimburse or compensate Landlord for any liability, cost, expense, loss or damage (including reasonable attorneys’ fees) which Landlord may suffer or incur by reason thereof. If Landlord uses or applies all or any portion of the Security Deposit, Tenant agrees that shall within ten (10) days after written request therefor deposit with Landlord the same amount sufficient to restore the Security Deposit to the original amount required by this Lease. Landlord shall not be required to keep all or any part of the Security Deposit separate from its general accounts. In no event or circumstance shall Tenant have the right to any use of the Security Deposit and, specifically, Tenant may not use the Security Deposit as a credit or to otherwise offset any payments required hereunder, including, but not limited to, rent or any portion thereof. Tenant waives (i) all 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 has, or in the future will have, relating to or arising from the Security Deposit Laws. Notwithstanding anything to the contrary herein, the Security Deposit may be paid upon execution retained and delivery applied by Landlord (a) to offset rent which is unpaid either before or after termination of this Lease, and (b) against other damages suffered by Landlord before or after termination of this Lease. No part of the Security Deposit shall be considered to be held in trust, to bear interest or other increment for its use, or to be prepayment for any moneys to be paid by Tenant under this Lease. (b) Unless Tenant has satisfied the Financial Condition (defined below), the amount of the Security Deposit shall be increased as follows: (i) The amount of the Security Deposit shall be increased to $4,085,955.00 upon the later of May 1, 2025 or Landlord’s commencement of the construction of the Tenant Improvements, and Tenant shall deposit the amount necessary to bring the Security Deposit held by Landlord up to such amount within five (5) days after the later of May 1, 2025 or Landlord’s notice to Tenant that construction has commenced, as applicable; and (ii) The amount of the Security Deposit shall be increased to $6,128,932.50 on the Commencement Date, and Tenant shall deposit the amount necessary to bring the Security Deposit held by Landlord shall hold up to such amount on or before the same throughout the Term Commencement Date. (c) So long as (i) Tenant has not been in default of this Lease as security for the performance by Tenant beyond any applicable notice and cure period and (ii) no amount of all obligations on the part Security Deposit has previously been applied to cure any default of Tenant hereunder. Landlord shall have under this Lease (the right from time conditions set forth in (i) and (ii) being referred to time, without prejudice to any other remedy Landlord may have on account thereof, to apply such deposit, or any part thereof, to Landlord’s damages arising from, or to cure, any Event of Default. If Landlord shall so apply any or all of such depositas the “Conditions”), Tenant shall immediately upon demand deposit with Landlord the amount so applied be entitled to be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms of this Section, to Tenant on the expiration or earlier termination a reduction of the Term of this Lease and surrender of possession of Security Deposit as set forth below. If Tenant is entitled to a reduction in the Premises by Security Deposit, Tenant to shall provide Landlord at such time, with written notice requesting that the Security Deposit be reduced as provided that there is then existing no Event of Default below (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default“Security Reduction Notice”). While If Tenant provides Landlord holds such depositwith a Security Reduction Notice, and Tenant is entitled to reduce the Security Deposit as provided herein, Landlord shall have no obligation refund the applicable portion of the Security Deposit to pay interest on Tenant within thirty (30) days after the same and shall have later to occur of the right date upon which Tenant is entitled to commingle a reduction in the same with Security Deposit as provided above or Landlord’s other funds. receipt of the Security Reduction Notice. (i) If Landlord conveys Landlordthe Financial Condition is satisfied: (1) If the Financial Condition is satisfied after any increase of the Security Deposit pursuant to Paragraph 7(b) above and on or before the last day of the sixtieth (60th) month of the Term, then upon Tenant’s interest under this Leasedelivery of a Security Reduction Notice during such period, the deposit, or any part thereof not previously applied, may then-current Security Deposit shall be turned over by Landlord reduced such that the new Security Deposit amount will be equal to Landlord’s grantee, and, if so turned over, $2,042,977.50. The “Financial Condition” shall mean that Tenant agrees is traded on a public exchange and has maintained an average market capitalization in excess of One Billion Dollars for a period of ninety (90) days prior to look solely to such grantee for proper application the date Tenant requests a reduction in the Security Deposit and as of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application effective date of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderreduction.

Appears in 1 contract

Sources: Lease Agreement (BillionToOne, Inc.)

Security Deposit. If a security deposit is specified in Section 1.1 hereof4.1 This Lease does not require any Security Deposit, Tenant agrees provided that the same will be paid upon execution and delivery Tenant is in good standing with all of the other provisions of this Lease. If the Tenant fails in any of their responsibilities outlined in this Lease, and that the Landlord can demand a Security Deposit of Three Thousand ($3,000.00) Dollars, which shall hold be returned to Tenant without interest within ten (l0) days after the same throughout the Term expiration of term of this Lease as security for (not with standing this Lease may be sooner terminated), provided, however that Tenant has fully and faithfully carried out all off the performance by Tenant of all obligations terms, covenants and conditions on its part to be performed. If a Security is made, the part of Tenant hereunder. Landlord shall have the right from time to time, without prejudice to any other remedy Landlord may have on account thereof, to apply such deposit, or any part thereof, of said Security Deposit to Landlord’s damages arising from, or to cure, cure any Event default of Default. If Tenant and if Landlord shall so apply any or all of such depositdoes so, Tenant shall immediately shall, upon demand demand, deposit with Landlord the amount so applied so that Landlord shall have the full Security Deposit on hand at all times during the term of this Lease. Tenants failure to make such deposit within five (5) days after demand, Landlord shall at the option of Landlord constitute a breach of this Lease. 4.2 In the event of bankruptcy or other debt-creditor proceedings against, any Security Deposit shall be deemed to be applied first to the payment of Minimum Guaranteed Rental and other charges due Landlord by Tenant for all periods prior to the filing of such proceedings. 4.3 In the event Tenant subleases, assigns or otherwise transfers its interest in this Lease, as more fully set forth in Article 17 of this Lease, Landlord may demand and Tenant shall be obligated to pay upon such demand, a sum equal to the then current Minimum Guaranteed Rental, as additional Security Deposit to be held as security hereunder. by Landlord shall return for the deposit, or so much thereof as shall not have theretofore been applied in accordance with balance of the terms term of this Section, to Tenant on the expiration or earlier termination of the Term of this Lease and surrender of possession of the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord to Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holder.

Appears in 1 contract

Sources: Lease Agreement (Oleramma Inc)

Security Deposit. If a security deposit is specified in Section 1.1 hereof, Tenant agrees that Concurrently with the same will be paid upon execution and delivery of this Lease, Tenant has deposited with Landlord one month’s Base Rent in the amount of Eighteen Thousand Five Hundred and that no\100 Dollars ($18,500.00), which amount shall be held by Landlord shall hold the same throughout the Term of this Lease as security for the faithful performance by Tenant of all of the terms, covenants, conditions and agreements of this Lease. Landlord shall not be required to separate such security from Landlord’s general funds and no interest shall be payable thereon. In the event Tenant shall default in any of such terms, covenants, conditions, or agreements, including, but not limited to, the payment of any Rent thereunder. Landlord may use, apply or retain the whole or any part of the security required for the payment of any Rent or any other sum expended by Landlord by reason of Tenant’s default. Tenant, within five (5) days after written demand by Landlord, shall replenish the security or any portion hereof so used or applied by Landlord; Tenant’s failure to restore such security shall constitute a material breach of the Lease. The security deposit shall not be deemed an advance payment of Rent. If Lessee shall faithfully comply with all terms, covenants, conditions and agreements of this Lease, any balance of the security deposit then due shall be returned within fourteen (14) days after termination of this Lease, but only after delivery of entire possession of the Premises to Landlord and other performance by Tenant of all obligations on the part of Tenant required hereunder. In the event of sale of the Premises or of a sale of Landlord’s interest in this Lease, Landlord shall have the right from time to timetransfer the security deposit to its transferee, without prejudice to any other remedy Landlord may have on account thereof, to apply and upon such deposit, or any part thereof, to Landlord’s damages arising from, or to cure, any Event of Default. If Landlord shall so apply any or all of such deposit, Tenant shall immediately upon demand deposit with Landlord the amount so applied to be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms of this Section, to Tenant on the expiration or earlier termination of the Term of this Lease and surrender of possession of the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposittransfer, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same be released by Tenant form all liability with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord to Landlord’s grantee, and, if so turned overregard thereto, Tenant agrees to look looking solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant new landlord for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holdersaid security.

Appears in 1 contract

Sources: Industrial Building Lease (Bway Corp)

Security Deposit. If a security 11.1. Tenant shall deposit is specified with Landlord on or before the Execution Date the sum set forth in Section 1.1 hereof2.6 (the “Security Deposit”), Tenant agrees that the same will which sum shall be paid upon execution and delivery of this Lease, and that held by Landlord shall hold the same throughout the Term of this Lease as security for the faithful performance by Tenant of all of the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the Term and ending upon the expiration or termination of Tenant’s obligations on the part of under this Lease. If Tenant hereunder. Landlord shall have the right from time to time, without prejudice Defaults (as defined below) with respect to any other remedy provision of this Lease, including any provision relating to the payment of Rent, then Landlord may have on account thereof(but shall not be required to) use, to apply such deposit, or retain all or any part thereof, to Landlord’s damages arising fromof the Security Deposit for the payment of any Rent or any other sum in default, or to cure, compensate Landlord for any Event other loss or damage that Landlord may suffer by reason of Tenant’s Default. If Landlord shall any portion of the Security Deposit is so apply any used or all of such depositapplied, then Tenant shall immediately upon shall, within ten (10) days following demand therefor, deposit cash with Landlord in an amount sufficient to restore the amount Security Deposit to its original amount, and Tenant’s failure to do so applied to shall be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms a material breach of this Section, to Tenant on Lease. The provisions of this Article shall survive the expiration or earlier termination of this Lease. TENANT HEREBY WAIVES THE REQUIREMENTS OF SECTION 1950.7 OF THE CALIFORNIA CIVIL CODE, AS THE SAME MAY BE AMENDED FROM TIME TO TIME. 11.2. In the Term event of this Lease bankruptcy or other debtor-creditor proceedings against Tenant, the Security Deposit shall be deemed to be applied first to the payment of Rent and surrender other charges due Landlord for all periods prior to the filing of possession such proceedings. 11.3. Landlord may deliver to any purchaser of the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Leasein the Premises the funds deposited hereunder by Tenant, the and thereupon Landlord shall be discharged from any further liability with respect to such deposit. This provision shall also apply to any subsequent transfers. 11.4. The Security Deposit, or any part thereof not previously appliedbalance thereof, may shall be turned over by Landlord returned to Tenant (or, at Landlord’s granteeoption, and, if so turned over, to the last assignee of Tenant’s interest hereunder) within thirty (30) days after the expiration or earlier termination of this Lease; provided Tenant agrees to look solely to such grantee for proper application of the deposit is not then in accordance with Default under the terms of this SectionLease. 11.5. If the Security Deposit shall be in cash, and Landlord shall hold the return thereof Security Deposit in accordance herewith. The holder of an account at a mortgage banking organization selected by Landlord; provided, however, that Landlord shall not be responsible required to Tenant maintain a separate account for the Security Deposit, but may intermingle it with other funds of Landlord. Landlord shall be entitled to all interest and/or dividends, if any, accruing on the Security Deposit. Landlord shall not be required to credit Tenant with any interest for any period during which Landlord does not receive interest on the Security Deposit. 11.6. The Security Deposit may be in the form of cash, a letter of credit or any other security instrument acceptable to Landlord in its sole discretion. Tenant may at any time, except when Tenant is in Default (as defined below), deliver a letter of credit (the “L/C Security”) as the entire Security Deposit, as follows: (a) If Tenant elects to deliver L/C Security, then Tenant shall provide Landlord, and maintain in full force and effect throughout the Term and until the date that is three (3) months after the then-current Term Expiration Date, a letter of credit in the form of Exhibit E issued by an issuer reasonably satisfactory to Landlord, in the amount of the Security Deposit, with an initial term of at least one year. Landlord may require the L/C Security to be re-issued by a different issuer at any time during the Term if Landlord reasonably believes that the issuing bank of the L/C Security is or may soon become insolvent; provided, however, Landlord shall return or application of any such deposit, whether or not it succeeds the existing L/C Security to the position existing issuer immediately upon receipt of the substitute L/C Security. If any issuer of the L/C Security shall become insolvent or placed into FDIC receivership, then Tenant shall immediately deliver to Landlord hereunder(without the requirement of notice from Landlord) substitute L/C Security issued by an issuer reasonably satisfactory to Landlord, unless such deposit and otherwise conforming to the requirements set forth in this Article. As used herein with respect to the issuer of the L/C Security, “insolvent” shall have been received in hand mean the determination of insolvency as made by such holderissuer’s primary bank regulator (i.e., the state bank supervisor for state chartered banks; the OCC or OTS, respectively, for federally chartered banks or thrifts; or the Federal Reserve for its member banks). If, at the Term Expiration Date, any Rent remains uncalculated or unpaid, then (i) Landlord shall with reasonable diligence complete any necessary calculations, (ii) Tenant shall extend the expiry date of such L/C Security from time to time as Landlord reasonably requires and (iii) in such extended period, Landlord shall not unreasonably refuse to consent to an appropriate reduction of the L/C Security. Tenant shall reimburse Landlord’s reasonable legal costs in handling Landlord’s acceptance of L/C Security or its replacement or extension.

Appears in 1 contract

Sources: Lease Agreement (Carbylan Therapeutics, Inc.)

Security Deposit. If a security deposit is specified in Section 1.1 hereof(a) For the faithful performance of all terms, Tenant agrees that the same will be paid upon execution covenants and delivery conditions of this Lease, Tenant shall pay to and deposit with Landlord, a security deposit in the amount of Five Hundred Thousand Dollars and 00/100 ($500,000.00) as follows (the "Security Deposit"): the sum of Two Hundred Thousand Dollars and 00/100 ($200,000.00) payable upon the execution of this Lease; One Hundred Thousand Dollars and 00/100 ($100,000.00) payable on March 1, 2000 and, upon Landlord's completion of the Base Building Improvements, an unconditional, clean, letter of credit (the "L-C") in the initial amount of Two Hundred Thousand Dollars ($200,000.00), which L-C shall be issued by a money-center bank (a bank which accepts deposits, maintains accounts, has a local Fairfield County office which will negotiate a letter of credit, and whose deposits are insured by the FDIC) reasonably acceptable to Landlord, and which L-C shall be in a form and content reasonably acceptable to Landlord. Tenant shall pay all expenses, points and/or fees incurred by Tenant in obtaining the L-C. (b) The L-C shall not be mortgaged, assigned or encumbered in any manner whatsoever by Tenant without the prior written consent of Landlord. If Tenant defaults with respect to any provisions of this Lease, including, but not limited to, the provisions relating to the payment of Rent, or if Tenant fails to renew the L-C at least thirty (30) days before its expiration, Landlord may, but shall not be required to, draw upon all or any portion of the L-C for payment of any Rent or any other sum in default, or for the payment of any amount that Landlord may reasonably spend or may become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss or damage that Landlord may suffer by reason of Tenant's default. The use, application or retention of the L-C, or any portion thereof, by Landlord shall not prevent Landlord from exercising any other right or remedy provided by this Lease or by law, it being intended that Landlord shall hold not first be required to proceed against the same throughout L-C and shall not operate as a limitation on any recovery to which Landlord may otherwise be entitled. Any amount of the Term L-C which is drawn upon by Landlord, but is not used or applied by Landlord, shall be held by Landlord and deemed a security deposit (the "L-C Security Deposit"). If any portion of the L-C is drawn upon, Tenant shall, within five (5) days after written demand therefor, either (i) deposit cash with Landlord (which cash shall be applied by Landlord to the L-C Security Deposit) in an amount sufficient to cause the sum of the L-C Security Deposit and the amount of the remaining L-C to be equivalent to the amount of the L-C then required under this Lease as security for or (ii) reinstate the performance L-C to the amount then required under this Lease, and if any portion of the L-C Security Deposit is used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord (which cash shall be applied by Landlord to the L-C Security Deposit) in an amount sufficient to restore the L-C Security Deposit to the amount then required under this Lease, and Tenant's failure to do so shall be a default under this Lease. Tenant acknowledges that Landlord has the right to transfer or mortgage its interest in the Project and the Building and in this Lease and Tenant agrees that in the event of all obligations on the part of Tenant hereunder. any such transfer or mortgage, Landlord shall have the right from time to timetransfer or assign the L-C Security Deposit and/or the L-C to the transferee or mortgagee, and in the event of such transfer and the assumption by the transferee of all of the Landlord's obligations under this Lease, Tenant shall look solely to such transferee or mortgagee for the return of the L-C Security Deposit and/or the L-C. (c) Provided Tenant is not in default of any of the terms, provisions and/or conditions of this Lease, Landlord shall return a portion of the Security Deposit to Tenant as follows: One Hundred Thousand Dollars ($100,000.00) within sixty (60) days following the end of the first Lease Year and, One Hundred Thousand Dollars ($100,000.00) within sixty (60) days following the end of the second Lease Year. (d) Tenant agrees that Landlord may, without prejudice waiving any of Landlord's other rights and remedies under this Lease upon the occurrence of any of the Events of Default described in Article 13 hereof, apply the Security Deposit (i) to remedy any failure by Tenant to repair or maintain the Premises or to perform any other remedy Landlord may have on account thereofterms, to apply such depositcovenants or conditions contained herein, or any part thereof, (ii) to Landlord’s compensate Landlord for damages arising fromincurred, or to curereimburse Landlord as provided herein, in connection with any such Event of Default. If Should Landlord shall so apply use any or all portion of such depositthe Security Deposit to cure any Event of Default by Tenant hereunder, Tenant shall immediately upon demand deposit with Landlord forthwith replenish the amount so applied Security Deposit to be held as security hereunderthe original amount. Landlord shall return not be required to keep the depositSecurity Deposit separate from its general funds, or so much thereof as and Tenant shall not be entitled to interest on any such deposit. (e) In the event of a sale or leasing of the Building, Landlord shall have theretofore been applied the right to transfer the balance of the Security Deposit to the new owner or to tenant. Landlord shall thereupon be released by Tenant from all liability for the return of the Security Deposit; and Tenant agrees to look to the new landlord. If any mortgagee, including Landlord's Mortgagee (defined in accordance with the terms of this SectionSection 14.01(a) below) should succeed to Landlord's interests hereunder, such mortgagee should only be liable to Tenant on for any security deposited by Tenant hereunder to the extent such security was actually transferred to such mortgagee. (f) If Tenant performs all of Tenant's obligations hereunder, Landlord will, within 30 days after the expiration or earlier termination of the Term of this Lease and surrender of possession Lease, return the remainder of the Premises Security Deposit, or so much as has not been applied by Landlord, to Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving last permitted assignee of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord shall have no obligation to pay Tenant's interest on the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord to Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holder.

Appears in 1 contract

Sources: Lease Agreement (Greenfield Online Inc)

Security Deposit. If a security deposit is specified in Section 1.1 hereof, Tenant agrees that the same will be paid upon execution and delivery of this Lease, and that Landlord shall hold the same throughout the Term of this Lease as security for To secure the performance by Tenant of all its obligations hereunder, Tenant shall also deposit with Landlord at the time of the execution of this Lease, the sum of $18,666.67 (the "Security Deposit") in cash or other form acceptable to Landlord, the receipt of which is hereby acknowledged, on the part understanding: (a) that the Security Deposit or any portion thereof, following any applicable notice and cure period, may be applied to the curing of Tenant any event of default that may arise hereunder. Landlord shall have the right from time to time, without prejudice to any other remedy remedies which Landlord may have on account thereofhave, to apply and upon such deposit, or any part thereof, to Landlord’s damages arising from, or to cure, any Event of Default. If Landlord shall so apply any or all of such depositapplication, Tenant shall immediately pay Landlord on demand such amount which shall be added to the Security Deposit so the same will be restored to its original amount; (b) that should this Lease be assigned by ▇▇▇▇▇▇▇▇, and upon demand deposit with Landlord receipt by Tenant of evidence that the amount so applied to Security Deposit shall be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with this Lease, the terms Security Deposit or any balance thereof may be turned over to Landlord's assignee in which event Tenant hereby releases Landlord from any and all liability with respect to the Security Deposit; (c) in the event of this Sectionbankruptcy or other creditor-debtor proceedings against Tenant, all security shall be deemed to be applied first to the payment of Rent and other charges due Landlord for all periods prior to the filing of such proceedings; (d) that Landlord or its agents shall not be obligated to hold the Security Deposit as a separate account but shall be required to deposit the Security Deposit in an interest bearing account; and (e) that if Tenant on the expiration or earlier termination shall faithfully perform all of the Term of this Lease and surrender of possession of the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest its obligations under this Lease, the depositSecurity Deposit, or any part then remaining balance thereof not previously appliedas well as any interest accrued, may shall be turned over by Landlord returned to Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application within thirty (30) days after the expiration of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderTerm.

Appears in 1 contract

Sources: Lease Agreement

Security Deposit. If a security 11.1. Tenant shall deposit is specified with Landlord on or before the Execution Date the sum set forth in Section 1.1 hereof2.6 (the “Security Deposit”), Tenant agrees that the same will which sum shall be paid upon execution and delivery of this Lease, and that held by Landlord shall hold the same throughout the Term of this Lease as security for the faithful performance by Tenant of all obligations of the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the period commencing on the part Execution Date and ending upon the expiration or termination of Tenant’s obligations under this Lease. If Tenant hereunder. Landlord shall have the right from time to time, without prejudice Defaults (as defined below) with respect to any other remedy provision of this Lease, including any provision relating to the payment of Rent, then Landlord may have on account thereof(but shall not be required to) use, to apply such deposit, or retain all or any part thereof, to Landlord’s damages arising fromof the Security Deposit for the payment of any Rent or any other sum in default, or to cure, compensate Landlord for any Event other loss or damage that Landlord may suffer by reason of DefaultTenant’s default. If Landlord shall any portion of the Security Deposit is so apply any used or all of such depositapplied, then Tenant shall immediately upon shall, within ten (10) days following demand therefor, deposit cash with Landlord in an amount sufficient to restore the amount Security Deposit to its original amount, and Tenant’s failure to do so applied to shall be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms a material breach of this Section, to Tenant on Lease. The provisions of this Article shall survive the expiration or earlier termination of this Lease. TENANT HEREBY WAIVES THE REQUIREMENTS OF SECTION 1950.7 OF THE CALIFORNIA CIVIL CODE, AS THE SAME MAY BE AMENDED FROM TIME TO TIME. 11.2. In the Term event of bankruptcy or other debtor-creditor proceedings against Tenant, the Security Deposit shall be deemed to be applied first to the payment of Rent and other charges due Landlord for all periods prior to the filing of such proceedings. 11.3. Landlord may deliver to any successor-in-interest to Landlord under this Lease the funds deposited hereunder by Tenant, and thereupon Landlord shall be discharged from any further liability with respect to such deposit. This provision shall also apply to any subsequent transfers. 11.4. If Tenant shall fully and faithfully perform every provision of this Lease and surrender of possession of to be performed by it, then the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of noticeSecurity Deposit, or bothany balance thereof, would constitute an Event shall be returned to Tenant (or, at Landlord’s option, to the last assignee of Default)Tenant’s interest hereunder) within thirty (30) days after the expiration or earlier termination of this Lease. 11.5. While Landlord holds such depositIf the Security Deposit shall be in cash, Landlord shall have no obligation hold the Security Deposit in an account at a banking organization selected by Landlord; provided, however, that Landlord shall not be required to pay maintain a separate account for the Security Deposit, but may intermingle it with other funds of Landlord. Landlord shall be entitled to all interest and/or dividends, if any, accruing on the Security Deposit. Landlord shall not be required to credit Tenant with any interest for any period during which Landlord does not receive interest on the same Security Deposit. 11.6. The Security Deposit may be in the form of cash, a letter of credit or any other security instrument acceptable to Landlord in its sole discretion. Tenant may at any time, except when Tenant is in Default (as defined below), deliver a letter of credit (the “L/C Security”) as the entire Security Deposit, as follows: (a) If Tenant elects to deliver L/C Security, then Tenant shall provide Landlord, and maintain in full force and effect throughout the Term and until the date that is ninety (90) days after the then-current Term Expiration Date, a letter of credit in the form of Exhibit E issued by an issuer reasonably satisfactory to Landlord, in the amount of the Security Deposit, with an initial term of at least one year. Landlord may require the L/C Security to be re-issued by a different issuer at any time during the Term if Landlord reasonably believes that the issuing bank of the L/C Security is or may soon become insolvent; provided, however, Landlord shall have return the right existing L/C Security to commingle the same with Landlord’s other fundsexisting issuer immediately upon receipt of the substitute L/C Security. If Landlord conveys Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord to Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application issuer of the deposit in accordance with the terms of this SectionL/C Security shall become insolvent or placed into FDIC receivership, and the return thereof in accordance herewith. The holder of a mortgage then Tenant shall not be responsible immediately deliver to Tenant for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holder.(without the

Appears in 1 contract

Sources: Lease (Protagonist Therapeutics, Inc)

Security Deposit. If a (a) As security deposit is specified in Section 1.1 hereof, for the faithful performance by Tenant agrees that throughout the same will be paid upon execution and delivery of this LeaseLease Term, and that Landlord shall hold any extensions or renewals thereof, of all the same throughout the Term terms and conditions of this Lease as security for the performance by Tenant of all obligations on the part of Tenant hereunderto be performed, Tenant has deposited with Landlord on the date of execution of the Lease the Security Deposit set forth in the Basic Lease Information. The Security Deposit shall be returned to Tenant, without interest, sixty (60) days after the expiration or earlier termination of this Lease provided Tenant has fully and faithfully observed and performed all of the terms, covenants, agreements, warranties and conditions hereof on its part to be observed and performed. Landlord shall have the right from time to timeuse, without prejudice to any other remedy Landlord may have on account thereof, to retain or apply such deposit, all or any part thereofof the Security Deposit, including all amounts which may be added thereto pursuant to Landlord’s damages arising fromthe terms hereof, toward the cure of any default of Tenant, including, but not limited to, for the payment of any Rent or any other sum in default, or for the payment of any amount that Landlord may spend or become obligated to spend by reason of Tenant's default, or to cure, compensate Landlord for any Event other loss or damage that Landlord may suffer by reason of DefaultTenant's default. If Landlord shall all or any part of the Security Deposit is so apply any or all of such depositapplied by Landlord, then Tenant shall immediately upon within ten (10) days after written demand therefore, pay to Landlord an amount sufficient to return the Security Deposit to the balance on deposit with Landlord the amount prior to said application (and Tenant's failure to do so applied to shall be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms of this Section, to Tenant on the expiration or earlier termination of the Term of this Lease and surrender of possession of the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest a default under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord to Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holder.)

Appears in 1 contract

Sources: Lease Agreement (Razorfish Inc)

Security Deposit. If a security deposit is specified in Section 1.1 hereof, Tenant agrees that Upon the same will be paid upon execution and delivery of this Lease, Tenant shall deliver to Landlord a security deposit in the amount of Three Hundred Thirty-Six Thousand and that 00/100 Dollars ($336,000.00) (the “Security Deposit”). Landlord shall hold the same throughout the Lease Term of this Lease as security for the performance by Tenant of all obligations on the part of Tenant hereunder. Landlord shall have the right from time to time, without prejudice to any other remedy Landlord may have on account thereof, to apply such depositSecurity Deposit, or any part thereof, to Landlord’s damages arising from, or to cure, any Event default by Tenant of Defaultits obligations hereunder beyond the expiration of any applicable grace periods. If Landlord shall so apply any or all of such depositSecurity Deposit, Tenant shall immediately upon demand deposit with Landlord the amount so applied to be held as security hereunder. Landlord shall return the depositSecurity Deposit, or so much thereof as shall not have theretofore not been applied in accordance with the terms of this SectionSection 4.1, to Tenant on the expiration or earlier termination of the Lease Term of this Lease and the surrender of possession of the Premises by Tenant to Landlord at such time, provided that there is then existing no Event default of Default Tenant (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event a default of DefaultTenant). While Landlord holds such depositSecurity Deposit, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Lease, the depositSecurity Deposit, or any part thereof not previously applied, may shall be turned over by Landlord to Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application of the deposit Security Deposit in accordance with the terms of this SectionSection 4.1, and the return thereof in accordance herewith. The holder of a mortgage Landlord’s Mortgagee shall not be responsible to Tenant for the return or application of any such depositSecurity Deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderMortgagee.

Appears in 1 contract

Sources: Lease Agreement (One)

Security Deposit. If a security deposit is specified in Section 1.1 hereof, Tenant agrees that the same will be paid upon Sixty (60)days after execution and delivery of this Lease, and that Tenant shall deliver to Landlord cash in the amount specified as the Security Deposit in the Basic Lease Information. The Security Deposit shall hold the same throughout the Term of this Lease be held by Landlord as security for the performance by Tenant of all obligations on of the part provisions of this Lease. If Tenant fails to pay Rent or other charges due hereunder, or otherwise defaults with respect to any provision of this Lease, Landlord may use, apply or retain all or any portion of the Security Deposit for the payment of any Rent or other charge in default, or the payment of any other sum to which Landlord may become obligated by reason of Tenant's default, or to compensate Landlord for any loss or damage which Landlord may suffer thereby. If Landlord so uses or applies all or any portion of the Security Deposit, then within ten (IO)days after demand therefor Tenant shall deposit cash with Landlord in an amount sufficient to restore the deposit to the full amount thereof, and ▇▇▇▇▇▇'s failure to do SO shall be a material breach of this Lease. Landlord shall have not be required to keep the right Security Deposit separate from time to time, without prejudice to any other remedy Landlord may have on account thereof, to apply such deposit, or any part thereof, to Landlord’s damages arising from, or to cure, any Event of Defaultits general accounts. If Landlord shall so apply any or ▇▇▇▇▇▇ performs all of such depositTenant's obligations hereunder, Tenant shall immediately upon demand deposit with Landlord the amount so applied to be held as security hereunder. Landlord shall return the depositSecurity Deposit, or so much thereof as shall has not have theretofore been applied in accordance with the terms of this Sectionby Landlord, shall be returned to Tenant on without payment of interest for its use (or, at ▇▇▇▇▇▇▇▇'s option to the last assignee, if any, of ▇▇▇▇▇▇'s interest hereunder) within thirty (30) days after the expiration or earlier termination of the Term of this Lease and surrender of possession of the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Lease, and after Tenant has vacated the deposit, or any part thereof not previously applied, may be turned over by Premises. No trust relationship is created herein between Landlord to Landlord’s grantee, and, if so turned over, and Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds respect to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderSecurity Deposit.

Appears in 1 contract

Sources: Full Service Lease (Q Matrix Inc)

Security Deposit. If a The Existing Security Deposit shall serve as the security deposit is specified in Section 1.1 hereof, Tenant agrees that (the same will be paid upon execution and delivery of “Security Deposit”) under this Lease. As set out in the Prior Lease, and that Landlord shall hold apply $2,000.00 of the same throughout remaining balance of the Term Security Deposit against the monthly installment of this Base Rent payable by Tenant for the fifty-third (53rd) month of the Initial Lease Term, as such term is defined in the Prior Lease, so long as Tenant is not then in default under the Lease and Landlord has not used any portion of the Security Deposit to cure a default by Tenant under the Prior Lease. The Security Deposit shall be held by Landlord as security for the faithful performance by Tenant of all obligations on the terms, covenants, and conditions of this Lease (and, during the term of the Existing Lease, the Existing Lease) to be kept and performed by Tenant during the Lease Term. The Security Deposit shall not be mortgaged, assigned or encumbered in any manner whatsoever by Tenant without the prior written consent of Landlord. If Tenant defaults with respect to any provisions of this Lease (or, during the term of the Existing Lease, the Existing Lease), including, but not limited to, the provisions relating to the payment of Rent, Landlord may, but shall not be required to, use, apply or retain all or any part of the Security Deposit for the payment of any Rent or any other sum in default, or for the payment of any amount that Landlord may spend or become obligated to spend by reason of Tenant’s default, or to compensate Landlord for any other loss or damage that Landlord may suffer by reason of Tenant’s default. If any portion of the Security Deposit is so used or applied, Tenant hereundershall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount, and Tenant’s failure to do so shall be a material default under this Lease (and, during the term of the Existing Lease, the Existing Lease). The use, application or retention of the Security Deposit, or any portion thereof, by Landlord shall not (i) prevent Landlord from exercising any other right or remedy provided by this Lease (or, during the term of the Existing Lease, the Existing Lease) or by law, it being intended that Landlord shall not first be required to proceed against the Security Deposit, nor (ii) operate as a limitation on any recovery to which Landlord may otherwise be entitled. Tenant acknowledges that L▇▇▇▇▇▇▇ has the right to transfer or mortgage its interest in the Real Property, any of the other buildings in the Building Complex, and the Building and in this Lease and T▇▇▇▇▇ agrees that in the event of any such transfer or mortgage, Landlord shall have the right from time to time, without prejudice transfer or assign the Security Deposit to any other remedy Landlord may have on account thereof, to apply the transferee or mortgagee. Upon such deposit, transfer or any part thereof, to Landlord’s damages arising from, or to cure, any Event of Default. If Landlord shall so apply any or all of such deposit, Tenant shall immediately upon demand deposit with Landlord the amount so applied to be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms of this Section, to Tenant on the expiration or earlier termination assignment of the Term of this Lease and surrender of possession of the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such depositSecurity Deposit, Landlord shall have no thereby be released by Tenant from all liability or obligation to pay interest on for the same return of such Security Deposit and Tenant shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord to Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant transferee or mortgagee for the return of the Security Deposit. If Tenant shall fully and faithfully perform every provision of this Lease (and the Existing Lease) to be performed by it, the Security Deposit, or application of any such depositbalance thereof, whether or not it succeeds shall be returned to Tenant, or, at Landlord’s option, to the position last assignee of Landlord Tenant’s interest hereunder, unless such deposit shall have been received in hand by such holderwithin sixty (60) days following the expiration of the Lease Term.

Appears in 1 contract

Sources: Office Lease (bioAffinity Technologies, Inc.)

Security Deposit. If a security deposit is specified in Section 1.1 hereof, Tenant agrees that the same will be paid upon Concurrent with ▇▇▇▇▇▇’s execution and delivery of this Lease, and that Tenant shall deposit with Landlord a cash security deposit (the “Security Deposit") in the amount of the Security. The Security Deposit shall hold the same throughout the Term of this Lease be held by Landlord as security for the faithful performance by Tenant of all obligations on the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the Lease Term. If Tenant defaults with respect to any provisions of this Lease, including, but not limited to, the provisions relating to the payment of Rent, Landlord may, but shall not be required to, use, apply or retain all or any part of Tenant hereunder. Landlord shall have the right from time to time, without prejudice to Security Deposit for the payment of any Rent or any other remedy sum in default, or for the payment of any amount that Landlord may have on account thereofspend or become obligated to spend by reason of Tenant’s default, or to apply such depositcompensate Landlord for any other loss or damage that Landlord may suffer by reason of Tenant’s default. If any portion of the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount, and ▇▇▇▇▇▇’s failure to do so shall be a default under this Lease. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the Security Deposit, or any part balance thereof, shall be returned to Tenant, or, at Landlord’s damages arising fromoption, or to curethe last assignee of ▇▇▇▇▇▇’s interest hereunder, any Event within sixty (60) days following the expiration of Defaultthe Lease Term. If Landlord shall so apply any or all of such deposit, Tenant shall immediately upon demand deposit with Landlord the amount so applied not be entitled to be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms of this Section, to Tenant on the expiration or earlier termination of the Term of this Lease and surrender of possession of the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord shall have no obligation to pay interest on the same Security Deposit. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code, and shall have all other provisions of law, now or hereafter in force, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the right payment of rent, to commingle repair damage caused by Tenant or to clean the same with Landlord’s Premises, it being agreed that Landlord may, in addition, claim those sums reasonably necessary to compensate Landlord for any other funds. If Landlord conveys Landlord’s interest under this Leaseloss or damage, foreseeable or unforeseeable, caused by the deposit, act or omission of Tenant or any part thereof not previously appliedofficer, may be turned over by Landlord to Landlord’s granteeemployee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application agent or invitee of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderTenant.]

Appears in 1 contract

Sources: Lease Agreement

Security Deposit. If a security deposit No Security Deposit is specified in Section 1.1 hereofinitially due; however, if any payment of Rent remains unpaid for more than ten (10) days after receipt of written notice, Landlord reserves the right and Tenant agrees that to deposit with Landlord an amount equal to two (2) months’ Rent at highest rate during the same will be paid upon execution and delivery of this Lease, and that Landlord initial Lease Term (the “Security Deposit”). The Security Deposit shall hold the same throughout the Term of this Lease serve as security for the performance by of Tenant’s obligations under this Lease. The Security Deposit shall not collect interest and may not be kept in a separate account. If Tenant breaches under this Lease which continues beyond expiration of all obligations on the part of Tenant hereunder. Landlord shall have the right from time to timeapplicable notice, without prejudice to any other remedy grace and cure periods, Landlord may have on account thereofapply the Security Deposit towards curing the default and any loss or damage arising from the default, to apply such deposit, or any part thereof, to including administrative costs of Landlord’s damages arising from, or to cure, any Event of Default. If Landlord shall so apply applies any or all part of such depositthe Security Deposit, Tenant shall immediately upon on demand deposit with Landlord the amount so applied so that Landlord shall have the full Security Deposit on hand at all times. Tenant shall have no right to be held as security apply any portion of the Security Deposit against any of Tenant’s obligations to pay any Rent hereunder. Landlord shall return At the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms expiration of this SectionLease, if there is no uncured Event of Default by Tenant, the unapplied balance of the Security Deposit shall be returned to Tenant on no later than thirty (30) days after the expiration or earlier termination later of the Term of this Lease and Tenant’s surrender of possession of the Premises by Tenant to Landlord at such time, provided that there is then existing no Event and the expiration of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Lease, . Tenant hereby waives the deposit, or any part thereof not previously applied, may be turned over by Landlord to Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application provisions of any such depositApplicable Laws now or hereafter in force, whether or not it succeeds which prescribe the costs to which Landlord may apply the position of Landlord hereunderSecurity Deposit, unless such deposit shall have been received in hand by such holderincluding, without limitation, Civil Code Section 1950.7.

Appears in 1 contract

Sources: Lease (Design Therapeutics, Inc.)

Security Deposit. If a security 10.1. Tenant shall deposit is specified with Landlord on or before the Term Commencement Date the sum set forth in Section 1.1 hereof2.6 or a letter of credit in the amount of such sum (the “Security Deposit”), Tenant agrees that the same will which sum shall be paid upon execution and delivery of this Lease, and that held by Landlord shall hold the same throughout the Term of this Lease as security for the faithful performance by Tenant of all obligations of the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the period commencing on the part Execution Date and ending upon the expiration or termination of Tenant’s obligations under this Lease. If Tenant hereunder. Landlord shall have the right from time to time, without prejudice defaults with respect to any other remedy provision of this Lease, including any provision relating to the payment of Rent, then Landlord may have on account thereof(but shall not be required to) use, to apply such deposit, or retain all or any part thereof, to Landlord’s damages arising fromof the Security Deposit for the payment of any Rent or any other sum in default, or to cure, compensate Landlord for any Event other loss or damage that Landlord may suffer by reason of DefaultTenant’s default. If Landlord shall any portion of the Security Deposit is so apply any used or all of such depositapplied, then Tenant shall immediately upon shall, within ten (10) days following demand therefor, deposit cash with Landlord in an amount sufficient to restore the amount Security Deposit to its original amount, and Tenant’s failure to do so applied to shall be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms a material breach of this Section, to Tenant on Lease. The provisions of this Article shall survive the expiration or earlier termination of this Lease. TENANT HEREBY WAIVES THE REQUIREMENTS OF SECTION 1950.7 OF THE CALIFORNIA CIVIL CODE, AS THE SAME MAY BE AMENDED FROM TIME TO TIME. 10.2. In the Term event of bankruptcy or other debtor-creditor proceedings against Tenant, the Security Deposit shall be deemed to be applied first to the payment of Rent and other charges due Landlord for all periods prior to the filing of such proceedings. 10.3. Landlord may deliver to any purchaser of Landlord’s interest in the Premises the funds deposited hereunder by Tenant, and thereupon Landlord shall be discharged from any further liability with respect to such deposit. This provision shall also apply to any subsequent transfers. 10.4. If Tenant shall fully and faithfully perform every provision of this Lease and surrender of possession of to be performed by it, then the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of noticeSecurity Deposit, or bothany balance thereof, would constitute an Event shall be returned to Tenant (or, at Landlord’s option, to the last assignee of Default)Tenant’s interest hereunder) within thirty (30) days after the expiration or earlier termination of this Lease. 10.5. While Landlord holds such depositIf the Security Deposit shall be in cash, Landlord shall have no obligation hold the Security Deposit in an account at a banking organization selected by Landlord; provided, however, that Landlord shall not be required to pay maintain a separate account for the Security Deposit, but may intermingle it with other funds of Landlord. Landlord shall be entitled to all interest and/or dividends, if any, accruing on the Security Deposit. Landlord shall not be required to credit Tenant with any interest for any period during which Landlord does not receive interest on the same Security Deposit. 10.6. The Security Deposit may be in the form of cash, a letter of credit or any other security instrument acceptable to Landlord in its sole discretion. Tenant may at any time, except when Tenant is in Default (as defined below), deliver a letter of credit (the “L/C Security”) as the entire Security Deposit, as follows: (a) If Tenant elects to deliver L/C Security, then Tenant shall provide Landlord, and maintain in full force and effect throughout the Term and until the date that is sixty (60) days after the then-current Term Expiration Date, a letter of credit in the form of Exhibit E issued by an issuer reasonably satisfactory to Landlord, in the amount of the Security Deposit, with an initial term of at least one year. Landlord may require the L/C Security to be reissued by a different issuer at any time during the Term if Landlord reasonably believes that the issuing bank of the L/C Security is or may soon become insolvent; provided, however, Landlord shall have return the right existing L/C Security to commingle the same existing issuer immediately upon receipt of the substitute L/C Security. If any issuer of the L/C Security shall become insolvent or placed into FDIC receivership, then Tenant shall promptly deliver to Landlord (without the requirement of notice from Landlord) substitute L/C Security issued by an issuer reasonably satisfactory to Landlord, and otherwise conforming to the requirements set forth in this Article. As used herein with respect to the issuer of the L/C Security, “insolvent” shall mean the determination of insolvency as made by such issuer’s primary bank regulator (i.e., the state bank supervisor for state chartered banks; the OCC or OTS, respectively, for federally chartered banks or thrifts; or the Federal Reserve for its member banks). If, at the Term Expiration Date, any Rent remains uncalculated or unpaid, then: (i) Landlord shall with reasonable diligence complete any necessary calculations; (ii) Tenant shall extend the expiry date of such L/C Security from time to time as Landlord reasonably requires; and (iii) in such extended period, Landlord shall not unreasonably refuse to consent to an appropriate reduction of the L/C Security. Tenant shall reimburse Landlord’s other funds. If Landlord conveys out-of-pocket legal costs not to exceed the sum of Two Thousand Five Hundred Dollars ($2,500) (as estimated by Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord to counsel) in handling Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application acceptance of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return L/C Security or application of any such deposit, whether its replacement or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderextension.

Appears in 1 contract

Sources: Lease (Halozyme Therapeutics Inc)

Security Deposit. If a security 11.1. Tenant shall deposit is specified with Landlord the sum set forth in Section 1.1 hereof, Tenant agrees that 2.6 (the same will be paid upon execution and delivery “Security Deposit”) in accordance with the provisions of this LeaseSection, and that which sum shall be held by Landlord shall hold the same throughout the Term of this Lease as security for the faithful performance by Tenant of all obligations of the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the period commencing on the part Execution Date and ending upon the expiration or termination of Tenant’s obligations under this Lease. If Tenant hereunder. Landlord shall have the right from time to time, without prejudice is in monetary default or otherwise Defaults with respect to any other remedy provision of this Lease, including any provision relating to the payment of Rent, then Landlord may have on account thereof(but shall not be required to) use, to apply such deposit, or retain all or any part thereof, to Landlord’s damages arising fromof the Security Deposit for the payment of any Rent or any other sum in default, or to cure, compensate Landlord for any Event other loss or damage that Landlord may suffer by reason of DefaultTenant’s default. If Landlord shall any portion of the Security Deposit is so apply any used or all of such depositapplied, then Tenant shall immediately upon shall, within ten (10) days following demand therefor, deposit cash with Landlord in an amount sufficient to restore the amount Security Deposit to its original amount, and Tenant’s failure to do so applied to shall be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms a material breach of this Section, to Tenant on Lease. The provisions of this Article shall survive the expiration or earlier termination of this Lease. 11.2. In the Term event of bankruptcy or other debtor-creditor proceedings against Tenant, the Security Deposit shall be deemed to be applied first to the payment of Rent and other charges due Landlord for all periods prior to the filing of such proceedings. 11.3. Landlord may deliver to any purchaser of Landlord’s interest in the Premises the funds deposited hereunder by Tenant, and thereupon Landlord shall be discharged from any further liability with respect to such deposit. This provision shall also apply to any subsequent transfers. 11.4. If Tenant shall fully and faithfully perform every provision of this Lease and surrender of possession of to be performed by it, then the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Lease, the depositSecurity Deposit, or any part thereof not previously appliedbalance thereof, may shall be turned over by Landlord returned to Tenant (or, at Landlord’s granteeoption, and, if so turned over, Tenant agrees to look solely to such grantee for proper application the last assignee of Tenant’s interest hereunder) within thirty (30) days after the deposit in accordance with the terms expiration or earlier termination of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderLease.

Appears in 1 contract

Sources: Lease (Idenix Pharmaceuticals Inc)

Security Deposit. If a security 11.1. Tenant shall deposit is specified with Landlord on or before the Execution Date the sum set forth in Section 1.1 hereof2.6 (the “Security Deposit”), Tenant agrees that the same will which sum shall be paid upon execution and delivery of this Lease, and that held by Landlord shall hold the same throughout the Term of this Lease as security for the faithful performance by Tenant of all obligations of the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the period commencing on the part Execution Date and ending upon the expiration or termination of Tenant’s obligations under this Lease. If Tenant hereunder. Landlord shall have the right from time to time, without prejudice Defaults (as defined below) with respect to any other remedy provision of this Lease, including any provision relating to the payment of Rent, then Landlord may have on account thereof(but shall not be required to) use, to apply such deposit, or retain all or any part thereof, to Landlord’s damages arising fromof the Security Deposit for the payment of any Rent or any other sum in default, or to cure, compensate Landlord for any Event other loss or damage that Landlord may suffer by reason of DefaultTenant’s default. If Landlord shall any portion of the Security Deposit is so apply any used or all of such depositapplied, then Tenant shall immediately upon shall, within ten (10) days following demand therefor, deposit cash with Landlord in an amount sufficient to restore the amount Security Deposit to its original amount, and Tenant’s failure to do so applied to shall be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms a material breach of this Section, to Tenant on Lease. The provisions of this Article shall survive the expiration or earlier termination of this Lease. 11.2. In the Term event of bankruptcy or other debtor-creditor proceedings against Tenant, the Security Deposit shall be deemed to be applied first to the payment of Rent and other charges due Landlord for all periods prior to the filing of such proceedings. 11.3. Landlord may deliver to any purchaser of Landlord’s interest in the Premises the funds deposited hereunder by Tenant, and thereupon Landlord shall be discharged from any further liability with respect to such deposit. This provision shall also apply to any subsequent transfers. 11.4. If Tenant shall fully and faithfully perform every provision of this Lease and surrender of possession of to be performed by it, then the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of noticeSecurity Deposit, or bothany balance thereof, would constitute an Event shall be returned to Tenant (or, at Landlord’s option, to the last assignee of Default)Tenant’s interest hereunder) within thirty (30) days after the expiration or earlier termination of this Lease. 11.5. While Landlord holds such depositIf the Security Deposit shall be in cash, Landlord shall have no obligation hold the Security Deposit in an account at a banking organization selected by Landlord; provided, however, that Landlord shall not be required to pay maintain a separate account for the Security Deposit, but may intermingle it with other funds of Landlord. Landlord shall be entitled to all interest and/or dividends, if any, accruing on the Security Deposit. Landlord shall not be required to credit Tenant with any interest for any period during which Landlord does not receive interest on the same and shall have Security Deposit. 11.6. The Security Deposit may be in the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Leaseform of cash, the deposit, a letter of credit or any part thereof not previously appliedother security instrument acceptable to Landlord in its sole discretion. Tenant may at any time, may be turned over except when Tenant is in Default (as defined below), deliver a letter of credit (the “L/C Security”) as the entire Security Deposit, as follows: (a) If Tenant elects to deliver L/C Security, then Tenant shall provide Landlord, and maintain in full force and effect throughout the Term and until the date that is ninety (90) days after the then-current Term Expiration Date, a letter of credit substantially in the form of Exhibit E issued by an issuer reasonably satisfactory to Landlord to Landlord’s grantee(it being agreed that Silicon Valley Bank, andN.A. is satisfactory), if so turned over, Tenant agrees to look solely to such grantee for proper application in the amount of the deposit in accordance Security Deposit, with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holder.an {A0622646.2 } 13

Appears in 1 contract

Sources: Lease Agreement (Selecta Biosciences Inc)

Security Deposit. If a security deposit is specified in Section 1.1 hereof, Tenant agrees that the same will be paid upon Concurrent with Tenant’s execution and delivery of this Lease, and that Landlord shall hold apply the same throughout Retained Existing Security Deposit as provided in Section 1.2 above and the Term provisions of the Lease Termination Agreement toward the security deposit (the “Security Deposit”) required to be provided by Tenant pursuant to this Lease in the amount set forth in Section 10 of the Summary. The Security Deposit shall be held by Landlord as security for the faithful performance by Tenant of (i) all the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the Lease Term, (ii) all of the terms and conditions of the Existing Lease (until the Existing Lease is terminated pursuant to Section 1.3 above) and (iii) all of Tenant’s obligations on under the part of Lease Termination Agreement. If Tenant hereunder. Landlord shall have the right from time to time, without prejudice defaults with respect to any other remedy provisions of this Lease beyond any applicable notice and cure periods, the Existing Lease or the Lease Termination Agreement, including, but not limited to, the provisions thereof relating to the payment of Rent, Landlord may have on account thereofmay, to but shall not be required to, use, apply such deposit, or retain all or any part thereofof the Security Deposit for the payment of any Rent or any other sum in default, or for the payment of any amount that Landlord may spend or become obligated to Landlordspend by reason of Tenant’s damages arising fromdefault, or to cure, compensate Landlord for any Event other loss or damage that Landlord may suffer by reason of DefaultTenant’s default. If Landlord shall any portion of the Security Deposit is so apply any used or all of such depositapplied, Tenant shall immediately upon shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the amount Security Deposit to its original amount, and Tenant’s failure to do so applied to shall be held as security hereunder. Landlord shall return a default under this Lease (and the deposit, or so much thereof as shall not have theretofore been applied Existing Lease until the same is terminated in accordance with the terms of this Section, to Section 1.3 above). If Tenant on the expiration or earlier termination of the Term shall fully and faithfully perform every provision of this Lease and surrender the Existing Lease to be performed by it, the Security Deposit, or any balance thereof, shall be returned to Tenant, or, at Landlord’s option, to the last assignee of possession Tenant’s interest hereunder, within sixty (60) days following the expiration of the Premises by Lease Term. Tenant shall not be entitled to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord shall have no obligation to pay interest on the same Security Deposit. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code, and shall have all other provisions of law, now or hereafter in force, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the right payment of rent, to commingle repair damage caused by Tenant or to clean the same with Landlord’s Premises, it being agreed that Landlord may, in addition, claim those sums reasonably necessary to compensate Landlord for any other funds. If Landlord conveys Landlord’s interest under this Leaseloss or damage, foreseeable or unforeseeable, caused by the deposit, act or omission of Tenant or any part thereof not previously appliedofficer, may be turned over by Landlord to Landlord’s granteeemployee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application agent or invitee of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderTenant.

Appears in 1 contract

Sources: Lease (St Francis Medical Technologies Inc)

Security Deposit. If a security 11.1. Tenant shall deposit is specified with Landlord on or before the Execution Date the sum set forth in Section 1.1 hereof2.6 (the “Security Deposit”), Tenant agrees that the same will which sum shall be paid upon execution and delivery of this Lease, and that held by Landlord shall hold the same throughout the Term of this Lease as security for the faithful performance by Tenant of all obligations of the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the period commencing on the part Execution Date and ending upon the expiration or termination of Tenant’s obligations under this Lease. If Tenant hereunder. Landlord shall have the right from time to time, without prejudice Defaults (as defined below) with respect to any other remedy provision of this Lease, including any provision relating to the payment of Rent, then Landlord may have on account thereof(but shall not be required to) use, to apply such deposit, or retain all or any part thereof, to Landlord’s damages arising fromof the Security Deposit for the payment of any Rent or any other sum in default, or to cure, compensate Landlord for any Event other loss or damage that Landlord may suffer by reason of DefaultTenant’s default. If Landlord shall any portion of the Security Deposit is so apply any used or all of such depositapplied, then Tenant shall immediately upon shall, within ten (10) days following demand therefor, deposit cash with Landlord in an amount sufficient to restore the amount Security Deposit to its original amount, and Tenant’s failure to do so applied to shall be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms a material breach of this Section, to Tenant on Lease. The provisions of this Article shall survive the expiration or earlier termination of this Lease. TENANT HEREBY WAIVES THE REQUIREMENTS OF SECTION 1950.7 OF THE CALIFORNIA CIVIL CODE, AS THE SAME MAY BE AMENDED FROM TIME TO TIME. 11.2. In the Term event of bankruptcy or other debtor-creditor proceedings against Tenant, the Security Deposit shall be deemed to be applied first to the payment of Rent and other charges due Landlord for all periods prior to the filing of such proceedings. 11.3. Landlord may deliver to any purchaser of Landlord’s interest in the Premises the funds deposited hereunder by Tenant, and thereupon Landlord shall be discharged from any further liability with respect to such deposit. This provision shall also apply to any subsequent transfers. 11.4. If Tenant shall fully and faithfully perform every provision of this Lease and surrender of possession of to be performed by it, then the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of noticeSecurity Deposit, or bothany balance thereof, would constitute an Event shall be returned to Tenant (or, at Landlord’s option, to the last assignee of Default)Tenant’s interest hereunder) within thirty (30) days after the expiration or earlier termination of this Lease. 11.5. While Landlord holds such depositIf the Security Deposit shall be in cash, Landlord shall have no obligation hold the Security Deposit in an account at a banking organization selected by Landlord; provided, however, that Landlord shall not be required to pay maintain a separate account for the Security Deposit, but may intermingle it with other funds of Landlord. Landlord shall be entitled to all interest and/or dividends, if any, accruing on the Security Deposit. Landlord shall not be required to credit Tenant with any interest for any period during which Landlord does not receive interest on the same Security Deposit. 11.6. The Security Deposit may be in the form of cash, a letter of credit or any other security instrument acceptable to Landlord in its sole discretion. Tenant may at any time, except when Tenant is in Default (as defined below), deliver a letter of credit (the “L/C Security”) as the entire Security Deposit, as follows: (a) If Tenant elects to deliver L/C Security, then Tenant shall provide Landlord, and maintain in full force and effect throughout the Term and until the date that is six (6) months after the then-current Term Expiration Date, a letter of credit in the form of Exhibit E issued by an issuer reasonably satisfactory to Landlord, in the amount of the Security Deposit, with an initial term of at least one year. Landlord may require the L/C Security to be re-issued by a different issuer at any time during the Term if Landlord reasonably believes that the issuing bank of the L/C Security is or may soon become insolvent; provided, however, Landlord shall have return the right existing L/C Security to commingle the same existing issuer immediately upon receipt of the substitute L/C Security. If any issuer of the L/C Security shall become insolvent or placed into FDIC receivership, then Tenant shall immediately deliver to Landlord (without the requirement of notice from Landlord) substitute L/C Security issued by an issuer reasonably satisfactory to Landlord, and otherwise conforming to the requirements set forth in this Article. As used herein with respect to the issuer of the L/C Security, “insolvent” shall mean the determination of insolvency as made by such issuer’s primary bank regulator (i.e., the state bank supervisor for state chartered banks; the OCC or OTS, respectively, for federally chartered banks or thrifts; or the Federal Reserve for its member banks). If, at the Term Expiration Date, any Rent remains uncalculated or unpaid, then (i) Landlord shall with reasonable diligence complete any necessary calculations, (ii) Tenant shall extend the expiry date of such L/C Security from time to time as Landlord reasonably requires and (iii) in such extended period, Landlord shall not unreasonably refuse to consent to an appropriate reduction of the L/C Security. Tenant shall reimburse Landlord’s other funds. If Landlord conveys legal costs in handling Landlord’s interest under this Lease, the deposit, acceptance of L/C Security or any part thereof not previously applied, may be turned over by Landlord to Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return its replacement or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderextension.

Appears in 1 contract

Sources: Lease (Ignyta, Inc.)

Security Deposit. If a security 11.1 Tenant shall deposit is specified with Landlord on or before the Execution Date the sum set forth in Section 1.1 hereof2.6 (the “Security Deposit”), Tenant agrees that the same will which sum shall be paid upon execution and delivery of this Lease, and that held by Landlord shall hold the same throughout the Term of this Lease as security for the faithful performance by Tenant of all obligations of the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the period commencing on the part Execution Date and ending upon the expiration or termination of Tenant’s obligations under this Lease. If Tenant hereunder. Landlord shall have the right from time to time, without prejudice Defaults (as defined below) with respect to any other remedy provision of this Lease, including any provision relating to the payment of Rent, then Landlord may have on account thereof(but shall not be required to) use, to apply such deposit, or retain all or any part thereof, to Landlord’s damages arising fromof the Security Deposit for the payment of any Rent or any other sum in default, or to cure, compensate Landlord for any Event other loss or damage that Landlord may suffer by reason of DefaultTenant’s default. If Landlord shall any portion of the Security Deposit is so apply any used or all of such depositapplied, then Tenant shall immediately upon shall, within ten (10) days following demand therefor, deposit cash with Landlord in an amount sufficient to restore the amount Security Deposit to its original amount, and Tenant’s failure to do so applied to shall be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms a material breach of this Section, to Tenant on Lease. The provisions of this Article shall survive the expiration or earlier termination of this Lease. TENANT HEREBY WAIVES THE REQUIREMENTS OF SECTION 1950.7 OF THE CALIFORNIA CIVIL CODE, AS THE SAME MAY BE AMENDED FROM TIME TO TIME. 11.2 In the Term event of bankruptcy or other debtor-creditor proceedings against Tenant, the Security Deposit shall be deemed to be applied first to the payment of Rent and other charges due Landlord for all periods prior to the filing of such proceedings. 11.3 Landlord may deliver to any purchaser of Landlord’s interest in the Premises the funds deposited hereunder by Tenant, and thereupon Landlord shall be discharged from any further liability with respect to such deposit. This provision shall also apply to any subsequent transfers. 11.4 If Tenant shall fully and faithfully perform every provision of this Lease and surrender of possession of to be performed by it, then the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of noticeSecurity Deposit, or bothany balance thereof, would constitute an Event shall be returned to Tenant (or, at Landlord’s option, to the last assignee of Default). While Landlord holds such depositTenant’s interest hereunder) within thirty (30) days after the expiration or earlier termination of this Lease. 11.5 If the Security Deposit shall be in cash, Landlord shall have no obligation hold the Security Deposit in an account at a banking organization selected by Landlord; provided however, that Landlord shall not be required to pay maintain a separate account for the Security Deposit, but may intermingle it with other funds of Landlord. Landlord shall be entitled to all interest and/or dividends, if any, accruing on the Security Deposit. Landlord shall not be required to credit Tenant with any interest for any period during which Landlord does not receive interest on the same Security Deposit. 11.6 The Security Deposit may be in the form of cash, a letter of credit or any other security instrument acceptable to Landlord in its sole discretion. Tenant may at any time, except when Tenant is in Default (as defined below), deliver a letter of credit (the “L/C Security”) as the entire Security Deposit, as follows: (a) If Tenant elects to deliver L/C Security, then Tenant shall provide Landlord, and maintain in full force and effect throughout the Term and until the date that is six (6) months after the then-current Term Expiration Date, a letter of credit in the form of Exhibit E issued by an issuer reasonably satisfactory to Landlord, in the amount of the Security Deposit, with an initial term of at least one year. Landlord may require the L/C Security to be re-issued by a different issuer at any time during the Term if Landlord reasonably believes that the issuing bank of the L/C Security is or may soon become insolvent; provided, however, Landlord shall have return the right existing L/C Security to commingle the same existing issuer immediately upon receipt of the substitute L/C Security. If any issuer of the L/C Security shall become insolvent or placed into FDIC receivership, then Tenant shall immediately deliver to Landlord (without the requirement of notice from Landlord) substitute L/C Security issued by an issuer reasonably satisfactory to Landlord, and otherwise conforming to the requirements set forth in this Article. As used herein with respect to the issuer of the L/C Security, “insolvent” shall mean the determination of insolvency as made by such issuer’s primary bank regulator (i.e., the state bank supervisor for state chartered banks; the OCC or OTS, respectively, for federally chartered banks or thrifts; or the Federal Reserve for its member banks). If, at the Term Expiration Date, any Rent remains uncalculated or unpaid, then (i) Landlord shall with reasonable diligence complete any necessary calculations, (ii) Tenant shall extend the expiry date of such L/C Security from time to time as Landlord reasonably requires and (iii) in such extended period, Landlord shall not unreasonably refuse to consent to an appropriate reduction of the L/C Security. Tenant shall reimburse Landlord’s other funds. If Landlord conveys legal costs (as estimated by Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord to counsel) in handling Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application acceptance of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return L/C Security or application of any such deposit, whether its replacement or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderextension.

Appears in 1 contract

Sources: Lease (Codex DNA, Inc.)

Security Deposit. If a The Landlord shall recognize the Tenant’s security deposit is specified in Section 1.1 hereof, Tenant agrees that the same will be paid upon execution and delivery of this Lease, and that Landlord shall hold the same throughout the Term of this Lease by the Tenant for the sum of Nineteen Thousand Four Hundred Thirty-Three Dollars and Forty-Seven Cents ($19,433.47) as a deposit to the Landlord to stand as security for the payment by the Tenant of any and all present and future debts and liabilities of the Tenant to the Landlord and for the performance by the Tenant of all of its obligations on arising under or in connection with this Lease (the part “Debts, Liabilities and Obligations”). Tenant shall not apply the security deposit as rent. At all times Tenant shall maintain a security deposit with Landlord in an amount equal to one hundred ten percent (110%) of Tenant hereunderthe last month’s rent for the Leased Premises. Landlord shall have the right from time to time, without prejudice to b▇▇▇ Tenant for any other remedy Landlord may have on account thereof, to apply such deposit, or any part thereof, to Landlord’s damages arising from, or to cure, any Event of Defaultadditional security deposit as required. If The Landlord shall so apply any or all not be required to keep the deposit separate from its general funds. In the event of such depositthe Landlord disposing of its interest in this Lease, Tenant shall immediately upon demand deposit with Landlord the amount so applied to be held as security hereunder. Landlord shall return credit the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms of this Section, deposit to Tenant on the expiration or earlier termination of the Term of this Lease its successor and surrender of possession of the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord thereupon shall have no obligation liability to pay interest on the same Tenant to repay the security deposit to the Tenant. Subject to the foregoing and shall have to the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest Tenant not being in default under this Lease, the Landlord shall repay the security deposit to the Tenant without interest at the end of the Term or sooner termination of the Lease provided that all Debts, Liabilities and Obligations of the Tenant to the Landlord are paid and performed in full, failing which the Landlord may on notice to the Tenant elect to retain the security deposit and to apply it in reduction of the Debts, Liabilities and Obligations and the Tenant shall remain fully liable to the Landlord for payment and performance of the remaining Debts, Liabilities and Obligations. Landlord will refund Tenant’s security deposit, or less any part thereof not previously appliedoffsets as set forth in this paragraph, may be turned over by Landlord to Landlordapproximately 30 days after Tenant’s granteetenancy has terminated and Tenant has vacated, and, if so turned over, Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, returned keys and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of removed any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderand all personal property from Leased Premises.

Appears in 1 contract

Sources: Office Building Lease (Imarx Therapeutics Inc)

Security Deposit. If a security 11.1. Tenant shall deposit is specified with Landlord on or before the First Financing Date the sum set forth in Section 1.1 hereof2.6 (the “Security Deposit”), Tenant agrees that the same will which sum shall be paid upon execution and delivery of this Lease, and that held by Landlord shall hold the same throughout the Term of this Lease as security for the faithful performance by Tenant of all obligations of the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the period commencing on the part Execution Date and ending upon the expiration or termination of Tenant’s obligations under this Lease. If Tenant hereunder. Landlord shall have the right from time to time, without prejudice defaults with respect to any other remedy provision of this Lease, including any provision relating to the payment of Rent, then Landlord may have on account thereof(but shall not be required to) use, to apply such deposit, or retain all or any part thereof, to Landlord’s damages arising fromof the Security Deposit for the payment of any Rent or any other sum in default, or to cure, compensate Landlord for any Event other loss or damage that Landlord may suffer by reason of DefaultTenant’s default. If Landlord shall any portion of the Security Deposit is so apply any used or all of such depositapplied, then Tenant shall immediately upon shall, within ten (10) days following demand therefor, deposit cash with Landlord in an amount sufficient to restore the amount Security Deposit to its original amount, and Tenant’s failure to do so applied to shall be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms a material breach of this Section, to Tenant on Lease. The provisions of this Article shall survive the expiration or earlier termination of this Lease. TENANT HEREBY WAIVES THE REQUIREMENTS OF SECTION 1950.7 OF THE CALIFORNIA CIVIL CODE, AS THE SAME MAY BE AMENDED FROM TIME TO TIME. 11.2. In the Term event of bankruptcy or other debtor-creditor proceedings against Tenant, the Security Deposit shall be deemed to be applied first to the payment of Rent and other charges due Landlord for all periods prior to the filing of such proceedings. 11.3. Landlord may deliver to any purchaser of Landlord’s interest in the Premises the funds deposited hereunder by Tenant, and thereupon Landlord shall be discharged from any further liability with respect to such deposit. This provision shall also apply to any subsequent transfers. 11.4. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, then the Security Deposit, or any balance thereof, shall be returned to Tenant (or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder) within thirty (30) days after the expiration or earlier termination of this Lease. If Tenant fails to fully and surrender faithfully perform every provision of possession this Lease, then Landlord may (but shall not be required to) use, apply or retain all or any part of the Premises by Tenant to Landlord at such time, provided that there is then existing no Event Security Deposit for the payment of Default (nor any circumstance which, with the passage of time Rent or the giving of noticeany other sum in default, or both, would constitute an Event to compensate Landlord for any other loss or damage that Landlord may suffer by reason of Default)Tenant’s failure to fully and faithfully perform every provision of this Lease. 11.5. While Landlord holds such depositIf the Security Deposit shall be in cash, Landlord shall have no obligation hold the Security Deposit in an account at a banking organization selected by Landlord; provided, however, that Landlord shall not be required to pay maintain a separate account for the Security Deposit, but may intermingle it with other funds of Landlord. Landlord shall be entitled to all interest and/or dividends, if any, accruing on the Security Deposit. Landlord shall not be required to credit Tenant with any interest for any period during which Landlord does not receive interest on the same Security Deposit. 11.6. The Security Deposit may be in the form of cash, a letter of credit or any other security instrument acceptable to Landlord in its sole discretion. Tenant may at any time, except when Tenant is in Default (as defined below), deliver a letter of credit (the “L/C Security”) as the entire Security Deposit, as follows: (a) If Tenant elects to deliver L/C Security, then Tenant shall provide Landlord, and maintain in full force and effect throughout the Term and until the date that is six (6) months after the then-current Term Expiration Date, a letter of credit in the form of Exhibit E issued by an issuer reasonably satisfactory to Landlord, in the amount of the Security Deposit, with an initial term of at least one year. Landlord may require the L/C Security to be re-issued by a different issuer at any time during the Term if Landlord reasonably believes that the issuing bank of the L/C Security is or may soon become insolvent; provided, however, Landlord shall have return the right existing L/C Security to commingle the same existing issuer immediately upon receipt of the substitute L/C Security. If any issuer of the L/C Security shall become insolvent or placed into FDIC receivership, then Tenant shall immediately deliver to Landlord (without the requirement of notice from Landlord) substitute L/C Security issued by an issuer reasonably satisfactory to Landlord, and otherwise conforming to the requirements set forth in this Article. As used herein with respect to the issuer of the L/C Security, “insolvent” shall mean the determination of insolvency as made by such issuer’s primary bank regulator (i.e., the state bank supervisor for state chartered banks; the OCC or OTS, respectively, for federally chartered banks or thrifts; or the Federal Reserve for its member banks). If, at the Term Expiration Date, any Rent remains uncalculated or unpaid, then: (i) Landlord shall with reasonable diligence complete any necessary calculations; (ii) Tenant shall extend the expiry date of such L/C Security from time to time as Landlord reasonably requires; and (iii) in such extended period, Landlord shall not unreasonably refuse to consent to an appropriate reduction of the L/C Security. Tenant shall reimburse Landlord’s other funds. If Landlord conveys legal costs (as estimated by Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord to counsel) in handling Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application acceptance of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return L/C Security or application of any such deposit, whether its replacement or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderextension.

Appears in 1 contract

Sources: Lease Agreement (Bionovo Inc)

Security Deposit. If a security 11.1 Tenant shall deposit is specified with Landlord on or before the Execution Date the sum set forth in Section 1.1 hereof2.6 (the “Security Deposit”), Tenant agrees that the same will which sum shall be paid upon execution and delivery of this Lease, and that held by Landlord shall hold the same throughout the Term of this Lease as security for the faithful performance by Tenant of all obligations of the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the period commencing on the part Execution Date and ending upon the expiration or termination of Tenant’s obligations under this Lease. If Tenant hereunder. Landlord shall have commits any Default, including any provision relating to the right from time to timepayment of Rent, without prejudice to any other remedy then Landlord may have on account thereof(but shall not be required to) use, to apply such deposit, or retain all or any part thereof, to Landlord’s damages arising fromof the Security Deposit for the payment of any Rent or any other sum in default, or to cure, compensate Landlord for any Event other loss or damage that Landlord may suffer by reason of Tenant’s Default. If Landlord shall any portion of the Security Deposit is so apply any used or all of such depositapplied, then Tenant shall immediately upon shall, within ten (10) days following demand therefor, deposit cash with Landlord in an amount sufficient to restore the amount Security Deposit to its original amount, and Tenant’s failure to do so applied to shall be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms a material breach of this Section, to Tenant on Lease. The provisions of this Article shall survive the expiration or earlier termination of this Lease. TENANT HEREBY WAIVES THE REQUIREMENTS OF SECTION 1950.7 OF THE CALIFORNIA CIVIL CODE, AS THE SAME MAY BE AMENDED FROM TIME TO TIME. 11.2 In the Term event of bankruptcy or other debtor-creditor proceedings against Tenant, the Security Deposit shall be deemed to be applied first to the payment of Rent and other charges due Landlord for all periods prior to the filing of such proceedings. 11.3 Landlord shall deliver to any purchaser of Landlord’s interest in the Premises the funds deposited hereunder by Tenant, and thereupon Landlord shall be discharged from any further liability with respect to such deposit. This provision shall also apply to any subsequent transfers. 11.4 If Tenant shall fully and faithfully perform every provision of this Lease and surrender of possession of to be performed by it, then the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Lease, the depositSecurity Deposit, or any part thereof not previously appliedbalance thereof, may shall be turned over by Landlord returned to Tenant (or, at Landlord’s granteeoption, and, if so turned over, Tenant agrees to look solely to such grantee for proper application the last assignee of Tenant’s interest hereunder) within thirty (30) days after the deposit in accordance with the terms expiration or earlier termination of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderLease.

Appears in 1 contract

Sources: Lease Agreement (Depomed Inc)

Security Deposit. If a security deposit is specified in Section 1.1 hereof, (CASH). Tenant agrees that the same will be paid shall upon execution hereof deposit with Landlord the sum of Three Million Two Hundred Ninety Four Thousand Seventy Two Dollars ($3,294,072.00) (the "Security Deposit") as security for the faithful performance and delivery observance by Tenant of the terms, provisions and conditions of this Lease; it is agreed that in the event Tenant defaults in respect of any of the terms, provisions or conditions of this Lease including the payment of Base Monthly Rent, Additional Rent, or any other sum due hereunder, Landlord may use, apply or retain the whole or any part of the Security Deposit so deposited to the extent required for the payment of any Base Monthly Rent, Additional Rent or other sum due hereunder or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default including any damages or expenses suffered or incurred by reason of Tenant's default. Tenant shall, within five (5) days of Landlord's written demand therefor, deposit with Landlord the full amount of Security Deposit so used or applied by Landlord, in order that Landlord shall have the full Security Deposit on hand at all times prior to the Return Date (as defined below). If on or after the last day of the sixtieth (60th) full calendar month of the Lease Term (the "Return Date") Landlord holds all or any part of the Security Deposit (in cash) and Tenant is not then in default under any of the terms, covenants or conditions of this Lease, and that then Landlord shall hold return the same throughout Security Deposit (or part thereof) so held by Landlord to Tenant within thirty (30) days following the Term Return Date. In the event of this Lease as security for a sale or other transfer of the performance by Tenant Property or any part thereof including the Building or ground or master leasing of all obligations on the Property or any part of Tenant hereunder. thereof including the Building, Landlord shall have the right from time to time, without prejudice transfer the Security Deposit to any other remedy Landlord may have on account thereof, to apply such deposit, the transferee or any part thereof, to Landlord’s damages arising from, or to cure, any Event of Default. If lessee and Landlord shall so apply any or thereupon be released by Tenant from all of such deposit, Tenant shall immediately upon demand deposit with Landlord liability for the amount so applied to be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms of this Section, to Tenant on the expiration or earlier termination of the Term of this Lease Security Deposit and surrender of possession of the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord to Landlord’s grantee, and, if so turned over, Tenant agrees to look to the new landlord solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return of the Security Deposit; and it is agreed that the provisions hereof shall apply to every transfer or application assignment made of the Security Deposit to a new landlord. Tenant further covenants that it shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security and that neither Landlord nor its successors or assigns shall be bound by any such depositassignment, whether encumbrance, attempted assignment or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderattempted encumbrance.

Appears in 1 contract

Sources: Lease (Crawford & Co)

Security Deposit. If a security deposit is specified Concurrently with ▇▇▇▇▇▇'s execution of this Lease, ▇▇▇▇▇▇ has deposited with Landlord the Security Deposit set forth in Section 1.1 hereof, Tenant agrees that the same will . The Security Deposit shall be paid upon execution and delivery of this Lease, and that held by Landlord shall hold the same throughout the Term of this Lease as security for the faithful performance by Tenant of all obligations on the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the Lease Term. If Tenant defaults with respect to any provision of this Lease including, but not limited to, any provision relating to the payment of rent, or any other charges due under this Lease, Landlord may (but shall not be required to), upon a three (3) business day notice to Tenant and opportunity to cure, use, retain and apply all or any part of the Security Deposit for the payment of any rent or any other sum in default, or for the payment of any amount which Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss or damage which Landlord may suffer as a result of Tenant's default. If any portion of the Security Deposit is so used or applied, Tenant hereundershall, within five (5) days after written demand therefor, deposit with Landlord an amount sufficient to restore the Security Deposit to its original amount, and Tenant's failure to do so shall constitute a material default under this Lease. Landlord shall have not be required to keep the right Security Deposit separate from time its general funds, and Tenant shall not be entitled to timeinterest on the Security Deposit. If Tenant shall fully and faithfully perform every provision of this Lease, without prejudice to any other remedy Landlord may have on account thereof, to apply such depositthe Security Deposit, or any part balance thereof, shall be returned to Tenant within sixty (60) days following the expiration of the Lease Term or vacation of the Premises by Tenant, whichever event occurs last, in accordance with the provisions of the State Property Code (for the avoidance of doubt, Landlord shall not be entitled to retain, and the Security Deposit shall be returned to Tenant to the extent the Security Deposit exceeds ▇▇▇▇▇▇▇▇’s actual damages for any breach of this Lease by ▇▇▇▇▇▇). In the event of a termination of Landlord's interest in this Lease, the Security Deposit, or any portion thereof not previously applied, shall be released by Landlord to Landlord’s damages arising from's transferee, or and ▇▇▇▇▇▇ agrees to cure, any Event look solely to such transferee for proper application of Default. If Landlord shall so apply any or all of such deposit, Tenant shall immediately upon demand deposit with Landlord the amount so applied to be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied Security Deposit in accordance with the terms of this Section, to Tenant on the expiration or earlier termination of the Term of this Lease and surrender of possession of the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord to Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, Section 4.3 and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holder.

Appears in 1 contract

Sources: Shopping Center Retail Lease

Security Deposit. If Concurrently with Tenant's execution of this lease, Tenant shall deposit with Landlord the sum of Eleven Thousand One Hundred Eighty-one Dollars ($11,181), which sum shall be held by Landlord as a security deposit is specified in Section 1.1 hereof, Tenant agrees that the same will be paid upon execution and delivery of this Lease, and that Landlord shall hold the same throughout the Term of this Lease as security for the faithful performance by Tenant of all obligations on of the terms, covenants and conditions of this lease to be kept and performed by Tenant. If Tenant defaults with respect to any provision of this lease, including but not limited to, the provisions relating to the payment of basic rent and common area charges, Landlord may (but shall not be required to) use, apply, or retain all or any part of this security deposit for the payment of any amount which Landlord may spend by reason of Tenant's default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of default. If any portion of said deposit is so used, Tenant hereundershall, within ten (10) days after written demand therefor, deposit cash with Landlord in the amount sufficient to restore the security deposit to the original amount thereof; Tenant's failure to do so shall be a material breach of this lease. Landlord shall have the right not be required to keep this security deposit separate from time its general funds and Tenant shall not be entitled to time, without prejudice to any other remedy Landlord may have interest on account thereof, to apply such deposit, or any part thereof, to Landlord’s damages arising from, or to cure, any Event of Default. If Landlord shall so apply any or all of such deposit, Tenant shall immediately upon demand deposit with Landlord the amount so applied to be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall is not have theretofore been applied in accordance with the terms of this Section, to Tenant on default at the expiration or earlier termination of this lease, the Term security deposit or any balance thereof shall be returned to Tenant after Tenant has vacated the Premises. In the event of termination of Landlord's interest in this Lease and surrender of possession of the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such depositlease, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord transfer said deposit to Landlord’s grantee's successor in interest, and, if so turned over, and Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage that Landlord shall not thereupon be responsible to Tenant released from liability for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderor any accounting therefor.

Appears in 1 contract

Sources: Lease (Integrated Sensor Solutions Inc)

Security Deposit. If a The security deposit is specified in Section 1.1 hereof, Tenant agrees that the same will be paid of $ payable upon execution and delivery of this Leaselease, and that shall be held by (Landlord if none other specified), without interest to Tenant for the term of this lease, in part, as a guarantee of the performance by the Tenant of the agreements contained herein. Buyer/Landlord shall hold the same throughout the Term of this Lease as security for the performance by Tenant of all obligations on the part of Tenant hereunder. Landlord shall have the right from time to time, without prejudice to any other remedy Landlord may have on account thereof, to apply such deposit, or any part thereof, to Landlord’s damages arising from, or to cure, any Event of Default. If Landlord shall so apply any or all of such deposit, Tenant shall immediately upon demand deposit with Landlord the amount so applied to be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied deposit(s) in accordance with all applicable laws, including, but not limited to, those set forth in Section 535.300 of Chapter 535 Landlord-Tenant Actions, of the Missouri Revised Statutes. Landlord is hereby authorized to expend from this deposit, such sums necessary to clean the premises and correct or repair damage done by the Tenant or Tenant’s guests or invitees. Within thirty (30) days after the termination of the tenancy or recovery of possession by Landlord (whichever is later), Landlord shall either return to the Tenant the full security deposit or furnish a written itemized list and cost or estimated cost of any such damages or reasons for which the security deposit or any portion thereof is being withheld along with the balance of the security deposit, if any. In the event the security deposit is not sufficient to correct or repair the damage or restore the loss due to ▇▇▇▇▇▇’s non-performance, then ▇▇▇▇▇▇ agrees to pay such additional amount upon notification of the dollar amount. The security deposit is not to be construed by the Tenant as a payment of any installment of rent due under the terms of this Sectionlease. The security deposit refund may be in one check, jointly payable to all Tenants and such refund check and itemization of deduction may be mailed to one Tenant on only. (Line 17) now reads: term, all conditions of this lease shall prevail and rent shall be paid pro rata to the expiration or earlier termination beginning of the Term of this Lease and surrender of possession of month. In the Premises by Tenant to event the Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time Line 26) now reads: or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord to Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application of other place as the deposit in accordance with the terms of this SectionLandlord may, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderfrom (Lines 28 – 42) now reads: 4.

Appears in 1 contract

Sources: Residential Lease

Security Deposit. If a security deposit is specified in Section 1.1 hereof, Tenant agrees that the same will be paid upon execution and Concurrently with Tenant's delivery of this Lease, and that Tenant shall deposit with Landlord shall hold the same throughout sum, if any, stated in Item 9 of the Term of this Basic Lease Provisions, to be held by Landlord as security for the full and faithful performance of Tenants obligations under this Lease (the "Security Deposit"). Upon any Default by Tenant, including specifically Tenant's failure to pay rent or to abide by its obligations under Sections 7.1 and 15.3 below, whether or not Landlord is informed of or has knowledge of the Default, the Security Deposit shall be deemed to be automatically and immediately applied, without waiver of any rights Landlord may have under this Lease or at law or in equity as a result of the Default as a setoff for full or partial compensation for that Default. If any portion of the Security Deposit is applied after a Default by Tenant, Tenant of all obligations on shall, within five (5) days after written demand by Landlord, deposit cash with Landlord in an amount sufficient to restore the part of Tenant hereunderSecurity Deposit to its original amount. Landlord shall not be required to keep this Security Deposit separate from its general funds, and Tenant shall not be entitled to interest on the Security Deposit. The Security Deposit shall be returned to Tenant (or, at Landlord's option, to the last assignee of Tenant's interest in this Lease) within sixty (60) days after the expiration of the Term, provided that Landlord may, in its reasonable discretion, retain all or a portion of the Security Deposit to the extent, and until such time as, all amounts due from Tenant in accordance with this Lease have been determined and paid in full, with any balance of the right from Security Deposit being returned to Tenant within sixty (60) days after the expiration of the Term. Provided that Tenant has not at any time to timebeen in default under this Lease, without prejudice and provided further that Tenant has not at any time been more than five (5) days late with respect to any other remedy Landlord may have on account thereofpayments of rent due under this Lease more than once during the Term, to apply such deposit, or any part thereof, to Landlord’s damages arising from, or to cure, any Event of Default. If Landlord shall so apply any or all of such deposit, Tenant shall immediately upon demand deposit with Landlord the amount so applied to be held as security hereunder. then Landlord shall return to Tenant a portion of the deposit, or so much thereof as shall not have theretofore been applied Security Deposit in the form of a credit against Basic Rent in accordance with the terms of this Section, to Tenant on following schedule: (a) Twenty-One Thousand Seven Hundred Sixty-One Dollars ($21,761.00) credited against the expiration or earlier termination Basic Rent due and payable for the thirty-fifth (35th) month of the Term of this Lease Term; and (b) Twenty-One Thousand Seven Hundred Sixty One Dollars ($21,761.00) credited against the Basic Rent due and surrender of possession payable for the thirty-sixth (36th) month of the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord to Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderTerm.

Appears in 1 contract

Sources: Industrial Lease (Alsius Corp)

Security Deposit. If a security deposit is specified in Section 1.1 hereof, Tenant agrees that the same will be paid upon Concurrently with Tenant’s execution and delivery of this Lease, and that Landlord shall hold the same throughout the Term of this Lease as security for the performance by Tenant of all obligations on the part of Tenant hereunder. Landlord shall have the right from time to time, without prejudice to any other remedy Landlord may have on account thereof, to apply such deposit, or any part thereof, to Landlord’s damages arising from, or to cure, any Event of Default. If Landlord shall so apply any or all of such deposit, Tenant shall immediately upon demand deposit with Landlord the amount so applied set forth in Paragraph 1.8 (the “Security Deposit”), which shall be held by Landlord as security for the faithful performance of all of the terms, covenants, and conditions of this Lease to be held as security hereunderkept and performed by Tenant during the term hereof. Landlord shall return not be required to segregate the depositSecurity Deposit from its general funds or in any other manner, nor shall Landlord be obligated to pay Tenant interest on the Security Deposit for any reason(s). If Tenant defaults with respect to any provision of this Lease, including. without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all or any part of the Security Deposit for the payment of rental or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default (in addition to all other Landlord rights and remedies at law or in equity). In the event Landlord utilizes all or any portion of the Security Deposit as permitted hereunder, Tenant shall promptly (and in no event later than ten (10) days following written request therefore) reinstate that portion of the Security Deposit so utilized, and any such reinstatement amount shall constitute additional rent due by Tenant hereunder). The Security Deposit, or so much thereof as any balance thereof, shall not have theretofore been applied in accordance with the terms of this Section, be returned to Tenant on or to the last assignee of Tenant’s interest hereunder within sixty (60) days of the expiration or earlier termination of the Term of this Lease and surrender of possession Tenant’s vacation of the Premises (except as otherwise required by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Defaultlaw). While Landlord holds such deposit, Landlord shall have no obligation to pay interest on In the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Lease, the deposit, or event that Annual Base Rent is increased during any part thereof not previously applied, may be turned over by Landlord to Landlord’s grantee, and, if so turned overOption Period(s), Tenant agrees to look solely to shall immediately thereupon deposit with Landlord the amount of such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderincrease as an increased Security Deposit.

Appears in 1 contract

Sources: Office Lease (Zones Inc)

Security Deposit. If a security deposit is specified in Section 1.1 hereof, Tenant agrees that the same will a. The Security Deposit shall be paid upon execution and delivery of this Lease, and that held by Landlord shall hold the same throughout the Term of this Lease as security for the faithful performance by Tenant of all obligations on the part of Tenant hereunder. Landlord shall have the right from time to time, without prejudice to any other remedy Landlord may have on account thereof, to apply such deposit, or any part thereof, to Landlord’s damages arising from, or to cure, any Event of Default. If Landlord shall so apply any or all of such deposit, Tenant shall immediately upon demand deposit with Landlord the amount so applied to be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms of this Section, to Tenant on the expiration or earlier termination of Lease. During the Term of this Lease and surrender of possession of the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such depositextension, Landlord shall have no obligation may hold the Security Deposit without interest to pay interest on ▇▇▇▇▇▇ and may co-mingle the same and shall have the right to commingle the same Security Deposit with Landlord▇▇▇▇▇▇▇▇’s other funds. If any sum payable by ▇▇▇▇▇▇ is overdue beyond the expiration of all applicable notice and cure periods, Landlord conveys Landlordmay apply any portion of the Security Deposit to payment of the overdue sum. If Tenant fails to perform any term of this Lease beyond the expiration of all applicable notice and cure periods, Landlord may apply as much of the Security Deposit as may be necessary to compensate Landlord for loss or damage sustained. If any portion of the Security Deposit is applied by Landlord pursuant to this section, Tenant shall, upon written demand, remit a sufficient amount in cash to restore the Security Deposit to the original sum deposited, and ▇▇▇▇▇▇’s interest under failure to do so within five (5) days after receipt of demand shall constitute a breach of this Lease. Tenant shall not assign, pledge, mortgage or otherwise hypothecate its interest in the deposit, or any part thereof not previously applied, may be turned over by Landlord to Landlord’s grantee, and, if so turned over, Security Deposit. b. If Tenant agrees to look solely to such grantee for proper application complies with all of the deposit in accordance with the terms of this SectionLease, and promptly pays all of the return thereof in accordance herewith. The holder of a mortgage sums provided for as they fall due, the Security Deposit shall not be responsible returned to Tenant for within thirty (30) days after termination of this Lease. c. Upon any transfer of Landlord’s interest in this Lease, Landlord may deliver the return or application amount of the Security Deposit to its successor whereupon Landlord shall be discharged from any such deposit, whether or not it succeeds further liability with respect to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderSecurity Deposit.

Appears in 1 contract

Sources: Lease Agreement (Red Cat Holdings, Inc.)

Security Deposit. If Sublessee has deposited (subject to Sublessee's ---------------- fight to substitute a security deposit is specified letter of credit (the "LOC") therefor as hereafter provided) with RKMC the sum of One Hundred Three Thousand Five Hundred Thirty- six Dollars ($103,536.00) (the "Deposit"). At sublessee's option, the Deposit may be a LOC, drawn to RKMC's account on a federally insured banking institution, in Section 1.1 hereofform reasonably acceptable to RKMC. The LOC shall be for a term of not less than one (1) year, Tenant agrees that and shall be renewed by Sublessee each year of the same will term of this Sublease. Such new LOC shall be delivered to RKMC not less than thirty (30) days before the expiration of the then current LOC. All expenses for obtaining, maintaining and replacing the LOC shall be paid upon execution and delivery by Sublessee. If RKMC uses or applies all or any portion of this Leasethe LOC as provided for with respect to the application of the Deposit, and that Landlord Sublessee shall, within ten (10) days after notice from RKMC, deposit with RKMC an amount sufficient to restore the Deposit to its full amount, as required above. The Deposit shall hold the same throughout the Term of this Lease be held by RKMC as security for the faithful performance by Tenant Sublessee of all obligations on of the part provisions of Tenant hereunderthis Sublease. Landlord In the event Sublessee fails to perform or observe any such provisions, then, at the option of RKMC, RKMC may (but shall have not be obligated to) apply the right from time to time, without prejudice to any other remedy Landlord may have on account thereof, to apply such deposit, or any part thereof, to Landlord’s damages arising from, or to cure, any Event of Default. If Landlord shall so apply any or all of such deposit, Tenant shall immediately upon demand deposit with Landlord the amount so applied to be held as security hereunder. Landlord shall return the deposit, Deposit or so much thereof as may be necessary to remedy any default and reimburse RKMC for any out-of-pocket costs incurred thereby, and Sublessee shall not have theretofore been applied in accordance with forthwith upon demand restore the terms of this Section, Deposit to Tenant on the expiration or earlier termination of the Term of this Lease and surrender of possession of the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with Landlord’s other fundssum so specified. If Landlord conveys Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord to Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage LOC shall not be responsible utilized by Sublessee, RKMC shall not be required to Tenant for keep the return or application of any such deposit, whether or not it succeeds Deposit separate from its general accounts. No trust relationship is created herein between RKMC and Sublessee with respect to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderDeposit.

Appears in 1 contract

Sources: Sublease (Scient Corp)

Security Deposit. If a security deposit is specified in Section 1.1 hereof, Tenant agrees that Concurrently with the same will be paid upon execution and delivery of this LeaseLease by Tenant, Tenant shall deposit with Landlord a sum equal to Seventy-Five Thousand Two Hundred Eight Dollars ($75,208.00) as a security deposit (the “Security Deposit”). The Security Deposit shall be held as security for the performance and that Landlord shall hold observance by Tenant of all of its obligations under the same terms, conditions and covenants of this Lease throughout the Term of this Lease. If Tenant performs and observes all of the terms, conditions and covenants of this Lease as security for which are required to be performed and observed by it, Landlord shall return the Security Deposit, or balance thereof then held by Landlord, to Tenant after the Expiration Date or after Tenant surrenders possession of the Premises, whichever is later. In the event of a default by Tenant in the payment of rent or the performance by Tenant or observance of any of the other terms, conditions or covenants of this Lease, then Landlord may, at its option and without notice, apply all obligations on the part of Tenant hereunder. Landlord shall have the right from time to time, without prejudice to any other remedy Landlord may have on account thereof, to apply such deposit, or any part thereof, to Landlord’s damages arising from, of the Security Deposit in payment of such rent or to cure, cure any Event of Default. If other such default; and if Landlord shall so apply any or all of such depositdoes so, Tenant shall immediately shall, upon demand request, deposit with Landlord the amount so applied to be held as security hereunder. so that Landlord shall return the deposit, or so much thereof as shall not will have theretofore been applied in accordance with the terms of this Section, to Tenant on the expiration or earlier termination of hand at all times throughout the Term of this Lease and surrender of possession the full amount of the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default)Security Deposit. While Landlord holds such deposit, Landlord shall have no obligation not be required to pay interest on hold the same and shall have the right to Security Deposit as a separate account, but may commingle the same it with Landlord’s other funds. If Landlord conveys Landlord’s interest under this LeaseThe use, application or retention of the deposit, Security Deposit or any part portion thereof not previously applied, may be turned over by Landlord shall not prevent Landlord from exercising any other right or remedy provided by this Lease or by law (it being intended that Landlord shall not first be required to Landlord’s granteeproceed against the Security Deposit) and shall not operate as a limitation on any recovery to which Landlord may otherwise be entitled. In the event of a sale or any other transfer of the Building, and, if so turned over, Landlord shall have the right to transfer the Security Deposit to its purchaser and Landlord shall thereupon be released by Tenant from all responsibility for the return of such deposit; and Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant purchaser for the return or application of any such deposit. In the event of an assignment of this Lease, whether or not it succeeds the Security Deposit shall be deemed to be held by Landlord as a deposit made by the assignee, and Landlord shall have no further responsibility for the return of such deposit to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderassignor.

Appears in 1 contract

Sources: Lease Agreement (REGENXBIO Inc.)

Security Deposit. If a security deposit is specified in Section 1.1 hereof, Tenant agrees that the same will be paid upon execution and delivery of this Lease, and that Landlord shall hold the same throughout balance of proceeds remaining after a draw on the Term Letter of this Lease Credit (hereinafter referred to as the “Security Deposit”) as security for the Tenant’s performance by Tenant of all obligations on the part its Lease obligations. After a monetary default or non-monetary Event of Default of Tenant hereunder. Landlord under this Lease, or upon the end of the Term if there remains any uncured default of which Tenant shall have the right from time to timereceived notice, without prejudice to any other remedy Landlord may have on account thereof, to apply such depositthe Security Deposit, or any part thereof, to Landlord’s damages arising fromwithout prejudice to any other Landlord remedy. Should Landlord apply all or any portion of the Security Deposit, Tenant shall, upon the written demand of Landlord, deliver cash in the amount applied, and ▇▇▇▇▇▇'s failure to do so within twenty (20) days after receipt of such written demand shall constitute an additional Event of Default hereunder without further notice or opportunity to cure. Additionally, if Landlord applies all or any Event portion of Default. If Landlord shall so apply any or all of such depositthe Security Deposit as aforesaid, Tenant shall immediately have the right to deliver a replacement Letter of Credit in the form and amount required hereunder, and upon demand deposit with Landlord the amount so applied to be held as security hereunder. receipt of such replacement Letter of Credit, Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms of this Section, unapplied Security Deposit to Tenant on the expiration or earlier termination of the Term of this Lease and surrender of possession of the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default)Tenant. While Landlord holds such deposit, Landlord shall have ▇▇▇▇▇▇▇▇ has no obligation to pay interest on the same Security Deposit and shall have may co-mingle the right to commingle the same Security Deposit with Landlord’s other funds. If Provided that any uncured Event of Default does not then-exist, if Landlord conveys Landlord’s its interest under this Lease, the depositSecurity Deposit, or any part thereof not previously appliedapplied previously, may shall be turned over by Landlord to Landlord’s grantee, and, if so turned over, the grantee in which case Tenant agrees to shall look solely to such the grantee for the proper application and return of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderSecurity Deposit.

Appears in 1 contract

Sources: Lease Agreement (Intellia Therapeutics, Inc.)

Security Deposit. If a security deposit is specified in Section 1.1 hereofOn or before the Commencement Date, Tenant agrees that will deposit with Landlord the same will sum of SIX THOUSAND SEVENTY NINE AND 50/100 DOLLARS ($6,079.50) as security for the full and faithful performance of every provision of this Lease to be paid upon execution and delivery performed by Tenant. If Tenant defaults with respect to any provision of this Lease, including but not limited to the provisions relating to the payment of Rent, Landlord may use, apply or retain all or any part of this security deposit for the payment of any Rent or any other sum in default or for the payment of any other amount which, Landlord may spend or become obligated to spend by reason of Tenant’s default. If any portion of said deposit is to be used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit to its original amount and that Tenant’s failure to do so shall be a breach of this Lease. Landlord shall hold the same throughout the Term not, unless otherwise required by law, be required to keep this security deposit separate from its general funds. If Tenant shall fully and faithfully perform every provision of this Lease as to be performed by it, the security for the performance by deposit or any balance thereof shall be returned to Tenant of all obligations on the part of Tenant hereunder. Landlord shall have the right from time to time(or, without prejudice to any other remedy Landlord may have on account thereofat Landlord’s option, to apply such deposit, or any part thereof, to Landlordthe last transferee of Tenant’s damages arising from, or to cure, any Event of Default. If Landlord shall so apply any or all of such deposit, Tenant shall immediately upon demand deposit with Landlord the amount so applied to be held as security interest hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms of this Section, to Tenant on ) at the expiration or earlier termination of the Term of this Lease term and surrender of possession upon Tenant’s vacation of the Premises by Tenant to Landlord at such time, provided that there Premises. In the event the Building is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Leasesold, the deposit, or any part thereof not previously applied, may security deposit will be turned over by Landlord to Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds transferred to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holdernew owner.

Appears in 1 contract

Sources: Lease Agreement (Natcore Technology Inc.)

Security Deposit. If a security 11.1. Tenant shall deposit is specified with Landlord, on or before the Execution Date, the sum set forth in Section 1.1 hereof2.6 (the "Security Deposit"), Tenant agrees that the same will which sum shall be paid upon execution and delivery of this Lease, and that held by Landlord shall hold the same throughout the Term of this Lease as security for the faithful performance by Tenant of all obligations on of the part terms, covenants and conditions of this Lease to be kept and performed by Tenant hereunderduring the Term. Landlord shall have the right from time to time, without prejudice If Tenant defaults (after applicable notice and cure periods) with respect to any other remedy provision of this Lease, including any provision relating to the payment of Rent, then Landlord may have on account thereof(but shall not be required to) use, to apply such deposit, or retain all or any part thereof, to Landlord’s damages arising fromof the Security Deposit for the payment of any Rent or any other sum in default (after applicable notice and cure periods), or to curecompensate Landlord for any other loss or damage that Landlord may suffer by reason of such default. If, at any time prior to the date that is 180 days prior to the expiration of the Term, any Event portion of Default. If Landlord shall the Security Deposit is so apply any used or all of such depositapplied, then Tenant shall immediately upon shall, within ten (10) business days following demand therefor, deposit cash with Landlord in an amount sufficient to restore the amount Security Deposit to its original amount, and Tenant's failure to do so applied to shall be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms a material breach of this Section, to Tenant on Lease. The provisions of this Article shall survive the expiration or earlier termination of this Lease. 11.2. In the Term event of bankruptcy or other debtor-creditor proceedings against Tenant, the Security Deposit shall be deemed to be applied first to the payment of Rent and other charges due Landlord for all periods prior to the filing of such proceedings. 11.3. Landlord may deliver to any purchaser of Landlord's entire interest in the Premises the Security Deposit delivered hereunder by Tenant, and, upon such purchaser's agreement in writing to assume Landlord's obligations under this Lease and surrender of possession of with respect to the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such depositSecurity Deposit, Landlord shall have no obligation be discharged from any further liability with respect to pay such Security Deposit. This provision shall also apply to any subsequent transfers. 11.4. The Security Deposit, or the remaining balance thereof following Landlord's use, application or retention of the Security Deposit pursuant to Section 11.1, shall be returned to Tenant (or, at Landlord's option, to the last assignee of Tenant's interest on hereunder) within thirty (30) days after the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest under expiration or earlier termination of this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord to Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holder.

Appears in 1 contract

Sources: Lease (Macrogenics Inc)

Security Deposit. If Tenant has deposited with Landlord the amount indicated in the Special Lease Terms as a security deposit is specified in Section 1.1 hereof, Tenant agrees that the same will Security Deposit. Such sum shall be paid upon execution and delivery of this Lease, and that held by Landlord shall hold the same throughout the Term of this Lease as security for the faithful performance by Tenant of all obligations on the terms, covenants, and conditions of this Lease. If Tenant commits a Default, including, but not limited to, the provisions relating to the payment of rent, and such Default is not cured within any applicable cure period, Landlord may (but shall not be required to) use, apply or retain all or any part of this Security Deposit for the payment of any rental or any other sum in default, or for the payment of any amount that Landlord may spend or become obligated to spend by reason of Tenant’s Default, or to compensate Landlord for any other loss or damage that Landlord may suffer by reason of Tenant’s Default. If any portion of said Security Deposit is so used or applied, Tenant hereundershall within five (5) business days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount, and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall have the right not be required to keep this Security Deposit separate from time its general funds, and Tenant shall not be entitled to timeinterest on such deposit. The Security Deposit or any balance thereof after application as provided hereunder, without prejudice shall be returned to any other remedy Landlord may have on account thereofTenant (or, at Landlord’s option, to apply such deposit, or any part thereof, the last successor to LandlordTenant’s damages arising from, or to cure, any Event of Default. If Landlord shall so apply any or all of such deposit, Tenant shall immediately upon demand deposit with Landlord the amount so applied to be held as security interest hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms of this Section, to Tenant on ) within forty-five (45) days after the expiration or earlier termination of the Lease Term of this Lease and surrender of possession of (including the Premises by Tenant to Landlord at such timeExtended Term, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Defaultif applicable). While Landlord holds such depositIn the event of termination of Landlord’s interest in this Lease, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord transfer said deposit to Landlord’s granteesuccessor in interest and shall, and, if so turned over, within five (5) business days of such transfer provide Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderwritten notice thereof.

Appears in 1 contract

Sources: Lease Agreement (Skullcandy, Inc.)

Security Deposit. If a security deposit is specified in Section 1.1 hereof, Tenant agrees that Contemporaneously with the same will be paid upon execution and delivery of this Lease, and that Tenant shall pay to Landlord the Security Deposit, which shall hold the same throughout the Term be held by Landlord to secure Tenant’s performance of its obligations under this Lease Lease. The Security Deposit is not an advance payment of Rent or a measure or limit of Landlord’s damages upon an Event of Default (as security for the performance by Tenant of all obligations on the part of Tenant hereunderdefined herein). Landlord shall have the right may, from time to time, time following an Event of Default and without prejudice to any other remedy Landlord may have on account thereofremedy, use all or a part of the Security Deposit to apply perform any obligation Tenant fails to perform hereunder. Following any such deposit, or any part thereof, to Landlord’s damages arising from, or to cure, any Event application of Default. If Landlord shall so apply any or all of such depositthe Security Deposit, Tenant shall immediately upon pay to Landlord on demand deposit with Landlord the amount so applied in order to be held as security hereunderrestore the Security Deposit to its original amount. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms of this Section, to Tenant on the expiration or earlier termination of the Term of this Lease and surrender of possession of the Premises by Tenant to Landlord at such time, provided Provided that there is then existing no Event of Default (nor exists or any circumstance which, other condition exists which with the passage of time or time, the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord shall have no obligation shall, within 30 days after the expiration of the Term and Tenant’s surrender of the Premises in compliance with the provisions of this Lease, return to pay interest on Tenant the same and shall have portion of the right Security Deposit which was not applied to commingle the same satisfy Tenant’s obligations. The Security Deposit may be commingled with Landlord’s other funds, and no interest shall be paid thereon. If Landlord conveys transfers its interest in the Premises and the transferee assumes Landlord’s interest obligations under this Lease, then Landlord shall assign the depositSecurity Deposit to the transferee and, or any part thereof not previously applied, may be turned over by Landlord to provided the transferee assumes in writing all of the Landlord’s granteeobligations hereunder arising after such transfer, and, if so turned over, Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage Landlord thereafter shall not be responsible to Tenant have no further liability for the return or application of the Security Deposit. The rights and obligations of Landlord and Tenant under this Section 6 are subject to any such deposit, whether or not it succeeds other requirements and conditions imposed by Laws applicable to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderSecurity Deposit.

Appears in 1 contract

Sources: Lease Agreement (Cross Country Healthcare Inc)

Security Deposit. If a security deposit is specified 9.1. Tenant has deposited with Landlord the sum set forth in Section 1.1 hereof2.11 (the “Security Deposit”), Tenant agrees that the same will which sum shall be paid upon execution and delivery of this Lease, and that held by Landlord shall hold the same throughout the Term of this Lease as security for the faithful performance by Tenant of all obligations of the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the period commencing on the Effective Date and ending upon the expiration or termination of this Lease. If Tenant defaults with respect to any provision of this Lease, including, but not limited to, any provision relating to the payment of Rent, then Landlord may (but shall not be required to) use, apply or retain all or any part of the Security Deposit for the payment of any Rent or any other sum in default, or to compensate Landlord for any other loss or damage that Landlord may suffer by reason of Tenant’s default. If any portion of the Security Deposit is so used or applied, then Tenant hereundershall, within ten (10) days following demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount, and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall have not be required to keep this Security Deposit separate from its general fund, and Tenant shall not be entitled to interest on the right from time Security Deposit. 9.2. In the event of bankruptcy or other debtor-creditor proceedings against Tenant, the Security Deposit shall be deemed to time, without prejudice be applied first to the payment of Rent and other charges due Landlord for all periods prior to the filing of such proceedings. 9.3. Landlord may deliver to any other remedy purchaser of Landlord’s interest in the Premises the funds deposited hereunder by Tenant, and thereupon Landlord may have on account thereof, shall be discharged from any further liability with respect to apply such deposit. This provision shall also apply to any subsequent transfers. 9.4. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, then the Security Deposit, or any part balance thereof, shall be returned to Tenant (or, at Landlord’s damages arising from, or to cure, any Event of Default. If Landlord shall so apply any or all of such deposit, Tenant shall immediately upon demand deposit with Landlord the amount so applied to be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms of this Sectionoption, to Tenant on the last assignee of Tenant’s interest hereunder) within thirty (30) days after the expiration or earlier termination of the Term of this Lease and surrender of possession of the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord to Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holder.

Appears in 1 contract

Sources: Lease (CardioVascular BioTherapeutics, Inc.)

Security Deposit. If a 8.1. Pursuant to the Original Lease, Tenant has deposited with Landlord an amount equal to $1,911,855 as the security deposit is specified under the Original Lease (the “Original Lease Security Deposit”), and (a) from and after the Execution Date, Landlord shall continue to hold a portion of the Original Lease Security Deposit equal to $865,177.50 (the “Security Deposit”) in Section 1.1 hereof, Tenant agrees that accordance with the same will be paid upon execution terms and delivery conditions of this Section 8, (b) from and after the Execution Date, Landlord shall hold a portion of the Original Lease Security Deposit equal to $40,836.75 in accordance with the terms and conditions of Section 10 of the Parcel 3 Lease, and that (c) Landlord shall hold return the same throughout remaining portion of the Term of this Original Lease Security Deposit in an amount equal to $1,005,840.75 to Tenant 8.2. The Security Deposit shall be held by Landlord as security for the faithful performance by Tenant of all obligations of the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the period commencing on the Execution Date and ending upon the expiration or termination of this Lease. If Tenant defaults with respect to any provision of this Lease, including, but not limited to, any provision relating to the payment of Rent, then Landlord may (but shall not be required to) use, apply or retain all or any part of the Security Deposit for the payment of any Rent or any other sum in default, or to compensate Landlord for any other loss or damage that Landlord may suffer by reason of Tenant’s default. If any portion of the Security Deposit is so used or applied, then Tenant hereundershall, within twenty (20) days following demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount, and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall have the right not be required to keep this Security Deposit separate from time to timeits general fund, without prejudice to any other remedy Landlord may have on account thereof, to apply such deposit, or any part thereof, to Landlord’s damages arising from, or to cure, any Event of Default. If Landlord shall so apply any or all of such deposit, and Tenant shall immediately upon demand deposit with Landlord not be entitled to interest on the amount so applied to be held as security hereunderSecurity Deposit. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms The provisions of this Section, to Tenant on Article 8 shall survive the expiration or earlier termination of this Lease. 8.3. In the Term event of bankruptcy or other debtor-creditor proceedings against Tenant, the Security Deposit shall be deemed to be applied first to the payment of Rent and other charges due Landlord for all periods prior to the filing of such proceedings. 8.4. Landlord may deliver to any purchaser of Landlord’s interest in the Premises the funds deposited hereunder by Tenant, and thereupon Landlord shall be discharged from any further liability with respect to such deposit. This provision shall also apply to any subsequent transfers. 8.5. If Tenant is not then in Default under this Lease and surrender nor is any event then occurring which with the giving of possession of the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with notice or the passage of time or the giving of noticetime, or both, would constitute a Default hereunder, then the Security Deposit, or any balance thereof, shall be returned to Tenant (or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder) within thirty (30) days after the expiration or earlier termination of this Lease. 8.6. The Security Deposit may be in the form of cash, a letter of credit or any other security instrument acceptable to Landlord in its sole discretion. Tenant may at any time, except during Default, deliver a letter of credit (“L/C Security”) as the entire Security Deposit, as follows. 8.6.1 If Tenant elects to deliver L/C Security, then Tenant shall provide Landlord, and maintain in full force and effect throughout the Term, a letter of credit in substantially the form of Exhibit D issued by an Event issuer reasonably satisfactory to Landlord, in the amount of Default)the Security Deposit, with an initial term of at least one year. While If, at the Expiration Date, any Rent remains uncalculated or unpaid, then: (a) Landlord holds shall with reasonable diligence complete any necessary calculations; (b) Tenant shall extend the expiry date of such depositL/C Security from time to time as Landlord reasonably requires; and (c) in such extended period, Landlord shall have no obligation not unreasonably refuse to consent to an appropriate reduction of the L/C Security. Tenant shall reimburse Landlord’s legal costs (as estimated by Landlord’s counsel) in handling Landlord’s acceptance of L/C Security or its replacement or extension 8.6.2 If Tenant delivers to Landlord satisfactory L/C Security in place of the entire Security Deposit, Landlord shall promptly remit to Tenant any cash Security Deposit Landlord previously held. 8.6.3 Landlord may draw upon the L/C Security, and hold and apply the proceeds in the same manner and for the same purposes as the Security Deposit, if: (a) an uncured Default exists; (b) as of the date thirty (30) days before any L/C Security expires (even if such scheduled expiry date is after the Expiration Date) Tenant has not delivered to Landlord an amendment or replacement for such L/C Security, reasonably satisfactory to Landlord, extending the expiry date to the earlier of (i) six (6) months after the then-current Expiration Date or (ii) the date one year after the then-current expiry date of the L/C Security; (c) the L/C Security provides for automatic renewals, Landlord asks the issuer to confirm the current L/C Security expiry date, and the issuer fails to do so within ten (10) business days; (d) Tenant fails to pay interest on (when and as Landlord reasonably requires) any bank charges for Landlord’s transfer of the same and L/C Security; or (e) the issuer of the L/C Security ceases, or announces that it will cease, to maintain an office in the city where Landlord may present drafts under the L/C Security. This Section does not limit any other provisions of this Lease allowing Landlord to draw the L/C Security under specified circumstances. 8.6.4 Tenant shall have the right not seek to commingle the same enjoin, prevent, or otherwise interfere with Landlord’s other fundsdraw under L/C Security, even if it violates this Lease. Tenant acknowledges that the only effect of a wrongful draw would be to substitute a cash Security Deposit for L/C Security, causing Tenant no legally recognizable damage. Landlord shall hold the proceeds of any draw in the same manner and for the same purposes as a cash Security Deposit. In the event of a wrongful draw, the parties shall cooperate to allow Tenant to post replacement L/C Security simultaneously with the return to Tenant of the wrongfully drawn sums, and Landlord shall upon request confirm in writing to the issuer of the L/C Security that Landlord’s draw was erroneous. 8.6.5 If Landlord conveys transfers its interest in the Premises, then Tenant shall at Tenant’s expense, within ten (10) business days after receiving a request from Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord to Landlord’s grantee, deliver (and, if so turned overthe issuer requires, Tenant agrees Landlord shall consent to) an amendment to look solely the L/C Security naming Landlord’s grantee as substitute beneficiary; provided, however, in the event Landlord transfers its interest in the Premises more than once in a twelve (12) month period, Landlord shall pay any fee owed to such grantee for proper application of the deposit issuing bank in accordance connection with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such depositadditional transfer. If the required Security changes while L/C Security is in force, whether or not it succeeds then Tenant shall deliver (and, if the issuer requires, Landlord shall consent to) a corresponding amendment to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderL/C Security.

Appears in 1 contract

Sources: Lease Agreement (Illumina Inc)

Security Deposit. If a security deposit is specified in Section 1.1 hereof, Tenant agrees that the same will be paid upon Concurrently with Tenant's execution and delivery of this Lease, Tenant shall deposit with Landlord the additional sum of TWENTY FOUR THOUSAND NINE HUNDRED TWO & 00/100 Dollars $24,902.00) to be added to the Security Deposit held by Landlord under the terms of Section 6. of that certain Lease Agreement dated as of April 15, 1994 by and that between Wolf▇ ▇▇▇d Investments No. 3, Landlord, and Aspec Technology, Inc., Tenant. Such total Security Deposit shall therefore be a sum equal to the last month's Basic Rent vis. THIRTY SIX THOUSAND TWO HUNDRED FIFTY & 00/100 Dollars ($36,250.00). Said sum shall be held by Landlord shall hold the same throughout the Term of this Lease as security a Security Deposit for the full and faithful performance by Tenant of all obligations on of the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the term hereof. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rent and any of the monetary sums due hereunder, Landlord may (but shall not be required to) use, apply or retain all or any part of this Security Deposit for the payment of any rent in default, or for any amount which Landlord may spend by reason of Tenant's default, of to compensate Landlord for any other loss, damage, liability or expense which Landlord may suffer by reason of Tenant's default. If any portion of said Security Deposit is so used, applied or retained, then Tenant hereundershall, within ten (10) days after written demand therefor, deposit cash with Landlord in the amount sufficient to restore the Security Deposit to its original amount. Tenant's failure to do so shall be a material breach of this Lease. Landlord shall have the right not be required to keep this Security Deposit separate from time its general funds, and Tenant shall not be entitled to time, without prejudice to any other remedy Landlord may have interest on account thereof, to apply such deposit, or any part thereof, to Landlord’s damages arising from, or to cure, any Event of DefaultDeposit. If Landlord shall so apply any or all of such deposit, Tenant shall immediately upon demand deposit with Landlord the amount so applied to be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms of this Section, to Tenant on the expiration or earlier termination of the Term fully and faithfully performs and observes every provision of this Lease to be performed and surrender of possession of the Premises observed by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest under this LeaseTenant, the deposit, Security Deposit or any part then unused balance thereof not previously applied, may be turned over by Landlord to Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holder.shall

Appears in 1 contract

Sources: Lease Agreement (Aspec Technology Inc)

Security Deposit. If a 6.01 Tenant has deposited with Landlord the sum of $4,000,000.00 by Letter of Credit (as hereinafter defined) as security deposit for the faithful performance, observance and compliance with all of the terms, covenants and conditions of this lease on Tenant's part to perform, observe or comply with. In the event that Tenant defaults under any of the terms, covenants or conditions in this lease on Tenant's part to observe, perform or comply with (including, without limitation, the payment of any installment of fixed rent or any amount of additional rent), and fails to cure such default after the giving of any required notice and the expiration of any applicable cure period, then, to the extent required for the payment of any fixed rent, additional rent, or any other sums as to which Tenant is specified in default, or for any sum that Landlord may reasonably expend or may be required to expend by reason of any such default (including any damages or deficiency accrued before or after summary proceedings or other re-entry by Landlord), (a) Landlord may notify the Issuing Bank (as such term is defined in Section 1.1 6.03 hereof) and thereupon receive all of the monies represented by the said Letter of Credit and use, apply, or retain the whole or any part of such proceeds, or (b) in the event that Landlord is holding a cash security pursuant to Section 6.03 below, Landlord may use, apply, or retain the whole or any part of the cash security. In the event that Landlord applies or retains any portion or all of such cash security or proceeds of such Letter of Credit, or both, as the case may be, the amount not so used, applied or retained shall continue to be treated as Tenant's security deposit, and Tenant shall restore the amount so applied or retained within seven (7) days after Landlord's demand therefor, so that, at all times, the amount deposited shall be $4,000,000.00, subject to increase and/or reduction as hereinafter provided. On or before the Phase III Effective Date, the amount of the Letter of Credit shall be increased by $1,000,000.00 and on or before the Phase IV Effective Date, the Letter of Credit shall be increased by an additional $1,000,000.00. In the event that Tenant shall fully and faithfully comply with all of the material terms, provisions, covenants and conditions of this lease, that portion, if any, of the cash security or Letter of Credit, or both, as the case may be, not used, applied or retained shall be returned to Tenant within thirty (30) days after the Expiration Date and after delivery of possession of the entire Demised Premises to Landlord, in accordance with, and subject to, the applicable provisions of this lease. 6.02 To the extent that the security deposited under this Article is a cash security deposit, Landlord agrees to deposit same into an interest bearing account in a bank or savings and loan association to be selected, from time to time, by Landlord in its sole discretion. Landlord agrees, further to hold said security in such an account for the entire term of this lease, subject, however, to the terms of Section 6.01 above with respect to the use, application or retention of such security. To the extent permitted by law, Tenant agrees that the same will Landlord shall be paid entitled to receive and retain, as an administrative expense, a sum equal to one (1%) percent per annum upon execution and delivery of this Leasesuch security, and that Landlord shall hold the same throughout the Term of this Lease as security for the performance by Tenant of all obligations on the part of Tenant hereunder. Landlord shall have the right to withdraw such sum from time to time as Landlord shall determine in is sole discretion. The balance of the interest earned on such security shall, provided Tenant is not then in default under this lease, and to the extent that same shall not be used, applied or retained pursuant to the terms of Section 6.01 above, be paid to Tenant upon the request of Tenant, but not more than once during any calendar year of the term of this lease. Unless and until such interest shall be paid to Landlord and Tenant as herein provided, the same shall be held as a part of the security deposited by Tenant, subject to, and in accordance with, the terms of Section 6.01 above. Landlord shall not be required to credit any security with the interest for any period during which Landlord does not receive interest thereon. (a) Any letter of credit (the "LETTER OF Credit") to be delivered as security under this Article shall be a clean, irrevocable and unconditional letter of credit issued by and drawn upon a commercial bank (hereinafter referred to as the "ISSUING BANK") with offices for banking purposes in the City of New York which is a member of the New York Clearinghouse Association (or any successor thereto) or which is approved by Landlord, which Letter of Credit shall have a term of not less than one year, be in form and content satisfactory to Landlord, be for the account of Landlord and be in the amount of $4,000,000.00, subject to the increase in such amount as provided in Section 6.01 hereof or the reduction in such amount as provided in Sections 6.07 - 6.10 hereof. The Letter of Credit shall provide that: (i) The Issuing Bank shall pay to Landlord or its duly authorized representative an amount up to the face amount of the Letter of Credit upon presentation of only the Letter of Credit and a sight draft in the amount to be drawn; (ii) The Letter of Credit shall be deemed to be automatically renewed, without amendment, for consecutive periods of one year each, unless the Issuing Bank sends written notice (hereinafter called the "NON-RENEWAL NOTICE") to Landlord by certified or registered mail, return receipt requested, not less than thirty (30) days next preceding the then expiration date of the Letter of Credit, that it elects not to have such Letter of Credit renewed; and (iii) The Letter of Credit shall be transferable by the beneficiary thereof, without charge to the beneficiary, and that any failure to pay the transfer charges shall not affect the beneficiary's ability to transfer the Letter of Credit; the Letter of Credit may be transferred as aforesaid from time to time, without prejudice by the then beneficiary under the Letter of Credit; to any other remedy Landlord may effectuate a transfer under the Letter of Credit, the beneficiary must notify the Issuing Bank in a writing signed by an authorized signatory of beneficiary, of the name and address of the transferee and of the effective date of the transfer; and upon the Issuing Bank's receipt of such writing, the Issuing Bank will issue an amendment to the Letter Credit that changes the name and address of the beneficiary hereof and shall deliver the original of such amendment to the new beneficiary/transferee and a copy thereof to the prior beneficiary/transferor. (b) Landlord, after its receipt of the Non-Renewal Notice, shall have on account thereofthe right, exercisable by a sight draft only, to apply such depositreceive the moneys represented by the Letter of Credit, or any part thereof, to Landlord’s damages arising from, or to cure, any Event of Default. If Landlord which moneys shall so apply any or all of such deposit, Tenant shall immediately upon demand deposit with Landlord the amount so applied to be held by Landlord as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with a cash deposit pursuant to the terms of this Section, to Tenant on Article pending the expiration replacement of such Letter of Credit. 6.04 In the event of a sale or earlier termination transfer of the Term of this Lease and surrender of possession Land or the Building, or the then Landlord's interest in the Land or the Building, or a leasing by the then Landlord of the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time Land or the giving Building or of noticeLandlord's interest therein, Landlord shall, at no cost or expense to Landlord, transfer or assign such cash security or Letter of Credit, or both, would constitute an Event as the case may be, to the vendee, transferee or lessee, and Landlord shall notify Tenant, by certified mail, return receipt requested, of Default). While Landlord holds such depositsale, transfer or lease, together with the name and address of such vendee, transferee or lessee, and, in accordance with Section 7-105 of the New York General Obligations Law, Landlord shall have no obligation to pay interest on thereupon be released by Tenant from all liability for the same and shall have the right to commingle the same with Landlord’s other fundsreturn of such cash security or Letter of Credit. If Landlord conveys Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord to Landlord’s grantee, and, if so turned overIn such event, Tenant agrees to look solely to the new Landlord for the return of said cash security or Letter of Credit. It is agreed that the provisions hereof shall apply to every transfer or assignment made of said cash security or Letter of Credit to a new Landlord. In connection with the foregoing, Tenant, at no cost to Landlord, shall reasonably cooperate with Landlord and such grantee for proper application vendee, transferee or lessee in connection with the transfer or assignment of such security or Letter of Credit, including, without limitation, executing and delivering, within ten (10) days after demand therefor, any and all instruments, certificates, agreements or other documents that Landlord, such vendee, transferee or lessee, the deposit bank with which such security is deposited or the Issuing Bank may require. 6.05 Tenant covenants that it will not assign or encumber, or attempt to assign or encumber, such cash security or Letter of Credit, and that neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment, or attempted encumbrance. 6.06 In the event that at any time during the term of this lease Landlord, in Landlord's reasonable opinion, believes that circumstances have occurred indicating that the Issuing Bank may be incapable of, unable to, or prohibited from honoring the then existing Letter of Credit (hereinafter referred to as the "EXISTING L/C") in accordance with the terms thereof, then, upon the happening of either of the foregoing, Landlord may send written notice to Tenant (hereinafter referred to as the "REPLACEMENT NOTICE") requiring Tenant within forty-five (45) days to replace the Existing L/C with a new letter of credit (hereinafter referred to as the "REPLACEMENT L/C") from an Issuing Bank meeting the qualifications described in Section 6.03. Upon receipt of a Replacement L/C meeting the qualifications of Section 6.03, Landlord shall forthwith return the Existing L/C to Tenant. In the event that (a) a Replacement L/C meeting the qualifications of Section 6.03 is not received by Landlord within the time specified or (b) Landlord reasonably believes an emergency exists, then in either event, the Existing L/C may be presented for payment by Landlord and the proceeds thereof shall be held by Landlord in accordance with Sections 6.01 and 6.02 subject, however, to Tenant's right, at any time thereafter prior to a Tenant's default hereunder, to replace such cash security with a new letter of credit meeting the qualifications of Section 6.03. 6.07 Tenant may, at any time after the four (4) year period commencing on the Rent Commencement Date, request Landlord to reduce the amount of the security deposit being held by Landlord under this SectionArticle to $5,000,000.00, in which event, provided that at the time of such request (a) this lease is in full force and effect, (b) Tenant has paid the fixed rent and additional rent for such period, (c) no Event of Default then exists, (d) no Event of Default occurred during the one (1) year period ending on the date that Tenant makes such request, and (e) the amount of security then being held by Landlord under this Article is at least $6,000,000.00, Landlord shall either return thereof to Tenant from the security deposit being held by Landlord under this Article the difference between the amount of the security deposit being so held by Landlord and $5,000,000.00, or, if such security is in accordance herewith. The holder the form of a mortgage Letter of Credit, Landlord shall consent in writing to, and, at no cost to Landlord, (A) accept from the Issuing Bank, an amendment to the Letter of Credit which reduces the amount thereof to $5,000,000.00 but which does not be responsible otherwise amend or modify same, and (B) if requested by the Issuing Bank, execute and deliver to the Issuing Bank such instruments required by the Issuing Bank to effectuate such reduction; or accept from the Issuing Bank a replacement Letter of Credit in the amount of $5,000,000.00, but which is otherwise substantially identical to the Letter of Credit then on deposit with Landlord, Landlord agreeing that upon its receipt of said replacement Letter of Credit it shall return the Letter of Credit then on deposit with Landlord to Tenant for the return or application of any such deposit, whether or not it succeeds to the position Issuing Bank. 6.08 Tenant may, at any time after the five (5) year period commencing on the Rent Commencement Date, request Landlord to reduce further the amount of the security deposit being held by Landlord hereunderunder this Article to $4,000,000.00, unless in which event, provided that at the time of such request (a) this lease is in full force and effect, (b) Tenant has paid the fixed rent and additional rent for such period, (c) no Event of Default then exists, (d) no Event of Default occurred during the one (1) year period ending on the date that Tenant makes such request, and (e) the amount of security then being held by Landlord under this Article is at least $5,000,000.00, Landlord shall either return to Tenant from the security deposit being held by Landlord under this Article the difference between the amount of the security deposit being so held by Landlord and $4,000,000.00, or, if such security is in the form of a Letter of Credit, Landlord shall have been received consent in hand writing to, and, at no cost to Landlord, (A) accept from the Issuing Bank, an amendment to the Letter of Credit which reduces the amount thereof to $4,000,000.00 but which does not otherwise amend or modify same, and (B) if requested by the Issuing Bank, execute and deliver to the Issuing Bank such holderinstruments required by the Issuing Bank to effectuate such reduction; or accept from the Issuing Bank a replacement Letter of Credit in the amount of $4,000,000.00, but which is otherwise substantially identical to the Letter of Credit then on deposit with Landlord, Landlord agreeing that upon its receipt of said replacement Letter of Credit it shall return the Letter of Credit then on deposit with Landlord to Tenant or to the Issuing Bank. 6.09 Tenant may, at any time after the six (6) year period commencing on the Rent Commencement Date, request Landlord to reduce further the amount of the security deposit being held by Landlord under this Article to $3,000,000.00, in which event, provided that at the time of such request (a) this lease is in full force and effect, (b) Tenant has paid the fixed rent and additional rent for such period, (c) no Event of Default then exists, (d) no Event of Default occurred during the one (1) year period ending on the date that Tenant makes such request, and (e) the amount of security then being held by Landlord under this Article is at least $4,000,000.00, Landlord shall either return to Tenant from the security deposit being held by Landlord under this Article the difference between the amount of the security deposit being so held by Landlord and $3,000,000.00, or, if such security is in the form of a Letter of Credit, Landlord shall consent in writing to, and, at no cost to Landlord, (A) accept from the Issuing Bank, an amendment to the Letter of Credit which reduces the amount thereof to $3,000,000.00 but which does not otherwise amend or modify same, and (B) if requested by the Issuing Bank, execute and deliver to the Issuing Bank such instruments required by the Issuing Bank to effectuate such reduction; or accept from the Issuing Bank a replacement Letter of Credit in the amount of $3,000,000.00, but which is otherwise substantially identical to the Letter of Credit then on deposit with Landlord, Landlord agreeing that upon its receipt of said replacement Letter of Credit it shall return the Letter of Credit then on deposit with Landlord to Tenant or to the Issuing Bank. 6.10 Tenant may, at any time after the seven (7) year period commencing on the Rent Commencement Date, request Landlord to reduce further the amount of the security deposit being held by Landlord under this Article to $2,000,000.00, in which event, provided that at the time of such request (a) this lease is in full force and effect, (b) Tenant has paid the fixed rent and additional rent for such period, (c) no Event of Default then exists, (d) no Event of Default occurred during the one (1) year period ending on the date that Tenant makes such request, and (e) the amount of security then being held by Landlord under this Article is at least $3,000,000.00, Landlord shall either return to Tenant from the security deposit being held by Landlord under this Article the difference between the amount of the security deposit being so held by Landlord and $2,000,000.00, or, if such security is in the form of a Letter of Credit, Landlord shall consent in writing to, and, at no cost to Landlord, (A) accept from t

Appears in 1 contract

Sources: Lease Agreement (About Com Inc)

Security Deposit. If a security deposit is specified in Section 1.1 hereof, Tenant agrees that the same will be paid upon Upon execution and delivery of this Lease, and that Tenant shall deposit with Landlord shall hold the same throughout sum of $23,326.00, hereinafter referred to as "the Term of this Lease as security for Security Deposit," to secure the faithful performance by Tenant of all obligations each term, covenant, and condition of this Lease. If Tenant shall at any time fail to make any payment or fail to keep or perform any term, covenant, and condition on its part to be made or performed or kept under this Lease, Landlord may, but shall not be obligated to and without waiving or releasing Tenant from any obligation under this Lease, use, apply or retain the whole or any part of the Security Deposit (i) to the extent of any sum due to Landlord; or (ii) to make any required payment on Tenant's behalf; or (iii) to compensate Landlord for any loss, damage, attorneys' fees, or expense sustained by Landlord due to Tenant's default. In such event, Tenant hereundershall, within five (5) days of written demand by Landlord, remit to Landlord sufficient funds to restore the Security Deposit to its original sum; Tenant's failure to do so shall be a material breach of this Lease. Landlord shall have not be required to keep the right Security Deposit separate from time its general funds, and Tenant shall not be entitled to time, without prejudice to any other remedy Landlord may have interest on account thereof, to apply such deposit, or any part thereof, to Landlord’s damages arising from, or to cure, any Event of Default. If Landlord shall so apply any or Should Tenant comply with all of such depositthe terms, Tenant shall immediately upon demand deposit with Landlord the amount so applied to be held as security hereunder. Landlord shall return the depositcovenants, or so much thereof as shall not have theretofore been applied in accordance with the terms of this Section, to Tenant on the expiration or earlier termination of the Term and conditions of this Lease and surrender at the end of possession the term of this Lease leave the Premises in the condition required by this Lease, then the Security Deposit, less any sums owing to Landlord, shall be returned to Tenant (or, at Landlord's option, to the last assignee of Tenant's interests hereunder) within thirty (30) days after the termination of this Lease and vacancy of the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord to Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderTenant.

Appears in 1 contract

Sources: Lease (Labtec Inc /Ma)

Security Deposit. If a security deposit is specified in Section 1.1 hereof, Tenant agrees that (a) On or before the same will be paid upon execution and delivery of this Lease, to pay to the Landlord the Security Deposit in the amount as mentioned in item 10 of Schedule 1 being a sum equivalent to the aggregate of three (3) months’ Rent and three (3) months’ Service Charge, which Security Deposit shall be maintained at that amount during the Term (b) The Security Deposit shall be held by the Landlord shall hold the same throughout the Term of this Lease as security for the due performance and observance by the Tenant of all obligations on the part covenants and provisions contained in this Lease and subject to any deductions to be made by the Landlord pursuant to the provisions of this Lease, shall be repaid to the Tenant hereunder. without interest after the expiration of the Term. (c) If the Tenant shall commit a breach of any of the provisions of this Lease, the Landlord shall have be entitled but not obliged to apply the right Security Deposit or any part thereof in or towards payment of moneys outstanding or making good any breach by the Tenant or to deduct from time the Security Deposit the loss or expense to time, the Landlord occasioned by such breach but without prejudice to any other remedy which the Landlord may have on account thereofbe entitled. If any part of the Security Deposit shall be applied by the Landlord in (d) If from time to time during the Term, the Rent or Service Charge is increased, the Security Deposit paid by the Tenant to apply such depositthe Landlord shall likewise be increased and the difference shall be paid within fourteen (14) days of the Landlord’s notice requiring payment. (e) During the continuance of this Lease, the Tenant shall not be entitled in any manner to use the Security Deposit or any part thereof to set off against the Rent, Service Charge or any part thereof, to Landlord’s damages arising from, or to cure, any Event of Default. If Landlord shall so apply any or all of such deposit, Tenant shall immediately upon demand deposit with Landlord the amount so applied to be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms of this Section, to Tenant on the expiration or earlier termination of the Term of this Lease and surrender of possession of the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord to Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holder.

Appears in 1 contract

Sources: Lease Agreement (Lyc Healthcare (Cayman) LTD)

Security Deposit. If a security deposit is specified in Section 1.1 hereof, Tenant agrees that the same will be paid 9.1 Promptly upon execution and delivery of this Lease, and that Tenant shall deposit with Landlord the sum set forth in Section 2.1.6, which sum shall hold the same throughout the Term of this Lease be held by Landlord as security for the faithful performance by Tenant of all obligations on of the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the term and any extension term hereof. If Tenant defaults with respect to any provision of this Lease, including but not limited to any provision relating to the payment of Rent, and subject to any notice requirements and cure periods for Tenant's benefit set forth in Article 24, Landlord may (but shall not be required to) use, apply or retain all or any part of such security deposit for the payment of any Rent or any other sum in default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant hereundershall, upon demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit to its original amount and Tenant's failure to do so shall be a material default of this Lease. Landlord shall have not be required to keep this security deposit separate from its general fund, and Tenant shall not be entitled to interest on such deposit. 9.2 In the right from time event of bankruptcy or other debtor-creditor proceeding against Tenant, such security deposit shall be deemed to time, without prejudice be applied first to the payment of Rent and other charges due Landlord for all periods prior to the filing of such proceedings. 9.3 Landlord may deliver the funds deposited hereunder by Tenant to any other remedy purchaser of Landlord's interest in the Premises and thereupon Landlord may have on account thereofshall be discharged from any further liability with respect thereto. This provisions shall also apply to any subsequent transfers. 9.4 So long as Tenant is not in material default as of the Term Commencement Date, to apply such the security deposit, or any part balance thereof, to Landlord’s damages arising from, or to cure, any Event of Default. If Landlord shall so apply any or all of such deposit, Tenant shall immediately upon demand deposit with Landlord the amount so applied to be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms of this Section, returned to Tenant on the expiration or earlier termination of upon the Term of this Lease and surrender of possession of the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord to Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderCommencement Date.

Appears in 1 contract

Sources: Sublease (Brocade Communications Systems Inc)

Security Deposit. If a security deposit is specified in Section 1.1 hereof39.1 Upon the Commencement Date, Tenant agrees that shall deposit with Landlord the same will sum of Fifty-Nine Thousand Fifteen 00/100 60 Dollars ($59,015.00)* as security for the faithful performance and observance by Tenant of the terms, provisions and conditions of this Lease. Said sum shall be deposited in an interest bearing account, and the interest shall be paid upon execution annually to Tenant, provided that Tenant is not in material default hereunder beyond any applicable notice and delivery grace periods. It is agreed that in the event Tenant defaults beyond applicable grace periods in respect of any of the terms, provisions and conditions of this Lease, including, but not limited to, payment of fixed annual rent and that Landlord shall hold the same throughout the Term of this Lease as security for the performance by Tenant of all obligations on the part of Tenant hereunder. Landlord shall have the right from time to timeadditional rent, without prejudice to any other remedy Landlord may have on account thereofuse, to apply such deposit, or retain the whole or any part thereofof the security so deposited to the extent required for the payment of any rent and additional rent or any other sum as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default in respect of any of the terms, to Landlord’s damages arising fromcovenants and conditions of this Lease, or to cureincluding but not limited to, any Event damages or deficiency in the reletting of Defaultthe demised premises, whether such damages or deficiency accrued before or after summary proceedings or other re-entry by Landlord. If Landlord In the event that Tenant shall so apply any or fully and faithfully comply with all of such depositthe terms, Tenant shall immediately upon demand deposit with Landlord the amount so applied to be held as security hereunder. Landlord shall return the depositprovisions, or so much thereof as shall not have theretofore been applied in accordance with the terms covenants and conditions of this Section, to Tenant on the expiration or earlier termination of the Term of this Lease and surrender of possession of the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may security shall be turned over by Landlord returned to Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application of at the deposit in accordance with the terms expiration of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderLease.

Appears in 1 contract

Sources: Lease Agreement (Interliant Inc)

Security Deposit. If Tena▇▇ ▇▇▇ees to deposit with Land▇▇▇▇ ▇▇▇ultaneously with the execution of this Lease by Landlord a security deposit is specified (the "Security Deposit") securing Tena▇▇'▇ ▇aithful performance of all the terms, covenants and conditions hereunder in the amount set forth in Item 6 of the Fundamental Lease Provisions. In the event of any default ("Default") described in Section 1.1 hereof11.1, Tenant agrees that the same will be paid upon execution and delivery of this Lease, and that Landlord shall hold the same throughout the Term of this Lease as security for the performance by Tenant of all obligations on the part of Tenant hereunder. Landlord shall have the right may from time to time, without prejudice any obligation to any other remedy Landlord may have on account thereofdo so, to use, apply such deposit, or retain all or any part thereofof the Security Deposit for the payment of any Rent or any other sum in Default, or for the payment of any amount which Landlord may spend or become obligated to Landlord’s damages arising fromspend by reason of Tenant's Default, or to cure, compensate Landlord for any Event loss or damage which Landlord may suffer by reason of Tenant's Default. If Landlord shall any portion of the Security Deposit is so apply any used or all of such depositapplied Tenant shall, Tenant shall immediately upon within five days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the amount Security Deposit to its original amount; Tenant's failure to do so applied to shall be held as security hereundera Default under this Lease. Landlord shall return not be required to keep the depositSecurity Deposit separate from its general funds, or so much thereof as and Tenant shall not have theretofore been applied in accordance with the terms of this Section, be entitled to interest on such deposit. If Tenant on the expiration or earlier termination of the Term shall fully and faithfully perform every provision of this Lease and surrender to be performed by it, the Security Deposit or any remaining balance thereof, shall be returned to Tenant (or, at Landlord's option, to the last assignee of possession Tena▇▇'▇ ▇nterest hereunder) within 10 days following expiration of the Premises by Tenant to Landlord at such time, provided that there is then existing no Event Term. In the event of Default (nor any circumstance which, with the passage termination of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such depositLand▇▇▇▇'▇ ▇nterest in this Lease, Landlord shall have no obligation to pay interest on transfer the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by Landlord Security Deposit to Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application of the deposit 's successor in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holderinterest.

Appears in 1 contract

Sources: Consent to Sublease (Universal Electronics Inc)