Security Deposit. The tenant agrees to pay the Landlord a deposit of . It is agreed between the Tenant and the Landlord that interest on the deposit shall be compounded annually and be paid to the Tenant at the termination of tenancy in accordance with current statutory requirements. At the time of the signing of this agreement, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for: (a) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear) (b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession of the premises in such condition that the premises require cleaning; (c) payment of rent or other fees owing to the Landlord by the Tenant upon the termination of this Lease and; (d) the discharge of any other obligations or liabilities of the Tenant to the Landlord (e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenants.
Appears in 3 contracts
Sources: Lease Agreement, Lease Agreement, Lease Agreement
Security Deposit. The tenant agrees to pay the Tenant will provide Landlord a security deposit through a local bank guarantee, letter of credit or cash deposit, equivalent to the amount of thirty thousand three hundred and fifteen dollars (US$ 30,544.13), an amount equivalent to one (1) month's rent at the moment of execution of this Lease Agreement. It After the Cold Shell Building is agreed Substantially Completed, or, in the event the Improvements CMA is executed between the Tenant and Landlord, after the Cold Shell Building Improvements are Substantially Completed, Tenant will provide Landlord that interest on the security deposit mentioned above in cash if such security deposit was provided to Landlord through a local bank guarantee at the execution of this Lease Agreement. Such security deposit shall serve as security for this Lease Agreement, and such amount shall be compounded annually retained by Landlord as a security deposit for the purposes described in this Agreement (the "Deposit"). The Deposit shall serve as a guarantee to cover the payment of outstanding services, repairs and be paid any other obligation derived from this Agreement and contractually or legally owed by Tenant, to the Tenant at the termination of tenancy in accordance with current statutory requirements. At the time of the signing of this agreement, the interest rate paid on security deposits is 0%Landlord's satisfaction. The Landlord may deduct from shall have the security deposit any amounts that right, but not the obligation, to use the Deposit to settle due outstanding rent payments. Tenant authorizes Landlord to use the Deposit to cover the expenses of obtaining construction permits for additional construction works requested by Tenant, provided such permits are not included in either the Rent or the Service or Condominium Fee. If all or part of the Deposit were used by the Landlord seems necessary for any of the aforementioned items, the Tenant shall have an obligation to provide for:
reinstate the used amount within five (a5) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause calendar days following notice of its use by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpetsLandlord, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession unless such use is made upon termination of the premises lease, in such condition that which case the premises require cleaning;
(c) payment of rent or other fees owing to the Landlord by the Tenant upon the termination of this Lease and;
(d) the discharge of any other obligations or liabilities of the Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may remnant, if any, shall be paid returned by the Landlord to the Tenant in the thirty (30) calendar days following the date on which this Agreement is terminated, provided Tenant presented evidence satisfactory to the Landlord, that all utilities bills corresponding to the Tenant are fully paid. The Deposit shall not bear any interest for the benefit of the tenants or Tenant. The security deposit shall be properly deposited in Landlords bank account in order to all names shown by have this Lease Agreement effective. Upon termination of the tenantsLease, Landlord will withhold from the Security Deposit any unpaid obligations of Tenant to Landlord under the Lease Agreement, including utilities, and refund to Tenant the balance of the Security Deposit within sixty (60) days, subject to the conditions provided above.
Appears in 3 contracts
Sources: Lease Agreement (Establishment Labs Holdings Inc.), Lease Agreement (Establishment Labs Holdings Inc.), Lease Agreement (Establishment Labs Holdings Inc.)
Security Deposit. Contemporaneously with the execution of this Lease, Tenant shall pay to Landlord the Security Deposit, which shall be held by Landlord to secure Tenant’s performance of its obligations under this Lease. The tenant agrees Security Deposit is not an advance payment of Rent or a measure or limit of Landlord’s damages upon an Event of Default (as defined herein). Landlord may, from time to time following an Event of Default and without prejudice to any other remedy, use all or a part of the Security Deposit to perform any obligation Tenant fails to perform hereunder. Following any such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied in order to restore the Security Deposit to its original amount. Provided that Tenant has performed all of its obligations hereunder, Landlord shall, within 60 days after the expiration of the Term and Tenant’s surrender of the Premises in compliance with the provisions of this Lease, return to Tenant the portion of the Security Deposit which was not applied to satisfy Tenant’s obligations. Notwithstanding the preceding sentence and to the extent permitted by applicable Law, Landlord may retain that portion of the Security Deposit which Landlord reasonably estimates is necessary to pay all amounts payable by Tenant under this Lease (including all reconciliation amounts payable by Tenant for the Landlord a deposit of . It is agreed between year in which the Tenant and Term expires) until such time after the Landlord that interest on the deposit shall be compounded annually and be paid to the Tenant at the termination of tenancy in accordance with current statutory requirements. At the time expiration of the signing of Term that Landlord is actually able to reconcile and confirm such amounts payable by Tenant under this agreement, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause paid in full by the Tenant (any damage or residual odor left by pets; ▇e.g., Landlord cannot reconcile and confirm Tenant has paid Tenant’s Proportionate Share of Taxes for the calendar year in which the Term expires if Landlord has not received a Tax ▇▇▇▇ and other marks on carpetsfrom all applicable taxing authorities at the time of such expiration); provided, furnishings and walls however, the portion of the Security Deposit retained by Landlord pursuant to the foregoing shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession exceed 50% of the premises total Security Deposit required by this Lease. The Security Deposit may be commingled with other funds, and no interest shall be paid thereon. If Landlord transfers its interest in such condition that the premises require cleaning;
(c) payment of rent or other fees owing Premises and the transferee assumes Landlord’s obligations under this Lease, then Landlord may assign the Security Deposit to the transferee and Landlord by thereafter shall have no further liability for the return of the Security Deposit. The rights and obligations of Landlord and Tenant upon the termination of under this Lease and;
(d) the discharge of Section 6 are subject to any other obligations or liabilities of the Tenant requirements and conditions imposed by Laws applicable to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsSecurity Deposit.
Appears in 3 contracts
Sources: Lease Agreement (Veracyte, Inc.), Lease Agreement (Veracyte, Inc.), Lease Agreement (Veracyte, Inc.)
Security Deposit. The tenant agrees to pay the Landlord a deposit of . It is agreed between the Tenant and the Landlord that interest on the deposit shall be compounded annually and be paid to the Tenant at the termination of tenancy in accordance with current statutory requirements. At the time of the signing Upon execution of this agreementLease, Tenant shall pay to Landlord the interest rate paid on Security Deposit specified in Paragraph 2.d. above as security deposits is 0%. The Landlord may deduct from the security deposit any amounts for Tenant’s performance of all of Tenant’s covenants and obligations under this Lease; provided, however, that the Landlord seems necessary to provide for:
(a) repairing any damage Security Deposit is not an advance rent deposit or loss to the premises, fixtures, furniture, appliances and an advance payment of any other items leased pursuant to the Lease which kind, nor a measure of Landlord’s damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls upon Tenant’s default. Landlord shall not be considered normal wear required to segregate the Security Deposit from its other funds and tear)
no interest shall accrue or be payable to Tenant with respect thereto. Landlord may (bbut shall not be required to) cleaning use the premises and Security Deposit or any property rented with itportion thereof to cure any Event of Default or to compensate Landlord for any damage Landlord incurs as a result of Tenant’s failure to perform any of its covenants or obligations hereunder, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession it being understood that any use of the premises in Security Deposit shall not constitute a bar or defense to any of Landlord’s remedies under this Lease or at law. In such condition that event and upon written notice from Landlord to Tenant specifying the premises require cleaning;
(c) payment amount of rent or other fees owing the Security Deposit so utilized by Landlord and the particular purpose for which such amount was applied, Tenant shall immediately deposit with Landlord an amount sufficient to return the Security Deposit to the amount specified in Paragraph 2.d. Tenant’s failure to make such payment to Landlord within five (5) days of Landlord’s notice shall constitute an Event of Default. Within thirty (30) days after the expiration or termination of this Lease, Landlord shall return to Tenant the Security Deposit or the balance thereof then held by Landlord after application of the Security Deposit as permitted hereunder; provided, however, that in no event shall any such return be construed as an admission by Landlord that Tenant upon has performed all of its covenants and obligations hereunder. No holder of a Superior Interest (as defined in Paragraph 21 below), nor any purchaser at any judicial or private foreclosure sale of the Real Property or any portion thereof, shall be responsible to Tenant for the Security Deposit unless and only to the extent such holder or purchaser shall have actually received the same. Tenant hereby unconditionally and irrevocably waives the benefits and protections of California Civil Code Section 1950.7, and, without limitation of the scope of such waiver, acknowledges that Landlord may use all or any part of the Security Deposit to compensate Landlord for damages resulting from termination of this Lease and;
and the tenancy created hereunder (d) the discharge of any other obligations or liabilities of the Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or including, without limitation, damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsrecoverable under California Civil Code Section 1951.2).
Appears in 3 contracts
Sources: Office Lease (Marin Software Inc), Office Lease (Marin Software Inc), Office Lease (Marin Software Inc)
Security Deposit. The tenant agrees parties have agreed that [*] ---------------- Security Deposit will be required of Tenant at the outset of this Lease. However, if Tenant is late in paying monthly rentals in two (2) consecutive months, or if Tenant is late paying monthly rentals three (3) or more times in a twelve (12) month period, then Landlord reserves the right at such time to demand (in writing) that a Security Deposit in the amount of [*] the average monthly rental payments be deposited with Landlord and retained for the remainder of the Lease Term. Tenant hereby grants to Landlord a security interest in the Security Deposit. Landlord shall have, and Landlord expressly retains and reserves, all rights of setoff, recoupment, and similar remedies available to Landlord under applicable laws or in equity. Landlord may commingle the Security Deposit with its other funds and shall receive and hold the Security Deposit without liability for interest. Upon default by Tenant, Landlord may from time to time, and without prejudice to any other remedy, use the Security Deposit to the extent necessary to make good any arrears of Rent or other sums then due from Tenant to Landlord or to pay the Landlord cost of any damage, injury, expense, or liability caused by any default by Tenant under this Lease. After any such application of any portion of the Security Deposit, Tenant shall pay to Landlord, immediately upon demand, the amount so applied so as to restore the Security Deposit to its original amount; and such amount shall then be deemed to be part of the Security Deposit. Tenant's failure to restore the Security Deposit may, at Landlord's sole option, constitute a deposit default under this Lease. If Tenant is not in default under this Lease and after application of . It is agreed between the Tenant and the Landlord that interest on the deposit shall be compounded annually and be paid Security Deposit to the Tenant at the termination repair of tenancy in accordance with current statutory requirements. At the time of the signing of this agreement, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss injury to the premisesProject caused by Tenant or by any Tenant Related Party, fixtures, furniture, appliances and any other items leased pursuant remaining balance of the Security Deposit held by Landlord shall be returned by Landlord to Tenant within a reasonable period of time after the Lease which damages may have been cause by the Tenant (any damage expiration or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls termination of this Lease. The Security Deposit shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession of the premises in such condition that the premises require cleaning;
(c) an advance payment of rent rental or other fees owing to the Landlord a measure of Landlord's damages resulting from a default by the Tenant upon the termination of this Lease and;
(d) the discharge of any other obligations or liabilities of the Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsTenant.
Appears in 3 contracts
Sources: Lease Agreement (Equinix Inc), Lease Agreement (Equinix Inc), Lease Agreement (Equinix Inc)
Security Deposit. The tenant agrees to pay the Landlord a deposit of . It is agreed between the Tenant and the Landlord that interest on the deposit Security Deposit shall be compounded annually and be paid deposited with Landlord by Tenant contemporaneously with the delivery by Tenant to the Tenant at the termination of tenancy in accordance with current statutory requirements. At the time of the signing Landlord of this agreement, the interest rate paid on security deposits is 0%Lease. The Landlord may deduct from Security Deposit shall be held by Landlord, without liability for interest, as security for the security deposit any amounts performance by Tenant of Tenant’s covenants and obligations under this Lease, it being expressly understood that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls Security Deposit shall not be considered normal wear and tear)
(b) cleaning an advance payment of Rent or a measure of Tenant’s liability for damages in case of default by Tenant. Landlord may, from time to time, without prejudice to any other remedy, use the premises and Security Deposit to the extent necessary to make good any property rented with it, (including but not limited arrearages of Rent or to professional cleaning satisfy any other covenant or obligation of carpet and drapery) if Tenant hereunder following the Tenant gives up possession expiration of any applicable cure periods. Following any such application of the premises Security Deposit, Tenant shall pay to Landlord on demand the amount so applied in such condition that order to restore the premises require cleaning;
(c) payment of rent or other fees owing Security Deposit to the amount required hereunder, from time to time. If Landlord by transfers its interest in the Tenant upon Complex during the termination term of this Lease and;
(d) Lease, Landlord may assign the discharge Security Deposit to the transferee and upon assumption by such transferee of liability for the Security Deposit, Landlord shall have no further liability for the return of such Security Deposit. Upon application of all or any other obligations or liabilities part of the Security Deposit, Tenant must upon demand restore the Security Deposit to the Landlord
(e) recovery amount required hereunder, from time to time. No application of lost revenue the Security Deposit by Landlord will be deemed to have cured Tenant’s default. Tenant waives all provisions of Laws, now or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for hereinafter in force, which restrict the amount or types of claim that a landlord may make upon a security deposit or imposes upon a landlord (or its successors) any damages obligation with respect to the handling or cleaning costs in excess return of security deposits. The Security Deposit will be released to Tenant within thirty (30) days of the deposit. It is further agreed and understood that surrender of the Tenant cannot apply the security deposit against Premises to Landlord subject to any rent owing deductions made by Landlord pursuant to the Landlord during the tenancyterms of this Lease. The Tenant agrees that any security deposit refundable Notwithstanding anything to the contrary contained herein, Tenant may be paid by shall provide the Landlord to any Security Deposit in the form of the tenants or to all names shown by the tenantsa Letter of Credit in accordance with Exhibit “M” attached hereto.
Appears in 3 contracts
Sources: Office Lease Agreement, Office Lease Agreement (Aptinyx Inc.), Office Lease Agreement (Aptinyx Inc.)
Security Deposit. The tenant agrees to pay To the extent that the unapplied amount of the security deposit held by Existing Landlord a under the Existing Lease (such amount, the “Original Security Deposit”) is less than the amount of the Security Deposit specified in the Basic Provisions, on the Commencement Date, Tenant shall deposit with Landlord the difference between such amount of . It is agreed between the Tenant Security Deposit and the Landlord that interest on Original Security Deposit, which, when combined with the deposit Original Security Deposit shall be compounded annually and the Security Deposit for the performance by Tenant of its obligation under this Lease. Tenant agrees that if Tenant defaults in its performance of this Lease, or in the payment of any sums owing to Landlord, or in the payment of any other sums required from Tenant under the provisions of this Lease, then Landlord may, but shall not be paid obligated to, use the Security Deposit, or any portion thereof, to the Tenant at cure such default or to compensate Landlord for any damage, including Rent that is unpaid either before or after the termination of tenancy in accordance with current statutory requirements. At the time this Lease, late charges and costs of the signing of this agreementenforcement, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause suffered by the Tenant (any damage Landlord before or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession of the premises in such condition that the premises require cleaning;
(c) payment of rent or other fees owing to the Landlord by the Tenant upon after the termination of this Lease and;
(d) which Landlord is entitled to recover pursuant to the discharge terms of this Lease, and which are sustained by Landlord resulting from Tenant's default or nonpayment. If Landlord does so apply any other obligations or liabilities portion of the Security Deposit, Tenant shall immediately pay Landlord sufficient cash to restore the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for Security Deposit to the amount of any damages the then current Minimum Monthly Rent. If Tenant is not in default at the expiration or cleaning costs in excess termination of this Lease, Landlord shall return the unexpended portion of the depositSecurity Deposit to Tenant within sixty (60) days following expiration or termination of this Lease, without interest. It Landlord's obligations with respect to the Security Deposit shall be those of debtor, and not of a trustee, and Landlord shall be entitled to commingle the Security Deposit with the general funds of Landlord. With the understanding that it is further agreed and understood the parties’ intent that the terms of this Lease control their obligations regarding the Security Deposit, to the maximum extent permitted by applicable law (it being the specific intent of the parties that, to the extent applicable law permits Landlord to reserve greater rights with respect to the Security Deposit under the terms of this Lease than would otherwise be available under applicable law, Landlord be allowed to reserve such greater rights), Tenant cannot apply hereby waives (a) any and all terms of applicable law, including, without limitation, California Civil Code Section 1950.7, applicable to security deposits in the commercial context to the extent inconsistent with the terms of this Lease, including, without limitation, any laws that provide that Landlord may claim from a security deposit against any rent owing only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises (“Security Deposit Laws”), and (b) to the Landlord during extent inconsistent with the tenancy. The Tenant agrees that terms of this Lease, any security deposit refundable and all rights, duties and obligations either Party may now or, in the future, will have under, relating to or arising from the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsSecurity Deposit Laws.
Appears in 2 contracts
Sources: Industrial Lease (Appfolio Inc), Industrial Lease (Appfolio Inc)
Security Deposit. The tenant Tenant agrees to pay deposit the Security Deposit with Landlord on the date hereof. The Security Deposit shall be retained by Landlord as security for the faithful performance and observance by Tenant of its obligations under this Lease, it being expressly agreed that the Security Deposit is not an advance rental deposit or a deposit measure of Landlord's damages. It is agreed between the Except as may otherwise be required by applicable law, (a) Tenant and the Landlord that shall not be entitled to any interest on the deposit shall be compounded annually and be paid to the Tenant at the termination of tenancy in accordance with current statutory requirements. At the time of the signing of this agreementSecurity Deposit, the interest rate paid on security deposits is 0%. The (b) Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear obligated to hold the Security Deposit in trust or in a separate account, and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession of the premises in such condition that the premises require cleaning;
(c) payment of rent or Landlord shall have the right to commingle the Security Deposit with its other fees owing to the Landlord by the funds. If Tenant upon the termination of defaults under this Lease and;
and such default extends beyond any applicable grace or cure period (d) the discharge following notice of any other obligations or liabilities of the default being given to Tenant to the extent required hereunder), without limiting any other right or remedy of Landlord
(e) recovery , Landlord may also apply the whole or any part of lost revenue or expenditures incurred the Security Deposit to the extent required for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned payment of any Rent or damages are being repaired) The other sums payable under this Lease as to which Tenant is responsible in default or on account of any sum which Landlord may expend or may be required to expend by reason of Tenant's default. If any portion of the Security Deposit is applied by Landlord for any such purpose, Tenant shall, within ten (10) days after demand is made by Landlord, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount. If Tenant shall fully and faithfully comply with all of the covenants and conditions of this Lease, the Security Deposit shall be promptly returned to Tenant after the expiration date of the Term and the surrender of the Premises to Landlord. In no event shall the Security Deposit be applied to the last monthly installment of Base Rent or Additional Rent due prior to the expiration date of the Term. In the event of a sale of the Premises, Landlord shall have the right to transfer the Security Deposit to the purchaser subject to the terms of this Lease, whereupon Landlord shall be released by Tenant from all liability for the amount of any damages or cleaning costs in excess return of the deposit. It is further agreed Security Deposit and understood that the Tenant cannot apply the security deposit against any rent owing shall look solely to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsnew landlord for its return.
Appears in 2 contracts
Sources: Lease Agreement (Lawson Products Inc/New/De/), Real Estate Sales Contract (Lawson Products Inc/New/De/)
Security Deposit. The tenant agrees Within ten (10) days of the Effective Date, Tenant shall deposit with Landlord the Security Deposit as set forth in Item 13 of the Summary of Basic Lease Terms as security for the full and faithful performance by Tenant of all Tenant’s obligations hereunder. No interest shall be paid upon the Security Deposit nor shall Landlord be required to pay the Landlord a deposit of . It is agreed between the Tenant and the Landlord that interest on maintain the deposit shall be compounded annually and be paid to the Tenant at the termination of tenancy in accordance with current statutory requirements. At the time of the signing of this agreement, the interest rate paid on security deposits is 0%a segregated account. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls Security Deposit shall not be considered normal construed as prepaid Rent. In the event that Tenant shall default in the full and faithful performance of any of the terms hereof, then Landlord may either retain the Security Deposit as liquidated damages, or a portion thereof, for damages caused by Tenant beyond ordinary wear and tear)
(b) cleaning , or Landlord may retain the premises same and apply it toward any property rented with itdamages sustained by Landlord, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession of the premises in such condition that the premises require cleaning;
(c) payment of rent or other fees owing to actual damages sustained by the Landlord by reason of the default of Tenant, including any past due Rent. Upon each such application, Tenant upon shall, on demand, pay to Landlord the termination sum so applied, which shall be added to the Security Deposit so that the same shall be restored to the amount first set forth above. In the event of bankruptcy or other debtor-creditor proceedings, either voluntarily or involuntarily instituted by or against Tenant, the Security Deposit shall be deemed to be applied in the following order: to actual damages caused by Tenant beyond ordinary wear and tear, obligations and other charges, including any damages sustained by Landlord, other than unpaid Rent, due to Landlord for all periods prior to the filing of such proceedings; to accrued and unpaid Rent prior to the filing of such proceeding, and thereafter to actual damages, obligations, other charges and damages sustained by Landlord and Rent due the Landlord for all periods subsequent to such filing. In the event of a sale of the Land and the Building, Landlord shall transfer the Security Deposit to the buyer, and shall confirm the same to Tenant in writing, after which transfer and written confirmation Landlord shall have no further obligation regarding the Security Deposit. Notwithstanding the foregoing, and so long as Tenant is not in default of this Lease and;
beyond any applicable cure period, Landlord shall return to Tenant (dor, at Tenant’s option, or apply to subsequent payments of Rent due hereunder) the discharge of any other obligations or liabilities a portion of the Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for Security Deposit in the amount of any damages or cleaning costs in excess Sixty Thousand and 00/100 Dollars ($60,000.00) upon the first anniversary of the deposit. It Commencement Date and also upon the date that is further agreed and understood that eighteen (18) months after the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancyCommencement Date. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any remaining balance of the tenants Security Deposit shall be held until the expiration of the Lease Term. If Tenant fully and faithfully complies with all of the terms hereof, the Security Deposit or any balance thereof shall be returned to all names shown by Tenant within thirty (30) days after expiration of the tenantsLease Term or thirty (30) days after the final day Tenant occupies the Premises.
Appears in 2 contracts
Sources: Lease Agreement (Recursion Pharmaceuticals, Inc.), Lease Agreement (Recursion Pharmaceuticals, Inc.)
Security Deposit. The tenant agrees Tenant has deposited with Landlord the Security Deposit in the amount set forth above for the performance of each and every covenant and agreement to pay be performed by Tenant under this Lease. Landlord shall have the Landlord a deposit right, but not the obligation, to apply the Security Deposit in whole or in part as payment of . It is agreed between the Tenant and the Landlord that interest on the deposit shall be compounded annually and be paid to the Tenant at the termination of tenancy in accordance with current statutory requirements. At the time of the signing of this agreement, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any such amounts that the Landlord seems as are reasonably necessary to provide for:
(a) repairing any damage or loss to remedy Tenant's defaults in the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession of the premises in such condition that the premises require cleaning;
(c) payment of rent or in the performance of the covenants or agreements contained herein. Landlord's right to possession of the Property for non-payment of rent or any other fees owing reason shall not be affected by the fact that Landlord holds security. Tenant's liability is not limited to the amount of the Security Deposit. Landlord shall give Tenant written notice of the application of the Security Deposit or any part thereof within thirty (30) days of said application. If the application is on account of maintenance, repairs or replacements necessitated by tenant, said notice shall include the estimated or actual cost of the same, attaching estimates or paid receipts. Upon receipt of said notice, Tenant upon shall at once pay to Landlord an amount sufficient to restore the Security Deposit in full. Upon termination of this Lease and;
Lease, full payment of all amounts due and performance of all Tenant's covenants and agreements (d) the discharge of any other obligations or liabilities including surrender of the Property in accordance with Paragraph 15), the Security Deposit or any portion thereof remaining unapplied shall be returned to Tenant in accordance with applicable law. In the event of a sale, lease, or other transfer of the Building, Landlord may transfer or assign said Security Deposit to the Landlord
(e) recovery of lost revenue 's grantee, lessee or expenditures incurred assignee. Provided said grantee, lessee or assignee by written undertaking addressed to Landlord assumes all Landlord's obligations hereunder, Tenant agrees to look to such grantee, lessee or assignee solely for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned return of said Security Deposit. The provisions hereof shall apply to each and every sale, lease or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess other transfer of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsBuilding.
Appears in 2 contracts
Sources: Lease Agreement, Lease Agreement
Security Deposit. The tenant agrees Subtenant shall deposit with Sublandlord the sum of $23,364.84 (the “Security Deposit”) as security for the performance by Subtenant of the provisions of this Sublease. If Subtenant defaults with respect to pay any provision of this Sublease, including payment of the Landlord a Rent, Sublandlord may use, apply, draw upon or retain all or any part of the Security Deposit to the extent necessary for the payment of any Rent, or to compensate Sublandlord for any other loss, cost or damage which Sublandlord may suffer by reason of Subtenant’s default. If any portion of the Security Deposit is so used, applied, or drawn upon, Subtenant shall, within ten (10) days after notice thereof, deposit of cash with Sublandlord in an amount sufficient to restore the Security Deposit to its original amount. It is agreed between the Tenant and the Landlord that interest on the deposit Subtenant’s failure to do so shall be compounded annually a breach of this Sublease. Sublandlord shall not, unless otherwise required by law, be required to keep the Security Deposit separate from its general funds, nor pay interest to Subtenant. If Subtenant shall fully and faithfully perform every provision of this Sublease to be paid performed by it, the Security Deposit or any balance thereof shall be returned to Subtenant (or to the Tenant at last transferee of Subtenant’s interest hereunder) within thirty (30) days after the expiration of the Term (or sooner termination of tenancy this Sublease) and upon Subtenant’s vacation of the Premises in accordance with current statutory requirementsthis Sublease. At If the time of the signing of this agreementLease is assigned, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss Security Deposit shall be transferred to the premisesassignee, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls thereupon Sublandlord shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented discharged from further liability with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession of the premises in such condition that the premises require cleaning;
(c) payment of rent or other fees owing to the Landlord by the Tenant upon the termination of this Lease and;
(d) the discharge of any other obligations or liabilities of the Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsrespect thereto.
Appears in 2 contracts
Security Deposit. The tenant agrees Security Deposit shall be held by Landlord as security for the performance of Tenant's obligations under this Lease. If Tenant fails to pay Rent, or otherwise an Event of Default occurs under this Lease, Landlord may use, apply or retain all or any portion of said Security Deposit for the payment of any amount already due Landlord, for Rents which will be due in the future, and/or to reimburse or compensate Landlord for any liability, expense, loss or damage which Landlord may suffer or incur by reason thereof. If Landlord uses or applies all or any portion of the Security Deposit, Tenant shall within 10 days after written request therefor deposit monies with Landlord sufficient to restore said Security Deposit to the full amount required by this Lease. If the Base Rent increases during the term of this Lease, Tenant shall, upon written request from Landlord, deposit additional monies with Landlord so that the total amount of the Security Deposit shall at all times bear the same proportion to the increased Base Rent as the initial Security Deposit bore to the initial Base Rent. Should the Permitted Use be amended to accommodate a material change in the business of Tenant or to accommodate a sublessee or assignee, Landlord shall have the right to increase the Security Deposit to the extent necessary, in Landlord's reasonable judgment, to account for any increased wear and tear that the Premises may suffer as a result thereof. Landlord may use, apply or retain all or any portion of the Security Deposit (i) first, for Tenant's repair obligations, including without limitation, the obligation to restore the Premises to the condition required under this Lease, (ii) second, to the payment of any rent or other sum in default or for the payment of any other sum to which Tenant may become obligated by reason of Tenant's default, and (iii) third, to compensate Landlord for any loss or damage which Landlord may suffer thereby. If a change in control of Tenant occurs during this Lease and following such change the financial condition of Tenant is, in Landlord's reasonable judgment, significantly reduced, Tenant shall deposit of . It is agreed between the Tenant and the such additional monies with Landlord that interest on the deposit as shall be compounded annually and sufficient to cause the Security Deposit to be paid to the Tenant at the termination of tenancy a commercially reasonable level based on such change in accordance with current statutory requirementsfinancial condition. At the time of the signing of this agreement, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning required to keep the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if Security Deposit separate from its general accounts. Within 90 days after the Tenant gives up possession of the premises in such condition that the premises require cleaning;
(c) payment of rent expiration or other fees owing to the Landlord by the Tenant upon the termination of this Lease and;
(d) the discharge of any other obligations or liabilities Lease, Landlord shall return that portion of the Security Deposit not used or applied by Landlord. Landlord shall upon written request provide Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time with an accounting showing how that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess portion of the depositSecurity Deposit that was not returned was applied. It is further agreed and understood that No part of the Tenant cannot apply the security deposit against Security Deposit shall be considered to be held in trust, to bear interest or to be prepayment for any rent owing monies to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by Tenant under this Lease (including, without limitation, Base Rent). Tenant hereby waives California Civil Code Section 1950.7, and all other provisions of law, now or hereafter in force, which may provide that Landlord can claim from a security deposit only those sums reasonably necessary to remedy defaults in the Landlord payment of rent, to any of the tenants repair damage caused by Tenant or to all names shown clean the Premises, 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 tenantsact or omission of Tenant or any officer, employee or agent of Tenant.
Appears in 2 contracts
Sources: Standard Industrial Multi Tenant Lease (iPower Inc.), Standard Industrial Multi Tenant Lease (iPower Inc.)
Security Deposit. The tenant agrees to pay the Landlord a deposit of . It is agreed between the Tenant and the Landlord that interest on the deposit shall be compounded annually and be paid to the Tenant at the termination of tenancy in accordance with current statutory requirements. At the time of the signing Upon Tenant’s execution of this agreementLease, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security Tenant shall deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premiseswith Landlord, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession of the premises cash in such condition that the premises require cleaning;
(c) payment of rent or other fees owing to the Landlord by the Tenant upon the termination of this Lease and;
(d) the discharge of any other obligations or liabilities of the Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of the Security Deposit set forth in the Principal Lease Provisions, to secure the performance by Tenant of its obligations under this Lease, including without limitation Tenant’s obligations (i) to pay Basic Monthly Rent and Additional Rent (as defined below), (ii) to repair damages to the Premises and/or the Project caused by Tenant or Tenant’s agents, employees, contractors, licensees, and invitees (collectively, “Tenant’s Invitees”), (iii) to surrender the Premises in the condition required by Paragraph 24, below, and (iv) to remedy any damages or cleaning other Event of Default by Tenant in the performance of any of its obligations under this Lease. If Tenant commits an Event of Default under this Lease, Landlord may, at its election, use the Security Deposit to cure such Event of Default, and to compensate Landlord for all damage suffered by Landlord which are directly attributable to such Event of Default, including, without limitation, reasonable attorneys’ fees and costs in excess incurred by Landlord. Upon demand by Landlord, Tenant shall promptly pay to Landlord a sum equal to any portion of the depositSecurity Deposit so used by Landlord, in order to maintain the Security Deposit in the amount set forth in the Principal Lease Provisions. It is further agreed Following the Expiration Date, and understood that within the Tenant cannot apply earlier of 30 days or the security deposit against time frame otherwise required by applicable law, Landlord shall deliver to Tenant, at Tenant’s last known address, any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any portion of the tenants or Security Deposit not used by Landlord, as provided in this Paragraph. Landlord may commingle the Security Deposit with Landlord’s other funds and Landlord will not pay interest on such Security Deposit to all names shown by the tenantsTenant.
Appears in 2 contracts
Sources: Modified Gross Office Lease, Modified Gross Office Lease (Bakbone Software Inc)
Security Deposit. The tenant agrees Tenant shall, at the time that Tenant executes and delivers this Lease to Landlord, pay the to Landlord a deposit of . It is agreed between the Tenant and the Landlord that interest on the deposit shall be compounded annually and be paid to the Tenant at the termination of tenancy in accordance with current statutory requirements. At the time of the signing of this agreement, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that (the Landlord seems necessary “Security Deposit”) in the amount set forth in Exhibit 1 securing Tenant’s obligations under this Lease. In no event shall the Security Deposit be deemed to provide for:
(a) repairing any damage be a prepayment of rent or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; a measure of liquidated damages. ▇▇▇▇▇▇ agrees that no interest shall accrue on the Security Deposit and that Landlord shall have the right to commingle the Security Deposit with other marks on carpetsfunds of Landlord. In the event that Tenant shall default in any of its obligations under this Lease, furnishings and walls Landlord shall not be considered normal wear and tear)
have the right, without prior notice to Tenant, to apply the Security Deposit (bor any portion thereof) cleaning towards the premises and cure of any property rented with itsuch default. Tenant shall promptly, (including but not limited upon notice from Landlord, pay to professional cleaning of carpet and drapery) if Landlord any amount so applied by Landlord in order to restore the Tenant gives up possession full amount of the premises Security Deposit. In addition, in such condition that the premises require cleaning;
(c) payment event of rent or other fees owing to the Landlord by the Tenant a termination based upon the termination default of Tenant under this Lease, or a rejection of this Lease and;
pursuant to the provisions of the Federal Bankruptcy Code, Landlord shall have the right to apply the Security Deposit (dfrom time to time, if necessary) to cover the discharge full amount of damages and other amounts due from Tenant to Landlord under this Lease. Any amounts so applied shall, at ▇▇▇▇▇▇▇▇’s election, be applied first to any unpaid rent and other charges which were due prior to the filing of the petition for protection under the Federal Bankruptcy Code. The application of all or any part of the Security Deposit to any obligation or default of Tenant under this Lease shall not deprive Landlord of any other rights or remedies Landlord may have or constitute a waiver by Landlord. Provided that Tenant is not in default of any of its obligations or liabilities under this Lease at the expiration of the Term, Landlord shall refund to Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess portion of the deposit. It Security Deposit which Landlord is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsthen holding.
Appears in 2 contracts
Sources: Lease Agreement (CarGurus, Inc.), Lease Agreement (CarGurus, Inc.)
Security Deposit. The tenant agrees Subject to pay the terms of Article 35 below, the Security Deposit, if any, shall be delivered to Landlord a deposit upon the execution of . It is agreed between the this Lease by Tenant and the Landlord that interest on the deposit shall be compounded annually held by Landlord without liability for interest (unless required by Law) as security for the performance of Tenant’s obligations. The Security Deposit is not an advance payment of Rent or a measure of Tenant’s liability for damages. The amount of the Security Deposit shall be subject to reduction in the manner and be paid to the Tenant at the times specified as though it were a Letter of Credit (as described in Article 35). Landlord may, from time to time, without prejudice to any other remedy, use all or a portion of the Security Deposit to satisfy past due Rent or to cure any uncured default by Tenant. If Landlord uses the Security Deposit, Tenant shall on demand restore the Security Deposit to its original amount. At the later of (1) termination of tenancy this Lease, or (ii) the date Tenant surrenders the Premises to Landlord in accordance with current statutory requirements. At the time provisions of this Lease, Landlord shall return any unapplied portion of the signing of this agreement, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit Security Deposit (less any amounts that retained to reimburse Landlord for any uncured defaults) to Tenant within 10 Business Days after the date this Lease expires or terminates and Tenant surrenders possession of the Premises to Landlord seems necessary in accordance with this Lease. In addition to provide for:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased deductions Landlord is entitled to make pursuant to the terms hereof, Landlord shall have the right to make a good faith estimate of any unreconciled Expenses and/or Taxes as of the Termination Date and to deduct any anticipated shortfall from the Security Deposit. If Landlord transfers its interest in the Premises, Landlord may assign the Security Deposit to the transferee and, following the assignment, Landlord shall have no further liability for the return of the Security Deposit, provided that such transferee has agreed in writing to assume the obligations of Landlord under this Lease which damages may have been cause by with respect to the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls Security Deposit. Landlord shall not be considered normal wear and tear)
(b) cleaning required to keep the premises and any property rented with it, (including but not limited to professional cleaning Security Deposit separate from its other accounts. Tenant hereby waives the provisions of carpet and drapery) if the Tenant gives up possession Section 1950.7 of the premises California Civil Code, or any similar or successor Laws now or hereinafter in such condition that the premises require cleaning;
(c) payment of rent or other fees owing to the Landlord by the Tenant upon the termination of this Lease and;
(d) the discharge of any other obligations or liabilities of the Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantseffect.
Appears in 2 contracts
Sources: Office Lease Agreement (GoPro, Inc.), Office Lease Agreement (GoPro, Inc.)
Security Deposit. The tenant agrees On or before the Execution Date of this Lease, Tenant shall deposit with Landlord the initial installment of the Security Deposit as set forth in Section 2.2, which sum shall be held by Landlord as security for the faithful performance by Tenant of all of the terms, covenants and conditions of this Lease to pay be kept and performed by Tenant during the Landlord a deposit Term. Interest shall accrue on the Security Deposit for the benefit of . It is agreed between the Tenant and the Landlord that interest on the deposit shall be compounded annually and be paid to Tenant to the extent that Tenant at is entitled to the termination of tenancy in accordance with current statutory requirements. At the time return of the signing Security Deposit as provided in this Lease. Landlord shall not be required to maintain a separate account for the Security Deposit, but may intermingle it with other funds of Landlord; provided however, Landlord shall keep the Security Deposit in a federally insured, interest-bearing account for the benefit of Tenant. If Tenant Defaults with respect to any provision of this agreementLease, then without notice to Tenant, Landlord may (but shall not be 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. So long as no default has occurred and is continuing, 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 rate paid on security deposits is 0%hereunder, within sixty (60) days following the expiration of the Term. The Landlord Tenant hereby irrevocably waives and relinquishes any and all rights, benefits, or protections, if any, Tenant now has, or in the future may deduct from the security deposit have under any amounts that the Landlord seems necessary to provide for:
provision of law which (a) repairing any damage establishes the time frame by which a landlord must refund a security deposit under a lease, or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning provides that a landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the premises payment of rent, to repair damage caused by a tenant, or to clean the subject premises. Tenant acknowledges and agrees that (x) any property rented with itstatutory time frames for the return of a security deposit are superseded by the express period identified in this Section 5.4, and (including y) rather than be so limited, Landlord may claim from the Security Deposit (i) any and all sums expressly identified in this Section 5.4, and (ii) any additional sums reasonably necessary to compensate Landlord for any and all losses or damages caused by Tenant's default of this Lease, including, but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession of the premises in such condition that the premises require cleaning;
(c) payment of to, all damages or rent or other fees owing to the Landlord by the Tenant due upon the termination of this Lease and;
(d) Lease. In the discharge event of any bankruptcy or other obligations or liabilities of debtor-creditor proceedings against Tenant, the Tenant Security Deposit shall be deemed to be applied first to the Landlord
(e) recovery payment of lost revenue or expenditures incurred Rent and other charges due Landlord for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing all periods prior to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any filing of the tenants or to all names shown by the tenantssuch proceedings.
Appears in 2 contracts
Sources: Lease Agreement (Innovative Industrial Properties Inc), Lease Agreement (Innovative Industrial Properties Inc)
Security Deposit. The tenant agrees to pay the Landlord a deposit of . It is agreed between the Tenant and the Landlord that interest on the deposit shall be compounded annually and be paid to the Tenant at the termination of tenancy in accordance with current statutory requirements. At the time of the signing of this agreement, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss Tenant shall deliver to Heritage Title Company of Austin, Inc. (“Escrow Agent”) upon execution and delivery of this Lease by Tenant the Security Deposit as security for the full and faithful performance of each of the terms hereof by Tenant. The Security Deposit shall be delivered to Landlord by the Escrow Agent upon Landlord’s achievement of the Delivery Date Milestone and delivery to the premisesEscrow Agent and Tenant of the evidence of completion for such Milestone as set forth in Section 2.3 above. Landlord and Tenant shall execute a commercially reasonable escrow agreement regarding the escrow of the Security Deposit promptly after execution of this Lease, fixturesit being agreed that the Escrow Agent’s standard escrow agreement is commercially reasonable. Landlord shall be required to keep the Security Deposit separate from its general funds and Tenant shall be entitled to interest thereon. If an Event of Default occurs, furnitureLandlord may, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls but shall not be considered normal wear 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 such Event of Default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of such Event of Default, including, without limitation, costs and tear)attorneys’ fees incurred by Landlord to recover possession of the Premises. If any portion of the Security Deposit is so used or applied, Tenant shall, 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 constitute an Event of Default. The Security Deposit is not an advance payment of Rent or a measure or limit of Landlord’s damages upon an Event of Default.
(b) cleaning Except as expressly set forth in this Lease, Tenant acknowledges that Landlord has the premises right to transfer or mortgage its interest in the Building and in this Lease, and Tenant agrees that in the event of any property rented with such transfer or mortgage, Landlord shall have the right to transfer or assign the Security Deposit to the transferee or mortgagee. Upon such transfer or assignment of the Security Deposit, Landlord shall be deemed released by Tenant from all liability or obligation for the return of the Security Deposit and Tenant shall look solely to such transferee or mortgagee for the return of the Security Deposit. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the Security Deposit or any balance thereof shall be returned to Tenant (including but not limited or, at Landlord’s option, to professional cleaning the last assignee of carpet Tenant’s interest hereunder) within sixty (60) days following the expiration of the Term and drapery) if the Tenant gives up surrender of possession of the premises Premises to Landlord in such condition that compliance with the premises require cleaning;
(c) payment of rent or other fees owing to the Landlord by the Tenant upon the termination provisions of this Lease and;
(d) the discharge of any other obligations or liabilities of the Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsLease.
Appears in 2 contracts
Sources: Office Lease (YETI Holdings, Inc.), Office Lease (YETI Holdings, Inc.)
Security Deposit. The tenant agrees As of the parties’ execution of this Lease, Tenant shall deliver the Security Deposit in the amount of $20,000 to Landlord paid over twelve months beginning September 1, 2015 as $1,666.67 consistent with Section 1.01 as partial security for the performance by Tenant of the provisions of this Lease. In the event of any Default by Tenant under this Lease, Landlord shall have the right to apply all or any portion of the Security Deposit to cure the Default and reinstate this Lease, or to otherwise compensate Landlord for all damages sustained by Landlord resulting from or in connection with such Default. In the event of any such application of the Security Deposit by Landlord, Tenant shall upon demand deliver to Landlord the sum required to restore the Security Deposit to the amount set forth in Section 1.01. Provided that Tenant is not in Default at the expiration or termination of this Lease, Landlord shall return any remaining portion of the Security Deposit to Tenant within thirty (30) days after the date of such expiration or termination. Landlord's rights with respect to the Security Deposit are those of a trustee. Landlord shall be entitled to commingle the Security Deposit with Landlord's general funds and shall have no obligation to pay the Landlord a deposit of . It is agreed between the Tenant and the Landlord that interest on the Security Deposit. In the event of a transfer of Landlord's interest in this Lease during the Term hereof, provided Landlord transfers the then unapplied Security Deposit to the transferee and the transferee agrees and actually does deposit the check to a trust account held for the sole use of this provision, Landlord shall be compounded annually and be paid discharged from any further liability with respect to the Tenant at the termination of tenancy in accordance with current statutory requirements. At the time of the signing of this agreement, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession of the premises in such condition that the premises require cleaning;
(c) payment of rent or other fees owing to the Landlord by the Tenant upon the termination of this Lease and;
(d) the discharge of any other obligations or liabilities of the Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsSecurity Deposit.
Appears in 2 contracts
Sources: NNN Lease Agreement (Zoned Properties, Inc.), NNN Lease Agreement (Zoned Properties, Inc.)
Security Deposit. The tenant agrees Upon signing this Lease, Tenant shall immediately deposit with Landlord the amount set forth in Article 1 as the “Security Deposit” as security for the performance by Tenant of the terms of this Lease to be performed by Tenant, and not as prepayment of rent. Landlord may apply such portion or portions of the Security Deposit as are reasonably necessary for the following purposes: (i) to remedy any default by Tenant in the payment of Base Monthly Rent or Additional Rent or a late charge or interest on defaulted rent; (ii) to repair damage to the Leased Premises caused by Tenant; (iii) to clean and repair the Leased Premises following their surrender to Landlord if not surrendered in the condition required pursuant to the provisions of Article 2; and (iv) to remedy any other default of Tenant to the extent permitted by Law including, without limitation, paying in full on Tenant’s behalf any sums claimed by materialmen or contractors of Tenant to be owing to them by Tenant for work done or improvements made at Tenant’s request to the Leased Premises. In this regard, Tenant hereby waives any restriction on the uses to which the Security Deposit may be applied as contained in Section 1950.7(c) of the California Civil Code and/or any successor statute. In the event the Security Deposit or any portion thereof is so used, Tenant shall pay to Landlord, promptly upon demand, an amount in cash sufficient to restore the Security Deposit to the full original sum. Landlord shall not be deemed a deposit trustee of the Security Deposit. It is agreed between Landlord may use the Security Deposit in Landlord’s ordinary business and shall not be required to segregate it from its general accounts. Tenant and the Landlord that shall not be entitled to any interest on the deposit Security Deposit. If Landlord transfers the Building during the Lease Term, Landlord shall pay the Security Deposit to any subsequent owner in conformity with the provisions of Section 1950.7 of the California Civil Code and/or any successor statute, in which event the transferring landlord shall be compounded annually released from all liability for the return of the Security Deposit. Tenant specifically grants to Landlord (and be paid hereby waives the provisions of California Civil Code Section 1950.7 to the Tenant at the termination contrary) a period of tenancy in accordance with current statutory requirements. At the time sixty days following a surrender of the signing Leased Premises by Tenant to Landlord within which to return the Security Deposit (less permitted deductions) to Tenant, it being agreed between Landlord and Tenant that sixty days is a reasonable period of this agreementtime within which to inspect the Leased Premises, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premisesmake required repairs, fixtures, furniture, appliances receive and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; verify workmen’s ▇▇▇▇▇▇▇▇ therefore, and other marks on carpetsprepare a final accounting with respect to such deposit. In no event shall the Security Deposit, furnishings and walls shall not or any portion thereof, be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession of the premises in such condition that the premises require cleaning;
(c) payment of rent or other fees owing to the Landlord by the Tenant upon the termination of this Lease and;
(d) the discharge of any other obligations or liabilities of the Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsprepaid rent.
Appears in 2 contracts
Sources: Industrial Space Lease (Silicon Graphics International Corp), Industrial Space Lease (Rackable Systems, Inc.)
Security Deposit. The tenant agrees Tenant has deposited with Landlord the Security Deposit set forth in the Basic Provisions as security for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant fails to pay Base Rent, Additional Rent or other charges due hereunder or otherwise defaults with respect to any provision of the Lease, Landlord may use, apply or retain all or any portion of the Security Deposit for the payment of any Base Rent, Additional Rent or other charge in default or for the payment of any other sum to which Landlord may become entitled by reason of Tenant’s default, or to compensate Landlord for any loss or damage which Landlord may suffer thereby. Tenant acknowledges and agrees that the Security Deposit is not an advance payment of Rent, nor a measure of or limit on the amount of Landlord’s damages in the event of any default by Tenant. If Landlord uses or applies all or any portion of the Security Deposit, Tenant shall within ten (10) days after written demand, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to the full amount stated above and Tenant’s failure to do so shall be a material breach of this Lease. It is agreed between Landlord shall not be required to keep the Tenant and the Landlord that Security Deposit separate from its general accounts or to pay interest on the deposit Security Deposit. The balance of the Security Deposit after deducting any amounts applied by Landlord as provided above, shall be compounded annually and be paid returned, without payment of interest for its use, to Tenant (or at Landlord’s option, to the Tenant at the termination last assignee, if any, of tenancy in accordance with current statutory requirements. At the time Tenant’s interest hereunder) within thirty (30) days of the signing later of this agreement, (i) the interest rate paid on security deposits is 0%. The Landlord may deduct from last day of the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with itTerm, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession of the premises in such condition that the premises require cleaning;
(c) payment of rent or other fees owing to the Landlord by the Tenant upon the termination of this Lease and;
(dii) the discharge of any other date Tenant vacated the Premises, or (iii) the date Tenant has fulfilled all its obligations or liabilities of hereunder. No trust relationship is created between Landlord and Tenant regarding the Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsSecurity Deposit.
Appears in 2 contracts
Sources: Office Lease, Office Lease (Redfin CORP)
Security Deposit. Concurrently with Subtenant’s execution of this Sublease, Subtenant shall deposit with Sublandlord the sum of $20,512.89 (the “Security Deposit”). The tenant agrees Security Deposit shall be held by Sublandlord as security for the faithful performance by Subtenant of all the provisions of this Sublease to be performed or observed by Subtenant. If Subtenant fails to pay rent or other sums due hereunder, or otherwise defaults with respect to any provisions of this Sublease after all applicable cure periods, Sublandlord may use, apply or retain all or any portion of the Landlord a Security Deposit for the payment of any rent or other sum in default or for the payment of any other sum to which Sublandlord may become obligated by reason of Subtenant’s default, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer thereby. If Sublandlord so uses or applies all or any portion of the Security Deposit, Subtenant shall within ten (10) business days after receipt of written notice therefor deposit of . It is agreed between cash with Sublandlord in an amount sufficient to restore the Tenant Security Deposit to the full amount thereof and the Landlord that interest on the deposit Subtenant’s failure to do so shall be compounded annually and a material breach of this Sublease. Sublandlord shall not be paid required to keep the Security Deposit separate from its general accounts. If Subtenant performs all of Subtenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, to Subtenant (or, at Sublandlord’s option, to the Tenant at last assignee, if any, of Subtenant’s interest hereunder) following the termination of tenancy in accordance with current statutory requirements. At the time expiration of the signing of this agreementTerm, and after Subtenant has vacated the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary Subleased Premises; in addition to provide for:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased deductions Sublandlord is entitled to make pursuant to the Lease which damages may terms hereof, Sublandlord shall have been cause by the Tenant (right to make a good faith estimate of any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession unreconciled Operating Costs as of the premises in such condition that date of expiration and to deduct any anticipated shortfall from the premises require cleaning;
(c) payment of rent or other fees owing Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Landlord by the Tenant upon the termination of this Lease and;
(d) the discharge of any other obligations or liabilities of the Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsSecurity Deposit.
Appears in 2 contracts
Sources: Sublease Agreement, Sublease Agreement (Transcend Services Inc)
Security Deposit. The tenant agrees to pay the 40.01. Tenant shall deposit with Landlord a deposit of . It is agreed between the Tenant and the Landlord that interest on the deposit shall be compounded annually and be paid to the Tenant at the termination of tenancy in accordance with current statutory requirements. At the time of the signing of this agreementLease the Security Deposit, as security for the faithful performance and observance by Tenant of the terms, provisions and conditions of this Lease. Tenant agrees that in the event Tenant has defaulted in the performance of any of its obligations under this Lease, including the payment of any item of rental, and whether or not the transmittal of a Notice of default by Landlord is barred by applicable law, Landlord may use, apply or retain the whole or any part of the Security Deposit, to the extent required for the payment of any basic annual rent or additional rent as to which Tenant is in default, or for any sum that Landlord may expend or may be required to expend by reason of the default (including any damages or deficiency accrued before or after summary proceedings or other re-entry by Landlord). If Landlord applies or retains any portion or all of the Security Deposit, Tenant shall forthwith restore the amount so applied or retained by delivering additional cash so that, at all times, the interest rate paid amount of the Security Deposit shall be the amount set forth on security deposits the Reference Page. Provided there is 0%no uncured default, any balance of the Security Deposit held by Landlord and not used, applied or retained by Landlord as above provided shall be returned to Tenant after the Expiration Date and after delivery of possession of the entire demised premises to Landlord in accordance with the terms of this Lease. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear entitled to any interest on the Security Deposit.
40.02. At Landlord’s sole option, Tenant shall give Landlord, upon its demand, a Letter(s) of Credit (as defined and tearfurther described in this Section)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the . After Landlord’s receipt from Tenant gives up possession of the premises Letter(s) of Credit, if so requested by Landlord, Landlord shall return to Tenant any cash Security Deposit then held by Landlord as security under this Lease. “Letter of Credit” shall mean a clean irrevocable and unconditional standby letter of credit issued and drawn upon any commercial bank approved by Landlord having a net worth of at least One Billion U.S. Dollars and with offices for banking purposes in such condition that the premises require cleaning;
continental United States of America (c) payment “Issuing Bank”). Tenant shall cause each Letter of rent or other fees owing Credit to the Landlord by the Tenant upon the termination have a term of this Lease and;
(d) the discharge of any other obligations or liabilities of the Tenant not less than one year, be in form and content satisfactory to the Landlord
(e) recovery of lost revenue or expenditures incurred , be for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for account of Landlord and be in the amount of the Security Deposit set forth in the Reference Page. Landlord, at its sole option, may at any damages or cleaning costs time require Tenant to deliver more than one (1) (as determined by Landlord in excess its absolute discretion) Letter of Credit from different Issuing Banks, each having a net worth of at least One Billion U.S. Dollars and each meeting the depositother requirements set forth in this Article 40 that an Issuing Bank must satisfy. It is further agreed and understood that Landlord, in its sole judgment, shall determine the dollar amount of each Letter of Credit, but in no event shall the combined Letters of Credit exceed the Security Deposit. Tenant cannot apply shall cause the security deposit against any rent owing Letter(s) of Credit to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenants.provide that:
Appears in 2 contracts
Sources: Sublease Agreement (Scynexis Inc), Office Lease (Optimer Pharmaceuticals Inc)
Security Deposit. The tenant agrees Security Deposit shall be due and payable to Landlord within ten (10) business days after the execution of this Lease (but in no event later than the commencement of any Early Occupancy), and shall be held by Landlord as security for the performance of Tenant’s obligations. The Security Deposit is not an advance rental deposit, or a measure of Landlord’s damages in an Event of Default (as hereinafter defined). Upon any Event of Default, Landlord may use all, or part of, the Security Deposit to pay the Landlord a deposit of . It is agreed between the Tenant delinquent payments due under this Lease, and the Landlord that interest on the deposit shall be compounded annually and be paid cost of any damage, injury, expense or liability caused by such Event of Default, without prejudice to the Tenant at the termination of tenancy in accordance with current statutory requirements. At the time of the signing of this agreement, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant remedy provided herein or provided by law. Tenant shall pay Landlord within ten (10) business days of Landlord’s demand the amount that will restore the Security Deposit to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; its original amount. ▇▇▇▇▇ ▇▇▇▇’s obligation respecting the Security Deposit is that of a debtor, not a trustee. The Security Deposit shall be the property of Landlord, and other marks on carpets, furnishings and walls any remaining amount of the Security Deposit shall be paid to Tenant when Tenant’s obligations under this Lease have been fulfilled. Landlord shall not be considered normal wear required to keep the Security Deposit separate from its general accounts, and tear)
(b) cleaning the premises and no interest shall accrue thereon. Landlord shall be released from any property rented obligation with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession of the premises in such condition that the premises require cleaning;
(c) payment of rent or other fees owing respect to the Landlord by the Tenant Security Deposit upon the termination transfer of this Lease and;
and the Premises to a person or entity assuming Landlord’s obligations. The Security Deposit under the Lease shall be USD$150,000.00, in the form of an unconditional, irrevocable letter of credit from a bank reasonably acceptable to Landlord and in compliance with the material terms shown in Exhibit G attached hereto (d) “Letter of Credit”). The Letter of Credit shall either provide that it does not expire until 60 days following the discharge Expiration Date or, if it is for less than the full Lease Term, shall be renewed by Tenant at least 60 days prior to its expiration during the Lease Term. The Letter of Credit shall provide that it may be drawn down upon by Landlord at any other obligations time Landlord delivers its site draft to the bank. If Landlord sells or liabilities conveys the Premises, Tenant shall, at ▇▇▇▇▇▇▇▇’s request, cooperate in having the Letter of Credit transferred to the purchaser and Landlord agrees to notify Tenant in the event of such transfer. If the Letter of Credit is ever drawn upon by Landlord pursuant to the terms of the Lease, Tenant shall within ten (10) business days thereafter cause the Letter of Credit to be restored to the Landlord
(e) recovery of lost revenue or expenditures incurred for then existing amount at the time immediately prior to the draw down. Notwithstanding anything contained herein to the contrary, in the event Tenant fails to renew the Letter of Credit in accordance with the terms and conditions as set forth in this Paragraph 7, or in the event that the suite is unavailable Tenant shall commence any proceeding for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repairedrelief, as defined in Paragraph 24(b) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that Lease, an immediate Event of Default shall be deemed to have occurred, without the Tenant cannot apply requirement of notice or opportunity to cure, in which case Landlord may immediately draw down on the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any Letter of the tenants or to all names shown by the tenantsCredit.
Appears in 2 contracts
Sources: Lease Agreement (RayzeBio, Inc.), Net Lease Agreement (RayzeBio, Inc.)
Security Deposit. The tenant agrees Tenant shall deposit with Landlord upon execution hereof that sum identified in the Summary as the Security Deposit (the “Security Deposit”) as security for Tenant’s faithful performance of Tenant’s obligations hereunder. If Tenant fails to pay rent or other charges due hereunder (all of which, collectively, are defined to be “Rent”), or otherwise defaults with respect to any provision of this Lease, Landlord may use, apply, or retain all or any portion of said deposit for the payment of any rent or other charge in default or for the payment of any other sum to which Landlord a may become obligated by reason of Tenant’s default, or to compensate Landlord for any loss or damage which Landlord may suffer thereby. The use, application, or retention of the Security Deposit by Landlord shall not prevent Landlord from exercising any other remedy provided hereunder or at law and shall not be construed as liquidated damages. If Landlord so uses or applies all or any portion of said deposit, Tenant shall, within ten (10) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore said deposit to the full amount then required of Tenant. It is agreed between Landlord shall not be required to keep the Security Deposit separate from its general accounts and Tenant shall not be entitled to, and the Tenant hereby specifically waives any requirement that Landlord that pay interest on the deposit Security Deposit. If Tenant performs all of Tenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Landlord, shall be compounded annually and be paid returned, without payment of interest or other increment for its use, to Tenant or, at Landlord’s option, to the Tenant last assignee, if any, of Tenant’s interest hereunder. at the termination expiration of tenancy the Term hereof, and after Tenant has vacated the Leased Premises. No trust or fiduciary relationship is created herein between Landlord and Tenant with respect to the Security Deposit. If Landlord transfers the Leased Premises during the Term hereof, Landlord may pay the Security Deposit to Landlord’s successor in interest in accordance with current statutory requirements. At Civil Code § 1950.7 or any successor statute, in which event the time transferring Landlord shall be released from all liability for the return of the signing of this agreement, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession of the premises in such condition that the premises require cleaning;
(c) payment of rent or other fees owing to the Landlord by the Tenant upon the termination of this Lease and;
(d) the discharge of any other obligations or liabilities of the Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsSecurity Deposit.
Appears in 2 contracts
Security Deposit. The tenant Tenant acknowledges and agrees that Tenant has delivered to pay the Landlord a deposit of . It is agreed between Security Deposit (as defined in the Tenant and the Landlord that interest on the deposit shall be compounded annually and be paid to the Tenant at the termination of tenancy in accordance with current statutory requirements. At the time of the signing of this agreement, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(a901 Gateway Lease) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession terms of the premises 901 Gateway Lease and that Landlord shall have the right to apply all or any portion of such Security Deposit in connection with any Default (as defined in Paragraph 24) under this Lease. The Security Deposit is not an advance rental deposit or a measure of Landlord’s damages in case of Tenant’s default. Upon each occurrence of a Default by Tenant under this Lease, Landlord may use all or any part of the Security Deposit to pay delinquent payments due under this Lease, future rent damages under California Civil Code Section 1951.2, and the cost of any damage, injury, expense or liability caused by such condition that Default, without prejudice to any other remedy provided herein or provided by law. Landlord’s right to use the premises require cleaning;
(c) payment of Security Deposit under this Paragraph 7 includes the right to use the Security Deposit to pay future rent or other fees owing to the Landlord by the Tenant upon damages following the termination of this Lease and;
pursuant to Paragraph 25.5 below. Upon any use of all or any portion of the Security Deposit, Tenant shall pay Landlord within twenty (d20) days after receipt of written demand the amount that will restore (by the delivery of a replacement or amended Letter of Credit) the discharge Security Deposit to the amount set forth in the definition of “Letter of Credit” set forth in the Basic Lease Information of the 901 Gateway Lease. Tenant hereby waives the provisions of any law, now or hereafter in force, including, without limitation, California Civil Code Section 1950.7, which provide that 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 Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums reasonably necessary to compensate Landlord for any other obligations loss or liabilities damage, foreseeable or unforeseeable, caused by the Default of Tenant or any of Tenant’s Agents under this Lease. Upon bankruptcy or other debtor-creditor proceedings against Tenant, the Tenant Security Deposit shall be deemed to be applied first to the Landlord
(e) recovery payment of lost revenue or expenditures incurred Rent and other charges due Landlord for periods prior to the time that the suite filing of such proceedings, subject to applicable bankruptcy law. If Tenant shall fully perform every provision of this Lease to be performed by Tenant and Landlord is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for holding cash in the amount of a bifurcated Letter of Credit (as described below) or cash proceeds therefrom, the Security Deposit, or any damages balance thereof (i.e., after deducting therefrom all amounts to which Landlord is entitled under the provisions of this Lease), shall be returned to Tenant within ninety (90) days after the expiration or cleaning costs earlier termination of this Lease. If Landlord is holding a bifurcated Letter of Credit upon the expiration or earlier termination of this Lease, Landlord shall comply with the LC Issuer’s requirements necessary to cancel the bifurcated Letter of Credit by the date that is ninety (90) days after the expiration or earlier termination of this Lease. Notwithstanding anything contained in excess this Paragraph 7 to the contrary, if Landlord draws on the Letter of Credit for any reason, then Tenant shall have the right, upon ten (10) days’ prior written notice to Landlord, to obtain a refund from Landlord of any unapplied proceeds of the depositLetter of Credit which Landlord has drawn upon, any such refund being conditioned upon Tenant simultaneously delivering to Landlord a replacement Letter of Credit in the amount required by, and otherwise meeting the requirements contained in, this Paragraph 7 and Paragraph 7 of the 901 Gateway Lease. It is further agreed Notwithstanding anything to the contrary contained herein or in the 901 Gateway Lease, if requested by Landlord at any time following the date of this Lease, Tenant shall cause the LC Issuing Bank (as defined in the 901 Gateway Lease) to bifurcate the Letter of Credit (as defined in the 901 Gateway Lease) into two separate letters of credit, one securing Tenant’s obligations under the 901 Gateway Lease and understood the other securing Tenant’s obligations under this Lease. Such bifurcated letters of credit shall each be in an amount specified by Landlord, provided that the aggregate amount of such letters of credit shall equal the amount of the Letter of Credit immediately prior to such bifurcation. Concurrently with the bifurcation of the Letter of Credit, Landlord and Tenant cannot apply shall enter into a modification of the 901 Gateway Lease and a modification of this Lease, which modifications shall amend Paragraph 7 of the 901 Gateway Lease and this Paragraph 7 to provide for separate, stand-alone security deposit against provisions in the 901 Gateway Lease and this Lease. If Landlord transfers its interest in the Project or this Lease, Landlord shall either (a) transfer any rent owing Security Deposit then held by Landlord to a person or entity assuming Landlord’s obligations under this Paragraph 7, or (b) return to Tenant any Security Deposit then held by Landlord and remaining after the deductions permitted herein. Upon such transfer to such transferee or the return of the Security Deposit to Tenant, Landlord shall have no further obligation with respect to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable Security Deposit, and Tenant’s right to the Tenant may be paid by the Landlord to any return of the tenants or to all names shown by Security Deposit shall apply solely against Landlord’s transferee. Landlord’s obligation respecting the tenantsSecurity Deposit is that of a debtor, not a trustee, and no interest shall accrue thereon.”
Appears in 2 contracts
Sources: Lease Agreement (Theravance Biopharma, Inc.), Lease Agreement (Theravance Inc)
Security Deposit. Upon execution of this Lease, Tenant shall deposit with Landlord the Security Deposit in the amount set forth in Article 1. The tenant agrees Security Deposit shall be held by Landlord as security for the full and faithful performance by Tenant of all of the terms, covenants and provisions of this Lease during the term hereof. In no event shall Landlord be obligated to pay, or Tenant is entitled to receive, any interest or other earnings on the security deposit. Landlord shall not be obligated to hold the Security Deposit in trust or in a separate account but may freely commingle the security deposit with Landlord’s other funds. In the event Tenant fails to keep and perform any of the terms, covenants or provisions of this Lease, then Landlord, at Landlord’s option, may appropriate and apply the Security Deposit, or so much thereof as may be necessary to pay the Landlord a deposit of . It is agreed between the any Rent or other sums due hereunder for which Tenant and the Landlord that interest on the deposit shall be compounded annually and be paid in default of payment. Tenant, upon notice from Landlord, immediately shall remit to Landlord an amount sufficient to restore this Security Deposit to the Tenant at the termination of tenancy amount required to be maintained in accordance with current statutory requirementsthis Article. At the time of the signing of this agreement, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; Upon ▇▇▇▇▇ ▇▇’s full and other marks on carpets, furnishings complete performance and walls shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented compliance with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession all of the premises in such condition that the premises require cleaning;
(c) payment of rent or other fees owing to the Landlord by the Tenant upon the termination terms, covenants and provisions of this Lease and;
(d) during the discharge of any other obligations or liabilities lease term, upon the expiration of the Tenant term and within thirty (30) days following ▇▇▇▇▇▇’s surrender of the Premises in accordance with the terms of this Lease, the Security Deposit shall be returned to Tenant. In the event of a sale of the Building, Landlord may deliver the Security Deposit to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of purchaser, and upon such delivery, Landlord shall be discharged from any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing liability with respect to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsSecurity Deposit.
Appears in 2 contracts
Sources: Office Lease Agreement (Alpha Healthcare Acquisition Corp Iii), Office Lease Agreement (Alpha Healthcare Acquisition Corp Iii)
Security Deposit. The tenant agrees Concurrently with Tenant’s execution of this Lease, Tenant shall deliver to Landlord a sum equal to the amount stated in Section l(i) as security for the performance by Tenant of every covenant and condition of this Lease. Landlord’s obligations with respect to the Security Deposit are those of a debtor and not a trustee. Landlord may maintain such sums separate and apart from Landlord’s general funds or may commingle them with Landlord’s general or other funds. Landlord is not required to pay the Landlord a deposit of . It is agreed between the Tenant and the Landlord that interest on the deposit shall be compounded annually and be paid such sums, or any portion thereof. If Tenant defaults with respect to the Tenant at the termination of tenancy in accordance with current statutory requirements. At the time of the signing any covenant or condition of this agreementLease beyond any applicable notice and cure period, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning the payment of carpet and drapery) if rent, Landlord may apply the Tenant gives up possession whole or a part of the premises Security Deposit to the payment of any sum in such condition default or any other sum which Landlord may be required to spend by reason of Tenant’s default. Tenant shall replenish any amounts spent by Landlord pursuant to the terms of Section 23 below within thirty (30) days following receipt of notice from Landlord. Within a reasonable period of time (not to exceed thirty (30) days) after expiration of the Lease Term or earlier termination of this Lease, the Security Deposit shall be returned to Tenant, less those amounts that may be required by Landlord under the premises require cleaning;
terms of this Lease (a) to remedy defaults on the part of Tenant in the payment of Rent or otherwise, (b) to repair damages to the Premises caused by Tenant, provided Landlord is entitled to the same under the terms of this Lease, and (c) payment of rent or other fees owing to restore the Premises to the condition required by this Lease. If Landlord by disposes of its interest in the Tenant upon Premises, Landlord shall deliver or credit the termination Security Deposit to Landlord’s successor in interest in the Premises and provided such successor assumes Landlord’s obligations hereunder, Landlord shall be relieved of this Lease and;
(d) the discharge of any other obligations or liabilities of the Tenant further responsibility with respect to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsSecurity Deposit.
Appears in 2 contracts
Sources: Lease Agreement, Lease Agreement (Tableau Software Inc)
Security Deposit. The tenant Upon the later of execution of this Amendment and Landlord's receipt of Tenant's deposit in the amount of $150,000.00 (the "Security Deposit"), Landlord agrees to pay waive the requirement of a letter of credit as security for Tenant's obligations under the Lease. Landlord may apply all or part of the Security Deposit to any unpaid Rent or to cure any other defaults of Tenant. If Landlord uses any part of the Security Deposit, Tenant shall restore the Security Deposit to its original amount within 1O business days after Landlord's written request. Tenant's failure to do so shall be a deposit of . It is agreed between default under the Tenant Lease and the overdue amount shall accrue interest as any delinquent payment. If twice within any 12 month period, late charges are assessed against Tenant by Landlord, Landlord that may, by written notice to Tenant, require Tenant to pay Landlord an amount equal to two months Base Rent as an increase in the Security Deposit, due within 5 business days after Tenant's receipt of the notice. If Landlord transfers its interest on in the deposit Premises, Landlord shall transfer the Security Deposit to its successor in interest, and notify Tenant in writing of such transfer, including the date of the transfer, the amount transferred, and the name and address of the transferee, whereupon Landlord shall be compounded annually automatically released from any liability for the return of the Security Deposit. If, at the end of the Term, Tenant has fully complied with all obligations under the Lease, then the remaining Security Deposit shall be returned to Tenant after Landlord has verified that Tenant has fully vacated the Premises, removed all of its property and surrendered the Premises in the condition required; provided that Landlord may hold back a reasonable portion of the Security Deposit until final determination of Tenant's Share of Common Expenses due hereunder, which shall be made no later than 6 months following the expiration of the Term or earlier termination of the Lease, whereupon any final adjustment shall be made and any remaining Security Deposit shall be returned to Tenant. Landlord's obligations with respect to the Security Deposit are those of a debtor and not of a trustee, and Landlord can commingle the Security Deposit with Landlord's general funds and no interest shall be paid to Tenant on the Security Deposit. If the Premises is further increased in size due to any option Tenant exercises or otherwise, the Security Deposit shall be increased to an amount to be determined by Landlord at the termination of tenancy in accordance with current statutory requirements. At the time of the signing of this agreement, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession of the premises in such condition that the premises require cleaning;
(c) payment of rent or other fees owing to the Landlord by the Tenant upon the termination of this Lease and;
(d) the discharge of any other obligations or liabilities of the Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsexpansion.
Appears in 2 contracts
Sources: Office Lease (ArcherDX, Inc.), Office Lease (ArcherDX, Inc.)
Security Deposit. The tenant Section 29.1 Tenant has deposited the Security Deposit with Landlord as security for the full and faithful performance of every provision of this Lease to be performed by Tenant through the Term and all renewals thereto. If an Event of Default shall have occurred with respect to any provision of this Lease, including but not limited to the provisions relating to the payment of Fixed Rent and Additional Rent, Landlord may use, apply or retain all or any part of this Security Deposit for the payment of any Fixed or Additional Rent or any other sum as 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 such Event of Default, or to compensate Landlord for any other loss, cost or damage which Landlord may suffer by reason of such Event of Default to the extent permitted under this Lease. Landlord shall give Tenant notice contemporaneously with such use or application of any portion of the Security Deposit. Tenant shall, within ten (10) Business Days after the giving of such notice, deposit with Landlord cash (or other suitable collateral such as an additional letter of credit) in an amount sufficient to restore the Security Deposit to the amount then required pursuant to the terms of this Article 29 and Tenant’s failure to do so shall be a breach of this Lease. Landlord shall not, unless otherwise required by Laws, pay interest to Tenant on the Security Deposit, and if Landlord is required to maintain the Security Deposit in an interest bearing account, Landlord will retain the maximum amount permitted under Laws as a bookkeeping and administrative charge. Tenant shall not assign or encumber any part of the Security Deposit, and no assignment or encumbrance by Tenant of all of any part of the Security Deposit shall be binding upon Landlord, whether made prior to, during, or after the Term. Landlord shall not be required to exhaust its remedies against Tenant or against the Security Deposit before having recourse to any other form of security held by Landlord and recourse by Landlord to any Security Deposit shall not affect any remedies of Landlord which are provided in this Lease or which are available to Landlord in law or in equity. If Tenant shall fully and faithfully perform every covenant and provision of this Lease to be performed and observed by Tenant, the Security Deposit or any balance thereof shall be returned to Tenant reasonably promptly after the expiration or sooner termination (other than a termination pursuant to Article 17) of the Term and Tenant’s surrender to Landlord of the Premises, but in no event later than sixty (60) days after such expiration or termination. In the event the Building is sold, Landlord shall transfer the Security Deposit to the new owner and Landlord shall thereupon be released by Tenant from all liability for the return of said Security Deposit; and Tenant agrees to pay look to the new owner solely for the return of the Security Deposit. A lease of the entire Building shall be deemed a transfer within the meaning of the foregoing sentence. Landlord shall notify or cause Tenant to be notified in the event of any transfer of the Building.
Section 29.2 Landlord agrees to reduce the Security Deposit as set forth below. Landlord shall have no obligation to reduce and Tenant shall have no right to request a deposit reduction in the Security Deposit unless all of . It is agreed between the Tenant and the Landlord that interest following conditions have been satisfied on the deposit shall be compounded annually and be paid date of the scheduled reduction to the Tenant at the termination of tenancy in accordance with current statutory requirements. At the time of the signing of this agreement, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide forSecurity Deposit:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances No Event of Default shall have occurred and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by petsbe continuing under this Lease; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)and
(b) cleaning there shall not have occurred any material adverse change in the premises and any property rented financial condition of Tenant from the condition described in the financial statements submitted by Tenant to Landlord in connection with itthis Lease. Notwithstanding the foregoing, (including but not limited to professional cleaning if an Event of carpet and drapery) if Default existed on the Tenant gives up possession date of the premises scheduled reduction of the Security Deposit and Tenant subsequently cures said Event of Default without Landlord having terminated this Lease, Tenant shall then be entitled to an immediate reduction of said Security Deposit at the time of said cure by Tenant by the amount as to which said Security Deposit would have been reduced had such Event of Default not existed.
Section 29.3 (a) Subject to the terms in Section 29.2, the Security Deposit shall be reduced from the original Two Hundred Ninety-Five Thousand and no/100 Dollars ($295,000.00):
(i) on the first day of December 2006, the Security Deposit shall be reduced by Seventy-Two Thousand Four Hundred Forty-Six and 80/100 Dollars ($72,446.80) and such condition that amount shall be credited towards the premises require cleaningmonthly Rent for December 2006 and January 2007;
(cii) payment on the first day of rent or other fees owing to December 2007, the Landlord Security Deposit shall be reduced by Seventy-Two Thousand Four Hundred Forty-Six and 80/100 Dollars ($72,446.80) and such amount shall be credited towards the Tenant upon the termination of this Lease monthly Rent for December 2006 and January 2008; and;
(diii) on the discharge first day of any other obligations or liabilities of December 2008, the Tenant to Security Deposit shall be reduced by Seventy-Two Thousand Four Hundred Forty-Six and 80/100 Dollars ($72,446.80) and such amount shall be credited towards the Landlord
(e) recovery of lost revenue or expenditures incurred monthly Rent for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed December 2008 and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsJanuary 2009.
Appears in 2 contracts
Sources: Lease Agreement (Emdeon Inc.), Lease Agreement (Emdeon Inc.)
Security Deposit. The tenant Tenant agrees to pay deposit with Landlord $198,800.00 as security for the performance by Tenant of every covenant and condition of this Lease by Tenant to be performed (the “Security Deposit”). Notwithstanding the foregoing, Landlord has waived the requirement of Tenant to deposit with Landlord the Security Deposit in the amount set forth in this Section 3.06 concurrently upon the execution of this Lease. Nevertheless, if Tenant defaults in the timely payment of the Base Rent or any Additional Rent required under this Lease on more than two (2) occasions during the Term of this Lease, then Tenant shall be required, within ten (10) days written notice from Landlord to deposit with Landlord the Security Deposit as security for Tenant’s complete performance of its obligations under this Lease and the remainder of the terms and provisions of this Section 3.06 shall be applicable to the Security Deposit. The failure by Tenant to deposit with Landlord the Security Deposit as required hereunder shall constitute a material default under this Lease and Landlord shall not be required to deliver to Tenant any further notice of such default or allow any grace period for the cure of such default. Said deposit may be commingled with other funds of Landlord, and shall bear no interest. Upon the deposit of the Security Deposit, if Tenant shall default with respect to any covenant or condition of this Lease, including, but not limited to, the payment of any sum due hereunder, then Landlord may use such portion of the Security Deposit as is necessary to cure such default. It is agreed between In the event Landlord so uses the Security Deposit in part or in whole, Tenant will restore the Security Deposit to the required amount upon notice of said default and the Landlord that interest on the deposit failure to do so shall be compounded annually a default under this Lease. Should Tenant comply with all of the covenants and conditions of this Lease, the Security Deposit or any balance thereof shall be paid returned to the Tenant at the termination of tenancy in accordance with current statutory requirements. At the time expiration of the signing of this agreement, the interest rate paid on security deposits is 0%Term thereof. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls Security Deposit shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession of the premises in such condition that the premises require cleaning;
(c) deemed an advanced payment of rent Rent or other fees owing to the Landlord measure of Landlord’s damages for any default hereunder by the Tenant upon the termination of this Lease and;
(d) the discharge of any other obligations or liabilities of the Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsTenant.
Appears in 2 contracts
Sources: Lease (Fender Musical Instruments Corp), Lease (Fender Musical Instruments Corp)
Security Deposit. The tenant agrees Letter of Credit. BLC Holdings shall, upon the execution of this Agreement by BLC Holdings, either (i) cause to pay be deposited with PSLT-BLC Holdings cash in the Landlord amount of the Security Amount (the "Security Deposit"), or (ii) cause to be delivered to PSLT-BLC Holdings a deposit letter of . It is agreed between credit (the Tenant "Letter of Credit") issued in favor of PSLT-BLC Holdings in the amount of the Security Amount, as security for the performance and observance by BLC Holdings of the terms, conditions and provisions of this Agreement and as security for the performance and the Landlord observance by each of the Brookdale Lessees of the terms, conditions and provisions of the Property Leases, including, without limitation, the surrender of possession of the Facilities by the Brookdale Lessees as provided in the Property Leases. Upon the occurrence and during the continuance of an Event of Default, PSLT-BLC Holdings may draw upon the Letter of Credit or apply any portion of the Security Deposit to the extent required for the payment of any sum as to which BLC Holdings or the Brookdale Lessee(s) under the Property Lease(s) to which the applicable Event of Default relates is in default or for any sum which PSLT-BLC Holdings may have expended or may be required to expend by reason of the occurrence of such Event of Default, including any damages or deficiency accrued before or after summary proceedings or other re-entry by any Provident Lessor pursuant to any Property Lease. Subject to the provisions of Paragraph 10(b) hereof, if PSLT-BLC Holdings draws upon the Letter of Credit and applies or retains any portion or all of the sum received upon such draw, or applies any portion of the Security Deposit, BLC Holdings shall forthwith take such action as is necessary to restore the face amount of the Letter of Credit to the Security Amount or pay any deficiency to PSLT-BLC Holdings such that interest on the deposit Security Deposit is at all times equal to the Security Amount. The Security Deposit shall be compounded annually held in a segregated bank account and shall be paid to invested in Permitted Investments. BLC Holdings or the Tenant at party posting the termination of tenancy Security Deposit in accordance with current statutory requirements. At the time of the signing of this agreement, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(aterms and conditions set forth in Paragraph 33(d) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls below shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession of the premises in such condition that the premises require cleaning;
(c) responsible for payment of rent any federal, state or local income or other fees owing tax applicable to income earned from Permitted Investments. All interest accruing on the Landlord Security Deposit shall be held by the Tenant upon the termination of this Lease and;
(d) the discharge of any other obligations or liabilities of the Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred PSLT-BLC Holdings for the time that account of BLC Holdings or such other party posting the suite is unavailable for rent while outstanding issues cause by Security Deposit, and shall be distributed to BLC Holdings or such other party on the Tenant are being addressed fifteenth (ie 15th) day after the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount end of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantseach Lease Year.
Appears in 2 contracts
Sources: Agreement Regarding Leases (Brookdale Senior Living Inc.), Lease Agreement (Provident Senior Living Trust)
Security Deposit. Within 10 banking days after execution of this Sublease, Subtenant shall deposit with Sublandlord a security deposit (“Security Deposit”) in the amount of $175,840.00 (the “Deposit Amount”). The tenant agrees Security Deposit shall be held by Sublandlord as security for Subtenant’s performance of its obligations under this Sublease and may be applied, at Sublandlord’s sole discretion, against any obligation incurred by Subtenant in connection with this Sublease that is not timely paid or performed (as the case may be), including the payment of Basic Rent and Additional Rent, the repair of any damage that is Subtenant’s responsibility, and all other obligations of Subtenant under this Sublease. If Sublandlord debits the Security Deposit, Sublandlord shall notify Subtenant of the occurrence and amount of the debit, and Subtenant shall promptly pay to pay Sublandlord the Landlord amount necessary to restore the Security Deposit to the full Deposit Amount.
A. Subtenant may elect to provide all or any portion of the Security Deposit in the form of cash or in the form of a deposit letter of credit (the “LOC”). It If Subtenant elects to satisfy all or any portion of the Security Deposit with cash, Sublandlord, Sublandlord is agreed between not required to keep the Tenant Security Deposit separate from its general funds and the Landlord that Subtenant is not entitled to interest on the deposit Security Deposit.
B. If Subtenant elects to satisfy all or any portion of the Security Deposit with an LOC, the LOC will be an irrevocable and unconditional standby letter of credit, issued by a financial institution (other than Subtenant) satisfactory to Sublandlord in its discretion, with a term of at least one year, drawable by Sublandlord upon presentation, and substantially in the form of Exhibit L attached to the Prime Lease (except that the references to Landlord as beneficiary and Sublandlord as applicant shall be compounded annually changed to Sublandlord as beneficiary and be paid Subtenant as applicant). Sublandlord may draw upon the LOC under the same terms and conditions as Sublandlord may apply a cash security deposit. In addition, Sublandlord may draw upon the LOC if Subtenant fails to deliver to Sublandlord no later than 30 days prior to the Tenant at expiration date of the existing LOC a renewal or extension of the LOC for a term of not less than one year. Notwithstanding the foregoing, and unless a renewal or extension of the LOC has not been delivered to Sublandlord 30 days prior to the expiration date of the existing LOC, Sublandlord will give Subtenant 5 business days prior written notice before drawing upon the LOC.
C. If Subtenant performs each of its obligations under this Sublease, then the Security Deposit, or any then-remaining balance thereof, shall be returned to Subtenant (or the LOC cancelled, as the case may be) within thirty (30) days after the later of (i) the expiration of the Sublease Term or termination of tenancy this Sublease, and (ii) the date on which Subtenant surrenders the Subleased Premises to Sublandlord in accordance with current statutory requirements. At the time condition required by this Sublease (unless Subtenant retains possession of the signing of this agreement, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased Subleased Premises pursuant to the Lease Recognition Agreement (defined below), in which damages may have been cause by the Tenant case clause (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and teari) will apply)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession of the premises in such condition that the premises require cleaning;
(c) payment of rent or other fees owing to the Landlord by the Tenant upon the termination of this Lease and;
(d) the discharge of any other obligations or liabilities of the Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenants.
Appears in 2 contracts
Sources: Sublease Agreement, Sublease Agreement (Pacifica Bancorp Inc)
Security Deposit. The tenant agrees to pay the Landlord a deposit of . It is agreed between the Tenant and the Landlord that interest on the deposit shall be compounded annually and be paid to the Tenant at the termination of tenancy in accordance with current statutory requirements. At the time of the signing of this agreement, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage Simultaneously with the execution and delivery of this Lease, Tenant shall deliver to Landlord the Security Deposit in cash or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)immediately available funds.
(b) cleaning The Security Deposit is security for the premises faithful performance and observance by Tenant of the terms and conditions of this Lease and is not an advance payment of rent. If an Event of Default occurs, Landlord may use, apply or retain all or any property rented with itpart of the Security Deposit to the extent required for payment of any Base 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 the occurrence of an Event of Default, (including including, but not limited to, any damage or deficiency accrued before or after summary proceedings or other re-entry by Landlord, including the costs of such proceeding or re-entry and further including, without limitation, reasonable attorneys’ fees. If an Event of Default occurs, Landlord shall have the right to professional cleaning apply the Security Deposit, or any part thereof, as aforesaid, without additional notice and without prejudice to any other remedy or remedies which Landlord may have, or Landlord may pursue any other such remedy or remedies in lieu of carpet applying the Security Deposit or any part thereof. No interest shall be payable on the Security Deposit and drapery) if Landlord shall have the right to commingle the Security Deposit with other funds of Landlord. If Landlord applies the Security Deposit in whole or in part, Tenant gives up possession shall immediately upon demand pay to Landlord the amount so applied to restore the Security Deposit to its original amount. In the event of a sale or other transfer of Landlord’s Property, or leasing of Landlord’s Property subject to Tenant’s tenancy hereunder, Landlord shall transfer the Security Deposit then remaining to the vendee or lessee, in which event Landlord shall thereupon be released from all liability for the return of such Security Deposit to Tenant; and Tenant shall look solely to the new landlord for the return of the premises in such condition that the premises require cleaning;
(c) payment of rent or other fees owing to the Landlord by the Tenant upon the termination of this Lease and;
(d) the discharge Security Deposit then remaining. The holder of any other obligations or liabilities of the mortgage on Landlord’s Property shall not be responsible to Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that Security Deposit or its application or return unless the suite is unavailable for rent while outstanding issues cause Security Deposit shall actually have been received by such holder. Tenant shall not assign or encumber or attempt to assign or encumber the Tenant are being addressed (ie the property is being cleaned Security Deposit, and Landlord shall not be bound by any such assignment, encumbrance, attempted assignment or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsattempted encumbrance.
Appears in 2 contracts
Sources: Purchase and Sale Agreement (Summer Infant, Inc.), Lease Agreement (Summer Infant, Inc.)
Security Deposit. The tenant If LICENSEE defaults under any of the terms or conditions of this Agreement more than two times during any twelve consecutive months during the term of this Agreement, LICENSEE agrees, that in addition to curing such event of default, it shall pay LICENSOR a security deposit equal to $25,000 ("Security Deposit"), which will be held by LICENSOR without interest as security for the full and faithful performance by LICENSEE of LICENSEE's covenants and obligations under this Agreement, it being expressly understood that such deposit is not an advance payment of license fees or a measure of LICENSOR's damages if LICENSEE defaults again. Following the payment of the Security Deposit, upon the occurrence of any event of default by LICENSEE, LICENSOR may, from time to time, without prejudice to any other remedy provided in this Agreement or by law, use the Security Deposit to the extent necessary to make good any arrearages of payment owed by LICENSEE to LICENSOR or any amount as to which LICENSEE is in default or for any other damage, injury, expense, or liability caused to LICENSOR by such event of default, regardless whether such damages or deficiency accrue before or after termination of this Agreement. Following any such application of the Security Deposit, LICENSEE agrees to pay to LICENSOR on demand the Landlord a deposit of . It is agreed between amount so applied in order to restore the Tenant Security Deposit to its original amount and the Landlord that interest on the deposit shall be compounded annually and be paid LICENSEE's failure to the Tenant at the termination of tenancy in accordance with current statutory requirements. At the time do so within ten days of the signing date of demand will be, at LICENSOR's election, a material default under this Agreement. If LICENSEE is not in default of this agreement, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession of the premises in such condition that the premises require cleaning;
(c) payment of rent or other fees owing to the Landlord by the Tenant Agreement upon the termination of this Lease and;
(d) Agreement, LICENSOR agrees to return any remaining balance of such Security Deposit to LICENSEE within thirty days of the discharge date of the termination of this Agreement. LICENSOR's deduction of any other obligations amounts owed by LICENSEE to LICENSOR from the Security Deposit will in no event release LICENSEE from being in default under the terms of this Agreement. LICENSOR will not be required to keep this Security Deposit separate from its general funds. LICENSEE agrees that it will not assign or liabilities encumber, or attempt to assign or encumber, the monies deposited under this Agreement as security, and that LICENSOR and its successors and assigns will not be bound by any such actual or attempted assignment or encumbrance. If LICENSEE cures the event of default that triggered the obligation to put up the $25,000 Security Deposit and is not then in default, LICENSOR agrees to refund the $25,000 amount put as a Security Deposit within ten days of the Tenant to the Landlord
(e) recovery date of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsLICENSEE's request.
Appears in 2 contracts
Sources: License Agreement (Harvey Electronics Inc), License Agreement (Harvey Electronics Inc)
Security Deposit. Tenant shall deposit with Landlord the amount set forth in Article 1 (“Security Deposit”), upon Tenant’s execution and submission of this Lease. The tenant agrees to pay Security Deposit shall serve as security for the Landlord a deposit of . It is agreed between the prompt, full and faithful performance by Tenant and the Landlord that interest on the deposit shall be compounded annually and be paid to the Tenant at the termination of tenancy in accordance with current statutory requirements. At the time of the signing provisions of this agreementLease. If Tenant commits a Default, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit or owes any amounts that the to Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession of the premises in such condition that the premises require cleaning;
(c) payment of rent or other fees owing to the Landlord by the Tenant upon the expiration or earlier termination of this Lease and;
(d) including estimated amounts under Article 3, which shall remain subject to reconciliation against actual amounts as further provided therein), Landlord may use or apply the discharge whole or any part of the Security Deposit for the payment of Tenant’s obligations hereunder. The use or application of the Security Deposit or any portion thereof shall not prevent Landlord from exercising any other obligations right or liabilities remedy provided hereunder or under any Law and shall not be construed as liquidated damages. In the event the Security Deposit is reduced by such use or application, Tenant shall deposit with Landlord within ten (10) days after notice, an amount sufficient to restore the full amount of the Security Deposit. Landlord shall not be required to keep the Security Deposit separate from Landlord’s general funds or pay interest on the Security Deposit. Any remaining portion of the Security Deposit not used or applied hereunder shall be returned to Tenant (or, at Landlord’s option, to the Landlord
last assignee of Tenant’s interest in this Lease) within thirty (e30) recovery of lost revenue days after Tenant (or expenditures incurred for such assignee) has vacated the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs Premises in excess accordance with Article 23 and this obligation shall survive termination of the depositLease. It is further agreed If the Premises shall be expanded at any time, or if the Term shall be extended at an increased rate of Rent, the Security Deposit shall thereupon be proportionately increased. Tenant shall not assign, pledge or otherwise transfer any interest in the Security Deposit except as part of an assignment of this Lease approved by Landlord under Article 13, and understood that any attempt to do so shall be null and void. Landlord shall provide Tenant with written notice of the Tenant cannot apply transfer of the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord Security Deposit to any of the tenants or to all names shown by the tenantsother party.
Appears in 2 contracts
Sources: Office Lease (Chimerix Inc), Office Lease (Chimerix Inc)
Security Deposit. The tenant agrees to pay 9.1 Upon execution of this Lease, Tenant shall deposit with Landlord cash in the Landlord a deposit amount of . It is agreed between $268,583 as security for the faithful performance by Tenant and the Landlord that interest on the deposit shall be compounded annually and be paid to the Tenant at the termination of tenancy in accordance with current statutory requirements. At the time all of the signing terms, covenants, and conditions of this agreement, Lease to be kept and performed by Tenant during the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances term and any other items leased pursuant extension term hereof If Tenant defaults with respect to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpetsprovision of this Lease, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if any provision relating to the Tenant gives up possession of the premises in such condition that the premises require cleaning;
(c) payment of rent 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 other fees owing to the Landlord by the Tenant upon the termination of this Lease and;
(d) the discharge of any other obligations or liabilities of the Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply retain the security deposit against for the payment of any rent owing 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. Landlord may use the security deposit without giving notice of default to Tenant as otherwise required by Article 24 if Landlord is precluded from giving such notice by any provision of the Bankruptcy Code. Tenant hereby grants to Landlord a security interest in the security deposit in accordance with the applicable provisions of the California Commercial Code to secure the obligations of this Lease.
9.2 In the event any or all of the security deposit is used to cure a Tenant default, Tenant shall within fifteen (15) days after request therefore replenish the security deposit to the Landlord during full amount set forth above.
9.3 In the tenancy. The Tenant agrees that any event of bankruptcy or other debtor/creditor proceedings against Tenant, the security deposit refundable 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.
9.4 Landlord shall deliver the security deposit to any purchaser of Landlord’s interest in the Premises, and thereupon Landlord shall be discharged from any further liability with respect thereto provided that such purchaser has agreed to assume in writing the obligations of Landlord hereunder. This provision shall also apply to any subsequent transfers.
9.5 The security deposit shall be returned to Tenant may be paid within thirty (30) days following the expiration of this Lease, except for amounts which are actually used to pay or reimburse Landlord for costs incurred by the Landlord to cure any of the tenants or to all names shown default by the tenantsTenant.
Appears in 2 contracts
Sources: Lease (Biocept Inc), Lease (Biocept Inc)
Security Deposit. The tenant agrees Upon the Execution Date, Tenant shall deposit with Landlord the Security Deposit as security for Tenant’s faithful performance of Tenant’s obligations hereunder. If Tenant fails to timely pay rent or other charges due hereunder, or otherwise defaults with respect to any provisions of this Lease beyond applicable notice and cure periods hereunder, 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 for 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. Landlord shall have no obligation to apply the Security Deposit against any amount due or owing from Tenant under this Lease or against any Advance made by Landlord, nor shall the rights and remedies of Landlord under this Lease be affected in any manner by the fact that Landlord holds the Security Deposit. If, however, Landlord so uses or applies all or any portion of the Security Deposit, Tenant shall within ten (10) days after written demand therefor, deposit with Landlord an amount sufficient to restore the Security Deposit to the full amount stated above, and Tenant’s failure to do so shall constitute a default under this Lease. Landlord shall not be required to keep the security deposit separate from its general accounts or to pay interest thereon, unless otherwise required by applicable law. If Tenant performs all of Tenant’s obligations hereunder, the Security Deposit, or so much thereof after application thereof by Landlord a deposit of . It is agreed between the Tenant and the Landlord that interest on the deposit in accordance with this Section 3.7, as has not been applied by Landlord, shall be compounded annually and be paid returned, in cash, without payment of interest or other increment for its use, to the Tenant at the termination of tenancy in accordance with current statutory requirements. At the time expiration of the signing of this agreement, the interest rate paid on security deposits Lease Term. No trust relationship is 0%. The created herein between Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss and Tenant with respect to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession of the premises in such condition that the premises require cleaning;
(c) payment of rent or other fees owing to the Landlord by the Tenant upon the termination of this Lease and;
(d) the discharge of any other obligations or liabilities of the Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsSecurity Deposit.
Appears in 2 contracts
Sources: Lease (Esperion Therapeutics, Inc.), Lease (Esperion Therapeutics, Inc.)
Security Deposit. Contemporaneously with the execution of this Lease, Tenant shall pay to Landlord the Security Deposit (as defined in the Basic Lease Information), which shall be held by Landlord to secure Tenant's performance of its obligations under this Lease. The tenant agrees Security Deposit is not an advance payment of Rent or a measure or limit of Landlord's damages upon an Event of Default (as defined in Section 17). Landlord may, at Landlord's discretion, from time to time following an Event of Default and without prejudice to any other remedy, use all or a part of the Security Deposit to perform any obligation Tenant fails to perform hereunder or in connection with Landlord's remedies under this Lease. Following any such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied in order to restore the Security Deposit to its original amount. Subject to the requirements of, and conditions imposed by, Laws applicable to security deposits under commercial leases, Landlord shall, within the time required by applicable Law, return to Tenant the portion of the Security Deposit remaining after deducting all damages, charges and other amounts permitted by Law. Landlord and Tenant agree that such deductions shall include, without limitation, all damages and losses that Landlord has suffered as a deposit result of any breach of this Lease by Tenant. It is agreed between Unless required otherwise by applicable Law, the Tenant Security Deposit may be commingled with other funds, and no interest shall be paid thereon. If Landlord transfers its interest in the Premises, Landlord may assign the Security Deposit to the transferee and, upon such transfer (and the delivery to Tenant of an acknowledgement by the transferee of the transferee's responsibility for the Security Deposit), Landlord that interest on thereafter shall have no further liability for the deposit return of the Security Deposit. The Security Deposit shall be compounded annually in the form of a letter of credit and Tenant shall deliver to Landlord within five (5) days after the date of execution of the Lease an irrevocable, unconditional letter of credit in the amount of Thirty-Five Thousand One Hundred Ninety-Nine and 00/100 ($35,199.00) Dollars (the "LETTER OF CREDIT"). The Letter of Credit shall be paid addressed to Landlord, issued in a form and substance similar to that attached hereto as Exhibit I and by a financial institution with minimum assets of Ten Billion Dollars ($10,000,000,000.00), upon which presentment may be made in Boston, Massachusetts which is reasonably acceptable to Landlord, shall be freely transferable without fee, and having an expiration date falling no sooner than three (3) years and thirty (30) days after the Commencement Date. Tenant agrees that upon any Event of Default by Tenant under the terms and provisions of this Lease, Landlord shall have the right to receive payment under any Letter of Credit of the entire amount of such Letter of Credit at the termination of tenancy such time, and any such amounts received by Landlord shall be held by Landlord and applied in accordance with current statutory requirements. At the time of the signing of this agreement, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession of the premises in such condition that the premises require cleaning;
(c) payment of rent or other fees owing to the Landlord by the Tenant upon the termination of this Lease and;
(d) in the discharge of any other obligations or liabilities of the Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the depositsame manner as a Security Deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord shall at all times during the tenancy. The Tenant agrees that any security deposit refundable to Term, hold a letter of credit in the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsamounts described above.
Appears in 1 contract
Sources: Office Lease Agreement (Zix Corp)
Security Deposit. The tenant agrees In order to pay guarantee at all times the Landlord a deposit proper performance of . It is agreed between the Tenant payment obligations and the Landlord that performance of all of the clauses and conditions of the lease for which the Lessee is responsible, the Lessee pays, upon signature of this lease, to the Lessor, a security deposit, which shall not produce interest on unless required by Illinois statute, the amount of which is equal to one-twelfth of the total contractual obligation. This security deposit shall be compounded annually kept during the entire lease term and be paid through the period of time required to use it to pay for any qualifying expenses. Security deposit is a sum of money listed in this lease that the Tenant at tenant shall place with the termination landlord specifically for the purpose of tenancy in accordance with current statutory requirements. At the time of the signing of securing this agreement, the interest rate paid on security deposits is 0%lease. The Landlord landlord may deduct apply money from the security deposit any amounts that towards all short rents, utility payments made by the Landlord seems necessary landlord as a result of tenant removing the utilities from their name, late payment fees costs listed in article 3 of this lease, and costs to provide for:
(a) repairing any damage or loss bring the unit back to the premisessame condition it was in when the tenant took possession beyond normal wear and tear. Among these costs, fixturesbut not an exhaustive list, furniturecan be turning utilities on to do work, appliances trash hauling, repairs/replacement, making new keys or replacing locks if keys, any FOBS or mirror hanger tags not turned in, and any other items leased pursuant cleaning. At the end of this lease, landlord will return to the Lease which damages may have been cause by tenant any part of the Tenant (security deposit not used in accordance with Illinois Statute 765 ILCS 710/Security Deposit Return Act. If the total sum exceeds the amount of the Security Deposit, the tenant agrees to promptly pay the amount in excess. Promptly shall mean within fifteen calendar days of receiving notice of money due. Any security deposit that is to be returned will be returned as one check made out to the tenant designated to receive it or any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls for excess charges. This shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession of the premises in such condition that the premises require cleaning;
(c) payment of rent one single tenant. That tenant is whoever it is or other fees owing to the Landlord by the Tenant upon the termination of this Lease and;
(d) the discharge of any other obligations or liabilities of the Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the depositsomeone else. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing this tenant’s obligation to provide in writing a forwarding address or it will be mailed to the Landlord during address shown on this lease. Any mailings returned undeliverable shall be held for one year at the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsaddress provided for giving notices.
Appears in 1 contract
Sources: Lease Agreement
Security Deposit. The tenant agrees Tenant has this day deposited with Landlord the Security Deposit to pay secure the Landlord a deposit payment of . It is agreed between the Tenant Fixed Rent and Additional Rent hereunder and the Landlord that interest full and faithful performance by Tenant of the covenants and conditions on the deposit shall part of Tenant to be compounded annually and performed. The Security Deposit will not be paid an advance payment of the Fixed Rent and/or Additional Rent. During the Term hereof (as same may be extended or renewed from time to time), Landlord may, if Landlord so elects, have recourse to the Security Deposit, to the extent necessary to make good any default by Tenant at beyond any applicable notice and cure period, in which event Tenant shall, on demand, promptly restore the Security Deposit to its original amount in the form of cash. In no event, however, shall Landlord be obligated to apply all or any part of the Security Deposit. Landlord’s right to bring a special proceeding to recover damages or otherwise to obtain possession of the Demised Premises before or after Landlord’s declaration of the termination of tenancy the Lease for nonpayment of rent or for any other reason shall not in accordance with current statutory requirements. At the time any event be affected by reason of the signing of this agreement, the interest rate paid on security deposits is 0%fact that Landlord holds a Security Deposit. The Landlord may deduct from Security Deposit will not be a limitation on Landlord’s damages or other rights and remedies available under the security deposit any amounts that Lease or at law or in equity; nor shall the Landlord seems necessary to provide for:
(a) repairing any damage or loss Security Deposit be a payment of liquidated damages. The Security Deposit will not be an advance payment of the Fixed Rent and/or Additional Rent. In the event and/or to the premisesextent Landlord is holding the Security Deposit in cash, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls Landlord shall not be considered normal wear required to keep the Security Deposit separate from its own funds and tear)
(b) cleaning may co-mingle said amounts with its own funds. In addition, Landlord shall not be required to keep any Security Deposit in an interest-bearing account. If Landlord keeps the premises and any property rented with itSecurity Deposit in an interest-bearing account, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession Landlord shall receive all of the premises interest that accrues thereon. Tenant shall not mortgage, assign, or encumber the Security Deposit, and neither Landlord nor its successors or assigns shall be bound by any such mortgage, assignment, or encumbrance. Liability to return or repay, as the case may be, said Security Deposit to Tenant shall run with the reversion and title to the Demised Premises, whether any change in such condition that ownership thereof be by voluntary alienation or as the premises require cleaning;
(c) payment result of rent judicial sale, foreclosure, or other fees owing proceedings, or the exercise of a right of taking or entry by any mortgagee, but subject to the terms and conditions of the following sentence. Landlord shall assign or transfer said Security Deposit, for the benefit of Tenant, to any subsequent owner or holder of the reversion or title to Demised Premises, in which case the assignee or transferee shall become liable for the repayment thereof as herein provided, and the assignor or transferor shall be deemed to be released by Tenant from all liability to return such Security Deposit. Landlord shall return to Tenant any unapplied portion of the Tenant upon Security Deposit not used by Landlord as permitted by this Lease within sixty (60) days after the Expiration Date (or last day of the Renewal Term, as applicable). The terms and conditions of this Paragraph shall survive the expiration or sooner termination of this Lease and;
(d) the discharge of any other obligations or liabilities of the Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsLease.
Appears in 1 contract
Security Deposit. The tenant agrees to pay the Landlord a deposit of . It is agreed between the Tenant and the Landlord that interest on the deposit Security Deposit shall be compounded annually deposited with Landlord by Tenant contemporaneously with the delivery by Tenant to Landlord of this Lease. The Security Deposit shall be held by Landlord without liability for interest and as security for the performance by Tenant of Tenant's covenants and obligations under this Lease, it being expressly understood that the Security Deposit shall not be paid considered an advance payment of Rent or a measure of Tenant's liability for damages in case of default by Tenant. Landlord may, from time to time, without prejudice to any other remedy, use the Security Deposit to the extent necessary to make good any arrearages of Rent or to satisfy any other covenant or obligation of Tenant hereunder. Following any such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied in order to restore the Security Deposit to its original amount. On the two (2) year anniversary of the Rent Commencement Date (as may be extended below, the Security Deposit Return Date), if there exists no Event of Default by Tenant under this Lease and no event has occurred which, upon the giving of notice or the expiration of any applicable notice or grace period, could result in an Event of Default by Tenant hereunder, the balance of the Security Deposit remaining after any such application shall be returned by Landlord to Tenant. Notwithstanding the foregoing, if at anytime prior to Landlords return of the Security Deposit to Tenant there should occur an Event of Default by Tenant hereunder, then the Security Deposit Return Date shall be extended by one (1) year for each such Event of Default that may occur. If the Security Deposit has not otherwise been returned to Tenant as of the termination of this Lease, and if Tenant is not in default at the termination of tenancy in accordance with current statutory requirements. At this Lease, the time balance of the signing of this agreement, the interest rate paid on security deposits is 0%. The Security Deposit remaining after any such application shall be returned by Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
Tenant within thirty (a30) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession of the premises in such condition that the premises require cleaning;
(c) payment of rent or other fees owing to the Landlord by the Tenant upon days following the termination of this Lease and;
(d) Lease. If Landlord transfers its interest in the discharge Complex during the term of any other obligations or liabilities of this Lease, Landlord may assign the Tenant Security Deposit to the Landlord
(e) recovery transferee and upon assumption by such transferee of lost revenue or expenditures incurred liability for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible Security Deposit, Landlord shall have no further liability for the amount return of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantssuch Security Deposit.
Appears in 1 contract
Security Deposit. Concurrently with the execution of this Lease, Tenant shall deposit with Landlord the Security Deposit in the amount set forth above. The tenant agrees to pay the Landlord a deposit of . It is agreed between the Tenant and the Landlord that interest on the deposit Security Deposit shall be compounded annually and be paid to held by Landlord as security for the Tenant at the termination performance of tenancy in accordance with current statutory requirements. At the time of the signing of Tenant’s obligations under this agreement, the interest rate paid on security deposits is 0%Lease. The Landlord may deduct from the security Security Deposit is not an advance rental deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which a measure of Landlord’s damages may have been cause by the Tenant (any damage or residual odor left by pets; in case of ▇▇▇▇▇ ▇▇’s default. Upon each occurrence of an Event of Default (hereinafter defined), and other marks on carpetsnotwithstanding any governmentally-imposed eviction moratorium then in effect, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession Landlord may use all or part of the premises in Security Deposit to pay delinquent payments due under this Lease, and the cost of any damage, injury, expense or liability caused by such condition Event of Default, without prejudice to any other remedy provided herein or provided by law. Tenant shall pay Landlord on demand the amount that will restore the premises require cleaning;
(c) payment Security Deposit to its original amount. ▇▇▇▇▇▇▇▇’s obligation respecting the Security Deposit is that of rent or other fees owing a debtor, not a trustee; no interest shall accrue thereon. The Security Deposit shall be the property of Landlord, but shall be paid to Tenant when Tenant’s obligations under this Lease have been completely fulfilled. Landlord shall be released from any obligation with respect to the Landlord by the Tenant Security Deposit upon the termination transfer of this Lease and the Premises to a person or entity assuming Landlord’s obligations under this Paragraph 5. In the event of a sale or other disposition of the Premises, Landlord may transfer the Security Deposit to the new owner, and;
(d) , thereafter, Landlord shall be released by Tenant from all responsibility for returning the discharge Security Deposit, and Tenant shall look solely to the new owner for return of the Security Deposit provided that the new owner assumes all of Landlord's obligations accruing subsequent to the date of the transfer, and further provided that Landlord delivers to the transferee the Security Deposit. If Tenant assigns this Lease, ▇▇▇▇▇▇’s rights in the Security Deposit shall be deemed to be assigned to the assignee, such Security Deposit shall be held by Landlord as a Security Deposit made by the assignee and Landlord shall have no further responsibility for return of the Security Deposit to Tenant. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of any law, now or hereafter in effect, which provide that 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 Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Paragraph 5 and/or those sums reasonably necessary to compensate Landlord for any other obligations out-of-pocket loss or liabilities damage, foreseeable or unforeseeable, actually incurred by Landlord arising from Tenant’s uncured default under this Lease. The Security Deposit, less any amounts permitted to be retained or applied by Landlord in accordance with the terms of this Lease, shall be returned to Tenant within sixty (60) days after the expiration of the Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsLease Term.
Appears in 1 contract
Security Deposit. Tenant shall deposit and maintain with City upon execution of this Lease a security deposit in an amount, equal to three (3) months’ Rent and any years Adjusted Rent or any other amount as determined by the Director. The tenant agrees to pay the Landlord a deposit of . It is agreed between the Tenant and the Landlord that interest on the initial deposit shall be compounded annually and be paid to in the Tenant at amount as specified in Section 1, against which the termination of tenancy in accordance with current statutory requirements. At the time of the signing of this agreement, the interest rate paid on security deposits is 0%. The Landlord City may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage delinquent or loss to the premisesunpaid fees, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage costs or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, charges (including but not limited to professional cleaning rent and badging fees and any late payment fees and the charges stated in this Lease) resulting from ▇▇▇▇▇▇’s operations at the Airport, to ensure prompt payment of carpet required rent, fees and draperycharges. The Security Deposit shall be in the form of an irrevocable letter of credit or any other surety form as approved by the Director. The letter of credit shall be an irrevocable letter of credit, substantially in the form attached to this Lease as Exhibit F. The Director may adjust such deposit amount requirement from time to time upon a determination that the revised deposit satisfies the lease requirements and provides adequate protection to the City and the Airport. All banking charges with respect to the letter of credit shall be at the sole expense of ▇▇▇▇▇▇. No later than thirty (30) if days after each Percentage Increase Adjustment date, Tenant shall increase the Tenant gives up possession Security Deposit to equal six months of the premises in such condition that then-applicable Adjusted Rent. If the premises require cleaning;
Director adjusts the amount of the Security Deposit or deducts any delinquent or unpaid rent, fees, costs or charges (cincluding late payments) payment of rent or other fees owing from the Security Deposit, Tenant shall promptly replenish the deposit to the Landlord full amount required by the Director, within thirty (30) days of a written demand by Director. Tenant’s failure to so replenish the Security Deposit shall constitute an Event of Default, which entitles the City to terminate this Lease as provided in Section 12 of this Lease. The City shall not be required to keep the Security Deposit separate from its funds, and Tenant upon shall not be entitled to interest on the Security Deposit. Any amounts remaining from the Security Deposit (after deductions for delinquent or unpaid rent, fees, costs, or charges as specified above) at the expiration or earlier termination of this Lease and;
(das it may be extended or renewed) the discharge of any other obligations or liabilities of the Tenant shall be returned to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause Tenant, without interest, after a determination by the Tenant are being addressed (ie Director that all amounts owed to City under this Lease have either been paid in full or have been deducted from the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsSecurity Deposit.
Appears in 1 contract
Security Deposit. The tenant agrees Security Deposit shall be delivered to pay Landlord on or before the Landlord a deposit Commencement Date of . It is agreed between the Lease by Tenant and the Landlord that interest on the deposit shall be compounded annually and be paid held by Landlord (without liability for interest, except to the extent required by Law) as security for the performance of Tenant’s obligations under this Lease. The Security Deposit is not an advance payment of Rent or a measure of Tenant’s liability for damages. Landlord may, from time to time while an event of default remains uncured, without prejudice to any other remedy, use all or a portion of the Security Deposit to satisfy past due Rent, cure any uncured default by Tenant, or repay Landlord for damages and charges for which Tenant at is legally liable under this Lease or resulting from Tenant’s breach of this Lease. If Landlord uses the termination Security Deposit, Tenant shall on demand restore the Security Deposit to its original amount and such use by Landlord of tenancy the Security Deposit shall not constitute a cure of the existing event of default until such time as the entire amount owing to Landlord is paid in full and the Security Deposit is fully restored. Provided that Tenant has performed all of its obligations hereunder, Landlord shall return any unapplied portion of the Security Deposit to Tenant within 30 days after the later to occur of: (A) the date Tenant surrenders possession of the Premises to Landlord in accordance with current statutory requirementsthis Lease; or (B) the Expiration Date. At Tenant does hereby authorize Landlord to withhold from the time Security Deposit all amounts allowed by Law and the amount reasonably anticipated by Landlord to be owed by Tenant as a result of an underpayment of Tenant’s Pro Rata Share of any Excess Operating Expenses for the final year of the signing Term. To the fullest extent permitted by applicable Law, Tenant agrees that the provisions of this agreementArticle 6 shall supersede and replace all statutory rights of Tenant under applicable Law regarding the retention, application or return of security deposits. If Landlord transfers its interest in the interest rate paid on security deposits is 0%. The Premises, Landlord may deduct from shall assign the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss Security Deposit to the premisestransferee and, fixturesfollowing the assignment and the delivery to Tenant of an acknowledgement of the transferee’s responsibility for the Security Deposit if required by Law, furniture, appliances and any other items leased pursuant to Landlord shall have no further liability for the Lease which damages may have been cause by return of the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls Security Deposit. Landlord shall not be considered normal wear required to keep the Security Deposit separate from its other accounts. Notwithstanding the foregoing and tear)
(b) cleaning the premises and any property rented with itprovided no event of default has occurred, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession Landlord shall credit one-third of the premises in such condition that Security Deposit against the premises require cleaning;
Base Rent due for the thirty-seventh (c37) payment of rent or other fees owing to the Landlord by the Tenant upon the termination of this Lease and;
(d) the discharge of any other obligations or liabilities month of the Tenant to Term, and one-third of the Landlord
Security Deposit (ebeing one-half of the remaining balance thereof) recovery of lost revenue or expenditures incurred against the Base Rent due for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed forty-ninth (ie the property is being cleaned or damages are being repaired49) The Tenant is responsible for the amount of any damages or cleaning costs in excess month of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsTerm.
Appears in 1 contract
Sources: Office Lease (Power Efficiency Corp)
Security Deposit. The tenant agrees Upon mutual execution of this Lease, Tenant shall deposit with Landlord good funds in the amount of the Security Deposit (if any) set forth in the Principal Lease Provisions, to secure the performance by Tenant of its obligations under this Lease, including without limitation Tenant’s obligations (i) to pay Basic Monthly Rent and Additional Rent (as defined below), (ii) to repair damages to the Premises and/or the Project caused by Tenant or Tenant’s agents, employees, contractors, licensees, and invitees (collectively, “Tenant’s Invitees”), (iii) to surrender the Premises in the condition required by Paragraph 24, below, and (iv) to remedy any other defaults by Tenant in the performance of any of its obligations under this Lease. If Tenant commits any default under this Lease, Landlord may, at its election, use funds from the Security Deposit to pay the reasonable cost of curing such default, and to compensate Landlord for all damages actually suffered by Landlord which are directly attributable to such default, including, without limitation, reasonable attorneys’ fees and costs incurred by Landlord. Upon demand by Landlord, Tenant shall promptly pay to Landlord a deposit of . It is agreed between the Tenant and the Landlord that interest on the deposit shall be compounded annually and be paid sum equal to the Tenant at the termination of tenancy in accordance with current statutory requirements. At the time any portion of the signing of this agreementSecurity Deposit so used by Landlord, in order to maintain the interest rate paid on security deposits is 0%Security Deposit in the amount set forth in the Principal Lease Provisions above (subject to increase as set forth below). The Landlord may deduct from Within 30 days following the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage Expiration Date or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession of the premises in such condition that the premises require cleaning;
(c) payment of rent or other fees owing to the Landlord by the Tenant upon the earlier termination of this Lease and;
Lease, Landlord shall deliver to Tenant, at Tenant’s last known address, any portion of the Security Deposit not used by Landlord, as provided in this Paragraph. Landlord may commingle the Security Deposit (dand any advance Rent received by Landlord) with Landlord’s other funds and Landlord shall not pay interest on such Security Deposit to Tenant. Tenant waives the discharge provisions of any other obligations or liabilities similar principals of law with respect to Landlord’s ability to apply the Security Deposit against future rent damages. Furthermore, upon lawful termination of the Lease as a result of Tenant’s default, Landlord shall be entitled to immediately apply the Security Deposit against damages without the requirement that Tenant first be given notice and an opportunity to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time cure, and notwithstanding that the suite is unavailable for rent while outstanding issues cause damages have not been finally adjudicated by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsa court.
Appears in 1 contract
Security Deposit. The tenant Tenant shall also pay to Landlord concurrently with the execution of this Lease the sum of $142, 845 to be retained by Landlord as security ("Deposit") for the faithful performance by Tenant of all of the provisions, conditions, and covenants of this Lease. At no time during the Term shall Tenant construe the Deposit to be rent or elect to apply the same to any other sums due and payable by Tenant hereunder. In the event of a default of any kind or nature by Tenant under this Lease, Landlord may elect to retain the applicable portion of the Deposit to offset the same against the actual loss or damage sustained, or expend so much thereof as may be necessary to cure any such default, but the liability of Tenant shall only be discharged proportionately should the Deposit be insufficient to satisfy the debts due or damages incurred by Landlord. If at any time during the term Landlord should use the Deposit as aforementioned, then Tenant agrees to promptly replace the sum expended upon demand by Landlord. Nothing contained in this Article shall require or be deemed to require Landlord to resort to the Deposit prior to exhausting any and all other rights and remedies available against Tenant nor shall anything contained herein be construed to deprive Landlord of any other remedy, whether at law, in equity, or reserved under this Lease should Landlord resort to the Deposit pursuant to this Section. Landlord shall not pay the Landlord a deposit of . It is agreed between the Tenant and the Landlord that any interest on the deposit Deposit nor be required to maintain the same separately from other funds of Landlord. Landlord shall be compounded annually and be paid return the Deposit or so much to Tenant thereof as has not heretofore been applied by Landlord for the Tenant at the termination of tenancy in accordance with current statutory requirements. At the time purposes stated herein, without interest or other increment, upon Landlord’s determination that upon expiration of the signing Lease Tenant has complied with all terms of this agreementLease, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession of the premises in such condition that the premises require cleaning;
(c) payment of rent or other fees owing to the Landlord by the Tenant upon the termination of this Lease and;
(d) the discharge without default of any other obligations or liabilities of the Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsnature whatsoever.
Appears in 1 contract
Security Deposit. The tenant Subject to the provisions of this addendum, in lieu of the cash security deposit required to be provided by Tenant under the Lease (referenced in Subsection 1(g) and Section 6 of the Lease), Landlord agrees to pay accept from Tenant 240,000 common shares of High Plains Gas, Inc. (HPGS.OB) (the “Shares”). Tenant shall transfer ownership of the Shares to Landlord a deposit of . It is agreed between the Tenant and the Landlord that interest on the deposit shall be compounded annually and be paid to the Tenant at the termination of tenancy in accordance concurrently with current statutory requirements. At the time of the signing of this agreementaddendum. Should the value of the Shares ever fall below $240,000 (the “Threshold Value”), as determined by the interest rate paid per share price at the close of trading on security deposits is 0%the Over-the-Counter Bulletin Board of NASDAQ on the business date immediately preceding the date of determination, Tenant agrees to, within one business day, transfer ownership to Landlord of sufficient additional Shares or cash to meet the Threshold Value. The Should Tenant fail to adhere to the foregoing obligation, Landlord may deduct from shall have the security deposit right to immediately convert the Shares to cash in any amounts manner deemed reasonable by Landlord in its sole and absolute discretion. Tenant agrees that Landlord shall have the right to sell the Shares for cash and apply and use such cash under the terms provided for the Security Deposit under the Lease, including Paragraph 6 thereof, and further that, upon Landlord seems necessary selling the Shares or a portion thereof and applying or using such cash as provided for under the Lease, Tenant shall have the obligation to provide for:immediately transfer additional shares to Landlord to meet the Threshold Value. Tenant represents and warrants as follows with respect to the Shares (including any Shares transferred to Landlord in the future):
(a) repairing any damage or loss Tenant has timely filed each statement, report, registration statement (with the prospectus in the form required to be filed pursuant to Rule 424(b) of the Securities Act), definitive proxy statement, and other filing required to be filed with the Securities and Exchange Commission (“SEC”) by Tenant prior to the premisesEffective Date (collectively, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the “Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tearSEC Documents”).
(b) cleaning the premises and any property rented with itAs of their respective filing dates, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession SEC Documents complied in all material respects with the requirements of the premises Securities Exchange Act of 1934 and the rules promulgated thereunder (the “Exchange Act”) and the Securities Act of 1933, as amended (the “Securities Act”)and none of the Tenant SEC Documents contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements made therein, in such condition that light of the premises require cleaning;circumstances in which they were made, not misleading, except to the extent corrected by a subsequently filed Tenant SEC Document prior to the date hereof.
(c) payment The financial statements of rent or other fees owing to Tenant, including the Landlord by notes thereto, included in the Tenant upon SEC Documents (“Tenant Financial Statements”), complied as to form in all material respects with applicable accounting requirements and with the termination published rules and regulations of this Lease and;the SEC with respect thereto as of their respective dates, and have been prepared in accordance with generally accepted accounting principles applied on a basis consistent throughout the periods indicated and consistent with each other (except as may be indicated in the notes thereto or, in the case of unaudited statements included in Quarterly reports on Form 10-Q, as permitted by Form 10-Q of the SEC).
(d) The Tenant Financial Statements fairly present the discharge consolidated financial condition, operating results and cash flow of any other obligations or liabilities Tenant and its Subsidiaries at the dates and during the periods presented therein (subject, in the case of the Tenant unaudited statements, to the Landlordnormal, recurring year-end adjustments).
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess issuance and delivery of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing Shares as consideration in accordance with this addendum shall be, at or prior to the Effective Date (or the date on which such Shares are delivered to Landlord during if at a later time to meet the tenancyThreshold Value), duly authorized by all necessary corporate action on the part of Tenant, and, when issued at the Effective Time as contemplated hereby, such Shares will be duly and validly issued, fully paid and nonassessable. The Tenant agrees that Such Shares, when so issued and delivered in accordance with the provisions of this addendum, shall be free and clear of all liens and encumbrances and adverse claims, other than restrictions on transfer created by applicable securities laws and will not have been issued in violation of their respective properties or any security deposit refundable to the Tenant may be paid by the Landlord to any preemptive rights or rights of the tenants first refusal or to all names shown by the tenantssimilar rights.
Appears in 1 contract
Security Deposit. The tenant agrees Security Deposit previously delivered to Landlord by Tenant has been returned to Tenant, receipt of which is acknowledged by Tenant. Except as provided in Exhibit G, Section 19.02 attached hereto, no Security Deposit shall be required to be deposited by Tenant. If a Security Deposit is required by Exhibit G, Section 19.03, the Security Deposit shall secure Tenant's obligations under this Lease to pay the Landlord a deposit of . It is agreed between the Tenant and the Landlord that interest on the deposit shall be compounded annually and be paid to the Tenant at the termination of tenancy in accordance with current statutory requirements. At the time of the signing of this agreement, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ rent and other marks on carpetsmonetary amounts, furnishings to maintain the Premises and walls shall not be considered normal wear repair damages thereto, to surrender the Premises to Landlord in clean and tear)
(b) cleaning the premises sanitary condition and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession of the premises in such condition that the premises require cleaning;
(c) payment of rent or other fees owing to the Landlord by the Tenant repair upon the termination of this Lease and;
(d) the as required pursuant to Section 18.15 below and to discharge of any Tenant's other obligations hereunder. Landlord may use and commingle the Security Deposit with other funds of Landlord. If Tenant fails to perform Tenant's obligations hereunder, Landlord may, but without any obligation to do so, apply all or liabilities any portion of the Tenant Security Deposit towards fulfillment of Tenant's unperformed obligations. If Landlord does so apply any portion of the Security Deposit, Tenant, shall immediately pay Landlord a sufficient amount in cash to restore the Security Deposit to the Landlord
(e) recovery of lost revenue or expenditures incurred for full original amount. In the time event that Landlord shall expend the suite is unavailable for rent while outstanding issues cause by same in order to cure Tenant's default hereunder, Tenant's failure to forthwith remit to Landlord a sufficient amount in cash to restore the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing Security Deposit to the original sum deposited within ten (10) days after Tenant's receipt of notice from Landlord during the tenancythat such amounts have been so expended shall constitute an Event of Default. The Security Deposit shall be held by Landlord without liability for interest on the same. Upon termination of this Lease, if Tenant agrees that any security deposit refundable has then performed all of Tenant's obligations hereunder, Landlord shall return the Security Deposit to Tenant. If Landlord sells or otherwise transfers Landlord's rights or interest under this Lease, Landlord may deliver the Security Deposit to the transferee, whereupon Landlord shall be released from any further liability to Tenant may be paid by with respect to the Landlord to any of the tenants or to all names shown by the tenantsSecurity Deposit.
Appears in 1 contract
Sources: Lease Agreement (Iomega Corp)
Security Deposit. Tenant has deposited with Landlord the Security Deposit set forth in the Basic Lease Provisions above, to be held by Landlord during the Term as set forth below. The tenant agrees to pay the Landlord a deposit of . It is agreed between the Tenant and the Landlord that interest on the deposit Security Deposit shall be compounded annually held by Landlord without liability for interest and as security for the performance by Tenant of Tenant’s covenants and obligations hereunder, it being expressly understood that the Security Deposit shall not be paid considered as a measure of Tenant’s damages in case of default by Tenant. Landlord may, in its sole discretion, from time to time without prejudice to any other remedy, use the Security Deposit to the extent necessary to make good any default under this Lease or to satisfy any other covenant or obligation of Tenant hereunder. Following any such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied in order to restore the Security Deposit to its original amount. If Tenant is not in default at the termination of tenancy in accordance with current statutory requirements. At this Lease, the time balance of the signing Security Deposit remaining after any such application shall be returned to Tenant within a reasonable period after such termination, after deducting therefrom any unpaid obligation of Tenant to Landlord as may arise under this agreementLease, including, without limitation, the interest rate paid on security deposits is 0%. The Landlord may deduct from obligation of Tenant to restore the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession of the premises in such condition that the premises require cleaning;
(c) payment of rent or other fees owing to the Landlord by the Tenant Premises upon the termination of this Lease. If Landlord transfers its interest in the Premises during the Term of this Lease, Landlord may assign the Security Deposit to the transferee provided that such transferee accepts, in writing, to be bound by the terms of this Lease and;
(d) as the discharge of any other obligations or liabilities landlord hereunder. Provided Tenant is not then in uncured default, the required amount of the Tenant Security Deposit shall be reduced to the Landlord
following amounts on the following dates: Mutual Execution $ 538,069.80 (ethe “Original Deposit”) recovery Beginning of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount Lease Month 13 $ 403,552.35 Beginning of any damages or cleaning costs in excess Lease Month 25 $ 269,034.90 Beginning of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any Lease Month 37 $ 134,517.45 Beginning of the tenants or to all names shown by the tenants.Lease Month 49 $ 89,678.30
Appears in 1 contract
Sources: Lease Agreement (Onvia Inc)
Security Deposit. The tenant agrees to pay the Landlord a deposit of . It is agreed between the Tenant and the Landlord that interest on the deposit shall be compounded annually and be paid to the Tenant at the termination of tenancy in accordance with current statutory requirements. At the time of the signing of this agreement, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss Tenant shall pay Landlord upon execution and delivery hereof by Tenant the amount of $ (the “Security Deposit”) as security for the full and faithful performance of each of the terms hereof by Tenant. Landlord shall [not] be required to keep the premisesSecurity Deposit separate from its general funds and Tenant shall [not] be entitled to interest thereon. If an Event of Default occurs, fixturesLandlord may, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls but shall not be considered normal wear 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 such Event of Default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of such Event of Default, including, without limitation, costs and tear)attorneys’ fees incurred by Landlord to recover possession of the Premises. If any portion of the Security Deposit is so used or applied, Tenant shall, 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 constitute an Event of Default.
(b) cleaning Tenant acknowledges that Landlord has the premises right to transfer or mortgage its interest in the Building and in this Lease, and Tenant agrees that in the event of any property rented with such transfer or mortgage, Landlord shall have the right to transfer or assign the Security Deposit to the transferee or mortgagee. Upon such transfer or assignment of the Security Deposit, Landlord shall be deemed released by Tenant from all liability or obligation for the return of the Security Deposit and Tenant shall look solely to such transferee or mortgagee for the return of the Security Deposit. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the Security Deposit or any balance thereof shall be returned to Tenant (including but not limited or, at Landlord’s option, to professional cleaning the last assignee of carpet Tenant’s interest hereunder) within 30 days following the expiration of the Term and drapery) if the Tenant gives up surrender of possession of the premises Premises to Landlord. Tenant hereby waives all provisions of law, now or hereafter in such condition force, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the premises require cleaning;
(c) payment of rent Rent, to repair damage caused by Tenant or to clean the Premises; rather, Landlord may, in addition, claim those sums reasonably necessary to compensate Landlord for any other fees owing to the Landlord loss or damage, foreseeable or unforeseeable, caused by the act or omission of Tenant upon the termination or any officer, employee, agent or invitee of this Lease and;
(d) the discharge of any other obligations or liabilities of the Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsTenant.
Appears in 1 contract
Security Deposit. The tenant agrees to pay Concurrently with the Landlord a deposit of . It is agreed between the Tenant and the Landlord that interest on the deposit shall be compounded annually and be paid to the Tenant at the termination of tenancy in accordance with current statutory requirements. At the time of the signing execution of this agreementLease, Tenant has deposited with Landlord the interest rate paid on security deposits is 0%Security Deposit set forth in Subparagraph l(m) above to secure the full and faithful performance by Tenant of Tenant's covenants and obligations hereunder. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances Security Deposit shall not bear interest and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear an advance payment of rent or a measure of Landlord's damages in case of default by Tenant. Landlord shall have the right to commingle the Security Deposit with the other funds of Landlord. In the event Tenant defaults in the performance of any of the covenants and tear)
(b) cleaning the premises and any property rented with itobligations to be performed by it hereunder, (including including, but not limited to professional cleaning the payment of carpet all rent to be paid hereunder, Landlord may, from time to time, without prejudice to any other remedy, use the Security Deposit to the extent necessary to make good any arrearages in rent or any sum as to which Tenant is in default and drapery) if any other damage, injury, expense or liability caused to Landlord by such default, including any damages or deficiency in the Tenant gives up possession reletting of the premises in Premises, whether such condition that the premises require cleaning;
(c) payment of rent damages or other fees owing to the Landlord by the Tenant upon the deficiency may accrue before or after termination of this Lease and;
(d) the discharge of and including reasonable attorneys' fees incurred by Landlord in connection with such default or damage. Following any other obligations or liabilities such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied in order to restore the Security Deposit to its original amount. If Tenant is not then in default hereunder, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease and after delivery of the entire possession of the Premises to Landlord in accordance with this Lease. If Landlord assigns its interest in the Premises during the Term, Landlord may assign the Security Deposit to the Landlord
(e) recovery of lost revenue or expenditures incurred assignee and, thereafter, Landlord shall have no further liability for the time that return of the suite is unavailable for rent while outstanding issues cause by Security Deposit, and Tenant agrees to look solely to the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible new landlord for the amount of any damages or cleaning costs in excess return of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancySecurity Deposit. The provisions of the preceding sentence shall apply to each and every transfer or assignment made of the Security Deposit to a new landlord. Tenant agrees that it will not assign or encumber or attempt to assign or encumber the moneys deposited herein as security, and that Landlord and its successors and assigns shall not be bound by any security deposit refundable such actual or attempted assignment or encumbrance. Regardless of any assignment of this Lease by Tenant, Landlord may return the Security Deposit to the original Tenant may be paid by in the absence of evidence satisfactory to Landlord to any an assignment of the tenants right to receive the Security Deposit or to all names shown by any part of the tenantsbalance thereof.
Appears in 1 contract
Security Deposit. Tenant has deposited with First Meridian Management LLC ENTER AMOUNT as security for the performance of this Lease. The tenant agrees to pay security deposit shall serve as a fund from which the Landlord a deposit of . It is agreed between the Tenant may (a) obtain reimbursement for losses, damages and the Landlord that interest on the deposit shall be compounded annually expenses due to unreasonable wear and be paid tear or damage to the Tenant at Premises or resulting from ▇▇▇▇▇▇'s failure to maintain the termination of tenancy Premises as required in accordance with current statutory requirementsthe Lease and (b) recover any other amounts that may become due and owing to Landlord under this Lease. At Landlord's damages shall not be limited to the time amount of the signing security deposit. Whenever Landlord applies any portion of this agreement, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that for the purposes stated above, Tenant shall promptly pay Landlord seems the funds necessary to provide for:
(a) repairing any damage or loss restore the security deposit to its original amount. Any portion of the premisessecurity deposit that is not applied by Landlord for the purposes stated above shall be returned to Tenant, fixtures, furniture, appliances and any other items leased pursuant to at the Lease which damages may have been cause forwarding address supplied by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇▇ and other marks on carpetsat that time, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning within 30 days after the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession surrender of the premises in such condition that the premises require cleaning;
(c) payment of rent or other fees owing Premises to the Landlord by the Tenant upon the termination of this Lease and;
(d) the discharge of Landlord, together with a statement itemizing any other obligations or liabilities of the Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the depositdeductions. It is further agreed and understood that the Tenant cannot apply No interest shall be paid on the security deposit against unless the security deposit exceeds one month's rent. THE SECURITY DEPOSIT MAY NOT BE APPLIED BY TENANT TO THE PAYMENT OF ANY RENT DUE UNDER THIS LEASE. • Electric- The Illuminating Company 1-800-589-3101 • Gas – Dominion ▇-▇▇▇-▇▇▇-▇▇▇▇ The following utilities are included: • Water** • Sewer** • Trash **Water and Sewer: First Meridian Management LLC will pay for the water and sewer bills unless they are more than 2x the yearly average. This is only caused by higher usage or a leak and tenants will be responsible for both and to reach out to First Meridian Management LLC via the service email address: ▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇.▇▇▇ when they are experiencing any rent owing type of leak or running toilet etc. First Meridian Management LLC will investigate any issue free of charge to the Landlord during tenant and fix them unless the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid leak or damage was caused directly by the Landlord tenant. If the unit is a multi-family then each tenant will be responsible equally for the higher water bill. Occupants: The number of occupants is limited to any of ENTER, only the tenants or to all names shown by the tenantsfollowing persons may live in this dwelling.
Appears in 1 contract
Sources: Lease Agreement
Security Deposit. The tenant agrees Upon Tenant’s execution of this Lease, Tenant shall deposit with Landlord, cash in the amount of the Security Deposit set forth in the Principal Lease Provisions, to secure the performance by Tenant of its obligations under this Lease, including without limitation Tenant’s obligations (i) to pay the Landlord a deposit of . It is agreed between the Tenant Basic Monthly Rent and the Landlord that interest on the deposit shall be compounded annually and be paid Additional Rent (as defined below), (ii) to repair damages to the Premises and/or the Project caused by Tenant at or Tenant’s agents, employees, contractors, licensees, and invitees (collectively, “Tenant’s Invitees”), (iii) to surrender the termination Premises in the condition required by Paragraph 19, below, and (iv) to remedy any other defaults by Tenant in the performance of tenancy in accordance with current statutory requirementsany of its obligations under this Lease. At If Tenant fails to pay Rent, or otherwise defaults under this Lease, Landlord may use, apply or retain all or any portion of said Security Deposit for the time payment of any amount due Landlord or to reimburse or compensate Landlord for any liability, expense, loss or damage which Landlord may suffer or incur by reason thereof. If Landlord uses or applies all or any portion of the signing Security Deposit, Tenant shall within twenty (20) days after written request therefor deposit monies with Landlord sufficient to restore said Security Deposit to the full amount required by this Lease. Should the Permitted Use be amended to accommodate a material change in the business of this agreementTenant or to accommodate a subtenant or assignee, Landlord shall have the interest rate paid on security deposits is 0%. The Landlord may deduct from right to increase the security deposit Security Deposit to the extent necessary, in Landlord’s reasonable judgment, to account for any amounts increased wear and tear that the Premises may suffer as a result thereof. Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)
required to keep the Security Deposit separate from its general accounts. Within sixty (b60) cleaning days after the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession of the premises in such condition that the premises require cleaning;
(c) payment of rent expiration or other fees owing to the Landlord by the Tenant upon the termination of this Lease and;
(d) the discharge of any other obligations or liabilities Lease, Landlord shall return that portion of the Tenant to the Security Deposit not used or applied by Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess . No part of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against Security Deposit shall be considered to be held in trust, to earn interest or to be prepayment for any rent owing monies to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsTenant under this Lease.
Appears in 1 contract
Security Deposit. The tenant agrees to pay Tenant has deposited with the Landlord a deposit the sum of Eight Thousand ($8,000.00) dollars (“Security Deposit”). It is agreed between the Tenant and the Landlord that interest on the deposit shall be compounded annually and be paid to the Tenant at the termination of tenancy in accordance with current statutory requirements. At the time The Security Deposit constitutes security for Tenant’s satisfactory performance of the signing terms, covenants and conditions of this agreement, Lease including the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:payment of Annual Gross Rent and Additional Rent.
(a) repairing Landlord may use, apply or retain the whole or any damage or loss part of the security so deposited to the premisesextent required for the payment of any Annual Gross Rent, fixtures, furniture, appliances and Additional Rent or any other items leased pursuant sum as to which Tenant is in default or for any reasonable sum which Landlord may expend or may be required to expend by reason of Tenant’s default in respect of any of the Lease which terms, covenants and conditions of this Lease, including any damages may have been cause or deficiency in the re-letting of the Leased Premises or other reentry by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)Landlord.
(b) cleaning If Landlord uses, applies or retains the premises and whole or any property rented with itpart of the Security Deposit, Tenant shall replenish it to the sum provided in this Section 3.7 within five (including but not limited to professional cleaning 5) Business Days after being notified in writing by the Landlord of carpet and drapery) the amount due. Tenant shall be in default of this Lease if the Tenant gives up possession of amount due is not paid within the premises in such condition that the premises require cleaning;required time period.
(c) payment In the event of rent a sale or other fees owing master leasing of the Building, or any part thereof, of which the Leased Premises form a part, Landlord shall have the right to transfer the security to the new landlord, and Landlord shall ipso facto be released by Tenant from all liability for the return of the Security Deposit. In such event, Tenant upon agrees to look solely to the termination new landlord for the return of this Lease and;the Security Deposit and it is agreed that the provisions hereof shall apply to every transfer or assignment made of the Security Deposit to a new landlord.
(d) Tenant covenants that it shall not assign or encumber the discharge of Security Deposit given to Landlord pursuant to this Lease. Neither Landlord, its successors or assigns shall be bound by any other obligations such assignment or liabilities encumbrance or any attempted assignment or encumbrance. The Security Deposit shall not be used as any part of the Annual Gross Rent or Additional Rent by Tenant. Landlord will not be obligated to pay Tenant interest on the Security Deposit, nor to segregate the Security Deposit from Landlord’s other funds.
(e) recovery In the event that Tenant shall fully and faithfully comply with all the terms, covenants and conditions of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of this Lease, any damages or cleaning costs in excess part of the deposit. It is further agreed and understood that Security Deposit not used or retained by Landlord in accordance with the terms of this Lease shall be returned to Tenant cannot apply after the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any expiration of the tenants or Lease and after delivery of exclusive possession of the Leased Premises to all names shown by the tenantsLandlord.
Appears in 1 contract
Sources: Lease Agreement (AxoGen, Inc.)
Security Deposit. The tenant agrees to pay the Landlord a deposit of . It is agreed between the Tenant and the Landlord that interest on the deposit shall be compounded annually and be paid to the Tenant at the termination of tenancy in accordance with current statutory requirements. At the time of the signing Upon Tenant's execution of this agreementLease, Tenant shall deliver to Landlord, as a Security Deposit for the performance by Tenant of its obligations under this Lease, the interest rate paid on security deposits amount specified in the Basic Lease Information. If Tenant is 0%. The in default (beyond applicable notice and cure periods, if any), Landlord may deduct may, but without obligation to do so, use the Security Deposit, or any portion thereof, to cure the default or to compensate Landlord for all damages sustained by Landlord resulting from the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premisesTenant's default, fixturesincluding, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Enforcement Expenses. Tenant gives up possession shall, immediately on demand, pay to Landlord a sum equal to the portion of the premises in Security Deposit so applied or used so as to replenish the amount of the Security Deposit held to increase such condition that the premises require cleaning;
(c) payment of rent or other fees owing deposit to the amount initially deposited with Landlord. At any time after Tenant has defaulted hereunder, Landlord may require an increase in the amount of the Security Deposit required hereunder for the then balance of the Lease Term and Tenant shall, immediately on demand, pay to Landlord additional sums in the amount of such increase, provided that at no time shall Tenant be required to deposit an amount larger than the then applicable Security Deposit Cap. The "Security Deposit Cap" at any time shall be computed by increasing the Tenant upon initial security deposit amount set forth in the Basic Lease Information above by four percent (4%) per annum compounded annually from the Commencement Date through the date of computation of the cap. As soon as practicable after the termination of this Lease and;
(dLease, Landlord shall return the Security Deposit to Tenant, less such amounts as are reasonably necessary, as determined solely by Landlord, to remedy Tenant's default(s) hereunder or to otherwise restore the discharge of any other obligations or liabilities of the Tenant Premises to the Landlord
(e) recovery of lost revenue or expenditures incurred for condition required by this Lease. If the time that cost to restore the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for Premises exceeds the amount of the Security Deposit, Tenant shall promptly deliver to Landlord any damages and all of such excess sums as reasonably determined by Landlord. Landlord shall not be required to keep the Security Deposit separate from other funds, and, unless otherwise required by law, Tenant shall not be entitled to interest on the Security Deposit. In no event or cleaning costs in excess circumstance shall Tenant have the right to any use of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Security Deposit and, specifically, Tenant may be paid by not use the Landlord to any of the tenants Security Deposit as a credit or to all names shown by the tenantsotherwise offset any payments required hereunder, including, but not limited to, Rent or any portion thereof.
Appears in 1 contract
Sources: Lease Agreement (New Ico Global Communications Holdings LTD)
Security Deposit. The tenant agrees Landlord acknowledges receipt from Tenant of an unconditional, irrevocable and transferable letter of credit, naming Landlord and its successors and assigns as beneficiary, drawn upon Fleet National Bank NA, or another bank or financial institution reasonably acceptable to pay Landlord, in the Landlord a deposit amount of . It is agreed between Five Hundred Thousand Dollars ($500,000.00) (the Tenant and the Landlord that interest on the deposit "Letter of Credit"), which shall be compounded annually held by Landlord or its agent, as security, for the full and be paid faithful performance of Tenant's obligation herewith for and during the Term. Upon the occurrence of any Event of Default, Tenant agrees that Landlord may from time to time, without prejudice to any other remedy, draw upon the principal amount of the Letter of Credit (or any cash security deposit held by Landlord in lieu of the Letter of Credit) to the Tenant at the termination of tenancy in accordance with current statutory requirements. At the time of the signing of this agreement, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that the Landlord seems extent necessary to provide for:
(a) repairing reimburse Landlord for any damage or loss to the premisesBase Rent, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession of the premises in such condition that the premises require cleaning;
(c) payment of additional rent or other fees owing sums payable by Tenant to Landlord under this Lease by virtue of such Event of Default. Tenant shall not have the right to call upon Landlord to draw upon the Letter of Credit to cure any default or fulfill any obligation of Tenant, but such use shall be solely in the discretion of Landlord. Upon any conveyance of the Property by Landlord to Landlord's grantee or transferee of the Property, the Letter of Credit thereon may be assigned or otherwise transferred by Landlord to such grantee or transferee, and Tenant shall cooperate to the extent necessary to effect such assignment or transfer. Upon any such assignment or transfer, Tenant hereby releases Landlord by the Tenant upon the termination of this Lease and;
(d) the discharge herein named of any other obligations or liabilities of the Tenant and all liability with respect to the Landlord
(e) recovery Letter of lost revenue Credit, its application and return, and Tenant agrees to look solely to such grantee or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposittransferee. It is further agreed and understood that the Tenant cannot this provision shall also apply the security deposit against to subsequent grantees and transferees. Subject to Section 6.3(g) above, but otherwise notwithstanding any rent owing other provision to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any contrary set forth herein, (i) on each anniversary of the tenants Commencement Date, the principal amount of the Letter of Credit (or any such cash security deposit) shall be reduced by Fifty Thousand Dollars ($50,000.00), and (ii) the Letter of Credit (or any such cash security deposit) shall be returned to all names shown by Tenant upon the tenants.fifth (5th) anniversary of the Commencement Date, provided however that no reduction of the principal amount of the Letter of Credit (and such security deposit) shall occur on any such anniversary, and the Letter of Credit (and such security deposit) shall not be returned to Tenant upon the fifth (5th) anniversary of the Commencement Date if (x) an Event of Default which Landlord has not waived exists on such anniversary, or (y) Tenant is unable to provide Landlord with reasonably satisfactory evidence that, at the time of any scheduled reduction or return, Tenant's reported book net worth exceeds One Hundred Million Dollars ($100,000,000.00). Any such reduction in the principal amount of the Letter of Credit shall be accomplished as follows:
Appears in 1 contract
Sources: Office Lease (Sycamore Networks Inc)
Security Deposit. The tenant agrees Security Deposit shall be delivered to pay Landlord upon the Landlord a deposit execution of . It is agreed between the this Lease by Tenant and the Landlord that interest on the deposit shall be compounded annually and be paid held by Landlord (without liability for interest, except to the extent required by Law) as security for the performance of Tenant’s obligations under this Lease. The Security Deposit is not an advance payment of Rent or a measure of Tenant’s liability for damages. Landlord may, from time to time upon notice to Tenant at while an event of default remains uncured, without prejudice to any other remedy, use all or a portion of the termination Security Deposit to satisfy past due Rent, cure any uncured default by Tenant, or repay Landlord for damages and charges for which Tenant is legally liable under this Lease or resulting from Tenant’s breach of tenancy this Lease. If Landlord uses the Security Deposit, Tenant shall on demand restore the Security Deposit to its original amount and such use by Landlord of the Security Deposit shall not constitute a cure of the existing event of default until such time as the entire amount owing to Landlord is paid in full and the Security Deposit is fully restored. Provided that Tenant has performed all of its obligations hereunder (or the Security Deposit has been applied for such performance), Landlord shall return any unapplied portion of the Security Deposit to Tenant within 30 days after the later to occur of: (A) the date Tenant surrenders possession of the Premises to Landlord in accordance with current statutory requirementsthis Lease; or (B) the Expiration Date (or the date this Lease otherwise terminates if earlier). At Tenant does hereby authorize Landlord to withhold from the time Security Deposit all amounts allowed by Law and the amount reasonably anticipated by Landlord to be owed by Tenant as a result of an underpayment of Tenant’s Pro Rata Share of any Excess Operating Expenses for the final year of the signing of this agreementTerm. To the fullest extent permitted by applicable Law, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession of the premises in such condition that the premises require cleaning;
(c) payment of rent or other fees owing to the Landlord by the Tenant upon the termination of this Lease and;
(d) the discharge of any other obligations or liabilities of the Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any the provisions of this Article 6 shall supersede and replace all statutory rights of Tenant under applicable Law regarding the retention, application or return of security deposit refundable to deposits, including, without limitation, under the Tenant may be paid by the Landlord to any provisions of the tenants or to all names shown by the tenantsCalifornia Civil Code Section 1950.
Appears in 1 contract
Security Deposit. The tenant agrees 9.1. Tenant has deposited with Landlord (in cash or the Letter of Credit, as defined in Section 43.14 hereof) the sum set forth in Section 2.1.8 (the “Security Deposit”) which Security Deposit shall be held by Landlord as security for the performance by Tenant of all of the terms, covenants, and conditions of this Lease to pay be kept and performed by Tenant during the 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, 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 which Landlord may suffer by reason of Tenant’s default. If any portion of the Security Deposit is so used or applied, Tenant shall, 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 deposit material breach of this Lease. It is agreed between Landlord shall keep any cash constituting the Security Deposit separate from its general fund in an interest-bearing account. Tenant and the Landlord that shall be entitled to any interest on the Security Deposit (to be credited to and added to the Security Deposit) at the rate as may be actually earned thereon by Landlord from time to time. Tenant shall provide Landlord or its designee with such information and instruments (including, without limitation, Tenant’s taxpayer identification number) as Landlord may reasonably require in order to maintain the Security Deposit in an interest-bearing account.
9.2. In the event that upon Landlord’s review of the Hazardous Materials List (as defined in Section 40.1.1 hereof) Landlord or any of Landlord’s insurers or lenders reasonably determines that Tenant’s use of Hazardous Materials at the Demised Premises increases the risk of damage to or contamination of the Demised Premises, the Building or the Land, then upon Tenant’s receipt of written notice of such determination from the Landlord, Tenant shall deposit an additional amount with the Landlord as Landlord may reasonably determine, which amount shall be compounded annually added to and treated as part of the Security Deposit.
9.3. So long as no default exists or is continuing, on the first day of the first full calendar month which is forty-eight (48) months after the Term Commencement Date, the Security Deposit shall be paid reduced to any amount equal to the Tenant at the termination quotient of tenancy in accordance with current statutory requirements. At the time of the signing of this agreement, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause Basic Annual Rent then in effect divided by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning 12.
9.4. In the premises and any property rented with itevent of bankruptcy or other debtor-creditor proceedings against Tenant, (including but not limited the Security Deposit shall be deemed to professional cleaning of carpet and drapery) if be applied first to the Tenant gives up possession of the premises in such condition that the premises require cleaning;
(c) payment of rent or Rent and other fees owing charges due Landlord for all periods prior to the filing of such proceedings.
9.5. Landlord may deliver the Security Deposit to any purchaser of Landlord’s interest in the Demised Premises and thereupon Landlord shall be discharged from any further liability with respect to the Security Deposit. This provision shall also apply to any subsequent transfers.
9.6. If Tenant shall fully perform every provision of this Lease to be performed by Tenant, the Security Deposit, or any balance thereof, shall be returned to Tenant upon (or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder) within forty-five (45) days after the expiration or earlier termination of this Lease and;
(d) the discharge of any other obligations or liabilities of the Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsLease.
Appears in 1 contract
Sources: Lease (Emergent BioSolutions Inc.)
Security Deposit. The tenant Upon execution of this Lease, Tenant shall deposit with Authority the sum specified as the security deposit in the Basic Lease Information (the "Security Deposit"), in cash, to secure Tenant’s faithful performance of all terms, covenants and conditions of this Lease. Tenant agrees that Authority may (but shall not be required to) apply the Security Deposit in whole or in part to pay remedy any damage to the Landlord a deposit Premises caused by Tenant, its Agents or Invitees, or any then uncured event of default of Tenant related to the performance of any other terms, covenants or conditions contained herein (including, but not limited to, the payment of Rent or other sum due hereunder when due), without waiving any of Authority's other rights and remedies hereunder or at law or in equity and without any obligation. It is agreed between Prior to Authority’s use of the Security Deposit, Authority shall give Tenant written notice of Authority’s intention to use the Security Deposit and the date and amount of such intended use, together with reasonable written documentation of the loss, damage or expense for which Authority seeks reimbursement from the Security Deposit. Tenant waives the provisions of Section 1950.7 of the California Civil Code or any similar law, statute or ordinance now or hereafter in effect and agrees that Landlord may retain any portion of Security Deposit reasonably necessary to compensate Landlord for any other foreseeable or unforeseeable loss or damage caused by the acts or omissions of Tenant, its Agents or Invitees. Without limiting the foregoing, Tenant understands and agrees that Landlord may apply some or all of the Security Deposit to the payment of future Rent following a then uncured Tenant default. Should Authority use any portion of the Security Deposit to cure any uncured event of default by Tenant hereunder, Tenant shall immediately replenish the Security Deposit to the original amount within thirty (30) days following receipt of written notice. Authority’s obligations with respect to the Security Deposit are solely that of debtor and not trustee. Authority shall not be required to keep the Security Deposit separate from its general funds, and Tenant shall not be entitled to interest on the deposit shall be compounded annually and be paid to the Tenant at the termination of tenancy in accordance with current statutory requirementsSecurity Deposit. At the time The amount of the signing Security Deposit shall in no way limit the liabilities of Tenant under any provision of this agreementLease. Provided Tenant is not in default under the Lease, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit Authority will return any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession remaining portion of the premises in such condition that Security Deposit within the premises require cleaning;
(c) payment of rent applicable period required under California law following the expiration or other fees owing to the Landlord by the Tenant upon the earlier termination of this Lease and;
(d) the discharge of any other obligations or liabilities of the Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsLease.
Appears in 1 contract
Sources: Communications Site Lease
Security Deposit. The tenant agrees to If any amount is specified in Section 1.1 as a security deposit, Tenant shall pay the same to Landlord a upon the execution of this Lease. Landlord acknowledges receipt from Tenant of said security deposit of . It is agreed between to be held by Landlord as security without interest for and during the Tenant and the Landlord that interest on the Lease Term, which deposit shall be compounded annually and be paid returned to the Tenant at the termination of tenancy in accordance with current statutory requirements. At the time this Lease, provided there has been no breach of the signing undertakings of this agreement, Tenant. In no instance shall the interest rate paid on security deposits is 0%. The Landlord may deduct from amount of the security deposit be considered a measure of liquidated damages. All or any amounts that part of the security deposit may be applied by Landlord seems necessary in total or partial satisfaction of any default by Tenant beyond any applicable notice and cure periods. The application of all or any part of the security deposit to provide for:
(a) repairing any damage obligation or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the default of Tenant under this Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession of the premises in such condition that the premises require cleaning;
(c) payment of rent or other fees owing to the deprive Landlord by the Tenant upon the termination of this Lease and;
(d) the discharge of any other obligations rights or liabilities remedies Landlord may have, nor shall such application by Landlord constitute a waiver by Landlord. If all or any part of the Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against is applied to an obligation of Tenant hereunder, Landlord shall have the right to call upon Tenant to restore the security deposit to its original amount by giving notice to Tenant and Tenant shall restore the security deposit by payment thereof to Landlord within seven (7) business days thereafter. Tenant shall not have the right to call upon Landlord to apply all or any rent owing part of the security deposit to cure any default or fulfill any obligation of Tenant, but such use shall be solely at the discretion of Landlord. Upon any conveyance by Landlord of its interest under this Lease, the security deposit may be turned over by Landlord to Landlord’s grantee or transferee and upon any such delivery of the security deposit, with written notice thereof to Tenant, Tenant hereby releases Landlord herein of any and all liability with respect to the Landlord during the tenancy. The security deposit, its application and return and Tenant agrees to look solely to such grantee or transferee and it is further understood that any security deposit refundable to this provision shall also be for the Tenant may benefit of and be paid by the Landlord to any of the tenants or to all names shown by the tenantsbinding upon subsequent grantees and transferees.
Appears in 1 contract
Sources: Office Lease (BOSTON OMAHA Corp)
Security Deposit. The tenant Upon execution of this Lease, Tenant shall deposit with City the sum specified as the security deposit in the Basic Lease Information (the "Security Deposit"), in cash, to secure Tenant’s faithful performance of all terms, covenants and conditions of this Lease. Tenant agrees that City may (but shall not be required to) apply the Security Deposit in whole or in part to pay remedy any damage to the Landlord a deposit Premises caused by Tenant, its Agents or Invitees, or any then uncured event of default of Tenant related to the performance of any other terms, covenants or conditions contained herein (including, but not limited to, the payment of Rent or other sum due hereunder when due), without waiving any of City's other rights and remedies hereunder or at law or in equity and without any obligation. It is agreed between Prior to City’s use of the Security Deposit, City shall give Tenant written notice of City’s intention to use the Security Deposit and the date and amount of such intended use, together with reasonable written documentation of the loss, damage or expense for which City seeks reimbursement from the Security Deposit. Tenant waives the provisions of Section 1950.7 of the California Civil Code or any similar law, statute or ordinance now or hereafter in effect and agrees that Landlord may retain any portion of Security Deposit reasonably necessary to compensate Landlord for any other foreseeable or unforeseeable loss or damage caused by the acts or omissions of Tenant, its Agents or Invitees. Without limiting the foregoing, Tenant understands and agrees that Landlord may apply some or all of the Security Deposit to the payment of future Rent following a then uncured Tenant default. Should City use any portion of the Security Deposit to cure any uncured event of default by Tenant hereunder, Tenant shall immediately replenish the Security Deposit to the original amount within thirty (30) days following receipt of written notice. City’s obligations with respect to the Security Deposit are solely that of debtor and not trustee. City shall not be required to keep the Security Deposit separate from its general funds, and Tenant shall not be entitled to interest on the deposit shall be compounded annually and be paid to the Tenant at the termination of tenancy in accordance with current statutory requirementsSecurity Deposit. At the time The amount of the signing Security Deposit shall in no way limit the liabilities of Tenant under any provision of this agreementLease. Provided Tenant is not in default under the Lease, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit City will return any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession remaining portion of the premises in such condition that Security Deposit within the premises require cleaning;
(c) payment of rent applicable period required under California law following the expiration or other fees owing to the Landlord by the Tenant upon the earlier termination of this Lease and;
(d) the discharge of any other obligations or liabilities of the Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenants.Lease.
Appears in 1 contract
Sources: Communications Site Lease
Security Deposit. The tenant agrees On or before the Execution Date of this Lease, Tenant shall deposit with Landlord the initial installment of the Security Deposit as set forth in Section 2.2, which sum shall be held by Landlord as security for the faithful performance by Tenant of all of the terms, covenants and conditions of this Lease to pay be kept and performed by Tenant during the Landlord a deposit Term. Interest shall accrue on the Security Deposit for the benefit of . It is agreed between the Tenant and the Landlord that interest on the deposit shall be compounded annually and be paid to Tenant to the extent that Tenant at is entitled to the termination of tenancy in accordance with current statutory requirements. At the time return of the signing Security Deposit as provided in this Lease. Landlord shall not be required to maintain a separate account for the Security Deposit, but may intermingle it with other funds of Landlord; provided however, Landlord shall keep the Security Deposit in a federally insured, interest-bearing account for the benefit of Tenant. If Tenant Defaults with respect to any provision of this agreementLease, then without notice to Tenant, Landlord may (but shall not be 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. So long as no default has occurred and is continuing, 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 rate paid on security deposits is 0%hereunder, within sixty (60) days following the expiration of the Term. The Landlord Tenant hereby irrevocably waives and relinquishes any and all rights, benefits, or protections, if any, Tenant now has, or in the future may deduct from the security deposit have under any amounts that the Landlord seems necessary to provide for:
provision of law which (a) repairing any damage establishes the time frame by which a landlord must refund a security deposit under a lease, or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning provides that a landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the premises payment of rent, to repair damage caused by a tenant, or to clean the subject premises. Tenant acknowledges and agrees that (x) any property rented with itstatutory time frames for the return of a security deposit are superseded by the express period identified in this Section 5.4, and (including y) rather than be so limited, Landlord may claim from the Security Deposit (i) any and all sums expressly identified in this Section 5.4, and (ii) any additional sums reasonably necessary to compensate Landlord for any and all losses or damages caused by Tenant’s default of this Lease, including, but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession of the premises in such condition that the premises require cleaning;
(c) payment of to, all damages or rent or other fees owing to the Landlord by the Tenant due upon the termination of this Lease and;
(d) Lease. In the discharge event of any bankruptcy or other obligations or liabilities of debtor-creditor proceedings against Tenant, the Tenant Security Deposit shall be deemed to be applied first to the Landlord
(e) recovery payment of lost revenue or expenditures incurred Rent and other charges due Landlord for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing all periods prior to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any filing of the tenants or to all names shown by the tenantssuch proceedings.
Appears in 1 contract
Sources: Lease Agreement (Innovative Industrial Properties Inc)
Security Deposit. The tenant agrees Upon execution of this Lease, Tenant shall pay to pay Landlord the Security Deposit specified in Paragraph 2.d. above as security for Tenant's performance of all of Tenant's covenants and obligations under this Lease; provided, however, that the Security Deposit is not an advance rent deposit or an advance payment of any other kind, nor a measure of Landlord's damages upon Tenant's default. Landlord shall not be required to segregate the Security Deposit from its other funds and no interest shall accrue or be payable to Tenant with respect thereto. Landlord may (but shall not be required to) use the Security Deposit or any portion thereof to cure any Event of Default or to compensate Landlord for any damage Landlord incurs as a deposit result of Tenant's failure to perform any of its covenants or obligations hereunder, it being understood that any use of the Security Deposit shall not constitute a bar or defense to any of Landlord's remedies under this Lease or at law. It is agreed between In such event and upon written notice from Landlord to Tenant specifying the Tenant amount of the Security Deposit so utilized by Landlord and the particular purpose for which such amount was applied, Tenant shall immediately deposit with Landlord that interest on an amount sufficient to return the deposit shall be compounded annually and be paid Security Deposit to the Tenant at the termination of tenancy in accordance with current statutory requirements. At the time an amount equal to one hundred ten percent (110%) of the signing of this agreement, amount specified in Paragraph 2.d. as the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages same may have been cause increased by prior applications of this Paragraph 6. Tenant's failure to make such payment to Landlord within five (5) days of Landlord's notice shall constitute an Event of Default. If Tenant is not in default at the expiration or termination of this Lease, Landlord shall return to Tenant the Security Deposit or the balance thereof then held by Landlord; provided, however, that in no event shall any such return be construed as an admission by Landlord that Tenant has performed all of its covenants and obligations hereunder. No holder of a Superior Interest (as defined in Paragraph 21 below), nor any damage purchaser at any judicial or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession private foreclosure sale of the premises in such condition that Real Property or any portion thereof, shall be responsible to Tenant for the premises require cleaning;
(c) payment of rent or other fees owing Security Deposit unless and only to the extent such holder or purchaser shall have actually received the same. Tenant hereby unconditionally and irrevocably waives the benefits and protections of California Civil Code Section 1950.7, and, without limitation of the scope of such waiver, acknowledges that Landlord by may use all or any part of the Tenant upon the Security Deposit to compensate Landlord for damages resulting from termination of this Lease and;
and the tenancy created hereunder (d) the discharge of any other obligations or liabilities of the Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or including, without limitation, damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsrecoverable under California Civil Code Section 1951.2).
Appears in 1 contract
Sources: Office Lease (Kitara Media Corp.)
Security Deposit. The tenant agrees Tenant shall deposit the Security Deposit with a financial institution in an account of Landlord to pay be designated by Landlord upon signing this Lease (the “Security Account”). Landlord a deposit of . It is agreed between the Tenant and the Landlord that interest on the deposit shall be compounded annually required to segregate the Security Deposit from the other funds of Landlord and be paid to maintain the Tenant at Security Deposit in the termination of tenancy account together with all interest accrued thereon until the Security Deposit is applied or returned in accordance with current statutory requirementsthe terms hereof. At The Security Account shall be an interest bearing account offering the time highest yield generally available for deposits similar in amount to the Security Deposit. Landlord shall instruct the financial institution maintaining the Security Account to deliver a copy of the signing account statements regarding the Security Account to Tenant. Any balance shown in the Account, whether or not resulting from the deposit of the Security Deposit or the reinvestment interest accrued thereunder, shall become a part of the Security Deposit and may not be disposed of by Landlord except if disposed of in accordance with the terms of this agreementLease. All interest or any other return resulting from the deposit of the Security Deposit in the Security Account minus any applicable expenses resulting from the account fees payable for the maintenance of the Security Account and income tax derived from interest payments thereunder, if any, shall be reinvested in the Security Account (and hence bear interest) any such amount to be considered as a part of the Security Deposit subject to the terms and conditions set forth in the Lease). If Tenant does not fulfill any of its obligations under the Lease, Landlord may apply the Security Deposit on account of such obligation or to reimburse Landlord for any sum which Landlord may expand due to Tenants default. If Landlord applies any part of the Security Deposit, Tenant, immediately after written notice from Landlord, shall deposit with Landlord the amount so applied so that Landlord shall have the full Security Deposit available at all times during the Term. If Tenant complies with all the terms, covenants and conditions of this Lease, the Security Deposit (or any balance thereof, including anciliary amounts thereto) shall be returned to Tenant, together with interest rate paid on security deposits is 0%. The Landlord may deduct from accrued thereon, not later than thirty (30) days after the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances Expiration Date and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning delivery of carpet and drapery) if the Tenant gives up possession of the premises in such condition that the premises require cleaning;
(c) payment of rent or other fees owing entire Premises to the Landlord by the Tenant upon the termination of this Lease and;
(d) the discharge of any other obligations or liabilities of the Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenants.
Appears in 1 contract
Security Deposit. The tenant agrees Security Deposit, in the amount set forth in Section 1.H. above, shall be delivered to pay Landlord upon the Landlord a deposit execution of . It is agreed between the this Lease by Tenant and the Landlord that interest on the deposit shall be compounded annually held by Landlord without liability for interest (unless required by Law) as security for the performance of Tenant’s obligations. The Security Deposit is not an advance payment of Rent or a measure of Tenant’s liability for damages. Landlord may, from time to time, without prejudice to any other remedy, use all or a portion of the Security Deposit to satisfy Rent which remains unpaid after notice and be paid the expiration of any applicable cure period or to cure any other default by Tenant which remains uncured after notice and the expiration of any applicable cure period. If Landlord uses the Security Deposit, Tenant shall on demand restore the Security Deposit to its original amount. If Tenant is not in default at the termination of tenancy this Lease, Landlord shall return any unapplied balance of the Security Deposit to Tenant within thirty (30) days after Tenant surrenders the Premises to Landlord in accordance with current statutory requirementsthis Lease. At the time of the signing of this agreement, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary In addition to provide for:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased deductions Landlord is entitled to make pursuant to the Lease which damages terms hereof, Landlord shall have the right to make a good faith estimate of any unreconciled Expenses and/or Taxes as of the Termination Date and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Tenant. If Landlord transfers its interest in the Premises, Landlord may assign the Security Deposit to the transferee and, following the assignment, Landlord shall have been cause by no further liability for the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls return of the Security Deposit. Landlord shall not be considered normal wear and tear)
(b) cleaning required to keep the premises and any property rented with it, (including but not limited to professional cleaning Security Deposit separate from its other accounts. Tenant hereby waives the provisions of carpet and drapery) if the Tenant gives up possession Section 1950.7 of the premises California Civil Code, or any similar or successor Laws now or hereinafter in such condition that the premises require cleaning;
(c) payment of rent or other fees owing to the Landlord by the Tenant upon the termination of this Lease and;
(d) the discharge of any other obligations or liabilities of the Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantseffect.
Appears in 1 contract
Security Deposit. The tenant agrees Subtenant shall, within ten (10) days following the Effective Date, deposit with Sublandlord a security deposit in the amount of Three Million Thirty-Four Thousand Five Hundred One Dollars ($3,034,501.00) (the “Security Deposit”) as security for Subtenant’s faithful performance of Subtenant’s obligations under this Sublease. If Subtenant fails to deposit the Security Deposit to Sublandlord within ten (10) days following the Effective Date, Sublandlord may terminate this Sublease by written notice to Subtenant and in such event neither party shall have any obligations to the other party under this Sublease. If Subtenant fails to pay Rent or otherwise defaults under this Sublease, Sublandlord may use the Landlord a deposit Security Deposit for the payment of . It is agreed between the Tenant and the Landlord that interest on the deposit shall be compounded annually and be paid any amount due Sublandlord or to the Tenant at the termination of tenancy in accordance with current statutory requirements. At the time of the signing of this agreementreimburse or compensate Sublandlord for any liability, the interest rate paid on security deposits is 0%. The Landlord cost, expense, loss or damage (including attorneys’ fees) which Sublandlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage suffer or loss to the premises, fixtures, furniture, appliances and any other items leased incur pursuant to the Lease which damages may have been cause by terms of this Sublease. Subtenant shall on written demand pay Sublandlord the Tenant (any damage amount so used or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls applied so as to restore the Security Deposit to the amount set forth in this Section 6.1. Sublandlord shall not be considered normal wear and tear)
(b) cleaning the premises and required to keep all or any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession part of the premises in such condition that Security Deposit separate from its general accounts. Sublandlord shall, at the premises require cleaning;
(c) payment of rent expiration or other fees owing to the Landlord by the Tenant upon the earlier termination of this Lease and;
(d) the discharge of any other obligations or liabilities Term and after Subtenant has vacated the Premises, return to Subtenant that portion of the Tenant to Security Deposit not used or applied by Sublandlord as it may have under the Landlord
(e) recovery terms of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess this Sublease. No part of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against Security Deposit shall be considered to be held in trust, to bear interest, or to be prepayment for any rent owing monies to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by Subtenant under this Sublease. In the Landlord event of an assignment by Sublandlord of its interest under the Master Lease, Sublandlord shall have the right to any transfer the Security Deposit to Sublandlord’s assignee, and Subtenant agrees to look to such assignee solely for the return of the tenants Security Deposit and it is agreed that the provisions hereof shall apply to such transfer or assignment made of the Security Deposit to all names shown Sublandlord’s assignee. Subtenant further covenants that it shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security and that neither Sublandlord nor its successors or assigns shall be bound by the tenantsany such assignment, encumbrance, attempted assignment or attempted encumbrance.
Appears in 1 contract
Sources: Lease Agreement (Okta, Inc.)
Security Deposit. The tenant agrees As of the execution date of this Lease, Tenant shall deposit the sum of TWENTY-ONE THOUSAND THREE HUNDRED AND NO/100 DOLLARS ($21,300.00) with Landlord, such amount (the "Security Deposit") to pay be held by Landlord as security for the performance by Tenant of each of the terms and provisions of this Lease on Tenant's part to be performed; provided that the amount of the Security Deposit shall be adjusted in the event that the net rentable floor area of the Premises is adjusted upon finalizing the preliminary space plan or in the event that the net rentable floor area of the Premises is adjusted upon finalizing the preliminary space plan or in the event Tenant exercises the Expansion Option. Landlord shall hold the Security Deposit in a deposit of . It is agreed between separate interest-bearing account; provided that (i) the income tax due on interest earned shall be paid by Tenant and (ii) all accrued interest shall remain in such account and be held as part of the Security Deposit. Landlord may apply any part of the Security Deposit to satisfy any default of Tenant and any expenses arising from such default including, but not limited to, any damages or deficiency in payment of Base Rent or Additional Rent before or after re-entry by Landlord; provided that interest Tenant shall, upon demand, deposit with Landlord the full amount so applied, in order that Landlord shall have the full Security Deposit on hand at all times during the deposit Term of this Lease. If Tenant shall comply fully with all of the terms of this Lease, then the Security Deposit shall be compounded annually and be paid returned to Tenant after the Expiration Date of the Lease. In the event of a sale or lease of the Property or any portion thereof which includes the Building, Landlord may transfer the Security Deposit to the Tenant at purchaser thereof, and Landlord shall thereupon be released from all liability for the termination of tenancy in accordance with current statutory requirements. At the time return of the signing Security Deposit. This provision shall apply to every transfer or assignment of this agreement, the interest rate paid on security deposits is 0%Security Deposit to a new landlord. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning permitted to assign or encumber the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession of the premises in such condition that the premises require cleaning;
(c) payment of rent or other fees owing to the Landlord by the Tenant upon the termination of this Lease and;
(d) the discharge of any other obligations or liabilities of the Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsSecurity Deposit.
Appears in 1 contract
Sources: Office Lease Agreement (E Loan Inc)
Security Deposit. Concurrently with execution hereof, Tenant shall deposit with Landlord a security deposit (“Security Deposit”), in the amount set forth in Section 8 of the Summary, as security for the full and faithful performance of Tenant’s obligations under this Lease. Landlord may (but shall not be required to) use the Security Deposit or any portion thereof to cure any defaults on the part of Tenant or to compensate Landlord for any damage Landlord incurs as a result of Tenant’s failure to perform any of its covenants or obligations hereunder, it being understood that any use of the Security Deposit shall not constitute a bar or defense to any of Landlord’s remedies under this Lease, at law or in equity. In such event, and upon written notice from Landlord to Tenant specifying the amount of the Security Deposit so utilized by Landlord and the particular purpose for which such amount was applied, Tenant shall immediately deposit with Landlord an amount sufficient to return the Security Deposit to the amount specified in Section 8 of the Summary. Upon expiration of the Lease Term or earlier termination, the Security Deposit shall be returned to Tenant, reduced by those amounts that may be required by Landlord to remedy defaults on the part of Tenant in the payment of Rent, to repair damages to the Premises caused by Tenant and to clean the Premises. The tenant agrees portion of the deposit not so required shall be paid over to Tenant within sixty (60) days after expiration of the Term or earlier termination hereof. Landlord shall hold the Security Deposit for the foregoing purposes; provided, however, that Landlord shall have no obligation to segregate the Security Deposit from its general funds or to pay interest thereon. If Landlord conveys or transfers its interest in the Landlord Premises, and as a deposit part of . It is agreed between such conveyance or transfer, assigns its interest in this Lease and Security Deposit, or any portion thereof not previously applied, the Tenant Security Deposit shall be transferred to Landlord’s successor and the Landlord that interest on the deposit named herein shall be compounded annually released and be paid discharged from any further liability to Tenant with respect to such Security Deposit. In no event shall any mortgagee or beneficiary under a mortgage or deed of trust encumbering all or any portion of the Project, or any purchaser of all or any portion of the Project at a public or private foreclosure sale or exercise of a power of sale under such mortgage or deed of trust, have any liability or obligation whatsoever to Tenant or Tenant’s successors or assigns for the return of all or any part of the Security Deposit in the event any such mortgagee, beneficiary or purchaser becomes a mortgagee in possession or succeeds to the Tenant at interest of Landlord under this Lease unless, and then only to the termination of tenancy in accordance with current statutory requirements. At the time extent that, such mortgagee, beneficiary or purchaser has received all or any part of the signing of this agreement, the interest rate paid on Security Deposit. Tenant hereby waives (i) California Civil Code Section 1950.7 and any and all other Applicable Laws applicable to security deposits is 0%in the commercial context (“Security Deposit Laws”), and (ii) any and all rights, duties and obligations either party may now or, in the future, will have relating to or arising from the Security Deposit Laws. The Landlord may deduct from Notwithstanding anything to the contrary herein, the security deposit any amounts that the may additionally be retained and applied by Landlord seems necessary to provide for:
(a) repairing any damage to offset Rent which is unpaid either before or loss to the premisesafter termination of this Lease, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession of the premises in such condition that the premises require cleaning;
(c) payment of rent against other damages suffered by Landlord before or other fees owing to the Landlord by the Tenant upon the after termination of this Lease and;
(d) the discharge of any other obligations or liabilities of the Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsLease.
Appears in 1 contract
Security Deposit. As a condition to Sublandlord’s execution of this Sublease, Subtenant shall deliver to Sublandlord a $1,000,000 letter of credit (the “Security Deposit”) that is issued by a national banking association and is in form and substance reasonably satisfactory to Sublandlord. The tenant agrees letter of credit shall be valid during the Term of the Sublease and for a period of sixty (60) days following the later of expiration of the Term or Subtenant’s vacation of the Subleased Premises. Upon the occurrence of any Event of Default by Subtenant, Sublandlord shall have the right, without prejudice to any other remedy, and without notice to or pre-approval of Subtenant, to submit a sight draft to the bank that issued the letter of credit representing the Security Deposit, in an amount equal to a sum necessary to pay the Landlord a deposit of . It is agreed between the Tenant and the Landlord that interest on the deposit shall be compounded annually and be paid to the Tenant at the termination of tenancy any arrearages in accordance with current statutory requirements. At the time of the signing of this agreementRent, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause damage, injury or expense, provided that such sight draft must be accompanied by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession a statement from an officer of the premises in such condition Sublandlord setting forth under penalty of perjury that an Event of Default of Subtenant has occurred, and that the premises require cleaning;
(c) payment amount requested is the amount reasonably believed necessary to cure such Event of rent or other fees owing to the Landlord by the Tenant upon the termination of this Lease and;
(d) the discharge of Default. If any other obligations or liabilities portion of the Tenant Security Deposit is so used or applied, then Subtenant shall deliver to the Landlord
(e) recovery Sublandlord a replacement letter of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for credit in the amount of any damages or cleaning costs $1,000,000 that is issued by a national banking association and is in excess form and substance reasonably satisfactory to Sublandlord and Sublandlord shall return the original letter of credit to Subtenant on receipt of the depositreplacement letter of credit. It is further agreed and understood that In no event shall Sublandlord be required to apply the Tenant canSecurity Deposit. Subtenant may not apply the security deposit against any rent owing Security Deposit to the Landlord payment of Rent or the performance of other obligations. The Security Deposit will not be deemed a limitation on Sublandlord’s damages or a payment of liquidated damages. The original letter of credit will be returned to Subtenant (minus such amounts as are reasonably necessary to cure any then existing Event of Default by Subtenant) within 30 days after the later of the expiration of the Term or Subtenant’s vacation and surrender of the Subleased Premises in the condition required under the Lease. If Sublandlord transfers its interest in the Sublease during the tenancy. The Tenant agrees that any security deposit refundable Term, Sublandlord shall assign the Security Deposit to the Tenant transferee (and Subtenant shall execute such documents as may be paid necessary to effect such transfer), and thereafter Sublandlord shall have no further liability to Subtenant for the Security Deposit. Subtenant shall pay all fees charged by the Landlord to any bank issuing the letter of credit representing the tenants or to all names shown by the tenantsSecurity Deposit.
Appears in 1 contract
Security Deposit. Upon execution of this Lease, Tenant shall deposit the sum of $___________ to be held by Landlord as a security deposit for reasonable cleaning of, and repair of damages to, the premises upon the expiration or termination of this Lease, or other reasonable damages resulting from a default by Tenant. Tenant shall be liable to Landlord for all damages to the leased premises upon the termination of this Lease, ordinary wear and tear excepted. Tenant may not apply the security deposit to any rent due under this Lease. If Landlord sells or assigns the leased premises, Landlord shall have the right to transfer Tenant’s security deposit to the new owner or assignee to hold under this Lease and upon so doing Landlord shall be released from all liability to Tenant for return of said security deposit.
1. The tenant agrees to pay Landlord of real property or a dwelling that requires money as a security deposit, however denominated, shall deposit the Landlord money in a federally insured interest-bearing savings or passbook account established solely for security deposits. The security deposit of . It is agreed between the Tenant and the Landlord that any interest accruing on the deposit shall be compounded annually and must be paid to the Tenant at the upon termination of tenancy a lease, subject to the conditions of paragraph 2, below. Landlord shall provide the Tenant with a statement describing the condition of the facilities in accordance with current statutory requirements. At and about the premises to be rented at the time of entering a Lease agreement. The statement shall be agreed to and signed by the signing Landlord and Tenant. The statement shall constitute prima facie proof of this the condition of the facilities and the premises at the beginning of the Lease agreement.
2. Landlord may apply security deposit money and accrued interest upon termination of a lease towards:
a. Any damages the Landlord has suffered by reason of deteriorations or injuries to the real property or dwelling through the negligence of the Tenant or the Tenant's guest.
b. Any unpaid rent.
c. The costs of cleaning or other repairs which were the responsibility of the Tenant, and which are necessary to return the dwelling unit to its original state when the Tenant took possession, reasonable wear and tear excepted. Application of any portion of a security deposit not paid to the Tenant upon termination of the lease must be itemized by the Landlord. Such itemization together with the amount due must be delivered or mailed to the Tenant at the last address furnished Landlord, along with a written notice within thirty days after termination of the lease and delivery of possession by the Tenant. The notice must contain a statement of any amount still due the Landlord or the refund due the Tenant. A Landlord is not required to pay interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession period of the premises occupancy was less than nine months in such condition that the premises require cleaning;
(c) payment of rent or other fees owing to the Landlord by the Tenant upon the termination of this Lease and;
(d) the discharge of any other obligations or liabilities of the Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsduration.
Appears in 1 contract
Sources: Residential Lease Agreement
Security Deposit. The tenant agrees to pay Concurrently with the Landlord a deposit execution of . It is agreed between the Tenant and the Landlord that interest on the deposit shall be compounded annually and be paid to the Tenant at the termination of tenancy in accordance with current statutory requirements. At the time this Amendment by each of the signing parties, Tenant shall deposit a check in the sum of $49,500.00 (the “Security Deposit”) with Landlord as security for the faithful performance and observance by Tenant of the terms, covenants and conditions of this agreement, the interest rate paid on security deposits is 0%Lease. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
If (a) repairing a material default by Tenant (as set forth in Paragraph 22(a)), or (b) Tenant fails to make any damage installment of rent as and when due, Landlord may apply or loss retain the whole or any part of the Security Deposit, to the premises, fixtures, furniture, appliances and extent required for the payment of any Monthly Base Rent or any other items leased sum as to which Tenant is in default including (i) any sum which Landlord may expend or may be required to expend by reason of such material default, and/or (i) any actual damages to which Landlord is entitled pursuant to the Lease which as amended hereby, whether such damages may accrue before or after summary proceedings or reentry by Landlord. If Landlord applies or retains any part of the Security Deposit, Tenant, within 10 days of a written demand from Landlord, shall deposit with Landlord an amount so applied or retained so that Landlord shall have been cause by the full Security Deposit on hand at all times during the Term. If Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ complies with all of the terms, covenants and other marks on carpetsconditions of the Lease as amended hereby, furnishings the Security Deposit shall be returned to Tenant within 30 days of the Expiration Date and walls shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning after delivery of carpet and drapery) if the Tenant gives up possession of the premises Premises to Landlord in such condition that the premises require cleaning;
manner required by the Lease (c) payment as amended hereby). Within 30 days of rent any sale or other fees owing transfer of the Project or the Building, or any financing of Landlord’s interest therein, Landlord shall transfer the Security Deposit to its successor, transferee or lender (including any new landlord). Tenant shall look solely to the Landlord by new landlord, successor, transferee or lender for the Tenant upon return of such Security Deposit and the termination of this Lease and;
(d) the discharge of any other obligations provisions hereof shall apply to every transfer or liabilities assignment made of the Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord Security Deposit to any of new landlord, successor, transferee or lender. Tenant shall not assign or encumber or attempt to assign or encumber the tenants Security Deposit and neither Landlord nor its successors or to all names shown assigns shall be bound by the tenantsany such action or attempted assignment, or encumbrance.
Appears in 1 contract
Sources: Lease (Supergen Inc)
Security Deposit. Landlord acknowledges the receipt from Tenant of $37,919.79 (the "Security Deposit"), which shall be held by Landlord to secure Tenant's performance of its obligations under this Lease. The tenant agrees Security Deposit is not an advance payment of Rent or a measure or limit of Landlord's damages upon an Event of Default (defined in Section 16). Landlord may, from time to time and without prejudice to any other remedy, use all or a part of the Security Deposit to perform any obligation Tenant fails to perform hereunder. Following any such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied in order to restore the Security Deposit to its original amount. Provided that Tenant has performed all of its obligations hereunder, Landlord shall, within 30 days after the Term ends, return to Tenant the portion of the Security Deposit which was not applied to satisfy Tenant's obligations. The Security Deposit may be commingled with other funds, and no interest shall be paid thereon. If Landlord transfers its interest in the Premises and the transferee assumes Landlord's obligations under this Lease, then Landlord may assign the Security Deposit to the transferee and Landlord thereafter shall have no further liability for the return of the Security Deposit. If requested by Tenant in writing, Landlord shall invest the Security Deposit in a certificate of deposit purchased by Landlord, in its name, from a national banking association provided that income accruing on the certificate of . It is agreed between deposit will be for the benefit of Tenant and the Landlord that interest Tenant shall pay all taxes thereon. While no Event of Default exists, all income earned on the certificate of deposit shall be compounded annually and paid to Tenant promptly after receipt thereof; however, while an Event of Default exists, all such income shall be paid to the Tenant at the termination Landlord and held as an additional security deposit. Additionally, upon an Event of tenancy in accordance with current statutory requirements. At the time of the signing of this agreementDefault, the interest rate paid on security deposits is 0%. The Landlord may deduct from withdraw all amounts evidenced by the security certificate of deposit any and thereafter hold and apply such amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession of the premises in such condition that the premises require cleaning;
(c) payment of rent or other fees owing to the Landlord by the Tenant upon the termination terms of this Lease and;
(d) Section 5. To the discharge extent Tenant has any interest in the certificate of any other deposit, Tenant hereby grants to Landlord a security interest therein to secure Tenant's obligations or liabilities of the Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsunder this Lease.
Appears in 1 contract
Security Deposit. The tenant agrees to pay the Landlord a Tenant shall deposit of . It is agreed between the Tenant and the Landlord that interest on the deposit shall be compounded annually and be paid to the Tenant at the termination of tenancy in accordance with current statutory requirements. At the time of the signing of this agreementLandlord, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; upon ▇▇▇▇▇ ▇▇’s execution of this Lease, the sum of Four Thousand Four Hundred Forty-One Dollars and 67/100 ($4,441.67), to be held by Landlord as Tenant’s “Security Deposit.” Such Security Deposit shall be equal to one monthly installment of Base Rent unless otherwise adjusted as provided for in 3.G. above.
1. If at any time during this Agreement the Security Deposit then held on account by Landlord becomes less than the prevailing monthly installment of Base Rent, Tenant will make an additional payment to Landlord so that the Security Deposit held by Landlord is increased to equal one monthly installment of Base Rent, unless otherwise adjusted as provided for in 3.G. above.
2. Landlord shall hold such Security Deposit without interest as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Landlord may commingle the Security Deposit with Landlord's other marks on carpetsfunds, furnishings and walls no trust relationship is created with respect to the Security Deposit. Tenant shall not assign, otherwise transfer, or encumber or attempt to assign, otherwise transfer, or encumber the Security Deposit, and Landlord and its successors and assigns shall not be considered bound by any actual or attempted assignment, other transfer, or encumbrance. Regardless of any assignment, other transfer, or encumbrance of the Security Deposit by ▇▇▇▇▇▇, Landlord may return the Security Deposit to the Tenant.
3. The Security Deposit is not an advance payment of Rent or a measure of liquidated damages in case of default by Tenant. Upon the occurrence of any event of default, Landlord may, from time to time, without prejudice to any other remedy provided herein or provided by Law, use the Security Deposit to the extent necessary to make good any arrearages of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following any such application of the Security Deposit, Tenant shall pay to Landlord, on demand, the amount so applied in order to fully restore the Security Deposit to its required amount.
4. If Tenant is not then in default hereunder, such Security Deposit, less any lawful deductions by Landlord, shall be returned by Landlord to Tenant with an accounting of said deductions taken no later than thirty (30) days following the termination or expiration of this Hangar Lease. Permitted deductions from the Security Deposit may include but not be limited to: unpaid Base Rent; unpaid utility charges incurred by Tenant; unpaid service charges; damages by Tenant to the Premises (beyond normal wear and tear)
(b) or repairs by Landlord; replacement cost of Landlord’s property that was in or attached to the Premises and is missing; cost to replace unreturned keys; agreed reletting charges; Landlord’s cost of cleaning the premises and Premises to a broom- swept condition if required; Landlord’s cost of removal of any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if trash or debris left in the Tenant gives up possession Premises; Landlord’s cost of the premises removal and storage of Tenant’s personal property left or abandoned by Tenant or otherwise disposed of by Landlord; Landlord’s cost of removal of unauthorized vehicles or aircraft left on the Premises; government fees or fines against Landlord because of Tenant; late fees and other costs of collection incurred by Landlord in such condition connection with this Lease; interest that the premises require cleaning;
(c) payment of rent or other fees owing to the would have been earned by Landlord by the Tenant upon the termination of this Lease and;
(d) the discharge of any other obligations or liabilities of the Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning on unpaid balances; attorneys’ fees, court costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsfiling fees.
Appears in 1 contract
Sources: Conventional Hangar Lease
Security Deposit. The tenant agrees Tenant shall deposit concurrently with Tenant’s execution of this Lease, with Landlord the amount set forth in Article 1 as the Security Deposit as security for the performance by Tenant of the terms of this Lease to pay the be performed by Tenant, and not as prepayment of rent. Tenant hereby grants to Landlord a deposit security interest in the Security Deposit, including, but not limited to, replenishments thereof. Landlord may apply such portion or portions of the Security Deposit as are reasonably necessary for the following purposes: (i) to remedy any default by Tenant in the payment of Base Monthly Rent or Additional Rent or a late charge or interest on defaulted rent, or any other monetary payment obligation of Tenant under this Lease; (ii) to repair damage to the Leased Premises, the Building or the Common Areas caused or permitted to occur by Tenant; (iii) to clean and restore and repair the Leased Premises, the Building or the Common Areas following their surrender to Landlord if not surrendered in the condition required pursuant to the provisions of Article 2, (iv) to remedy any other default of Tenant including, without limitation, paying in full on Tenant’s behalf any sums claimed by materialmen or contractors of Tenant to be owing to them by Tenant for work done or improvements made at Tenant’s request to the Leased Premises, and (v) to cover any other expense, loss or damage which Landlord may at any time suffer due to Tenant’s default. It In this regard, Tenant hereby waives any restriction on the uses to which the Security Deposit may be applied as contained in Section 1950.7(c) of the California Civil Code and/or any successor statute. In the event the Security Deposit or any portion thereof is agreed between so used, Tenant shall pay to Landlord, promptly upon demand, an amount in cash sufficient to restore the Security Deposit to the full original sum. Landlord shall not be deemed a trustee of the Security Deposit. Landlord may use the Security Deposit in Landlord’s ordinary business and shall not be required to segregate it from Landlord’s general accounts. Tenant and the Landlord that shall not be entitled to any interest on the deposit Security Deposit. If Landlord transfers the Building or the Property during the Lease Term, Landlord may pay the Security Deposit to any subsequent owner in conformity with the provisions of Section 1950.7 of the California Civil Code and/or any successor statute, in which event the transferring landlord shall be compounded annually released from all liability for the return of the Security Deposit. Tenant specifically grants to Landlord (and be paid Tenant hereby waives the provisions of California Civil Code Section 1950.7 to the Tenant at the termination contrary) a period of tenancy in accordance with current statutory requirements. At the time sixty (60) days following a surrender of the signing of this agreementLeased Premises by Tenant to Landlord within which to inspect the Leased Premises, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premisesmake required restorations and repairs, fixtures, furniture, appliances receive and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; verify workmen’s ▇▇▇▇▇▇▇▇ therefor, cure any other defaults, deduct any damages, and other marks on carpetsprepare a final accounting with respect to the Security Deposit. In no event shall the Security Deposit or any portion thereof, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession of the premises in such condition that the premises require cleaning;
(c) payment of rent or other fees owing to the Landlord by the Tenant upon the termination of this Lease and;
(d) the discharge of any other obligations or liabilities of the Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsprepaid rent.
Appears in 1 contract
Sources: Lease Agreement (Biolase, Inc)
Security Deposit. The tenant agrees to pay Landlord shall hold the Landlord a deposit of . It is agreed between the Tenant and the Landlord that interest on the deposit Security Deposit, which shall be compounded annually paid upon execution of this Lease, without liability for interest and be paid not in trust or in a separate account, as security for the performance by Tenant of Tenant's covenants and obligations under this Lease. Tenant shall not consider the Security Deposit an advance payment of rental or a measure of Landlord's damages in case of default by Tenant. Upon the occurrence of any Event of Default by Tenant, Landlord may, from time to time in its sole discretion, without prejudice to any other remedy, use and apply the Security Deposit to the Tenant at the termination of tenancy in accordance with current statutory requirements. At the time of the signing of this agreement, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that the Landlord seems extent necessary to provide for:
(a) repairing make good any damage or loss to the premises, fixtures, furniture, appliances arrearages of rent and any other items leased pursuant to the Lease which damages may have been cause damage, injury, expense or liability suffered by the Tenant (Landlord by such Event of Default. Following any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession such application of the premises Security Deposit, Tenant shall pay to Landlord on demand as Additional Rent the amount so applied in such condition that order to restore the premises require cleaning;
(c) payment Security Deposit to its original amount. If Tenant is not then in default hereunder, any remaining balance of rent or other fees owing the Security Deposit shall be returned by Landlord to the Landlord by the Tenant upon within a reasonable period of time after the termination of this Lease and;
and (di) Tenant shall have surrendered the discharge of any other obligations or liabilities entire Premises to Landlord, (ii) Landlord shall have inspected the Premises after such vacation, and (iii) Tenant shall have complied with all of the Tenant terms, conditions and covenants in the Lease including payment of Basic Rental, Additional Rent, and accrued but unpaid late charges. If Landlord transfers its interest in the Premises during the Lease term, Landlord shall assign the Security Deposit to the Landlord
(e) recovery of lost revenue or expenditures incurred transferee and thereafter shall have no further liability for the time that return of such Security Deposit. Upon the suite is unavailable Lease Commencement Date for rent while outstanding issues cause by Premises B, the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for shall tender to Landlord the amount of any damages or cleaning costs in excess of cash required to increase the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing Security Deposit to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenants$5,000.00 total.
Appears in 1 contract
Security Deposit. The tenant agrees Security Deposit shall be held by Landlord without liability for interest and as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease, it being expressly understood that the Security Deposit shall not be considered an advance payment of rent or a measure of Landlord’s damages in case of default by Tenant. Landlord may, from time to time, without prejudice to any other remedy, use the Security Deposit to the extent necessary to make good any arrearages of rent or to satisfy any other covenant or obligation of Tenant hereunder. Following any such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied in order to restore the Security Deposit to its original amount. Landlord a deposit shall be entitled to commingle the Security Deposit with other funds of . It is agreed between the Tenant Landlord, and the Security Deposit shall not be deemed to be held in trust by Landlord that interest on for Tenant or any other person. Although the Security Deposit shall be deemed the property of Landlord, any remaining balance of such deposit shall be compounded annually returned by Landlord to Tenant or Tenant’s last permitted assignee at such time after termination of this Lease when Landlord shall have determined that all of Tenant’s obligations under this Lease (including, without limitation, the obligations of Tenant to maintain and repair the Premises) have been fulfilled. On the occurrence of any events of default as described in the Lease, said Security Deposit shall become due and payable to Landlord. If the Building is conveyed by Landlord, said Security Deposit may be paid over to the Landlord’s successor and, if so, Tenant at the termination of tenancy in accordance hereby releases Landlord from any and all liability with current statutory requirements. At the time of the signing of this agreement, the interest rate paid on security deposits is 0%respect to said Security Deposit and its application or return. The Security Deposit shall not be assigned or encumbered by Tenant without the written consent of Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:and such assignment or encumbrance without Landlord’s consent shall be void.
(a) repairing any damage Tenant’s Security Deposit shall be in the form of a clean, irrevocable and unconditional letter of credit payable at sight in a form acceptable to Landlord in its sole discretion (“Letter of Credit”), which Letter of Credit shall be tendered by Tenant to Landlord on or loss before the date of this Lease. and shall be in the form of the letter of credit attached hereto as Exhibit “E”. The Letter of Credit shall be issued by a bank or financial institution and branch, all approved by Landlord in its sole discretion (hereinafter referred to as the premises“Bank”) in favor of Landlord, fixturesas security for the faithful performance and observance by Tenant of the terms, furnitureconditions and provisions of this Lease, appliances and any other items leased pursuant including without limitation the surrender of possession of the Premises to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; Landlord as herein provided. Landlord hereby approves ▇▇▇▇▇ Fargo Bank as the issuer of the Letter of Credit. Provided that Tenant is not in default under this Lease beyond any applicable grace or cure period on each annual anniversary of the issuance of the Letter of Credit, the amount of the Letter of Credit may be reduced by the amount of Twenty-Five Thousand and other marks 00/100 ($25,000.00) on carpetsthe first day of the sixteenth (16th) month following the Commencement Date, furnishings and walls each twelve (12) months thereafter. The Letter of Credit shall have a term which expires no sooner than forty-five days after the Expiration Date, or Tenant may deliver a one (1) year unconditional and irrevocable Letter of Credit which by its terms automatically, for the remainder of the Term, renews for successive one (1) year periods unless the Bank provides no less than thirty (30) days written notice to Landlord that such Letter of Credit shall not be considered normal wear renewed, in which event Landlord shall have the right to draw down the entire amount of the Letter of Credit unless Tenant substitutes, prior to the expiration of such letter of Credit, a new Letter of Credit which meets the requirements of this Paragraph 32. The Letter of Credit shall permit multiple drawings and tearbe fully transferable by Landlord without the payment of any fees or charges by Landlord. If Tenant defaults in respect of any of the terms, conditions or provisions of this Lease including, but not limited to, the payment of Rent, and Tenant fails to cure any such default after any required notice and within any applicable cure period hereunder or if Landlord receives a notice that the Letter of Credit shall not be renewed, (i) Landlord shall have the right to require the Bank to make payment to Landlord or its designee of the entire proceeds of the Letter of Credit required to cure such default, and (ii) Landlord may, at the option of Landlord (but Landlord shall not be required to) apply or retain the whole or any part of such sum so paid to it by Tenant or the Bank to the extent required for the payment of any Rent or any other sum as to which Tenant is in default, and any damages to which Landlord is entitled pursuant to the Lease, whether such damages accrue before or after summary proceedings or other reentry by Landlord, and (iii) Landlord or any Superior Mortgagee shall hold the remainder of such sum paid to it by the Bank or Tenant, if any, for Landlord’s benefit, as security for the faithful performance and observance by Tenant of the terms, covenants, and conditions of this Lease on Tenant’s part to be observed and performed, with the same rights as hereinabove set forth to apply or retain the same in the event of any further default by Tenant under this Lease. If Landlord applies or retains any part of the proceeds of the Letter of Credit, Tenant shall, within five (5) business days after demand from Landlord, restore the Letter of Credit to its original amount and deliver it to Landlord or its designee the so that Landlord or its designee shall have the full Letter of Credit on hand at all times during the Term of this Lease (and any extension). Tenant’s failure to do so within ten (10) days of receipt of such demand shall constitute a breach of this Lease. Landlord shall, at the expiration or earlier termination of this Lease (provided that such earlier termination was not the result of Tenant’s default that exhauster the Letter of Credit), return the Letter of Credit to Tenant (but subject to offset by any draws made by Landlord as of such date or permitted under this Lease.)
(b) cleaning In the premises event of a transfer, sale or lease of Landlord’s interest in the Building, Landlord shall transfer or cause to be transferred either the cash or Letter of Credit or any sums collected thereunder by Landlord, together with any other sums then held by Landlord or its designee as such security, to the transferee, vendee or lessee; Tenant, at its sole cost, shall arrange for the transfer of the Letter of Credit, and Landlord thereupon shall be released by Tenant from all liability under this Paragraph. Tenant agrees to look solely to the new landlord for the return of the cash or Letter of Credit or any sums collected thereunder and any property rented with itother security, (including but not limited and it is agreed that the provisions hereof shall apply to professional cleaning of carpet and drapery) if the Tenant gives up possession every transfer or assignment made of the premises Letter of Credit or any sums collected thereunder and any other security to a new landlord. Tenant further covenants that it shall not assign or encumber, or attempt to assign or encumber, any part of such security and that neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment, or attempted encumbrance. Landlord shall not be required to exhaust its remedies against Tenant before having recourse to the Letter of Credit or such cash security held by Landlord. Recourse by Landlord to the Letter of Credit or such security shall not affect any remedies of Landlord which are provided in such condition that the premises require cleaning;this Lease or which are available to Landlord in law or equity.
(c) payment In the event that Tenant shall fully and faithfully comply with all of rent or other fees owing to the Landlord by the Tenant upon the termination terms, provisions, covenants and conditions of this Lease and;
(d) Lease, the discharge Letter of any other obligations or liabilities Credit except as same may have been applied by Landlord in accordance with this Lease, shall be returned to Tenant promptly after the expiration of the Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsthis Lease.
Appears in 1 contract
Sources: Lease Agreement (Danger Inc)
Security Deposit. The tenant agrees to pay the Concurrently with Tenant's execution of this Lease, ---------------- Tenant shall deposit with Landlord a security deposit of ("Security Deposit") in the amount set forth in Paragraph 1.11 above. It is agreed between the Tenant and the Landlord that interest on the deposit The Security Deposit shall be compounded annually held by Landlord as security for the faithful performance by Tenant of each and be paid every term, covenant, or condition of this Lease applicable to Tenant, and not as prepayment of Rent. If Tenant shall at any time fail to keep or perform any term, covenant or condition of this Lease applicable to Tenant, including without limitation, the payment of Rentals or those provisions requiring Tenant to repair damage to the Premises caused by Tenant at or to surrender the termination of tenancy Premises in accordance with current statutory requirements. At the time of the signing of this agreement, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased condition required pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpetsParagraph 35 below, furnishings and walls Landlord may, but shall not be considered normal wear obligated to, and tear)
without waiving or releasing Tenant from any obligation under this Lease, use, apply or retain the whole or any part of the Security Deposit reasonably necessary for the payment of any amount which Landlord may spend by reason of Tenant's default or as necessary to compensate Landlord for any loss or damage which Landlord may suffer by reason of Tenant's default. In the event Landlord uses or applies any portion of the Security Deposit, Tenant shall, within five (b5) cleaning business days after written demand by Landlord, remit to Landlord sufficient funds to restore any Security Deposit to its original sum. Failure by Tenant to so remit funds shall be a Default by Tenant. Should Tenant comply with all of the premises terms, covenants and conditions of this Lease applicable to Tenant, the balance of the Security Deposit shall be returned to Tenant within fourteen (14) days after Lease Termination and surrender of the Premises by Tenant; provided, however, if any property rented with itportion of the Security Deposit is to be applied to repair damages to the Premises caused by Tenant or Tenant's agents, to clean the Premises, or to remove alterations and restore the Premises pursuant to Paragraph 13.2 below, then the balance of the Security Deposit shall be returned to Tenant no later than thirty (including but not limited to professional cleaning of carpet and drapery30) if days after the Tenant gives up date Landlord receives possession of the premises in such condition that the premises require cleaning;
(c) payment of rent or other fees owing to the Landlord by the Tenant upon the termination of this Lease and;
(d) the discharge of any other obligations or liabilities of the Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsPremises.
Appears in 1 contract
Security Deposit. The tenant agrees In order to pay secure the Landlord payment of the Termination Damages Buyer, upon execution hereof, shall wire transfer, in immediately available funds, in USD and to an account specified by the Seller, an amount equal to 30% of the Purchase Price (the “Security Deposit”). Buyer hereby pledges to Seller, as the secured party, as security for the payment of the Termination Damages, and grants to Seller, a deposit of first priority continuing prenda against the Security Deposit. It is agreed between In no event the Tenant and the Landlord that interest on the deposit Security Deposit shall be compounded annually and construed as a down, advance or anticipated payment of the Purchase Price. The transfer of the Security Deposit shall be paid deemed a necessary condition for the execution of this Agreement. Seller shall exercise reasonable care to assure the safe custody of the Security Deposit to the Tenant extent required by applicable law, and in any event Seller shall be deemed to have exercised reasonable care if it exercises at least the termination same degree of tenancy care as it would exercise with respect to its own property. Except as specified in accordance the preceding sentence, Seller shall have no duty with current statutory requirements. At respect to the time of the signing of this agreement, the interest rate paid on security deposits is 0%Security Deposit. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; Security Deposit shall accrue no interest in favor of B▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with itprovided, (including but not limited to professional cleaning of carpet and drapery) however, that if the Tenant gives up possession Security Deposit is returned to Buyer as provided in Sections 9.4 (a) then, together with the reimbursement of the premises in such condition that Security Deposit, the premises require cleaning;
(c) payment of rent or other fees owing Seller shall pay to the Landlord Buyer an amount equal to the interest accrued by the Tenant upon Security Deposit as provided in Section 9.4(a). Seller shall be entitled to hold the termination of this Lease and;
Security Deposit or to appoint an agent (da “Custodian”) to hold the discharge of any other obligations or liabilities Security Deposit for the Seller. The holding of the Tenant Security Deposit by a Custodian shall be deemed to be the Landlord
(e) recovery holding of lost revenue the Security Deposit by Seller for which the Custodian is acting. Seller shall have the right to invest, use, commingle or expenditures incurred otherwise dispose of, or otherwise use in its business the Security Deposit. Seller shall be liable vis a vis Buyer for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount Custodian´s performance of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsits obligations.
Appears in 1 contract
Security Deposit. The tenant agrees to pay Upon execution of this Lease, Tenant shall deposit with Landlord the Landlord a deposit Security Deposit in the amount of . It is agreed between the Tenant and the Landlord that interest on the deposit shall be compounded annually and be paid to the Tenant at the termination of tenancy $360,000.00 specified in accordance with current statutory requirements. At the time Item 11 of the signing Basic Lease Provisions for the performance by Tenant of all terms, covenants and conditions of this agreementLease, the interest rate paid on security deposits it being expressly understood and agreed that such deposit is 0%not an advance rental deposit or a measure of Landlord’s damages in case of Tenant’s default. The Landlord may deduct from the security deposit If Tenant defaults with respect to any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premisesprovision of this Lease, fixturesincluding, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to, the provisions relating to professional cleaning of carpet and drapery) if the Tenant gives up possession of the premises in such condition that the premises require cleaning;
(c) payment of rent or the obligation to repair and maintain the Premises or to perform any other fees owing term, covenant or condition contained herein, Landlord may (but shall not be required to), without prejudice to any other remedy provided herein or provided by law and without notice to Tenant, use the Security Deposit, or any portion of it, to cure the default or to compensate Landlord for all damages sustained by Landlord resulting from Tenant’s default. Tenant shall immediately on demand restore and replenish the portion of the Security Deposit expended or applied by Landlord as provided in this Section so as to maintain the Security Deposit in the sum initially deposited with Landlord. Although the Security Deposit shall be deemed the property of Landlord, if Tenant upon is not in default at the expiration or termination of this Lease and;
Lease, Landlord shall return the Security Deposit to Tenant within sixty (d60) days thereafter. In the discharge event Landlord withholds any funds from the Security Deposit, Landlord shall within said sixty (60) day period provide Tenant with written notice thereof, identifying the specific reasons for the withholding of any other obligations or liabilities portion of the Security Deposit, together with the specific dollar amounts related thereto. Landlord shall not be required to keep the Security Deposit separate from its general funds and Tenant shall not be entitled to interest on any such deposit. Upon any sale or transfer of its interest in the Landlord
(e) recovery of lost revenue Building, Landlord may transfer the Security Deposit to its successor-in-interest, and thereupon, Landlord shall be released from any liability or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the depositobligation with respect thereto. It is further agreed and expressly understood that the Tenant canSecurity Deposit may only be applied to address Tenant’s defaults hereunder, and may not apply the security deposit against be applied for any rent owing deferred maintenance or other matters with respect to the Landlord condition of the Premises which are not the result of a Tenant default during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any term of the tenants or to all names shown by the tenantsthis Lease.
Appears in 1 contract
Security Deposit. The tenant agrees Tenant shall deposit with Landlord, upon Tenant’s execution of this Lease, the sum of Four Thousand Four Hundred Forty-One Dollars and 67/100 ($4,441.67), to pay the be held by Landlord a deposit of . It is agreed between the Tenant and the Landlord that interest on the deposit as Tenant’s “Security Deposit.” Such Security Deposit shall be compounded annually equal to one monthly installment of Base Rent unless otherwise adjusted as provided for in 3.G. above.
1. If at any time during this Agreement the Security Deposit then held on account by Landlord becomes less than the prevailing monthly installment of Base Rent, Tenant will make an additional payment to Landlord so that the Security Deposit held by Landlord is increased to equal one monthly installment of Base Rent, unless otherwise adjusted as provided for in 3.G. above.
2. Landlord shall hold such Security Deposit without interest as security for the performance by Tenant of Tenant’s covenants and be paid obligations under this Lease. Landlord may commingle the Security Deposit with Landlord's other funds, and no trust relationship is created with respect to the Security Deposit. Tenant at shall not assign, otherwise transfer, or encumber or attempt to assign, otherwise transfer, or encumber the termination Security Deposit, and Landlord and its successors and assigns shall not be bound by any actual or attempted assignment, other transfer, or encumbrance. Regardless of tenancy in accordance with current statutory requirements. At the time any assignment, other transfer, or encumbrance of the signing of this agreementSecurity Deposit by Tenant, Landlord may return the interest rate paid on security deposits is 0%Security Deposit to the Tenant.
3. The Security Deposit is not an advance payment of Rent or a measure of liquidated damages in case of default by Tenant. Upon the occurrence of any event of default, Landlord may deduct may, from time to time, without prejudice to any other remedy provided herein or provided by Law, use the security deposit any amounts that Security Deposit to the Landlord seems extent necessary to provide for:
(a) repairing make good any damage or loss to the premises, fixtures, furniture, appliances arrearages of Rent and any other items leased pursuant damage, injury, expense or liability caused to Landlord by such event of default. Following any such application of the Security Deposit, Tenant shall pay to Landlord, on demand, the amount so applied in order to fully restore the Security Deposit to its required amount.
4. If Tenant is not then in default hereunder, such Security Deposit, less any lawful deductions by Landlord, shall be returned by Landlord to Tenant with an accounting of said deductions taken no later than thirty (30) days following the termination or expiration of this Hangar Lease. Permitted deductions from the Security Deposit may include but not be limited to: unpaid Base Rent; unpaid utility charges incurred by Tenant; unpaid service charges; damages by Tenant to the Lease which damages may have been cause by the Tenant Premises (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered beyond normal wear and tear)
(b) or repairs by Landlord; replacement cost of Landlord’s property that was in or attached to the Premises and is missing; cost to replace unreturned keys; agreed reletting charges; Landlord’s cost of cleaning the premises and Premises to a broom- swept condition if required; Landlord’s cost of removal of any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if trash or debris left in the Tenant gives up possession Premises; Landlord’s cost of the premises removal and storage of Tenant’s personal property left or abandoned by Tenant or otherwise disposed of by Landlord; Landlord’s cost of removal of unauthorized vehicles or aircraft left on the Premises; government fees or fines against Landlord because of Tenant; late fees and other costs of collection incurred by Landlord in such condition connection with this Lease; interest that the premises require cleaning;
(c) payment of rent or other fees owing to the would have been earned by Landlord by the Tenant upon the termination of this Lease and;
(d) the discharge of any other obligations or liabilities of the Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning on unpaid balances; attorneys’ fees, court costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsfiling fees.
Appears in 1 contract
Sources: Conventional Hangar Lease for Commercial Aviation Use
Security Deposit. The tenant agrees 9.1. Tenant shall deposit with Landlord on or before the Commencement Date of this Lease a security deposit (together with all interest earned thereon, the “Security Deposit”) in an amount equal to pay the Security Deposit Amount, which Security Deposit shall be held by Landlord as security for the performance by Tenant of all of the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the Term. If Tenant defaults with respect to any provision of this Lease, including, without limitation, any provision relating to the payment of Rent, Landlord shall have the right, but not the obligation, 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 which Landlord may suffer by reason of Tenant’s default. If any portion of the Security Deposit is so used or applied, Tenant shall, upon written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to the Security Deposit Amount, and Tenant’s failure to do so shall be a deposit material breach of this Lease. It is agreed between Landlord shall not be required to keep the Security Deposit separate from its general fund, but Tenant and the Landlord that shall be entitled to any interest on the deposit Security Deposit (to be credited to and added to the Security Deposit) at the rate as may be actually earned thereon by Landlord from time to time but no less often than annually. Tenant shall provide landlord or its designee with such information and instruments (including, without limitation, Tenant’s taxpayer identification number) as Landlord may reasonably require in order to maintain the Security Deposit in an interest-bearing account.
9.2. In the event of bankruptcy or other debtor-creditor proceedings against Tenant, the Security Deposit shall be compounded annually and deemed to be paid applied first to the Tenant at payment of Rent and other charges due Landlord for all periods prior to the termination filing of tenancy in accordance with current statutory requirementssuch proceedings.
9.3. At Landlord shall deliver the time unapplied portion of the signing Security Deposit to any purchaser of Landlord’s interest in the Premises and thereupon Landlord shall be discharged from any and all further liability with respect to the Security Deposit. This provision shall also apply to any subsequent transfers.
9.4. If as of the expiration of the Term, Tenant shall have surrendered the Premises in the condition required by this agreementLease and shall have paid all Rent, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit Security Deposit, or any amounts that the Landlord seems necessary balance thereof, shall be returned to provide for:
Tenant (a) repairing any damage or loss or, at Landlord’s option, to the premises, fixtures, furniture, appliances and any other items leased pursuant to last assignee of Tenant’s interest hereunder) within ninety (90) days after the Lease which damages may have been cause by the Tenant (any damage expiration or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession of the premises in such condition that the premises require cleaning;
(c) payment of rent or other fees owing to the Landlord by the Tenant upon the earlier termination of this Lease and;
(d) the discharge of any other obligations or liabilities of the Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsLease.
Appears in 1 contract
Sources: Lease (Supernus Pharmaceuticals Inc)
Security Deposit. The tenant agrees Tenant shall deposit with Landlord upon execution hereof $15.000.00 as security for Tenant’s faithful performance of Tenant’s obligation hereunder. If Tenant fails to pay Rent or other charges due hereunder or otherwise defaults with respect to any provision of the Lease, Landlord a may use, apply or retain all or any portion of said deposit for the payment of any Rent or other charge in default or for 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 Lessor may suffer thereby. It is agreed between the If Landlord so uses or applies all or any portion of said deposit, Tenant shall within ten (10) days after written demand therefor deposit cash with Landlord in an amount sufficient to restore said deposit to me full amount herein above stated and the Landlord that interest on the deposit Tenant’s failure to do so shall be compounded annually and be paid a material breach of this Lease. If the monthly Rent shall, from time to time increase during the Lease Term, Tenant shall thereupon deposit with Landlord additional security deposit so that the amount of security deposit held by Landlord shall at all times bear the same proportion to current rent as the original security deposit bears to the Tenant at the termination of tenancy original monthly Rent set forth in accordance with current statutory requirementsParagraph 3A hereof. At the time of the signing of this agreement, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)
required to keep said deposit separate from its general accounts. If Tenant performs all of Tenant’s obligations hereunder, said deposit, or so much thereof as has not theretofore been applied by Landlord shall be returned, without payment of interest or other increment for its use to Tenant (bor at Landlord’s option, to the last assignee, if any, of Tenant’s interest hereunder) cleaning at the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession expiration of the premises Lease Term hereof, and after Tenant has vacated the Premises. No trust relationship is created herein between Landlord and Tenant with respect to said Security Deposit. Tenant hereby agrees not to look to any mortgagee as mortgagee, mortgagee-in-possession or successor in such condition that the premises require cleaning;
(c) payment of rent or other fees owing title to the Premises for accountability for any security deposit required by Landlord hereunder, unless said sums have actually been received by the Tenant upon the termination said mortgagee as security for Tenant’s performance of this Lease and;
(d) Lease. Landlord may deliver the discharge of any other obligations or liabilities of the funds deposited hereunder by Tenant to the purchaser of Landlord
(e) recovery of lost revenue or expenditures incurred for ’s interest in the time Premises, in the event that the suite such interest is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of sold, and thereupon Landlord shall be discharged from any damages or cleaning costs in excess of the further liability with respect to said security deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenants.
Appears in 1 contract
Security Deposit. The tenant agrees to pay Tenant has deposited with Landlord the Landlord a deposit Security Deposit as security for the faithful performance and observation of Tenant of the terms, provisions and conditions of this Lease. It is agreed between that in the event Tenant defaults in respect of any of the terms, provisions and conditions of this Lease, Landlord may use, apply or retain the whole or any part of the Security Deposit to the extent required for payment of any Annual Rent, 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, covenants and conditions of this Lease, including but not limited to any damage or deficiency accrued before or after summary proceedings or other reentry by Landlord, including the costs of such proceeding or reentry and further including, without limitation, reasonable attorney's fees. It is agreed that Landlord shall always have the right to apply the Security Deposit, or any part thereof, as aforesaid, without notice land without prejudice to any other remedy or remedies which Landlord may have, or Landlord may pursue any other such remedy or remedies in lieu of applying the Security Deposit or any part thereof. No interest shall be payable on the Security Deposit. If Landlord shall apply the Security Deposit in whole or in part, Tenant shall upon demand pay the Landlord the amount so applied to restore the Security Deposit to its original amount. In the event that interest on Tenant shall fully and faithfully comply with all of the deposit terms, provisions, covenants and conditions of this Lease, the Security Deposit shall be compounded annually returned to Tenant within ninety (90) days after the date fixed as the end of the Lease and be paid after delivery of entire possession of the Premises to the Tenant at the termination of tenancy Landlord in accordance with current statutory requirementsthe terms of this Lease. At In the time event of a sale or other transfer of the signing Building, or leasing of this agreementthe entire Building including the Premises subject to ▇▇▇▇▇▇'s tenancy thereunder, Landlord shall transfer the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss Security Deposit then remaining to the premises, fixtures, furniture, appliances vendee or lessee and any other items leased pursuant Landlord shall thereupon be released from all liability for the return of such Security Deposit to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by petsTenant; and ▇▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited agrees to professional cleaning of carpet and drapery) if the Tenant gives up possession of the premises in such condition that the premises require cleaning;
(c) payment of rent or other fees owing look solely to the new Landlord by for the Tenant return of said Security Deposit then remaining. The holder of any mortgage upon the termination of this Lease and;
(d) the discharge of any other obligations Building or liabilities of the Lot shall never be responsible to Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time Security Deposit or its application or return unless the Security Deposit shall actually have been received in hand by such holder. Tenant further convenants that it will not assign or encumber or attempt to assign or encumber the suite is unavailable for rent while outstanding issues cause Security Deposit and that neither Landlord nor its successors or assigns shall be bound by the Tenant are being addressed (ie the property is being cleaned any such assignment, encumbrance, attempted assignment or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsattempted encumbrance.
Appears in 1 contract
Sources: Lease Agreement (Sync Research Inc)
Security Deposit. The tenant Within ten (10) days of mutual execution and delivery of this Lease, Tenant agrees to pay the deposit with Landlord a deposit letter of . It is agreed between credit in the Tenant amount of$2,014,492.75 on a form reasonably acceptable to Landlord (the “Security Deposit”) to guarantee the payment of rent and the performance by Tenant of all the terms and provisions of this Lease Agreement; it being acknowledged and agreed that Chase Bank is approved as an issuer of the Security Deposit and the form of letter of credit attached to this Lease as Exhibit F has been approved by the parties. Upon the occurrence of any default under this Lease Agreement by Tenant that continues beyond the expiration of applicable notice and cure periods, Landlord may draw upon said Security Deposit to the extent necessary to cure such default, whether rent or otherwise. The Security Deposit shall be returned or released to Tenant upon compliance with the terms and provisions of this Lease Agreement, including, without limitation, Article 18 hereof. Tenant understands that its potential liability under this Lease Agreement is not limited to the amount of the Security Deposit. Use of such Security Deposit by Landlord shall not constitute a waiver, but is in addition to any other remedies available to Landlord under this Lease Agreement and under law. Upon the use of all or any part of the Security Deposit to cure any default of Tenant, Tenant shall forthwith deposit with Landlord a renewed letter of credit in the full amount of the Security Deposit. In the event of any rightful and permitted assignment of Tenant’s interest in this Lease Agreement, the Security Deposit shall be deemed to be held by Landlord as a deposit made by the assignee, and Landlord shall have no further liability to the assignor with respect to the return of the Security Deposit. Provided that on the deposit date that is one year after the Commencement Date Tenant is not in default, and no occurrence or condition then exists for which notice has been given and, with the passage of time, would constitute an event of default under this Lease Agreement, then the amount of the letter of credit deposited as a Security Deposit shall be compounded annually reduced by $402,898.56, and be paid references to the “Security Deposit” shall mean such revised amount thereafter. Every 12 months thereafter, provided that on such date Tenant is not in default and no occurrence or condition then exists for which notice has been given and, with the passage of time, would constitute an event of default under this Lease Agreement, then the amount of the letter of credit deposited as a Security Deposit shall be further reduced by an additional $402,898.56, and references to the “Security Deposit” shall mean such revised amount thereafter, until such amount reaches $0.00, at which time the termination Security Deposit letter of tenancy in accordance with current statutory requirementscredit shall be released. At Should a default exist at the time of the signing applicable reduction, such reduction shall be held in abeyance until such time as the default is cured and no other default exists or occurrence or condition then exists for which notice has been given and, with the passage of this agreementtime, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning would constitute an event of carpet and drapery) if the Tenant gives up possession of the premises in such condition that the premises require cleaning;
(c) payment of rent or other fees owing to the Landlord by the Tenant upon the termination of default under this Lease and;
(d) the discharge of any other obligations or liabilities of the Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsAgreement.
Appears in 1 contract
Sources: Lease Agreement (SomaLogic, Inc.)
Security Deposit. The tenant Tenant agrees to deposit with Landlord upon execution of this Lease, a security deposit as stated in the Basic Lease Information (the “Security Deposit”), which sum shall be held and owned by Landlord, without obligation to pay interest, as security for the performance of Tenant’s covenants and obligations under this Lease. The Security Deposit is not an advance rental deposit or a measure of damages incurred by Landlord in case of Tenant’s default. Upon the occurrence of any Event of Default by Tenant, Landlord may from time to time, without prejudice to any other remedy provided herein or by law, use such fund as a deposit credit to the extent necessary to credit against any arrears of Rent or other payments due to Landlord hereunder, and any other damage, injury, expense or liability caused by such event of default, and Tenant shall pay to Landlord, on demand, the amount so applied in order to restore the Security Deposit to its original amount. It is agreed between Although the Tenant and Security Deposit shall be deemed the Landlord that interest on the property of Landlord, any remaining balance of such deposit shall be compounded annually and be paid returned by Landlord to the Tenant at the termination of tenancy in accordance with current statutory requirements. At the such time of the signing of this agreement, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession of the premises in such condition that the premises require cleaning;
(c) payment of rent or other fees owing to the Landlord by the Tenant upon the after termination of this Lease and;
(d) that all of Tenant’s obligations under this Lease have been fulfilled, reduced by such amounts as may be required by Landlord to remedy defaults on the discharge part of Tenant in the payment of Rent or other obligations of Tenant under this Lease, to repair damage to the Premises, Building or Project caused by Tenant or any Tenant’s Parties and to clean the Premises. Landlord is hereby granted a security interest in the Security Deposit in accordance with applicable provisions of the California Commercial Code. Landlord may use and commingle the Security Deposit with other funds of Landlord. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code, and all other provisions of any other obligations Regulations, now or liabilities hereinafter in force, which restricts the amount or types of the Tenant claim that a landlord may make upon a security deposit or imposes upon a landlord (or its successors) any obligation with respect to the Landlord
(e) recovery handling or return of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsdeposits.
Appears in 1 contract
Sources: Office Lease (Cepheid)
Security Deposit. The tenant agrees Tenant has this day paid to pay Landlord the Security Deposit to be held by Landlord a deposit as security for the payment and performance by Tenant of all obligations imposed on Tenant hereunder, in an account the proceeds of which may be commingled by Landlord with any other account or proceeds. It is agreed between If Tenant shall perform all such obligations, the Tenant and the Landlord that interest on the deposit Security Deposit shall be compounded annually refunded to Tenant, without interest, following the end of the Term. If Tenant shall commit an Event of Default hereunder, Landlord shall be entitled to apply all or any portion of the Security Deposit, pro tanto, to cure any such default, or toward fulfillment of any of Tenant’s obligations hereunder, and be paid Tenant shall replenish the Security Deposit to the Tenant at full amount within ten (10) days after receipt of notice from Landlord which sets forth the termination amount to be replenished. If the Security Deposit is not fully restored, it shall constitute an immediate Event of tenancy Default (as defined in accordance with current statutory requirements. At Section 21) under the time of the signing terms of this agreementLease (without need of notice or the expiration of any cure period), and Landlord shall have the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased benefit of all remedies permitted pursuant to the terms of this Lease which damages may have been cause by and the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls laws of the State of Colorado. The Security Deposit shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession of the premises in such condition that the premises require cleaning;
(c) an advance payment of rent or a measure of Landlord’s damages in case of an Event of Default by Tenant. Landlord may commingle the Security Deposit with other fees owing monies of Landlord. In the event of the sale or transfer of Landlord’s interest in the Building, Landlord shall have the right to transfer the Security Deposit to the Landlord by purchaser or transferee and upon such transfer Tenant shall look only to the Tenant upon new landlord for the termination of this Lease and;
(d) the discharge of any other obligations or liabilities return of the Security Deposit and Landlord shall thereupon be released from all liability to Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned return of or damages are being repaired) The Tenant is responsible accounting for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsSecurity Deposit.
Appears in 1 contract
Sources: Lease Agreement (Spectranetics Corp)
Security Deposit. The tenant agrees Upon Tenant’s execution of this Lease, Tenant shall deposit with Landlord good funds in the amount of the Security Deposit (if any) set forth in the Principal Lease Provisions, to secure the performance by Tenant of its obligations under this Lease, including without limitation Tenant's obligations (i) to pay Basic Monthly Rent and Additional Rent (as defined below), (ii) to repair damages to the Premises and/or the Project caused by Tenant or Tenant’s Invitees, (iii) to surrender the Premises in the condition required by Paragraph 24, below, and (iv) to remedy any other defaults by Tenant in the performance of any of its obligations under this Lease. If Tenant commits any default under this Lease, Landlord may, at its election, use the Security Deposit to cure such default, and to compensate Landlord for all damages actually suffered by Landlord which are directly attributable to such default, including, without limitation, reasonable attorneys' fees and costs incurred by Landlord. Upon demand by Landlord, Tenant shall promptly pay to Landlord a sum equal to any portion of the Security Deposit so used by Landlord, in order to maintain the Security Deposit in the amount set forth in the Principal Lease Provisions above (subject to increase as set forth below). If the Basic Monthly Rent shall, from time to time, increase during the Term, then, upon demand by Landlord, Tenant shall deposit of . It is agreed between with Landlord cash in an amount necessary to increase the Tenant and Security Deposit such that it shall at all times bear the Landlord that interest on the deposit shall be compounded annually and be paid same proportion to the Tenant at then‑current Basic Monthly Rent as the termination of tenancy in accordance with current statutory requirements. At the time of the signing of this agreement, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss initial Security Deposit bears to the premises, fixtures, furniture, appliances and any other items leased pursuant to initial Basic Monthly Rent. Within 45 days following the Lease which damages may have been cause by the Tenant (any damage Expiration Date or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession of the premises in such condition that the premises require cleaning;
(c) payment of rent or other fees owing to the Landlord by the Tenant upon the earlier termination of this Lease and;
(d) the discharge of Lease, Landlord shall deliver to Tenant, at Tenant's last known address, any other obligations or liabilities portion of the Security Deposit not used by Landlord, as provided in this Paragraph. Landlord may commingle the Security Deposit (and any advance Rent received by Landlord) with Landlord's other funds and Landlord shall not pay interest on such Security Deposit to Tenant. Tenant waives the provisions of California Civil Code Section 1950.7 (or any successor statute), and any similar principals of law with respect to Landlord’s ability to apply the Landlord
(e) recovery Security Deposit against future rent damages. Furthermore, upon lawful termination of lost revenue or expenditures incurred for the time Lease as a result of Tenant’s default, Landlord shall be entitled to immediately apply the Security Deposit against damages computed under California Civil Code Section 1951.2, without the requirement that Tenant first be given notice and an opportunity to cure, and notwithstanding that the suite is unavailable for rent while outstanding issues cause damages have not been finally adjudicated by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsa court.
Appears in 1 contract
Security Deposit. The tenant agrees to pay the Landlord a deposit of . It is agreed between the Tenant and the Landlord that interest on the deposit shall be compounded annually and be paid Pursuant to the Tenant at the termination of tenancy in accordance with current statutory requirements. At the time provisions of the signing of this agreementTermination Agreement, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts hereby agrees that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession of the premises in such condition that the premises require cleaning;
(c) payment of rent or other fees owing to the Landlord by the Tenant upon the termination of the Current Lease, Current Landlord shall, after first deducting all amounts necessary to cure all defaults by Tenant under the Current Lease, transfer to Landlord all amounts then held by Current Landlord as a security deposit for the benefit of Tenant pursuant to the Current Lease, and all sums so transferred shall be held by Landlord as a Security Deposit for the faithful performance by Tenant of its obligations under this Lease and;
Lease. Within five (d5) days following written demand from Landlord, Tenant shall deliver to Landlord the discharge of any other obligations or liabilities difference, if any, between the remainder of the Tenant security deposit under the Current Lease delivered by Current Landlord to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for Landlord and the amount of the Security Deposit required by and as set forth in the Basic Lease Information. If Tenant is in default hereunder, Landlord may, but without obligation to do so, use all or any damages or cleaning costs in excess portion of the deposit. It is further agreed and understood that Security Deposit to cure the default or to compensate Landlord for all damages sustained by Landlord in connection therewith, Tenant cannot apply the security deposit against any rent owing shall, within ten (10) business days of written demand, pay to Landlord a sum equal to the Landlord during portion of the tenancy. The Tenant agrees that any security Security Deposit so applied or used to replenish the amount of the Security Deposit held to increase such deposit refundable to the amount initially deposited with Landlord. Such notice by Landlord may be in the form of a notice to perform covenant or quit pursuant to Code of Civil Procedure 1161, or any successor statute. Within thirty (30) days after the expiration or termination of this Lease and vacation of the Premises by Tenant, Landlord shall return the Security Deposit to Tenant, less such amounts as are reasonably necessary, as determined by Landlord, to remedy Tenant’s default(s) hereunder or to otherwise restore the Premises to the condition required hereunder. If the cost to restore the Premises exceeds the amount of the Security Deposit Tenant shall promptly deliver to Landlord any and all of such excess sums. Landlord shall not be required to keep the Security Deposit separate from other funds, and, unless otherwise required by law, Tenant shall not be entitled to interest on the Security Deposit. In no event or circumstance shall Tenant have the right to any use of the Security Deposit and, specifically, Tenant may be paid by not use the Landlord to any of the tenants Security Deposit as a credit or to all names shown by the tenantsotherwise offset any payments required hereunder.
Appears in 1 contract
Security Deposit. Lessee shall deposit with the Authority, and continuously maintain throughout the term of this Agreement, a Security Deposit in the amount of which shall equal approximately ninety (90) days Concession Fees, ground rent and maintenance and operations fees. The tenant agrees Security Deposit must be in the form of an irrevocable Letter of Credit ("LC"), a surety bond or cash, when permitted in the sole discretion of the Authority. A Security Deposit in the form of a LC or bond must be drawn on a bank, insurance or other financial institution acceptable to pay the Landlord Authority and shall be in a deposit form acceptable to the Authority. The Security Deposit shall be subject to annual increases or decreases each Lease Year and shall be adjusted at the same time each year. Lessee shall have thirty (30) days after receipt of the new Security Deposit amount to adjust the Security Deposit by amending the LC, bond or, when permitted, the amount of cash on hand with the Authority. It is agreed The Security Deposit shall secure ▇▇▇▇▇▇'s full and faithful performance and observance of all of ▇▇▇▇▇▇'s obligations under this Agreement and under any other written agreement between the Tenant Lessee and the Landlord that interest on Authority specifically referring to this Security Deposit. The Security Deposit shall not be considered to be held in trust by the deposit Authority for the benefit of ▇▇▇▇▇▇, and shall not be compounded annually and be paid to the Tenant at the termination considered an advance payment of tenancy in accordance with current statutory requirements. At the time Rent or a measure of the signing Authority's damages in the case of this agreement, the interest rate paid on security deposits is 0%an Event of Default by ▇▇▇▇▇▇. The Landlord may deduct from Authority may, but shall not be obligated to, draw upon and apply the security deposit any amounts that the Landlord seems necessary to provide for:
Security Deposit to: (a) repairing pay any damage Rent or loss Additional Rent not paid on or before the date it is due and the Authority shall not be required to give notice or opportunity to cure before drawing on the premises, fixtures, furniture, appliances and Security Deposit; and/or (b) remedy any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; violation of this Agreement, after ▇▇▇▇▇▇ has received notice and other marks on carpetsopportunity to cure as provided in Article 13. Default of this Agreement. Further, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with itAuthority may draw down the entire Security Deposit immediately, (including but not limited without notice to professional cleaning ▇▇▇▇▇▇, upon receipt of carpet and drapery) if the Tenant gives up possession a notice of non-renewal of the premises in such condition that Letter of Credit or surety bond. If the premises require cleaning;
(c) payment of rent or other fees owing to the Landlord by the Tenant upon the termination of this Lease and;
(d) the discharge of Authority applies any other obligations or liabilities of the Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord Security Deposit to any of the tenants above, Lessee shall, immediately upon demand, replenish the Security Deposit to its full amount. If ▇▇▇▇▇▇ fully performs all of its obligations under this Agreement, the Security Deposit, or any balance remaining, will be released within thirty (30) days from the expiration date or termination of this Agreement and delivery of the Leased Premises to the Authority. However, if any question exists concerning Lessee's full compliance with the Agreement or if there is any obligation under this Agreement to be performed after the expiration date or earlier termination of this Agreement, the Authority shall be entitled to require that the Security Deposit remain in place until the Authority is fully satisfied that there has been no violation of the Agreement and all names shown by obligations due under this Agreement have been fully performed, even if it takes the tenantsAuthority longer than ninety (90) days to make such a determination to the Authority's satisfaction.
Appears in 1 contract
Sources: Rental Car Operating Agreement
Security Deposit. The tenant agrees Tenant shall pay to pay Landlord the Landlord a deposit of . It is agreed between the Tenant and the Landlord that interest Security Deposit shown on the deposit shall be compounded annually Lease Summary as security for the faithful performance by Tenant of all the terms and be paid to the Tenant at the termination of tenancy in accordance with current statutory requirements. At the time of the signing conditions of this agreement, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease of which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇▇ is obligated to perform hereunder, and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession of the premises in such condition that the premises require cleaning;
(c) payment of rent or other fees owing to the Landlord by the Tenant upon the termination of this Lease and;
(d) the discharge of any other obligations or liabilities of the Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount payment of any damages to which Landlord may be entitled hereunder if Tenant defaults under the Lease, following all applicable notice and cure periods. Landlord shall inspect the Office Suite within twenty (20) days after the Expiration Date or cleaning costs earlier termination date of this Lease, shall note in excess writing any damages or other items for which ▇▇▇▇▇▇ was responsible hereunder, shall deduct from the Security Deposit the amounts reasonable necessary to cure or remedy such items, and shall return the balance of the depositSecurity Deposit to Tenant, without interest, with the written list of deductions, within thirty (30) days after the Expiration Date or earlier termination date of this Lease. It is further agreed At any time during the Term, Landlord shall have the right to apply any or all of the Security Deposit to cure any default of Tenant following the applicable notice and understood that the opportunity to cure. If Landlord does so, then Tenant cannot apply the security shall upon demand, deposit against any rent owing with Landlord an amount equal to the amount so applied so that Landlord shall have the full Security Deposit on hand at all times during the tenancyTerm. The In the event Landlord sells or transfers its interest in the Building and this Lease, then Landlord shall have the right to transfer the Security Deposit. If it does so, then Landlord shall be considered released by Tenant agrees that any security deposit refundable from all liability for the return of the Security Deposit, and Tenant shall look solely to the Tenant may transferee for the return of the Security Deposit. In the event of any permitted assignment of Tenant’s estate or interest in the Office Suite, the Security Deposit shall be paid deemed to be held by Landlord as a deposit made by the assignee and Landlord shall not have to any of return the tenants or Security Deposit to all names shown the original Tenant, but shall return it to the new tenant as required by the tenantsthis Lease.
Appears in 1 contract
Sources: Office Building Lease (Pieris Pharmaceuticals, Inc.)
Security Deposit. The tenant agrees to pay Security Deposit shall be paid by Tenant within five (5) business days after execution of this Lease and shall be held by Landlord as security for the Landlord a deposit performance by Tenant of its covenants and agreements under this Lease. It is agreed between In the event that cash is, at any time, held as the Security Deposit hereunder, the holder thereof shall hold such cash in an interest bearing segregated account for the benefit of the Tenant subject only to the terms and conditions of this Lease. Upon the occurrence of any default hereunder and the expiration of any grace period for the cure thereof without such cure, Landlord that interest on may use such portion of the deposit Security Deposit as is necessary to cure such default. In the event of any such draw down of the Security deposit, Tenant shall be compounded annually and be paid to replace the amount drawn down within ten (10) days of receipt of notice thereof, by delivery of a sight draft Letter of credit in substantially the form of the Letter of Credit initially delivered hereunder or cash in the amount drawn. At any time Landlord is holding cash as the Security Deposit hereunder, Tenant at shall have the termination of tenancy right, in accordance with current statutory requirementsthe terms hereof, to replace such cash with a sight draft Letter of Credit from a bank acceptable to Landlord and which provides that draw downs may be made solely upon submission of a statement from a representative of Landlord stating that Tenant is in default under its Lease beyond any grace period and Landlord is entitled to the amount claimed. At Any Letter of Credit shall have a term of not less than one (1) year and a replacement Letter of Credit from a bank acceptable to Landlord shall be delivered to Landlord at least thirty (30) days prior to any expiration of any Letter of Credit or Landlord may draw down the time full proceeds of the signing Letter of Credit and hold the cash as collateral security for Tenant's obligations under this Lease. Upon replacement of cash with a Letter of Credit meeting the Letter of Credit requirements set forth above, the Landlord shall return the cash to Tenant. If Landlord shall transfer its interest in the Premises, Landlord shall assign the Security Deposit to the transferee. Any balance of the Security Deposit remaining at the end of the Term after deduction of amounts owed by Tenant hereunder shall be returned to Tenant within thirty (30) days after the expiration of this agreement, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession of the premises in such condition that the premises require cleaning;
(c) payment of rent or other fees owing to the Landlord by the Tenant upon the termination of this Lease and;
(d) the discharge of any other obligations or liabilities of the Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsLease.
Appears in 1 contract
Sources: Lease Agreement (Intest Corp)
Security Deposit. The tenant agrees to pay the Landlord a deposit of . It is agreed between the Tenant and the Landlord that interest on the deposit shall be compounded annually and be paid to the Tenant at the termination of tenancy in accordance with current statutory requirements. At the time of the signing of this agreementexecution hereof, Tenant shall deposit with the interest rate paid on security deposits is 0%. The Landlord may deduct from the a security deposit any amounts that (the "Security Deposit") in the amount of $135,000.00 in cash to be held by Landlord seems necessary to provide for:
(a) repairing any damage or loss to without interest during the premisesterm hereof, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the extensions, and for so long thereafter as Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up is in possession of the premises in such condition that the premises require cleaning;
(c) payment of rent Premises or other fees owing has unsatisfied obligations hereunder to Landlord, which deposit the Landlord by the may apply from time to time against outstanding obligations of Tenant upon the termination of this Lease and;
(d) the discharge of any other obligations or liabilities of the Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the hereunder. Each time that the suite is unavailable for rent while outstanding issues cause by the monthly installment of Base Rental shall increase, Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for shall promptly pay Landlord as additional Security Deposit the amount of any damages increase in such Base Rental, said additional sums to be added to the Security Deposit held hereunder. Tenant shall have no right to require the Landlord to so apply said Security Deposit, nor shall Tenant be entitled to credit the same against rents or cleaning costs in excess other sums payable hereunder. If and to the extent that Landlord makes such use of the deposit. It is further agreed and understood that Security Deposit, or any part thereof, the Tenant cannot apply the security deposit against any rent owing sum so applied by Landlord shall be restored to the Security Deposit by Tenant upon notice from Landlord, and failure to pay to Landlord during the tenancyamount to be so restored (within the grace period applicable to rents hereunder) shall be a default hereunder giving rise to all of the Landlord's rights and remedies applicable to a default in the payment of rent. The Any portion of said Security Deposit which has not been applied as aforesaid by Landlord shall be repaid by Landlord to Tenant agrees that after the end of the term and any security deposit refundable to extensions hereof, or as soon thereafter as all obligations of Tenant under this Lease have been performed in full. Upon any conveyance by Landlord of its interest under this Lease the Tenant Security Deposit may be paid turned over by the Landlord to Landlord's grantee or transferee, and upon any such delivery of the tenants Security Deposit, 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 or transferee, and it is further understood that this provision shall also apply to all names shown by the tenantssubsequent grantees and transferees.
Appears in 1 contract
Sources: Lease Agreement (Spire Corp)
Security Deposit. The tenant agrees Security Deposit shall be delivered to pay Landlord upon the Landlord a deposit execution of . It is agreed between the this Lease by Tenant and the may be held by Landlord that interest on the deposit shall be compounded annually and be paid in commingled accounts (without liability for interest, except to the extent required by Law) as security for the performance of Tenant’s obligations under this Lease. Landlord may, from time to time while an event of default after expiration of the applicable cure period remains uncured, use all or a portion of the Security Deposit to cure any uncured default by Tenant, 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 Landlord uses the Security Deposit, Tenant at shall on demand restore the termination Security Deposit to its original amount. Provided that Tenant has performed all of tenancy its obligations hereunder, Landlord shall return any unapplied portion of the Security Deposit to Tenant within sixty (60) days after the later to occur of: (A) the date Tenant surrenders possession of the Premises to Landlord in accordance with current statutory requirementsthis Lease; or (B) the Expiration Date. At Tenant does hereby authorize Landlord to withhold from the time Security Deposit all amounts allowed by Law and the amount reasonably anticipated by Landlord to be owed by Tenant as a result of an underpayment of Tenant’s Pro Rata Share of any Operating Expenses for the final year of the signing of this agreementTerm. To the fullest extent permitted by applicable Law, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession of the premises in such condition that the premises require cleaning;
(c) payment of rent or other fees owing to the Landlord by the Tenant upon the termination of this Lease and;
(d) the discharge of any other obligations or liabilities of the Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that the provisions of this Section 6 shall supersede and replace all statutory rights of Tenant under applicable Law regarding the retention, application or return of security deposits, including the provisions of Section 1950.7 of the California Civil Code, or any similar or successor Laws now or hereinafter in effect which (i) establish the time frame by which Landlord must refund collateral or security deposit refundable for performance of a tenant’s obligations under a lease, and/or (ii) provide that Landlord may claim from collateral or security for performance of a tenant’s obligations under a lease only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, 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 officer, employee, agent or invitee of Tenant. If Landlord transfers its interest in the Premises, Landlord shall assign the Security Deposit to the Tenant may be paid by transferee and thereafter Landlord shall have no further liability for the Landlord to any of the tenants or to all names shown by the tenantsSecurity Deposit.
Appears in 1 contract
Security Deposit. The tenant agrees Security Deposit shall be held by Landlord in a ---------------- separate account, i.e., an account expressly identified as being Tenant's Security Deposit and without Landlord's using any monies in the account for purposes other than refunding the Security Deposit or applying all or a portion of the Security Deposit to pay cure Tenant's defaults. The account will be maintained in a financial institution selected by Landlord; and provided that Tenant complies with the Landlord a deposit reasonable requests of the financial institution (such as supplying Tenant's taxpayer identification number and executing forms required by the financial institution), all interest accruing on the account shall be paid annually to Tenant. It is expressly understood and agreed between the Tenant and the Landlord that interest on the deposit shall be compounded annually and be paid to the Tenant at the termination of tenancy in accordance with current statutory requirements. At the time of the signing of this agreement, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to Security Deposit is intended solely as security for the premises, fixtures, furniture, appliances performance by Tenant of Tenant's covenants and any other items leased pursuant to the obligations under this Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls it shall not be considered normal wear and tear)
(b) cleaning an advance payment of rental or a measure of Landlord's damages in case of default by Tenant upon the premises and occurrence of any property rented with itevent of default by Tenant or upon termination of this Lease. Landlord may, (including but not limited from time to professional cleaning of carpet and drapery) if time, without prejudice to any other remedy, use the Tenant gives up possession of Security Deposit to the premises in such condition that the premises require cleaning;
(c) payment extent necessary to make good any arrearages of rent or to satisfy any other fees owing covenant or obligation of Tenant hereunder. Following any such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied in order to restore the Security Deposit to its original amount. If Tenant is not in default at the conclusion of the 81st month of the Lease Term, then Landlord by shall immediately return to Tenant one-sixth of the Security Deposit, thereby retaining in Landlord's account five-sixths of the Security Deposit which Landlord held through the first 81 months of the Lease Term. If Tenant upon is not in default at the conclusion of the 82nd month of the Lease Term, then Landlord shall immediately return to Tenant another one-sixth of the Security Deposit, thereby retaining in Landlord's account two-thirds of the Security Deposit which Landlord held through the first 81 months of the Lease Term. If Tenant is not in default at the conclusion of the 83rd month of the Lease Term, then Landlord shall immediately return to Tenant another one-sixth of the Security Deposit, thereby retaining in Landlord's account one-half of the Security Deposit which Landlord held through the first 81 months of the Lease Term. If Tenant is not in default at the conclusion of the 84th month of the Lease Term, then Landlord shall immediately return to Tenant another one-sixth of the Security Deposit, thereby retaining in Landlord's account one-third of the Security Deposit which Landlord held through the first 81 months of the Lease Term. If Tenant is not in default at the conclusion of the 85th month of the Lease Term, then Landlord shall immediately return to Tenant another one-sixth of the Security Deposit, thereby retaining in Landlord's account one-sixth of the Security Deposit which Landlord held through the first 81 months of the Lease Term. Upon the termination of this Lease and;
(d) Lease, the discharge balance of the Security Deposit shall be returned by Landlord to Tenant, except to the extent applied by Landlord to make good any arrearages of rent or to satisfy any other obligations covenant or liabilities obligation of Tenant hereunder. If Intervest-Parkway, Ltd. or any subsequent Landlord transfers its interest in the Premises during the term of this Lease, the assigning Landlord shall assign the Security Deposit to the transferee; and upon such assignment and the assignee's assumption of the Tenant to Landlord's obligations under this Lease, the Landlord
(e) recovery of lost revenue or expenditures incurred assigning Landlord shall not have any further liability for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount return of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantssuch Security Deposit.
Appears in 1 contract
Sources: Lease Agreement (Entrust Inc)
Security Deposit. Contemporaneously with the execution of this Lease, Tenant shall pay to Landlord the Security Deposit, which shall be held by Landlord to secure Tenant’s performance of its obligations under this Lease. The tenant agrees Security Deposit is not an advance payment of Rent or a measure or limit of Landlord’s damages upon an Event of Default (as defined herein). Landlord may, from time to time following an Event of Default and without prejudice to any other remedy, use all or a part of the Security Deposit to perform any obligation Tenant fails to perform hereunder. Following any such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied in order to restore the Security Deposit to its original amount. Provided that Tenant has performed all of its obligations hereunder, Landlord 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 Tenant the portion of the Security Deposit which was not applied to satisfy Tenant’s obligations. Notwithstanding the preceding sentence and to the extent permitted by applicable Law, Landlord may retain that portion of the Security Deposit which Landlord reasonably estimates is necessary to pay all amounts payable by Tenant under this Lease (including all reconciliation amounts payable by Tenant for the Landlord a deposit of . It is agreed between year in which the Tenant and Term expires) until such time after the Landlord that interest on the deposit shall be compounded annually and be paid to the Tenant at the termination of tenancy in accordance with current statutory requirements. At the time expiration of the signing of Term that Landlord is actually able to reconcile and confirm such amounts payable by Tenant under this agreement, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause paid in full by the Tenant (any damage or residual odor left by pets; ▇e.g., Landlord cannot reconcile and confirm Tenant has paid Tenant’s Proportionate Share of Taxes for the calendar year in which the Term expires if Landlord has not received a Tax ▇▇▇▇ from all applicable taxing authorities at the time of such expiration). The Security Deposit may be commingled with other funds, and other marks on carpetsno interest shall be paid thereon. If Landlord transfers its interest in the Premises and the transferee assumes Landlord’s obligations under this Lease, furnishings then Landlord may assign the Security Deposit to the transferee (and walls if Landlord does not assign the Security Deposit to the transferee, Landlord shall not be considered normal wear ensure that such transferee assumes the obligations related to the Security Deposit) and tear)
(b) cleaning Landlord thereafter shall have no further liability for the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession return of the premises in such condition that the premises require cleaning;
(c) payment Security Deposit. The rights and obligations of rent or Landlord and Tenant under this Section 6 arc subject to any other fees owing requirements and conditions imposed by Laws applicable to the Security Deposit. So long as no monetary Event of Default has occurred and no Event of Default is then occurring, Landlord by shall, on the Tenant upon first day of each month beginning on the termination of this Lease and;
(d) the discharge of any other obligations or liabilities first day of the Tenant 13th Lease Month, apply the Security Deposit toward Tenant’s Basic Rent obligations accruing after such date until the Security Deposit has been reduced to $159,887.04. At such time, the Landlord
(e) recovery Security Deposit shall thereafter be $159,887.04; provided, that so long as no monetary Event of lost revenue or expenditures incurred for Default has occurred and no Event of Default is then occurring, Landlord shall, on the time that first day of each month beginning on the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess first day of the deposit. It is further agreed and understood that the Tenant cannot 25th Lease Month, apply the security deposit against any rent owing Security Deposit toward Tenant’s Basic Rent obligations accruing after such date until the Security Deposit has been reduced to $106,591. At such time, the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may Security Deposit shall thereafter be paid by the Landlord to any of the tenants or to all names shown by the tenants$106,591.
Appears in 1 contract
Sources: Lease Agreement (RetailMeNot, Inc.)
Security Deposit. Tenant shall receive a comprehensive Move-‐In and Move-‐Out Inspection Report (The tenant agrees “Inspection Report” -‐ attached hereto as Exhibit “A”) which lists for Tenant’s permanent retention any existing damages. Tenant is entitled to pay inspect the Residence to ascertain the accuracy of the Inspection Report prior to taking occupancy, and Tenant shall either sign the Inspection Report or state specifically in writing the items listed therein to which Tenant dissents, and Tenant shall sign such statement of dissent. No such written report shall constitute a request for repairs within the meaning of Paragraph 17 of the Lease. Upon ▇▇▇▇▇▇'s receipt of the Inspection Report, the Reservation Fee will automatically be converted to a security deposit (the "Security Deposit") in the amount stated above as security for the full and faithful performance and observance by Tenant of each and every term and covenant of this Lease, including, without limitation, the payment of Rent. The Security Deposit is being held in Escrow Account No. 1511070 at The National Bank of Georgia, Athens, Georgia maintained by Agent. Agent may, but is not obligated to, maintain such funds in an interest bearing account. Any interest accruing shall become the property of Agent. In the event of a sale or other conveyance of the Residence, Landlord a deposit of . It is agreed between the Tenant and the Landlord that interest on the deposit shall be compounded annually and be paid entitled to transfer the Security Deposit (or Reservation Fee) to the party who acquires the Residence, and from and after such transfer, Landlord shall be released of any liability with respect thereto. Before Tenant may occupy the Residence, the full Security Deposit and first month's Rent indicated above must have been received by Landlord. The Security Deposit is not part of Rent and consequently cannot be deducted from the final month’s Rent due hereunder. The provisions relating to the Security Deposit are for the protection of Landlord, and are in addition to and not in limitation of Landlord’s other remedies set forth in this Lease or at law, it being understood that Tenant is completely responsible for Rent for the termination entire Lease Term and for any and all damages to the Residence or otherwise, all as provided herein, and that the Security Deposit may be set off against the total claims of tenancy Landlord and shall not constitute Landlord’s exclusive remedy. Further, Landlord can retain as much of the Security Deposit as is necessary to return the Residence to its original state when occupancy began, ordinary wear and tear excepted, in accordance with current statutory requirements§ 410 of the South Carolina Residential Landlord and Tenant Act, S.C. Code §27-‐40-‐10, et seq. At Upon ▇▇▇▇▇▇’s surrendering possession of the Residence upon the termination or expiration of this Lease, Tenant and Landlord shall jointly inspect the Residence and complete the Move-‐Out Inspection portion of the Inspection Report, listing any damage done to the Residence during the Lease Term which is the basis for any charge against the Security Deposit, and the estimated dollar value of such damage. Landlord shall provide to Tenant, either prior to move-‐out inspection or at the time of move-‐out inspection, an itemized list of anticipated costs for damage repair and work related to making the signing of this agreement, the interest rate paid on security deposits is 0%Residence ready for new occupancy. The Landlord may deduct from the security deposit any amounts Tenant acknowledges that the extent of any necessary repairs or work may vary within reason and such variations could increase or reduce the final cost of damages or work billed to Tenant’s Security Deposit. Tenant agrees to leave all power, water and gas (if applicable) on until the Termination Date, and the cost of having such utilities turned on to perform the inspection shall be borne by Tenant. Landlord seems necessary to provide for:
(a) repairing any damage or loss to and Tenant shall sign the premisesInspection Report; however, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; if ▇▇▇▇▇▇ refuses to sign the Inspection Report, ▇▇▇▇▇▇ must state specifically in writing the items on the Inspection Report to which Tenant dissents and other marks on carpetsshall sign the statement of dissent and deliver the same to Landlord in person or via certified United States Postal Service. Landlord shall deduct from the Security Deposit sums sufficient to compensate Landlord for the following items prior to returning the Security Deposit or any portion thereof to Tenant: (i) any failure to comply with the move-‐out procedures (outlined in Paragraph 7 the “Move-‐Out Procedures”), furnishings and walls shall not be considered (ii) any damages to the Residence in excess of normal wear and tear)
, (biii) cleaning any damages to the premises Residence due to the negligence, carelessness, accident or abuse of Tenant, (iv) any unpaid sums due to Landlord under the terms of this Lease, including without limitation, Rent, late charges, utilities, returned or dishonored check charges, unpaid damage claims, pet fines, key replacement charges, charges for removing, packing and storing abandoned, seized or lawfully removed property, court costs and any property rented actual damages caused by any breach of this Lease by Tenant, and (v) any noncompliance by Tenant with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession § 510 of the premises South Carolina Residential Landlord and Tenant Act. After deduction of the items specified in such condition that the premises require cleaning;
immediately preceding sentence, the balance of the Security Deposit, if any, together with a written, itemized accounting of deductions shall be mailed by first class mail to Tenant no later than thirty (c30) payment of rent or other fees owing to the Landlord by the Tenant upon days after the termination of this Lease and;
(d) or the discharge surrender and acceptance of the Residence, whichever occurs later. Tenant shall notify Landlord in writing at the time of move-‐out inspection of ▇▇▇▇▇▇’s forwarding address in order to enable Landlord to return the statement required with respect to the Security Deposit and any appropriate return of any other obligations or liabilities portion of the Tenant Security Deposit to Tenant. In the Landlord
(e) recovery of lost revenue or expenditures incurred for the time event that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for comprised of more than one individual, the amount of any damages or cleaning costs in excess refund of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any portion of the tenants or Security Deposit shall be returned to each resident equally without regard to which ▇▇▇▇▇▇ paid the Security Deposit and without regard to which ▇▇▇▇▇▇’s conduct resulted in any deductions there from. Refunds shall be mailed to each Tenant at the forwarding address given to Landlord. If Tenant has not supplied Landlord with the correct forwarding address, Tenant shall pay all names shown costs incurred by Landlord in reissuing the tenantsSecurity Deposit.
Appears in 1 contract
Sources: Rental Agreement
Security Deposit. Simultaneously with the execution of this Lease, Tenant shall deposit with Landlord the Security Deposit as a security deposit. The tenant agrees Security Deposit (which shall not bear interest to pay the Landlord a deposit Tenant unless required to do so by any provision of . It is agreed between the Tenant and the Landlord that interest on the deposit law) shall be compounded annually considered as security for the payment and be paid to performance by Tenant of all of Tenant’s obligations, covenants, conditions and agreements under the Tenant at Lease. Upon the termination expiration of tenancy the Term hereof (or any renewal or extension thereof in accordance with current statutory requirementsthe Lease), Landlord shall (provided that Tenant is not in default under the terms hereof) return and pay back the Security Deposit to Tenant, less such portion thereof as Landlord shall have appropriated to make good any default by Tenant with respect to any of Tenant’s aforesaid obligations, covenants, conditions or agreements and so notify Tenant promptly upon such appropriation. At In the time event of any Event of Default by Tenant hereunder during the signing term of this agreementLease, Landlord shall have the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premisesright, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls but shall not be considered normal wear and tear)
(b) cleaning obligated, to apply all or any portion of that Security Deposit to cure such default, in which event Tenant shall be obligated promptly to deposit with Landlord the premises and any property rented with itamount necessary to restore the Security Deposit to its original amount. In the event of sale or transfer of Landlord’s interest in the Building, (including but not limited Landlord shall have the right to professional cleaning of carpet and drapery) if transfer the Security Deposit to such purchaser or transferee, in which event Tenant gives up possession shall look only to the new landlord for the return of the premises in such condition that Security Deposit and Landlord shall thereupon be released from all liability to Tenant for the premises require cleaning;
(c) payment of rent or other fees owing to the Landlord by the Tenant upon the termination of this Lease and;
(d) the discharge of any other obligations or liabilities return of the Security Deposit. At Tenant’s option, Tenant may deliver to the Landlord
(e) recovery Landlord a Letter of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for Credit in the amount of any damages or cleaning costs in excess the Security Deposit provided the form and issuer of the depositLetter of Credit are reasonably satisfactory to Landlord. It is further agreed and understood that the Tenant cannot apply the security deposit against Upon delivery of such satisfactory Letter of Credit, Landlord shall refund any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid cash Security Deposit then held by the Landlord to any of the tenants or to all names shown by the tenantsLandlord.
Appears in 1 contract
Security Deposit. The tenant agrees Security Deposit shall be held by Landlord as security for the performance of Tenant's obligations under this Lease. The Security Deposit is not an advance rental deposit or a measure of Landlord's damages in case of Tenant's default. Upon each occurrence of an Event of Default (hereinafter defined), Landlord may use all or part of the Security Deposit to pay the Landlord a deposit of . It is agreed between the Tenant delinquent payments due under this Lease, and the cost of any damage, injury, expense or liability caused by such Event of Default, without prejudice to any other remedy provided herein or provided by law. Tenant shall pay Landlord on demand the amount that will restore the Security Deposit to its original amount. Landlord's obligation respecting the Security Deposit is that of a debtor, not a trustee; no interest on the deposit shall accrue thereon. The Security Deposit shall be compounded annually the property of Landlord, and unless used by Landlord as set forth above, shall be paid to Tenant within 30 days of the Tenant at the expiration or termination of tenancy in accordance this Lease. Landlord shall be released from any obligation with current statutory requirementsrespect to the Security Deposit upon transfer of this Lease and the Premises to a person or entity assuming Landlord's obligations under this Paragraph 5. At Tenant's election, the time Security Deposit may be in the form of an unconditional, irrevocable letter of credit from a bank reasonably acceptable to Landlord, and in substantially similar form as attached hereto as Addendum 5 to this Lease or in another form reasonably acceptable to Landlord. The letter of credit shall either provide that it shall automatically renew during each year of the signing Lease Term or shall otherwise be renewed at least 30 days prior to its expiration during the term of this agreement, the interest rate paid on security deposits is 0%Lease (it being agreed that Tenant may elect at any time to substitute cash for the letter of credit). The letter of credit shall provide that it may be drawn down upon by Landlord may deduct from the security deposit at any amounts that the time Landlord seems necessary to provide for:
(a) repairing any damage or loss delivers its sight draft to the premisesbank, fixturestogether with a "drawing" request in the form of Exhibit E annexed hereto. If Landlord sells or conveys the Premises, furnitureTenant shall, appliances at Landlord's request (and any other items leased at no expense to Tenant), cooperate in having the letter of credit transferred to the purchaser. If the letter of credit is ever drawn upon by Landlord pursuant to the terms of the Lease which damages may have been and Addendum 5 to the Lease, Tenant shall within ten (10) days thereafter cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls letter of credit to be restored to its original amount. Landlord shall not be considered normal wear draw on the letter of credit unless and tear)
until (bi) cleaning an Event of Default occurs or (ii) the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession expiration or termination of the premises Lease Term occurs and Tenant has defaulted in such condition that the premises require cleaning;
(c) payment of rent or other fees owing to the Landlord by the Tenant upon the termination of this Lease and;
(d) the discharge of any other its obligations or liabilities of the Tenant to the Landlord
(e) recovery of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsunder Paragraph 21 below.
Appears in 1 contract
Security Deposit. The tenant agrees Contemporaneously with the execution of this Lease, Tenant shall pay to pay Landlord the Landlord a deposit amount of . It is agreed between Security Deposit (the Tenant and “Security Deposit”) specified in the Landlord that interest on the deposit Basic Lease Information, which shall be compounded annually and be paid held by Landlord to secure Tenant's performance of its obligations under this Lease. Landlord is hereby granted a security interest in the Tenant at the termination of tenancy Security Deposit in accordance with current statutory requirementsapplicable law. At the time The Security Deposit is not an advance payment of Rent or a measure or limit of Landlord's damages upon a default by Tenant or an Event of Default (defined below). If Tenant defaults with respect to any provision of this Lease, Landlord may, but shall not be required to, use, apply or retain all or any part of the signing of this agreement, the interest rate paid on security deposits is 0%. The Landlord may deduct from the security deposit any amounts that the Landlord seems necessary to provide for:
Security Deposit (a) repairing for the payment of any damage Rent or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpetssum in default, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning for the premises payment of any other amount which Landlord may spend or become obligated to spend by reason of such default by Tenant, and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession of the premises in such condition that the premises require cleaning;
(c) payment to compensate Landlord for any other loss or damage which Landlord may suffer by reason of rent such default by Tenant. If any portion of the Security Deposit is so used or other fees owing applied, Tenant shall, within ten (10) days after demand therefor by Landlord, deposit with Landlord cash in an amount sufficient to restore the Security Deposit to the Landlord amount required to be maintained by Tenant hereunder. Within a reasonable period following expiration or the Tenant upon the sooner termination of this Lease and;
(d) Lease, provided that Tenant has performed all of its obligations hereunder, Landlord shall return to Tenant the discharge remaining portion of the Security Deposit. The Security Deposit may be commingled by Landlord with Landlord's other funds, and no interest shall be paid thereon. If Landlord transfers its interest in the Premises, then Landlord may assign the Security Deposit to the transferee and thereafter Landlord shall have no further liability or obligation for the return of the Security Deposit. Tenant hereby waives the provisions of all provisions of any other obligations Regulations, now or liabilities hereinafter in force, which restricts the amount or types of the Tenant claim that a landlord may make upon a security deposit or imposes upon a landlord (or its successors) any obligation with respect to the Landlord
(e) recovery handling or return of lost revenue or expenditures incurred for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantsdeposits.
Appears in 1 contract
Sources: Office Lease (Avi Biopharma Inc)
Security Deposit. The tenant agrees Tenant shall deposit with Landlord upon Tenant's execution hereof the Security Deposit set forth in Section 1.10 as security for Tenant's faithful performance of Tenant's obligations under this Lease. If Tenant fails to pay Base Rent or other rent or charges due hereunder, or otherwise is in default under this Lease, Landlord may use, apply or retain all or any portion of said Security Deposit for the payment of any amount due Landlord a or to reimburse or compensate Landlord for any liability, cost, expense, loss or damage (including attorneys' fees) which Landlord may suffer or incur by reason thereof. If Landlord uses or applies all or any portion of said Security Deposit, Tenant shall within ten (10) days after written request therefore deposit monies with Landlord sufficient to restore said Security Deposit to the full amount required by this Lease. Any time the Base Rent increases during the term of this Lease, Tenant shall, upon written request from Landlord, deposit additional monies with Landlord as an addition to the Security Deposit so that the total amount of the Security Deposit shall at all times bear the same proportion to the then current Base Rent as the initial Security Deposit bears to the initial Base Rent set forth in Section 1.7. It is agreed between Landlord shall not be required to keep all or any part of the Security Deposit separate from its general accounts. Landlord shall, within sixty (60) days after the expiration of the term hereof and after Tenant and has vacated the Landlord Premises, return to Tenant (or, at Landlord's option, to the last assignee, if any, of Tenant's interest herein), that interest on portion of the deposit Security Deposit, or applied by Landlord. No part of the Security Deposit shall be compounded annually considered to be held in trust, to bear interest or other increment for its use, or to be prepayment for any monies to be paid by Tenant under this Lease. At Landlord's election, Landlord may elect to have the Security Deposit held by Landlord's manager in a separate security deposit, trust, trustee or escrow account established and maintained by such manager with respect to certain security deposits of tenants within the Building Complex. Unless Tenant is so notified, (i) Landlord will hold the Security Deposit and be paid to responsible for its return; and (ii) Tenant may request return of the Tenant at the termination of tenancy Security Deposit by giving Landlord written notice in accordance with current statutory requirements. At the time provisions of the signing Lease, and Landlord's manager, if any, agrees that in the event of this agreementa dispute over the ownership of the Security Deposit, the interest rate paid on security deposits is 0%manager will not wrongfully withhold Landlord's true name and current mailing address from Tenant. The Landlord may deduct from deliver the security deposit any amounts that the Landlord seems necessary to provide for:
(a) repairing any damage or loss to the premises, fixtures, furniture, appliances and any other items leased pursuant to the Lease which damages may have been cause funds deposited herein by the Tenant (any damage or residual odor left by pets; ▇▇▇▇▇ and other marks on carpets, furnishings and walls shall not be considered normal wear and tear)
(b) cleaning the premises and any property rented with it, (including but not limited to professional cleaning of carpet and drapery) if the Tenant gives up possession of the premises in such condition that the premises require cleaning;
(c) payment of rent or other fees owing to the Landlord by the Tenant upon the termination of this Lease and;
(d) the discharge of any other obligations or liabilities of the Tenant to the purchaser of Landlord
(e) recovery 's interest in the Premises in the event such interest be sold, and thereupon, Landlord shall be discharged from further liability with respect to such deposit. If the claims of lost revenue or expenditures incurred Landlord exceed said deposit, Tenant shall remain liable for the time that the suite is unavailable for rent while outstanding issues cause by the Tenant are being addressed (ie the property is being cleaned or damages are being repaired) The Tenant is responsible for the amount balance of any damages or cleaning costs in excess of the deposit. It is further agreed and understood that the Tenant cannot apply the security deposit against any rent owing to the Landlord during the tenancy. The Tenant agrees that any security deposit refundable to the Tenant may be paid by the Landlord to any of the tenants or to all names shown by the tenantssuch claims.
Appears in 1 contract