Security Deposit. Lessee shall pay to Lessor simultaneously with the execution of this Lease Agreement a sum zero and 00/100 Dollars ($0,000.00) (the “Security Deposit”) as security for the full and faithful performance by Lessee of each and every term, covenant and condition of this Lease Agreement. Upon an Event of Default by Lessee under this Lease Agreement, or if Lessee fails to perform any of the terms, provisions and conditions of this Lease Agreement, Lessor may use, apply, or retain the whole or any part of the Security Deposit so deposited for the payment of any sum due Lessor or which Lessor may expend or be required to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwise. In the event that Lessee shall comply with all of the terms, covenants and conditions of this Lease Agreement, the Security Deposit shall be returned to Lessee within thirty (30) days after Lessee has vacated and surrendered the Leased Premises in accordance with the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease Agreement. In the event of a sale of the Building or the Project, Lessor shall have the right to transfer the Security Deposit to the purchaser, and Lessor shall thereupon be released from all liability for the return of such Security Deposit. Lessee shall look solely to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rent.
Appears in 4 contracts
Sources: Lease Agreement (Benefitfocus,Inc.), Lease Agreement (Benefitfocus,Inc.), Lease Agreement (Benefitfocus,Inc.)
Security Deposit. The Lessee shall pay to Lessor simultaneously states that its Guarantor has executed the Guaranty with the execution Lessor, which guarantees all of the obligations the Lessee has assumed in the terms of this Lease Agreement a sum zero and 00/100 Dollars ($0,000.00) (and, upon signing this Agreement, Lessee shall deliver such Guaranty to the “Lessor. Furthermore, Lessee shall deposit the Security Deposit”) as security for the full and faithful performance by Lessee of each and every term, covenant and condition of Deposit with Lessor upon signing this Lease Agreement. Upon an Event of Default by If Lessee under this Lease Agreement, or if Lessee fails to perform does not fulfill any of its obligations under the terms, provisions and conditions of this Lease AgreementLease, Lessor may use, apply, apply the Security Deposit on account of such obligation or retain the whole or to reimburse Lessor for any sum that Lessor may expend due to Lessee's default. If Lessor applies any part of the Security Deposit Deposit, Lessee, immediately after notice from Lessor, shall deposit with Lessor the amount so deposited for the payment of any sum due Lessor or which Lessor may expend or be required to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, applied so that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and full Security Deposit available at all other remedies available to it under times during the Term of this Lease. Likewise, in case of Rent increases in terms of this Lease Agreement or otherwise. In Agreement, the event that Lessee shall comply immediately deposit to Lessor the amount that may be necessary in order for the Security Deposit to be equal to 2 (two) months of current Rent at all times during the Term of this Lease, provided that if Lessee complies with all of the terms, covenants and conditions of this Lease AgreementLease, the Security Deposit (or any balance thereof) shall be returned to Lessee within thirty not later than forty-five (3045) calendar days after Lessee has vacated and surrendered the delivery of possession of the entire Leased Premises Property to Lessor in accordance with the terms hereofof this Agreement. Additionally, so long as no Event during each year of Default by the Term of this Agreement or at Lessor’s reasonable request in writing, the Lessee shall then be existing under the terms of this Lease Agreement. In the event of a sale deliver to Lessor copy of the Building or audited financial statements of Lessee and/or the ProjectGuarantor corresponding to the preceding year. Provided that if Lessor, Lessor shall have based on such financial statements, reasonably and justifiably determines that due to the right economic solvency of Lessee and/or the Guarantor its necessary to transfer improve and/or substitute the Guaranty and/or the Security Deposit to fully guarantee Lessee’s obligations derived from this Agreement, the purchaser, and Lessor shall thereupon be released from all liability for the return of such Security Deposit. Lessee shall look solely to improve and/or substitute, as the new landlord for case may be, the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then Guaranty and/or the Security Deposit shall, in accordance with the foregoing and within ten the 30 (10thirty) days after demand by Lessor, be increased to an amount equal following to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentnotification in writing delivered by Lessor for said purpose.
Appears in 4 contracts
Sources: Lease Agreement (Plantronics Inc /Ca/), Lease Agreement (Plantronics Inc /Ca/), Lease Agreement (Plantronics Inc /Ca/)
Security Deposit. The Lessee shall pay to Lessor simultaneously with hereby deposits the execution sum of this Lease Agreement a sum zero and 00/100 Ten Thousand One Hundred Sixty Dollars ($0,000.0010,160.00) (with the “Security Deposit”) Lessor, the receipt of which is hereby acknowledged, as security for the full and faithful performance by the Lessee of each and every term, covenant and condition of this Lease AgreementLease. Upon an Event of Default by Lessee under this Lease Agreement, or if Lessee fails to perform any shall maintain the full amount of the security deposit throughout the term of this Lease. In the event that the Lessee defaults with respect to any terms, provisions provisions, covenants and conditions of this Lease AgreementLease, including but not limited to payment of any rentals, the Lessor may use, apply, apply or retain the whole or any part of the Security Deposit security so deposited for the payment of any sum due Lessor such rentals in default or for any such sums which Lessor may expend or be required to expend by reason of the Lessee’s Event of Default or failure to perform including's default, but not limited to, including any damages or deficiency in the reletting of the Leased Demised Premises, provided, however, that any whether such use, application damages or retention deficiency may accrue before or after summary proceedings or other re-entry by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwiseLessor. In the event that the Lessee shall fully and faithfully comply with all of the terms, provisions, covenants and conditions of this Lease AgreementLease, the Security Deposit shall security or the balance thereof will be returned to the Lessee within thirty (30) days after Lessee has vacated and surrendered the Leased Premises in accordance with time fixed as the terms hereof, so long as no Event of Default by expiration thereof. The Lessee shall then not be existing under entitled to any interest on the terms security. In the absence of evidence satisfactory to the Lessor of any assignment of the right to receive this security, or the remaining balance thereof, the Lessor may return the security to the original Lessee, regardless of one or more assignments of the Lease Agreementitself. Prior to the time when the Lessee shall be entitled to return of the security deposit, the Lessor shall be entitled to intermingle such deposit with its own funds and to use such funds for purposes as the Lessor may determine. In the event of a sale of bona fide sale, subject to this Lease, the Building or the Project, Lessor shall have the right to transfer the Security Deposit security deposit to the purchaservendee for the benefit of the Lessee, and the Lessor shall thereupon be considered released by the Lessee from all liability for the return of such Security Deposit. sum, and the Lessee shall agrees to look solely to the new landlord solely for the return of such Security Deposit. If Lessee shall fail the security, and it is agreed that this apply to pay Rent every transfer or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective assignment made of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased security to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months renta new landlord.
Appears in 3 contracts
Sources: Lease (Skillsoft Public Limited Co), Lease (Skillsoft Corp), Lease Agreement (Skillsoft Public Limited Co)
Security Deposit. The Lessee shall pay agrees to deposit with Lessor simultaneously with a security deposit in the amount of $37,625.00 upon execution and delivery of this Lease Agreement a sum zero Lease, and 00/100 Dollars ($0,000.00) (that the “Security Deposit”) Lessor shall hold the same, throughout the term of this Lease, as security for the full and faithful performance by the Lessee of each and every term, covenant and condition of this Lease Agreement. Upon an Event of Default by Lessee under this Lease Agreement, or if Lessee fails to perform any of all obligations on the terms, provisions and conditions of this Lease Agreement, Lessor may use, apply, or retain the whole or any part of the Security Deposit so deposited for the payment of any sum due Lessor or which Lessor may expend or be required to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed Lessee to be an election of remedies by Lessor or viewed as liquidated damageskept and performed, it being expressly understood and agreed that, notwithstanding such use, application or retention, subject to the provisions set forth below. The Lessor shall have the right from time to pursue time, without prejudice to any and other remedy the Lessor may have on account thereof, to apply such deposit, or any part thereof, to the Lessor's damages arising from any default on the part of the Lessee. Upon such application the amount so applied shall be paid by Lessee to Lessor upon demand in order that the security deposit may at all other remedies available times be equal to it under the amount set forth in Section 1. Provided the Lessee not then being in default, the Lessor shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms of this Lease Agreement or otherwise. In Section 4, to the event that Lessee shall comply with all of the terms, covenants and conditions of this Lease Agreement, the Security Deposit shall be returned to Lessee within thirty (30) days after the expiration or earlier termination of the Lease Term and surrender of possession of Premises by the Lessee has vacated to the Lessor at such time. The Lessor shall have no obligation to pay interest on the deposit and surrendered shall have the Leased Premises right to commingle the same with the Lessor's other funds. If the Lessor conveys the Lessor's interest under this Lease, the deposit, or any part thereof not previously applied, may be turned over by the Lessor to the Lessor's grantee, and, if so turned over, the Lessee agrees to look solely to such grantee for proper application of the deposit in accordance with the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease AgreementSection 4, and the return thereof in accordance herewith. In The Lessee agrees that the event Lessee will not assign, encumber or pledge, attempt to assign, encumber or pledge the moneys deposited herein as security, and that neither the Lessor, nor its successors and assigns, shall be bound by any such assignment, encumbrance or pledge, attempted assignment, attempted pledge, or attempted encumbrance. The holder of a sale mortgage of property which includes the Building or the Project, Lessor Premises shall have the right to transfer the Security Deposit not be responsible to the purchaser, and Lessor shall thereupon be released from all liability Lessee for the return or application of any such Security Deposit. Lessee shall look solely to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month perioddeposit, irrespective of whether or not it succeeds to the position of the Lessor hereunder, unless such delinquencies deposit shall have been cured, then the Security Deposit shall, within ten (10) days after demand received in hand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentsuch holder.
Appears in 3 contracts
Sources: Commercial Lease (Tecogen Inc.), Commercial Lease (Tecogen Inc.), Commercial Lease (Tecogen Inc)
Security Deposit. Lessee shall pay to Lessor simultaneously with A. To secure the execution of this Lease Agreement a sum zero and 00/100 Dollars ($0,000.00) (the “Security Deposit”) as security for the full and faithful performance by Lessee Tenant of each all the covenants, conditions and every termagreements in this Sublease set forth and contained on the part of Tenant to be fulfilled, covenant kept, observed and condition performed including, but not by way of limitation, such covenants and agreements in this Sublease which become applicable upon the termination of the same by re-entry or otherwise, Tenant shall deposit with Landlord the Security Deposit as specified in Section 1(N) on the understanding that: (a) the Security Deposit or any portion thereof not previously applied, or from time to time, such one or more portions thereof, may be applied to the curing of any default that may then exist, without prejudice to any other remedy or remedies which Landlord may have on account thereof, and upon such application Tenant shall pay Landlord on demand the amount so applied which shall be added to the Security Deposit so the same may be restored to its original amount; (b) should the Prime Lease be assigned by Landlord, the Security Deposit or any portion thereof not previously applied may be turned over to Landlord's assignee and if the same be turned over as aforesaid, Tenant hereby releases Landlord from any and all liability with respect to the Security Deposit and/or its application or return; (c) if permitted by law, Landlord or its successor shall not be obligated to hold the Security Deposit as a separate fund, but on the contrary may commingle the same with its other funds; (d) if Tenant shall faithfully fulfill, keep, perform and observe all of the covenants, conditions and agreements in this Sublease set forth and contained on the part of Tenant to be fulfilled, kept, performed and observed, the sum deposited or the portion thereof not previously applied, shall be returned to Tenant without interest no later than thirty (30) days after the expiration of the Term of this Lease Agreement. Upon Sublease or any renewal or extension thereof, provided Tenant has vacated the Premises and surrendered possession thereof to Landlord at the expiration of the Term or any extension or renewal thereof as provided herein; (e) in the event that Landlord terminates this Sublease or Tenant's right to possession by reason of an Event of Default by Lessee under this Lease AgreementTenant, or if Lessee fails to perform any of the terms, provisions and conditions of this Lease Agreement, Lessor Landlord may use, apply, or retain the whole or any part of apply the Security Deposit so deposited for against damages suffered to the payment date of any sum due Lessor such termination and/or may retain the Security Deposit to apply against such damages as may be suffered or which Lessor may expend or be required to expend shall accrue thereafter by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency Tenant's default; and (f) in the reletting of the Leased Premisesevent any bankruptcy, providedinsolvency, howeverreorganization or other creditor-debtor proceedings shall be instituted by or against Tenant, that any such use, application or retention by Lessor of the whole its successors or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwise. In the event that Lessee shall comply with all of the terms, covenants and conditions of this Lease Agreementassigns, the Security Deposit shall be returned deemed to Lessee within thirty (30) days after Lessee has vacated be applied first to the payment of any Rent due Landlord for all periods prior to the institution of such proceedings, and surrendered the Leased Premises in accordance with the terms hereofbalance, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease Agreement. In the event of a sale if any, of the Building Security Deposit may be retained or paid to Landlord in partial liquidation of Landlord's damages.
B. Notwithstanding the Projectabove, Lessor Tenant shall have the right to transfer post a letter of credit in place of the Security Deposit cash security deposit required in Section 26(A) of this Sublease in the same manner as Landlord has the right to post a letter of credit rather than cash security pursuant to Section 39(c) of the purchaserPrime Lease. In addition, and Lessor Tenant shall thereupon be released from all liability have the obligation to post a letter of credit as additional security for this Sublease in the same manner as Landlord is obligated to post additional security for the return Prime Lease pursuant to Section 39(b) of such Security Deposit. Lessee the Prime Lease (except that the test shall look solely to be the new landlord for ▇▇▇▇▇'▇ and/or Standard & Poors rating of TriMas Company, LLC, the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more guarantor, rather than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentLandlord).
Appears in 3 contracts
Sources: Asset Purchase Agreement (Metaldyne Corp), Asset Purchase Agreement (Trimas Co LLC), Fittings Facility Sublease (Trimas Corp)
Security Deposit. Lessee shall pay to Lessor simultaneously with Upon the execution of this Lease Agreement Lease, Lessee shall make a sum zero and 00/100 deposit, in cash, with Lessor or deliver to Lessor a letter of credit in favor of Lessor, in an amount equal to ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ Dollars ($0,000.00US$160,000) (the “Security Deposit”) to serve as security for the Lessee's full and faithful performance by Lessee of each and every term, covenant and condition all of this Lease Agreement. Upon an Event of Default by Lessee its obligations under this Lease Agreement, (the "Security Deposit"). If Lessee fails to pay Rent or if Lessee any other sums due or fails to perform any of the terms, other terms or provisions and conditions of this Lease Agreementor is otherwise in Default hereunder, in addition to all other rights Lessor shall have, Lessor may use, apply, apply or retain the whole all or any part portion of the Security Deposit so deposited in partial payment for any sums it may in its discretion advance as a result of a Default by the payment Lessee or to apply toward losses or expenses Lessor may suffer or incur as a result of such Default. If Lessor uses or applies all or any portion of the Security Deposit, such application shall not be deemed a cure of any sum due Default, and Lessee shall immediately upon receipt of written demand from Lessor or which Lessor may expend or pay an amount necessary to restore the Security Deposit to its required amount, and the failure to do so shall be required to expend by reason of the Lessee’s an Event of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwisewithout further notice. In the event that the Lessee shall comply with all does not make timely payments of Basic Rent in any two consecutive months during the termsTerm, covenants the Lessor, without limitation to any other rights and conditions of this Lease Agreementremedies hereunder, may on each such occasion require the Lessee to increase the Security Deposit by an amount equal to one payment of Basic Rent.
3.5.1. The Security Deposit shall be remain in effect until after the Aircraft is returned to Lessee within in the condition required by this Lease. Any letter of credit shall have a stated termination date thirty (30) days after Lessee has vacated and surrendered expiration of the Leased Premises in accordance with the terms hereof, so long as no Event of Default by Term. Lessee shall then not be existing under entitled to off-set any Rent against the terms of this Lease AgreementSecurity Deposit. In After the event of a sale return of the Building or Aircraft in the Projectcondition required by this Lease, Lessor shall have the right to transfer return the Security Deposit to the purchaserDeposit, and Lessor shall thereupon be released from without interest, provided that Lessee has otherwise fulfilled all liability for the return of such Security Deposit. Lessee shall look solely to the new landlord for the return of such Security Depositits obligations hereunder.
3.5.2. If Lessee shall fail provide a letter of credit, it must (A) be issued or confirmed by a United States money center bank acceptable to pay Rent or other sums when due under this Lease Agreement more than three Lessor in its sole discretion; (3B) times in any twelve provide that it is irrevocable; (12C) month period, irrespective of whether or not such delinquencies have been cured, then provide that it shall be automatically extended throughout the Security Deposit shall, within ten (10) Term and until thirty days after demand expiration of the Term, unless eighty days prior to expiration of the letter of credit the issuing or confirming bank notifies Lessor in writing by Lessorregistered mail, return receipt requested, that the letter of credit shall expire; (D) be increased available by sight payment; (E) provide for partial draws; and (F) be substantially in the form attached hereto as Exhibit ▇. ▇▇▇▇▇▇ shall be entitled to an draw the entire amount equal to of the greater letter of credit (i) three (3) times upon an Event of Default, including, without limitation, failure of Lessee to accept delivery of or lease the aforesaid amount Aircraft in accordance herewith; or (ii) three if it receives notice by the issuing bank or Lessee that the letter of credit shall expire, or not be renewed as required hereunder during the Term of this Lease and until thirty days after expiration of the Term and it has not been replaced or extended within sixty (360) months rentdays prior to its expiration. In addition to any other amounts Lessee shall pay hereunder, Lessee shall pay all costs of maintaining the letter of credit and pay Lessor any expenses incurred in exercising its rights to draw on such letter of credit, including any attorney's fees required to enforce its rights.
Appears in 3 contracts
Sources: Aircraft Lease Agreement (American Income Fund I-A), Aircraft Lease Agreement (American Income Partners v a LTD Partnership), Aircraft Lease Agreement (Airfund Ii International Limited Partnership)
Security Deposit. Lessee shall pay to has deposited with Lessor, and Lessor simultaneously with the execution of this Lease Agreement a sum zero hereby acknowledges receipt of, Twenty One Thousand Two Hundred Seventv-Two and 00/100 76/100 Dollars ($0,000.0021,272.76) (the “"Security Deposit”") which shall be held by Lessor, without accrual of interest, as security for the full and faithful performance by Lessee L▇▇▇▇▇ of each and every term, covenant and condition all of the terms of this Lease Agreementand not as an advance rent deposit or a measure of Lessor’s damages in the case of L▇▇▇▇▇’s default. Upon an Event Such Security Deposit shall not be mortgaged, assigned, transferred or encumbered by L▇▇▇▇▇ without the express prior written consent of Default by Lessor. If Lessee under this Lease Agreement, or if Lessee fails shall fail to perform any of the terms, provisions and conditions terms of this Lease AgreementLease, then Lessor, at its option and without prejudice to any other remedy which Lessor may usehave on account thereof, apply, or retain the whole may appropriate and apply all or any part of the Security Deposit so deposited for toward the payment of any Rent or additional sum due Lessor hereunder or which Lessor may expend to any loss or be required to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention damage sustained by Lessor due to such breach on the part of Lessee; and Lessee shall forthwith upon demand restore the whole or any Security Deposit to the original sum deposited. Any funds paid by Lessee to Lessor as part of the Security Deposit shall not be or be deemed as a deposit or advance pursuant to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement Lease, or otherwiseany exhibit, addendum or modification hereto, may be commingled with other funds of Lessor and need not be placed in trust, deposited in escrow or otherwise held in a segregated account. In the event that Should Lessee shall comply with all of the terms, covenants terms hereof and conditions promptly pay all of this Lease Agreementthe rentals and all other sums payable by Lessee to Lessor as they become due, the Security Deposit shall be returned in full to Lessee within thirty (30) 30 days after Lessee has vacated and surrendered the Leased Premises in accordance with end of the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease AgreementTerm. In the event of a sale of the Building bankruptcy or the Projectother creditor/debtor proceeding against L▇▇▇▇▇, Lessor shall have the right to transfer the Security Deposit shall be deemed to be first applied to the purchaser, payment of Rent and other charges due Lessor shall thereupon be released from for all liability for periods prior to the return filing of such Security Depositproceedings. Lessee shall look solely to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then Lessor may deliver the Security Deposit shall, within ten (10) days after demand and any other deposit made hereunder by Lessor, be increased to an amount equal L▇▇▇▇▇ to the greater purchaser of (i) three (3) times Lessor’s interest in all or any part of the aforesaid amount or (ii) three (3) months rent.Project and thereupon Lessor shall be discharged from any further liability with respect to such deposit; provided that such successor has assumed all of Lessor’s responsibilities and duties hereunder in writing; and this provision shall also apply to any subsequent transferee of Lessor
Appears in 3 contracts
Sources: Commercial Lease (Vocodia Holdings Corp), Commercial Lease (Vocodia Holdings Corp), Commercial Lease (Vocodia Holdings Corp)
Security Deposit. Lessee shall pay to Lessor simultaneously ▇▇▇▇▇▇, contemporaneously with the execution of this Lease Agreement a Lease, will deposit with Lessor forthwith the sum zero of Thirty Thousand and 00/100 Dollars ($0,000.0030,000.00) which shall be treated as a security deposit and shall be held by Lessor, without liability for interest as security for the faithful performance by Lessee of all of the terms, covenants, and conditions of this Lease by said ▇▇▇▇▇▇ to be kept and performed during the term hereof (the “Security Deposit”) as security for ). It is expressly understood that the full and faithful performance by Lessee of each and every termSecurity Deposit does not apply toward rent, covenant and condition except that if at any time during the term of this Lease Agreement. Upon an Event any of Default the rent herein reserved shall be overdue and unpaid, or any other sum payable by Lessee under this Lease Agreementto Lessor hereunder shall be overdue and unpaid then Lessor may, at the option of Lessor (but Lessor shall not be required to), appropriate and apply any portion of the Security Deposit to the payment of any such overdue rent or if Lessee fails other sum. In the event of the failure to keep and perform any of the terms, provisions covenants, and conditions of this Lease Agreementto be kept and performed by ▇▇▇▇▇▇, then the Lessor may useat its option may, applyafter terminating this Lease, or retain the whole or any part of appropriate and apply the Security Deposit or so deposited much thereof as sustained or suffered by Lessor due to such breach on the part of Lessee. Should the entire Security Deposit, or any portion thereof, be appropriated and applied by Lessor for the payment of any sum overdue rent or other sums due and payable to Lessor or which by Lessee hereunder, then ▇▇▇▇▇▇ shall, upon the written demand of Lessor may expend or be required forthwith remit to expend by reason of the Lessee’s Event of Default or failure Lessor a sufficient amount in cash to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention by Lessor of the whole or any part of restore the Security Deposit to the original sum deposited, and ▇▇▇▇▇▇’s failure to do so within five (5) days after receipt of such demand shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms constitute a breach of this Lease Agreement or otherwiseLease. In the event that Should Lessee shall comply with all of the said terms, covenants covenants, and conditions and promptly pay all of this Lease Agreementthe rental herein provided for as it falls due, and all other sums payable by ▇▇▇▇▇▇ to Lessor hereunder, the Security Deposit shall be returned in full to Lessee within thirty (30) days after Lessee has vacated and surrendered at the Leased Premises in accordance with end of the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms term of this Lease AgreementLease, or upon the earlier termination of this Lease. In the event of a sale of the Building or the Project, Lessor shall have the right to transfer deliver the Security Deposit deposited hereunder by ▇▇▇▇▇▇ to the purchaserpurchaser of ▇▇▇▇▇▇’s interest in the Premises in the event that such interest is sold, and thereupon Lessor shall thereupon be released discharged from all any further liability for the return of with respect to such Security Depositdeposit. Lessee Lessor shall look solely be entitled to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then intermingle the Security Deposit shall, within ten (10) days after demand by Lessor, with its own funds. The Security Deposit shall not preclude the Lessor from recovering any additional rent or damage which may be increased to an amount equal to the greater due or sustained as a result of (i) three (3) times the aforesaid amount or (ii) three (3) months rentthis Lease.
Appears in 2 contracts
Sources: Lease Agreement (Modern Mining Technology Corp.), Lease Agreement (Modern Mining Technology Corp.)
Security Deposit. Lessee shall pay to Lessor simultaneously Simultaneously with the execution of this Lease Agreement a by Lessee, Lessee has remitted to Lessor the sum zero and 00/100 Dollars of SIXTEEN THOUSAND SIX HUNDRED SIXTY SIX DOLLARS AND 66/100 ($0,000.00) (the “Security Deposit”16,666.66) as a security for deposit to insure the full and faithful performance by Lessee of each and every term, covenant and condition of this Lease Agreement. Upon an Event of Default by Lessee under this Lease Agreement, or if Lessee fails to perform any of the terms, provisions and conditions of this Lease Agreement, Lessor may use, apply, or retain the whole or any part of the Security Deposit so deposited for the payment of any sum due Lessor or which Lessor may expend or be required to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwise. In the event that Lessee shall comply with all of the terms, covenants and conditions of this Lease Agreement, the Security Deposit upon Lessee's part to be performed. Said security deposit shall be returned to Lessee with no interest thereon within thirty (30) days after the expiration of the Lease Term, provided Lessee has vacated fully performed all of Lessee's obligations hereunder. Lessor shall have the right to apply any part of said security deposit to cure any default of Lessee hereunder and surrendered the Leased Premises in accordance with the terms hereofif Lessor does so, so long as no Event of Default by Lessee shall then be existing under upon demand deposit with Lessor the terms of this amount so applied so that Lessor shall have the aforementioned required security deposit on hand at all times during the Lease AgreementTerm. In the event of a sale or a lease of the Building subject to this Lease, or the Projectan assignment of this Lease by Lessor, Lessor shall have the right to may transfer the Security Deposit security deposit held. by Lessor to the purchaservendee or assignee, and Lessor shall thereupon be released from all liability for the return of such Security Deposit. security deposit to Lessee, and Lessee shall look solely to the new landlord lessor solely for the return of such Security Depositsaid security deposit. If Lessee shall fail to pay Rent or other sums when due The security deposit under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective shall not be assigned or encumbered by Lessee without the prior written consent of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, which consent may be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rent.withheld for any reason whatsoever
Appears in 2 contracts
Sources: Lease Agreement (Elastic Networks Inc), Lease Agreement (Elastic Networks Inc)
Security Deposit. Lessor acknowledges that it has received from Lessee shall pay to Lessor simultaneously with the execution sum of this Lease Agreement as a sum zero and 00/100 Dollars security deposit. ($0,000.00) (hereinafter the “Security Deposit”) as to secure performance of Lessee’s obligations hereunder. On December 1, 2016, the shall be returned to Lessee and replaced with a security for deposit of in the full and faithful performance form of a letter of credit issued by a commercial bank reasonably satisfactory to Lessor upon which presentment may be made in Boston, Massachusetts Lessor agrees (a) to pay over said Security Deposit to any purchaser of the Building of which the Leased Premises are a part, notify Lessee of each that pay over, and every term, covenant and condition to provide Lessee with written acknowledgment by such purchaser subject to the terms of this Lease Agreement. Upon an Event lease, provided (i) no default of Default by Lessee under then exists and (ii) said Security Deposit has not been used to correct any default of Lessee, in which event only the balance remaining after Lessor has made itself whole shall be paid over to such purchaser; and (b) to pay to Lessee at the expiration or termination of this Lease Agreementlease said Security Deposit provided (i) no default of Lessee then exists, or if Lessee fails (ii) said Security Deposit has not been paid over to perform any a purchaser of the termsBuilding of which the Leased Premises are a part, provisions and conditions (iii) said Security Deposit has not been used to correct any default of Lessee in which event only the balance remaining, if any, after Lessor has made itself whole shall be reimbursable to Lessee. Lessee agrees ((a)) said Security Deposit may be used by Lessor, in addition to any other remedy available under the terms of this Lease Agreementagreement or by law available to Lessor, Lessor may use, apply, or retain the whole or to remedy any part default of the Security Deposit so deposited for the payment of any sum due Lessor or which Lessor may expend or be required to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that Lessor shall be under no obligation to correct any such usedefault, application and may at Lessor’s sole and exclusive election avail itself of any other remedy available under the Terms of this Agreement or retention by Lessor otherwise available at law or in equity, ((b)) in the event said Security Deposit is paid over to any purchaser of the whole or any part Building of which the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwise. In the event that Lessee shall comply with all of the terms, covenants and conditions of this Lease AgreementLeased Premises are a part, the Lessor who has paid over said Security Deposit shall be returned to Lessee within thirty released and discharged from all liability of said deposit and (30(c)) days after Lessee has vacated and surrendered the Leased Premises in accordance with the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease Agreement. In the event said Security Deposit or any part thereof is used by Lessor to remedy any default of a sale of the Building or the ProjectLessee, Lessor shall have the right to transfer the Security Deposit to the purchaser, and Lessor shall thereupon be released and discharged from all liability for the return of such Security Deposit. Lessee shall look solely to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the said Security Deposit shall, within ten (10) days after demand by Lessor, be increased or such portion thereof as Lessor may have used to correct Lessee’s default. Lessor shall have no obligation to place this Security Deposit in an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentinterest bearing account.
Appears in 2 contracts
Sources: Lease Agreement, Lease Agreement
Security Deposit. Lessee shall pay to Lessor simultaneously a. Concurrent with the execution of this Lease Agreement a sum zero and 00/100 Dollars ($0,000.00) Lease, Lessee has deposited with Lessor an unconditional, irrevocable letter of credit (the “Security Deposit”"Letter of Credit") in favor of Lessor in an amount equal to the "L C Amount" (as hereinafter defined) in form and from an issuer reasonably acceptable to Lessor, having an expiration date not sooner than one (1) year following the date thereof, which Letter of Credit shall be renewed or replaced annually, at least fifteen (15) days prior to the expiration date thereof for additional one-year periods until the expiration of the Term, as security for the full and faithful performance by Lessee of each and every term, covenant and condition provision of this Lease Agreementto be performed by Lessee (such Letter of Credit and/or any proceeds thereof are collectively referred to herein as the "Security Deposit"). Upon As used herein, the "LC Amount" shall mean an Event amount equal to the sum of Default (i) the Lessee Improvement Allowance plus (ii) all commissions payable by Lessor to the Brokers referenced in Article I.n. above in connection with this Lease; provided, however, that the LC Amount shall be reduced by twenty percent (20%) of the original amount thereof on each anniversary of the Commencement Date occurring during the Term, provided that in no event shall the LC Amount be reduced below the amount of the last month's Base Rent payable under this Lease. All costs of obtaining, maintaining, replacing, renewing and/or restoring the Letter of Credit in accordance with this Article 6 shall be born by Lessee. Such Letter of Credit shall be such that it may be drawn upon in part or in full, periodically, or at one time, upon presentation of only the Letter of Credit, a draft from Lessor in the amount to be drawn, and certification from Lessor that Lessor is entitled to draw upon the Letter of Credit pursuant to the provisions of this Lease. If Lessor shall at any time draw upon such Letter of Credit in accordance with this Article 6, Lessee shall immediately restore such Letter of Credit to the then applicable full LC Amount. Lessee agrees that the Letter of Credit may be presented by Lessor for payment (1) upon the occurrence of a default by Lessee under this Lease Agreement(after Lessee's receipt of written notice thereof from Lessor and the expiration of any applicable cure period provided in Article 22 below), or if (2) in the event Lessee fails has not, within fifteen (15) days prior to perform any the expiration of the terms, provisions and conditions of this Lease Agreement, Lessor may use, apply, or retain the whole or any part then term of the Security Deposit so deposited for the payment Letter of any sum due Credit, delivered to Lessor a renewed or which Lessor may expend or be required to expend by reason replacement Letter of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwise. In the event that Lessee shall comply Credit complying with all of the terms, covenants and conditions requirements of this Lease AgreementLease, and/or (3) in the Security Deposit shall be returned to Lessee within thirty (30) days after Lessee has vacated and surrendered event Lessor draws upon the Leased Premises Letter of Credit in accordance with the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease Agreement. In the event of a sale of the Building or the Project, Lessor shall have the right Lessee's default pursuant to transfer the Security Deposit to the purchaserclause (1) above, and Lessor shall thereupon be released from all liability for the return of such Security Deposit. Lessee shall look solely to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shalldoes not, within ten (10) days after written demand therefor, restore the Letter of Credit to its original amount. Lessee shall not in any manner interfere with the payment to Lessor of the proceeds of the Letter of Credit pursuant to this case either prior to or following presentment by Lessor pursuant hereto, and Lessee shall be liable to Lessor for any loss suffered by Lessor as a result of such interference, including, without limitation, any attorneys' fees and costs. Lessee hereby agrees that it may be enjoined from interfering or attempting to interfere, directly or indirectly, with Lessor's negotiation of the Letter of Credit. The proceeds of the Letter of Credit paid to Lessor upon presentment thereof shall be the Security Deposit for use in the manner set forth in this Article 6. Notwithstanding anything to the contrary contained herein, Lessee may at any time replace the Letter of Credit with a cash security deposit in the amount of the then applicable LC Amount, in which event such cash shall be held as the Security Deposit in accordance with this Lease and Lessor shall return to Lessee the Letter of Credit then held by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rent.
Appears in 2 contracts
Sources: Office Lease (Doubleclick Inc), Office Lease (Netgravity Inc)
Security Deposit. Lessee shall pay to Lessor simultaneously with the has deposited, or upon execution of this Lease Agreement a sum zero and 00/100 Dollars ($0,000.00) (will deposit, with Lessor the “Security Deposit”) as security Deposit for the full and faithful performance by Lessee of each and every term, covenant and condition of this Lease Agreement. Upon an Event of Default by Lessee Lessee’s obligations under this Lease AgreementLease, or if Lessee fails to perform any including without limitation, the surrender of possession of the terms, provisions and conditions of this Lease Agreement, Premises to Lessor may use, apply, or retain the whole or as herein provided. If Lessor applies any part of the said Security Deposit to cure any default of Lessee, Lessee shall, on demand, deposit with Lessor the amount so deposited for the payment of any sum due Lessor or which Lessor may expend or be required to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, applied so that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and full Security Deposit on hand at all other remedies available to it under times during the terms Term of this Lease Agreement or otherwise. In the event that Lessee shall comply with all of the terms, covenants and conditions of this Lease Agreement, the Security Deposit shall be returned to Lessee within thirty (30) days after Lessee has vacated and surrendered the Leased Premises in accordance with the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease Agreementany renewal term. In the event of a bona fide sale of the Building or the ProjectProperty, subject to this Lease, Lessor shall have the right right, on notice to the Lessee, to transfer the Security Deposit to the purchaser, and Lessor shall thereupon be considered released by Lessee from all liability for the return of such the Security Deposit. Deposit to the extent same is transferred to the purchaser; and Lessee shall agrees to look solely to the new landlord Lessor for the return of such the Security Deposit, and it is agreed that this shall apply to every transfer or assignment made of the Security Deposit to the new Lessor. If Provided Lessee is not in default, the Security Deposit (less any portions thereof used, applied or retained by Lessor in accordance with the provisions of this Article 16), shall fail be returned to pay Rent Lessee after the expiration or other sums when due sooner termination of this Lease and after delivery of the entire Premises to Lessor in accordance with the provisions of this Lease. Lessee covenants that it will not assign or encumber or attempt to assign or encumber the Security Deposit and Lessor shall not be bound by any such assignment, encumbrance or attempt thereof. In the event of the insolvency of Lessee, or in the event a petition is filed by or against (and not dismissed within 60 days) Lessee under any chapter of bankruptcy laws of the State of New Jersey or the United States of America, then in such event, Lessor may require the Lessee to deposit additional security in an amount which in Lessor’s sole judgment would be sufficient to adequately assure Lessee’s performance of all of its obligations under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective including all payments subsequently accruing. Failure of whether or not such delinquencies have been cured, then Lessee to deposit the Security Deposit shall, security required by this Article 16 within ten (10) days after Lessor’s written demand shall constitute a material breach of this Lease by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentLessee.
Appears in 2 contracts
Sources: Lease Agreement (Nexus Biopharma Inc), Lease Agreement (Fluoropharma Medical, Inc.)
Security Deposit. Lessee has deposited with Lessor and Lessor hereby acknowledges receipt of the sum of $ 2.112.16 which shall pay to be held by Lessor simultaneously with the execution of this Lease Agreement a sum zero and 00/100 Dollars ($0,000.00) (the “Security Deposit”) as security for the full and faithful performance by Lessee of each and every term, covenant and condition all the terms of this Lease Agreement. Upon an Event of Default by Lessee under this Lease Agreementto be observed and performed. Said deposit shall not be mortgaged, assigned, transferred or encumbered by Lessee without the express prior written consent of Lessor and any such act on the part of Lessee shall be without force and effect and shall not be binding upon Lessor. Said security deposit shall not accrue interest. If any of the rents herein reserved or any other sum payable by Lessee to Lessor hereunder shall be overdue or unpaid, or should Lessor make payments on behalf of Lessee, or if Lessee fails shall fail to perform any of the terms, provisions and conditions terms of this Lease AgreementLease, the Lessor, at its option and without prejudice to any other remedy which Lessor may usehave on account thereof, applymay appropriate and apply said entire deposit, or retain the whole or any part of the Security Deposit so deposited for much thereof as may be necessary to compensate Lessor, toward the payment of any rent or additional sum due Lessor hereunder or which Lessor may expend to any loss or be required to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention damage sustained by Lessor of due to such breach on the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood Lessee; and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwise. In the event that Lessee shall forthwith upon demand restore said security deposit to the original sum deposited. Should Lessee comply with all of the termsterms and promptly pay all of the rentals and all other sums payable by Lessee to Lessor as they become due, covenants and conditions of this Lease Agreement, the Security Deposit said deposit shall be returned in full to Lessee within thirty (30) days after Lessee has vacated and surrendered at the Leased Premises in accordance with end of the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease Agreementlease term. In the event of a sale of bankruptcy or other creditor debt proceedings against Lessee, the Building or the Project, Lessor security deposit shall have the right be deemed to transfer the Security Deposit be first applied to the purchaser, payment of rent and other charges due Lessor shall thereupon be released from for all liability for periods prior to the return filing of such Security Deposit. Lessee shall look solely to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentproceedings.
Appears in 2 contracts
Sources: Lease Agreement (Interactive Technologies Com LTD), Lease Agreement (Interactive Technologies Com LTD)
Security Deposit. Lessee LESSEE shall pay to Lessor simultaneously with LESSOR a security deposit in the amount of $92,539.50 upon the execution of this Lease Agreement a sum zero and 00/100 Dollars ($0,000.00) (the “Security Deposit”) Lease, which amount shall be held as security by ▇▇▇▇▇▇ (and may be commingled with other fund of LESSOR) for ▇▇▇▇▇▇'s performance as herein provided and refunded to LESSEE with interest at the full and faithful performance by Lessee of each and every term, covenant and condition prevailing money market rate at the end of this Lease Agreementsubject to LESSEE'S satisfactory compliance with the conditions hereof. Upon an Event of Default by Lessee under this Lease Agreement, or if Lessee fails to perform any of the terms, provisions and conditions of this Lease Agreement, Lessor may use, apply, or retain the whole or any part of the Security Deposit so deposited for the payment of any sum due Lessor or which Lessor may expend or be required to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention by Lessor of the whole or any part of the Security Deposit The security deposit shall not be mortgaged, assigned, transferred or be deemed to be an election encumbered by ▇▇▇▇▇▇ without the written consent of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwise. In the event that Lessee shall comply with all of the terms, covenants and conditions of this Lease Agreement, the Security Deposit shall be returned to Lessee within thirty (30) days after Lessee has vacated and surrendered the Leased Premises in accordance with the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease AgreementLESSOR. In the event of any default or breach of this Lease by ▇▇▇▇▇▇, LESSOR shall immediately apply the security deposit first to any unamortized improvements completed for LESSEE's occupancy, then to offset any outstanding invoice or other payment due to LESSOR, with the balance applied to outstanding rent, and LESSEE shall forthwith upon demand restore said security to the original sum deposited. ▇▇▇▇▇▇'s failure to remit the full security deposit when due shall constitute a sale default of this Lease. Notwithstanding the foregoing, ▇▇▇▇▇▇ may request that LESSOR reimburse to LESSEE $46,269.75 of the Building security deposit if and when ▇▇▇▇▇▇'s net worth, calculated in accordance with generally accepted accounting principles, equals or the Project, Lessor exceeds $5,500,000. Any such request shall have the right to transfer the Security Deposit be accompanied by appropriate financial statements and a certificate of ▇▇▇▇▇▇'s chief financial officer to the purchasereffect that ▇▇▇▇▇▇'s net worth has increased as aforesaid. In the event at the time of such request LESSEE is not in default under this Lease, and Lessor LESSOR shall release to LESSEE $46,269.75. Following any release of monies as aforesaid, LESSEE shall submit to LESSOR quarterly financial statements on a continuing basis certified by ▇▇▇▇▇▇'s chief financial officer showing ▇▇▇▇▇▇'s net worth. In the event LESSEE'S net worth at any time falls below $5,500,000, LESSEE shall thereupon be released become obligated, without notice from all liability for LESSOR, to forthwith increase the return of such Security Deposit. Lessee shall look solely security deposit to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rent$92,539.50.
Appears in 2 contracts
Sources: Commercial Lease (Maker Communications Inc), Commercial Lease (Maker Communications Inc)
Security Deposit. Lessee shall pay to will deposit with Lessor simultaneously with the execution sum of Eleven Thousand Dollars ($11,000.00) at the time of signing of this Lease Agreement a sum zero and 00/100 Dollars ($0,000.00) (the “Security Deposit”) as security for the full and faithful performance and observance by Lessee of each the terms, provisions, and every term, covenant and condition conditions of this Lease AgreementLease. Upon an Event of Default by It is agreed that in the event Lessee under this Lease Agreement, or if Lessee fails defaults in respect to perform any of the terms, provisions provisions, and conditions of this Lease AgreementLease, including but not limited to, the payment of rent and additional rent, Lessor may use, apply, or retain the whole or any part of the Security Deposit security so deposited to the extent required for the payment of any rent and additional rent or any other sum due Lessor or as to which Lessor Lessee may expend or may be required to expend by reason of Lessee's default in respect of any of the Lessee’s Event terms, covenants, and conditions of Default or failure to perform includingthis Lease, including but not limited to, any damages or deficiency in the reletting of the Leased PremisesDemised Premises after an event of default, providedwhether such damages or deficiency accrued before or after summary proceedings or other re-entry by Lessor. Upon notice from Lessor that sums have been so applied, however, that any such use, application or retention by Lessor of Lessee shall within ten (10) days replenish the whole or any part of the Security Deposit shall not be or be deemed security deposit to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwiseits original amount. In the event that Lessee shall fully and faithfully comply with all of the termsterms provisions, covenants covenants, and conditions of this Lease AgreementLease, the Security Deposit security shall be returned to Lessee within thirty (30) days after Lessee has vacated and surrendered the Leased Premises in accordance with date fixed as the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms end of this Lease Agreementand after delivery of entire possession of the Demised Premises to Lessor, without interest. In the event of a sale of the Building or the Projectland and building, Lessor shall have the right to transfer the Security Deposit security to the purchaser, buyer thereof and Lessor shall thereupon be released by Lessee from all liability for the return of such Security Deposit. security; and Lessee shall agrees to look solely to the new landlord Lessor solely for the return of said security. It is agreed that the provisions hereof shall apply to every transfer of assignment made of the security to a new Lessor. Lessee further covenants that it will not assign or encumber or attempt to assign or encumber the monies deposited herein as security and that neither Lessor nor their successors or assigns shall be bound by any such Security Depositassignment, encumbrance, attempted assignment, or attempted encumbrance. If It is understood by Lessee shall fail that no part of the security is to pay Rent or other sums when be considered as any rental due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective the terms of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentLease.
Appears in 2 contracts
Sources: Lease Agreement (Pinnacle Foods Inc), Lease Agreement (Pinnacle Foods Inc)
Security Deposit. The Lessee shall pay submit a deposit in an amount equal to three (3) months of Rent to the Lessor simultaneously with the execution of this Lease Agreement a sum zero and 00/100 Dollars ($0,000.00) (the “Security Deposit”) in accordance with the terms of Section 4.9 hereof, as security for the full costs incurred by the Lessor which are the Lessee’s responsibility under this Lease and the faithful performance by the Lessee of each and every term, covenant and condition of this Lease Agreement. Upon an Event of Default by Lessee under this Lease Agreement, or if Lessee fails to perform any of the terms, provisions and conditions of this Lease Agreement, Lessor may use, apply, or retain the whole or any part of the Security Deposit so deposited for the payment of any sum due Lessor or which Lessor may expend or be required to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwise. In the event that Lessee shall comply with all of the terms, covenants and conditions of this Lease Agreement, during the Security Term. The Deposit shall will be returned by the Lessor to the Lessee within thirty (30) days after of the end of the Term provided the Lessee has vacated and surrendered the Leased Premises in accordance shall have then complied with the terms provisions of Section 5.20 hereof and shall not otherwise then be in default hereunder, except that the Lessor may apply all or part of the Deposit as compensation for any loss or damage arising from the breach by the Lessee of any provision of this Lease. This right will not be construed to limit the Lessor’s other rights under this Agreement or under Applicable Law or to limit the amount recoverable by the Lessor for damages in respect of breaches by the Lessee of this Lease. If the Lessor uses all or part of the Deposit, the Lessee will, upon notification by the Lessor, remit to the Lessor the amount required to replenish the Deposit in respect of the amounts so applied. The Lessor will not be required to pay interest to the Lessee on any of the amounts paid to the Lessor or retained by it under this Section. The Lessor may deliver the Deposit to any purchaser of the Lessor’s interest in this Agreement, whereupon the Lessor will immediately be discharged from any further liability with respect to the Deposit. The Lessee will not assign, hypothecate or encumber its interest in the Deposit except in connection with a transfer permitted under Section 11.14 hereof, so long in which case the Lessee’s interest in the Deposit will be deemed to have been assigned to the assignee as no Event of Default the date of the transfer. The Deposit will not be governed by Lessee the provisions of Articles 2283 and following of the Civil Code of Québec and shall then be existing under considered as the terms property of this Lease Agreementthe Lessor and not of the Lessee. In the event of a sale bankruptcy, insolvency or liquidation of the Building or Lessee, the Project, Lessor shall immediately have the right to transfer confiscate the Security Deposit and to retain it as owner without prejudice to all of the purchaser, Lessor’s other rights and Lessor shall thereupon be released from all liability for the return of such Security Deposit. Lessee shall look solely to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentrecourses.
Appears in 2 contracts
Sources: Lease Agreement (Repare Therapeutics Inc.), Lease Agreement (Repare Therapeutics Inc.)
Security Deposit. (a) On or before October 1, 2004, Lessee shall pay to Lessor simultaneously with the execution of this Lease Agreement a sum zero and 00/100 Dollars ($0,000.00) security deposit (the “Security Deposit”) in the amount set forth on Schedule 1- Part A hereto. The Security Deposit will be held by Lessor for the entire remaining Term of this Lease and may be commingled with other amounts of Lessor.
(b) The Security Deposit shall be held by Lessor as security for the full due and faithful punctual payment by Lessee of all amounts payable by it, and the due and punctual observance and performance by Lessee of all of its obligations, hereunder and under each and every term, covenant and condition of this Lease other Operative Agreement. Upon Lessee hereby assigns, transfers and pledges to Lessor, and hereby grants to Lessor, a first-priority security interest in, the Security Deposit to secure such payment, observance and performance. Any interest earned on the Security Deposit shall be solely for the account of Lessor. If an Event of Default shall occur and be continuing, then in addition to any other rights Lessor may have under applicable Law as a lessor, secured party or otherwise, or under this Lease or any other Operative Agreement, Lessor may set off against, use, apply or retain all or any portion of the Security Deposit in full or partial payment for amounts payable by Lessee under this Lease Agreementor any other Operative Agreement or for amounts necessary to compensate Lessor and the Indemnitees for their Expenses arising in connection with such Event of Default. Any such use or application shall not, however, be deemed a cure by Lessee, or waiver by Lessor, of any Event of Default, unless so agreed by Lessor in writing.
(c) So long as no Default or Event of Default shall have occurred and be continuing, that portion, if Lessee fails to perform any of the termsany, provisions and conditions of this Lease Agreement, Lessor may use, apply, or retain the whole or any part of the Security Deposit so deposited that has not previously been used or applied, or set off against, as provided for the payment of any sum due Lessor or which Lessor may expend or be required to expend by reason of the Lessee’s Event of Default or failure to perform includingin this Lease, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwise. In the event that Lessee shall comply with all of the terms, covenants and conditions of this Lease Agreement, the Security Deposit shall be returned to Lessee within thirty by wire transfer of immediately available Dollars to an account of Lessee located in the United States of America, specified in writing by Lessee to Lessor at least 10 Business Days prior to the date of such transfer, (30A) days on or before the date that is 20 Business Days after Lessee has vacated and surrendered excluding the Leased Premises date upon which the Aircraft is returned to Lessor in the condition, and in the manner, required under Annex B to this Lease and otherwise in accordance with the terms of this Lease, or (B) if an Event of Loss shall have occurred, and Lessee shall have elected, or shall be deemed to have elected, the option set forth in Section 9.1.2 hereof, so long then on or before the date that is 20 Business Days after and excluding the date upon which Lessor has been paid all amounts required to be paid under, and as no Event of Default by Lessee shall then be existing under the terms of this Lease Agreement. In the event of a sale provided in, Section 9.1.2(a) hereof.”
(b) Section 14.1.6 of the Building Lease is hereby amended by adding a new sentence, at the end thereof, as follows: “Without limiting, and notwithstanding, any other provision or the ProjectLease or any other Operative Agreement, Lessor shall have the right be entitled to transfer use and apply all or any portion of the Security Deposit for the purposes, and in the manner, set forth in Section 3.2.3(b) hereof.”
(c) Schedule 1 – Part A to the purchaserLease is hereby amended as set forth in Section 1 of Appendix A hereto.
(d) That certain Letter Agreement No. 1-1005-JSW-1500, dated as of February 28, 2001, among, inter alios, Lessor and Lessor shall thereupon be released from all liability for the return of such Security Deposit. Lessee shall look solely Lessee, insofar as it relates to the new landlord for Lease and the return Aircraft, is hereby terminated and shall be of no further force or effect; and all of the obligations and liabilities of each of the parties to such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Letter Agreement more than three (3) times are hereby unconditionally and irrevocably released and discharged in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentfull and in all respects.
Appears in 2 contracts
Sources: Lease Agreement N475ha (Hawaiian Holdings Inc), Lease Agreement N475ha (Hawaiian Holdings Inc)
Security Deposit. Upon the date this Lease is executed by Lessee, Lessee shall pay deposit with Lessor a Security Deposit equal to three (3) months of Base Rent and estimated Additional Rent in the total amount of Two Hundred Eighty Four, Fifty Two Dollars and seventy-five cents ($284,052.75) in the form of an unconditional, irrevocable letter of credit without documents, with Lessor as beneficiary, in whole or in part, and providing for payment in San Francisco ("SECURITY DEPOSIT"). The letter of credit shall be in form and substance reasonably satisfactory to Lessor, shall be drawn on a domestic commercial money center bank with a letter of credit paying office located in San Francisco reasonably satisfactory to Lessor simultaneously with and shall be addressed to, and payable upon simple demand by, Lessor and Lessor's Lenders (i.e., lenders whose loans are secured by all or any portion of Project) as co-beneficiaries, which demand shall be accompanied by a statement of an authorized officer or agent of Lessor stating that the execution drawing represents amounts due to Lessor from Lessee under this Lease. The letter of this Lease Agreement a sum zero credit shall provide for multiple draws and 00/100 Dollars ($0,000.00) (the “multiple successors or co-beneficiaries. The Security Deposit”) Deposit shall be held by Lessor as security for the full and faithful performance by Lessee of each and every term, covenant and condition of this Lease Agreement. Upon an Event of Default by Lessee under this Lease Agreement, or if Lessee fails to perform any all of the terms, provisions covenants, and conditions of this Lease Agreementapplicable to Lessee. If, after notice and beyond the expiration of any applicable grace period (or, if Lessor may useis prevented from giving notice by the automatic stay of a Bankruptcy court or by any other legal prohibition, apply, or retain the whole or any part of the Security Deposit so deposited for without notice) Lessee fails to the payment of rent or other money due hereunder, timely perform or observe any sum due Lessor or which Lessor may expend or be required to expend by reason obligation of the Lessee’s Event of Default or failure to perform Lessee under this Lease, including, but not limited to, any damages the construction of Tenant Improvements or deficiency in Alterations, the reletting maintenance and repair of the Leased Premises, providedor restoration of the condition of the Premises upon Lease Termination in conformance with the provisions of this Lease, however, that any such Lessor may (but shall not be required to) use, application apply or retention by Lessor of the whole retain all or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwise. In the event that Lessee shall comply with all of the terms, covenants and conditions of this Lease Agreement, the Security Deposit shall be returned to Lessee within thirty (30) days after Lessee has vacated and surrendered the Leased Premises in accordance with the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease Agreement. In the event of a sale of the Building or the Project, Lessor shall have the right to transfer the Security Deposit to the purchaser, and Lessor shall thereupon be released from all liability for the return of such Security Deposit. Lessee shall look solely to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rent.Security
Appears in 2 contracts
Sources: Triple Net Space Lease (Arqule Inc), Sublease (Threshold Pharmaceuticals Inc)
Security Deposit. Lessee (a) Subtenant shall pay deliver to Lessor simultaneously Sublandlord, concurrently with the Subtenant's execution of this Lease Agreement a sum zero and 00/100 Dollars ($0,000.00) Lease, an unconditional, clean, irrevocable standby letter of credit (the “"L-C") in the initial amount of the Security Deposit Amount (the "Security Deposit”"), which L-C shall be issued by a money-center bank that is acceptable to Sublandlord, and which L-C may be presented for payment in a U.S. location acceptable to Sublandlord. The L-C shall be in form and content as attached hereto as Exhibit C for a term of not less than one year. Subtenant shall pay all expenses, points and/or fees incurred by Subtenant in obtaining the L-C.
(b) The L-C shall be held by Sublandlord as security for the full and faithful performance by Lessee Subtenant of each and every term, covenant and condition of this Lease Agreement. Upon an Event of Default by Lessee under this Lease Agreement, or if Lessee fails to perform any of all the terms, provisions covenants, and conditions of this Lease AgreementSublease to be kept and performed by Subtenant during the Sublease Term. If Subtenant defaults with respect to any provisions of this Sublease, Lessor may use, apply, or retain the whole or any part of the Security Deposit so deposited for the payment of any sum due Lessor or which Lessor may expend or be required to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, the provisions relating to the payment of Rent, or if Subtenant fails to renew the L-C at least thirty (30) days before its expiration, Sublandlord may, but shall not be required to, draw upon all or any damages or deficiency in the reletting portion of the Leased PremisesL-C for payment of any Rent or any other sum in default, providedor for the payment of any amount that Sublandlord may spend or may become obligated to spend by reason of Subtenant's default; or to compensate Sublandlord for any other loss, however, cost or damage that any such Sublandlord may suffer by reason of Subtenant's default. The use, application or retention by Lessor of the whole L-C, or any part of the Security Deposit portion thereof, by Sublandlord shall not be prevent Sublandlord from exercising any other right or be deemed to be an election of remedies remedy provided by Lessor this Sublease or viewed as liquidated damagesby law, it being expressly understood intended that Sublandlord shall not first be required to proceed against the L-C, and agreed that, notwithstanding such use, application or retention, Lessor shall have the right not operate as a limitation on any recovery to pursue which Sublandlord may otherwise be entitled. If any and all other remedies available to it under the terms of this Lease Agreement or otherwise. In the event that Lessee shall comply with all portion of the termsL-C is drawn upon, covenants and conditions of this Lease Agreement, the Security Deposit shall be returned to Lessee within thirty (30) days after Lessee has vacated and surrendered the Leased Premises in accordance with the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease Agreement. In the event of a sale of the Building or the Project, Lessor shall have the right to transfer the Security Deposit to the purchaser, and Lessor shall thereupon be released from all liability for the return of such Security Deposit. Lessee shall look solely to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit Subtenant shall, within ten (10) days after written demand by Lessortherefor, be increased to an amount equal reinstate the L-C to the greater amount then required under this Lease, and Subtenant's failure to do so shall be a default under this Sublease. The L-C or the balance remaining if it has been drawn upon by Sublandlord as herein provided, shall be returned to Subtenant within ten (10) days following the later of (i) three (3) times the aforesaid amount expiration of the Sublease Term or (ii) three (3) months rentthe vacating of the Subleased Premises by Subtenant.
Appears in 2 contracts
Sources: Sublease Agreement (Rsa Security Inc/De/), Sublease Agreement (Serena Software Inc)
Security Deposit. Lessee has deposited with Lessor and Lessor hereby acknowledges receipt of the sum of -0- which shall pay to be held by Lessor simultaneously with the execution of this Lease Agreement a sum zero and 00/100 Dollars ($0,000.00) (the “Security Deposit”) as security for the full and faithful performance by Lessee of each and every term, covenant and condition all the terms of this Lease Agreement. Upon an Event of Default by Lessee under this Lease Agreementto be observed and performed. Said deposit shall not be mortgaged, assigned, transferred or encumbered by Lessee without the express written consent of Lessor or encumbered by Lessee without the force and any such act on the part of Lessee shall be not be binding upon Lessor. Said security deposit shall not accrue interest. If any of the rents herein reserved or any other sum payable by Lessee to Lessor hereunder shall be overdue or unpaid, or should Lessor make payments on behalf of Lessee, or if Lessee fails shall fail to perform any of the terms, provisions and conditions terms of this Lease AgreementLease, the Lessor, at its option and without prejudice to any other remedy which Lessor may usehave on account thereof, applymay appropriate and apply said entire deposit, or retain the whole or any part of the Security Deposit so deposited for much thereof as may be necessary to compensate Lessor, toward the payment of any rent or additional sum due Lessor hereunder or which Lessor may expend to any loss or be required to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention damage sustained by Lessor of due to such breach on the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood Lessee; and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwise. In the event that Lessee shall forthwith upon demand restore said security deposit to the original sum deposited. Should Lessee comply with all of the termsterms and promptly pay all of the rentals and all other sums payable by Lessee to Lessor as they become due, covenants and conditions of this Lease Agreement, the Security Deposit said deposit shall be returned in full to Lessee within thirty (30) days after Lessee has vacated and surrendered at the Leased Premises in accordance with end of the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease Agreementterm. In the event of a sale of bankruptcy or other creditor debt proceedings against Lessee, the Building or the Project, Lessor security deposit shall have the right be deemed to transfer the Security Deposit be first applied to the purchaser, payment of rent and other charges due Lessor shall thereupon be released from for all liability for periods prior to the return filing of such Security Deposit. Lessee shall look solely to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentproceedings.
Appears in 2 contracts
Sources: Lease Agreement (Summit Financial Services Group Inc), Lease Agreement (Summit Financial Services Group Inc)
Security Deposit. Lessee shall pay to deposit with Lessor simultaneously with on the execution signing of this Lease Agreement a sum zero and 00/100 Dollars ($0,000.00) (the “Security Deposit”) Deposit as security defined on the Reference Page for the full and faithful performance by Lessee of each and every term, covenant and condition of this Lease Agreement. Upon an Event of Default by Lessee Lessee’s obligations under this Lease AgreementLease, or if Lessee fails to perform any including without limitation, the surrender of possession of the terms, provisions and conditions of this Lease Agreement, Premises to Lessor may use, apply, or retain the whole or as herein provided. If Lessor applies any part of said deposit to cure any default of Lessee, Lessee shall on demand deposit with Lessor the Security Deposit amount so deposited for the payment of any sum due Lessor or which Lessor may expend or be required to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, applied so that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and full deposit on hand at all other remedies available to it under times during the terms Term of this Lease Agreement or otherwise. In the event that Lessee shall comply with all of the terms, covenants and conditions of this Lease Agreement, the Security Deposit shall be returned to Lessee within thirty (30) days after Lessee has vacated and surrendered the Leased Premises in accordance with the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease AgreementLease. In the event of a sale of the Building or the Projectbona fide sale, subject to this Lease, Lessor shall have the right to transfer the Security Deposit to the purchaser, vendee and Lessor shall thereupon be considered released by Lessee from all liability for the return of such Security Deposit. ; and Lessee shall agrees to look solely to the new landlord lessor for the return of such the said Security Deposit, and it is agreed that this shall apply to every transfer or assignment made of the Security Deposit to a new lessor. If The Security Deposit (less any portions thereof used, applied or retained by Lessor in accordance with the provisions of this Section 17), shall be returned to Lessee after the expiration or sooner termination of this Lease without the fault of the Lessee and after delivery of the entire Premises to Lessor in accordance with the provisions of this Lease. Lessee covenants that it will not assign or encumber or attempt to assign or encumber the Security Deposit and Lessor shall fail not be bound by any such assignment, encumbrance or attempt thereof. In the event of the insolvency of Lessee or in the event of the entry of a judgment declaring Lessee insolvent or bankrupt in any court which is not discharged within thirty (30) days after entry, or in the event a petition is filed by or against Lessee under any chapter of the bankruptcy laws of the State of New Jersey or the United States of America, then and in such event Lessor may require the Lessee to pay Rent or other sums when due deposit additional security in the amount specified in Subsection 8(E) (hereinafter called the “Additional Security Deposit”) to adequately assure Lessee’s performance of all of its obligations under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective including all payments subsequently accruing. Failure of whether or not such delinquencies have been cured, then Lessee to deposit the Additional Security Deposit shall, pursuant thereto within ten (10) days after Lessor’s written demand shall constitute a default by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentLessee.
Appears in 2 contracts
Sources: Lease Agreement (Wave2Wave Communications, Inc.), Lease Agreement (Wave2Wave Communications, Inc.)
Security Deposit. Lessee shall pay to Lessor simultaneously with To secure the execution of this Lease Agreement a sum zero and 00/100 Dollars ($0,000.00) (the “Security Deposit”) as security for the full and faithful performance by Lessee Tenant of each all the covenants, conditions and every termagreements in this Sublease set forth and contained on the part of Tenant to be fulfilled, covenant kept, observed and condition performed including, but not by way of limitation, such covenants and agreements in this Sublease which become applicable upon the termination of the same by re-entry or otherwise, Tenant has deposited with Landlord the Security Deposit as specified in Section 1(L) on the understanding that: (a) the Security Deposit or any portion thereof not previously applied, or from time to time, such one or more portions thereof, may be applied to the curing of any default that may then exist, without prejudice to any other remedy or remedies which Landlord may have on account thereof, and upon such application Tenant shall pay Landlord on demand the amount so applied which shall be added to the Security Deposit so the same may be restored to its original amount; (b) should the Prime Lease be assigned by Landlord, the Security Deposit or any portion thereof not previously applied may be turned over to Landlord's assignee and if the same be turned over as aforesaid, Tenant hereby releases Landlord from any and all liability with respect to the Security Deposit and/or its application or return; (c) if permitted by law, Landlord or its successor shall not be obligated to hold the Security Deposit as a separate fund, but on the contrary may commingle the same with its other funds; (d) if Tenant shall faithfully fulfill, keep, perform and observe all of the covenants, conditions and agreements in this Sublease set forth and contained on the part of Tenant to be fulfilled, kept, performed and observed, the sum deposited or the portion thereof not previously applied, shall be returned to Tenant without interest no later than thirty (30) days after the expiration of the Term of this Lease Agreement. Upon Sublease or any renewal or extension thereof, provided Tenant has vacated the Premises and surrendered possession thereof to Landlord at the expiration of the Term or any extension or renewal thereof as provided herein; (e) in the event that Landlord terminates this Sublease or Tenant's right to possession by reason of an Event of Default by Lessee under this Lease AgreementTenant, or if Lessee fails to perform any of the terms, provisions and conditions of this Lease Agreement, Lessor Landlord may use, apply, or retain the whole or any part of apply the Security Deposit so deposited for against damages suffered to the payment date of any sum due Lessor such termination and/or may retain the Security Deposit to apply against such damages as may be suffered or which Lessor may expend or be required to expend shall accrue thereafter by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency Tenant's default; (f) in the reletting of the Leased Premisesevent any bankruptcy, providedinsolvency, howeverreorganization or other creditor-debtor proceedings shall be instituted by or against Tenant, that any such use, application or retention by Lessor of the whole its successors or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwise. In the event that Lessee shall comply with all of the terms, covenants and conditions of this Lease Agreementassigns, the Security Deposit shall be returned deemed to Lessee within thirty (30) days after Lessee has vacated be applied first to the payment of any Rent due Landlord for all periods prior to the institution of such proceedings, and surrendered the Leased Premises in accordance with the terms hereofbalance, so long as no Event if any, of Default by Lessee shall then be existing under the terms of this Lease Agreement. In the event of a sale of the Building or the Project, Lessor shall have the right to transfer the Security Deposit may be retained or paid to the purchaser, and Lessor shall thereupon be released from all liability for the return Landlord in partial liquidation of such Security Deposit. Lessee shall look solely to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentLandlord's damages.
Appears in 2 contracts
Sources: Lease Agreement, Lease Agreement
Security Deposit. Lessee shall pay to Lessor simultaneously with the On execution of this Lease Agreement a Tenant shall deposit with Landlord the sum zero and 00/100 Dollars ($0,000.00) specified in the Basic Lease Information (the “Security "Deposit”) "). The Deposit shall be held by Landlord as security for the full and faithful performance by Lessee Tenant of each and every term, covenant and condition all of the provisions of this Lease AgreementLease. Upon Following an Event event of Default default by Lessee Tenant under this Lease AgreementLease, or if Lessee fails to perform any of the terms, provisions and conditions of this Lease Agreement, Lessor Landlord may use, apply, apply or retain the whole all or any part portion of the Security Deposit so deposited for the payment of any rent or other charge in default, or the payment of any other sum due Lessor to which Landlord may become obligated by Tena▇▇'▇ ▇efault, or to compensate Landlord for any loss or damage which Lessor Landlord may expend suffer thereby. If Landlord so uses or be required to expend by reason applies all or any portion of the Lessee’s Event of Default or Deposit, then within 10 days after demand therefor Tenant shall deposit cash with Landlord in an amount sufficient to restore the Deposit to the full amount thereof, and Tenant's failure to perform includingdo so shall be a material breach of this Lease. Tenant may satisfy its obligation to furnish the Deposit contemplated herein by delivery to Landlord, but not limited toupon execution of the Lease, any damages of an irrevocable, standby letter of credit or deficiency certificate of deposit in the reletting amount of the Leased Premises, provided, however, that any Deposit issued by the San Francisco office of a major national bank and in a form approved by Landlord. Land▇▇▇▇'▇ ▇pproval of such use, application bank and the form of letter of credit or retention by Lessor certificate of the whole or any part of the Security Deposit deposit shall not be or be deemed unreasonably withheld. All interest earned on such certificate shall accrue to be an election the benefit of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have Tenant. If the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwise. In the event that Lessee shall comply with all term of the termsletter of credit or certificate of deposit expires prior to the expiration of the Lease and such letter or certificate is not renewed or replaced at least 60 days prior to its expiration, covenants and conditions of this Lease Agreement, the Security Deposit Landlord shall be returned entitled to Lessee within thirty (30) days after Lessee has vacated and surrendered draw upon the Leased Premises in accordance with letter of credit or certificate of deposit, as the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease Agreement. In the event of a sale of the Building or the Project, Lessor shall have the right to transfer the Security Deposit to the purchasercase may be, and Lessor shall thereupon be released from all liability for hold the return of such Security Deposit. Lessee shall look solely to proceeds thereof as the new landlord for the return of such Security Deposit. If Lessee Tena▇▇ ▇▇▇forms all of Tenant's obligations hereunder, the Deposit, or so much thereof as has not theretofore been applied by Landlord, shall fail be returned, without payment of interest for its use for amounts directly held by Landlord, to pay Rent or other sums when due under this Lease Agreement more than three Tenant (3) times in any twelve (12) month periodor, irrespective of whether or not such delinquencies have been curedat Land▇▇▇▇'▇ ▇ption, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater last assignee, if any, of (iTena▇▇'▇ ▇nterest hereunder) three (3) times at the aforesaid amount or (ii) three (3) months rentexpiration of the term hereof, and after Tenant has vacated the Premises. No trust relationship is created herein between Landlord and Tenant with respect to the Deposit.
Appears in 2 contracts
Sources: Net Office Tech Lease (Silicon Energy Corp), Net Office Tech Lease (Silicon Energy Corp)
Security Deposit. Lessee shall pay to Lessor simultaneously with LANDLORD acknowledges the execution receipt from TENANT of this Lease Agreement a the sum zero and 00/100 of Two Hundred Fifty Dollars ($0,000.00250.00) (the “Security Deposit”) per bedroom as security for the full payment of rent and faithful performance by Lessee of each and every term, covenant and condition of this Lease Agreement. Upon an Event of Default by Lessee under this Lease Agreement, or if Lessee fails to perform any observance of the terms, provisions agreements and conditions of in this Lease Agreement, Lessor may use, apply, or retain lease contained on the whole or any part of the Security Deposit so deposited for the payment of any sum due Lessor or which Lessor may expend or be required to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed TENANT to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood performed and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwise. In the event that Lessee shall comply with all of the terms, covenants and conditions of this Lease Agreement, the Security Deposit shall be returned to Lessee within thirty (30) days after Lessee has vacated and surrendered the Leased Premises in accordance with the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease Agreementobserved. In the event of a sale any default or defaults in such payment, performance, or observance, LANDLORD may apply said sum or any part thereof toward the curing of such default or defaults and/or toward compensating LANDLORD for any loss or damage arising from such default or defaults. Upon the yielding up of the Building demised premises at the expiration or other termination of the term of the lease, if TENANT shall not be in default or otherwise liable to the LANDLORD, said sum or the Project, Lessor unapplied balance thereof shall be returned to TENANT. It is understood and agreed that LANDLORD shall always have the right to transfer apply said sum or any part thereof as aforesaid in the Security Deposit event of any such default or defaults without prejudice to the purchaserany other remedy or remedies which LANDLORD may have, and Lessor or LANDLORD may pursue any other such remedy or remedies in lieu thereof. No interest shall thereupon be released from all liability for the return of such Security Deposit. Lessee shall look solely to the new landlord for the return of such Security Depositpayable on said sum or any part thereof. If Lessee LANDLORD shall fail apply said sum or any part thereof as aforesaid, TENANT shall upon demand pay to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then LANDLORD the Security Deposit shall, within ten (10) days after demand amount so applied by Lessor, be increased LANDLORD so as to an amount equal restore the security to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rent.its original amount. TENANT SHALL PROVIDE LANDLORD WITH TENANT’
Appears in 2 contracts
Sources: Residential Lease Agreement, Residential Lease Agreement
Security Deposit. Lessee shall pay to Lessor simultaneously 29.1 Tenant has provided Landlord with a Letter of Credit in the execution amount of this Lease Agreement a sum zero and 00/100 Dollars ($0,000.00) (the “Security Deposit”) 175,000 as security for the full and faithful punctual performance by Lessee Tenant of each and every term, covenant and condition all of the terms of this Lease AgreementLease. Upon an Provided there has been no Event of Default by Lessee under this Lease AgreementTenant, or if Lessee fails to perform the amount of the Letter of Credit shall be reduced by one-third ($58,333.33) at the end of each of the first three years of the Term. At the expiration of the third year of the Term Tenant shall deposit with Landlord the sum of $12,824 as such security. In the event Tenant defaults in the performance of any of the terms, provisions and conditions terms of this Lease Agreementfollowing the expiration of applicable notice and cure periods, Lessor including the payment of Rent, Landlord may apply the whole or any part of the Letter of Credit or use, apply, apply or retain the whole or any part of the Security Deposit security so deposited deposited, as the case may be, to the extent required for the payment of any Rent or for any sum due Lessor or which Lessor Landlord may expend or may be required to expend by reason of Tenant’s default in respect of any of the Lessee’s Event terms of Default or failure to perform includingthis Lease, but not limited to, including any damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application whether accruing before or retention after summary proceedings or other reentry by Lessor Landlord. In the case of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding every such use, application or retention, Lessor Tenant shall, on demand, pay to Landlord the sum so used, applied or retained which shall have be added to the right security deposit so that the same shall be replenished to pursue any its former amount. If Tenant shall fully and all other remedies available to it under the terms of this Lease Agreement or otherwise. In the event that Lessee shall punctually comply with all of the terms, covenants and conditions terms of this Lease AgreementLease, the Security Deposit security, without interest, shall be returned to Lessee within thirty (30) days Tenant after Lessee has vacated and surrendered the Leased Premises in accordance with the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms termination of this Lease Agreementand delivery of exclusive possession of the Premises to Landlord. In the event of a sale or lease of the Building or the Project, Lessor Landlord shall have the right to transfer the Security Deposit security to the purchaser, vendee or lessee and Lessor Landlord shall thereupon ipso facto be released by Tenant from all liability for the return of such Security Deposit. Lessee shall security; and Tenant agrees to look solely to the new landlord for the return of said security; and it is agreed that the provisions hereof shall apply to every transfer or assignment made of the security to a new landlord. Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security and neither Landlord nor its successors or assigns shall be bound by any such Security Deposit. If Lessee shall fail to pay Rent assignment, encumbrance, attempted assignment or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentencumbrance.
Appears in 2 contracts
Sources: Lease Agreement (Cerecor Inc.), Lease Agreement (Cerecor Inc.)
Security Deposit. The Lessee shall pay to Lessor simultaneously hereby deposits the sum of Two Thousand Nine Hundred Eighty-Seven Dollars and Twenty-Nine Cents ($2,987.29) with the execution Lessor, the receipt of this Lease Agreement a sum zero and 00/100 Dollars ($0,000.00) (the “Security Deposit”) which is hereby acknowledged, as security for the full and faithful performance by the Lessee of each and every term, covenant and condition of this Lease AgreementLease. Upon an Event of Default by Lessee under this Lease Agreement, or if Lessee fails to perform any shall maintain the full amount of the security deposit throughout the term of this Lease. In the event that the Lessee defaults with respect to any terms, provisions provisions, covenants and conditions of this Lease AgreementLease, including but not limited to payment of any rentals, the Lessor may use, apply, apply or retain the whole or any part of the Security Deposit security so deposited for the payment of any sum due Lessor such rentals in default or for any such sums which Lessor may expend or be required to expend by reason of the Lessee’s Event of Default or failure to perform including's default, but not limited to, including any damages or deficiency in the reletting of the Leased Demised Premises, provided, however, that any whether such use, application damages or retention deficiency may accrue before or after summary proceedings or other reentry by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwiseLessor. In the event that the Lessee shall fully and faithfully comply with all of the terms, provisions, covenants and conditions of this Lease AgreementLease, the Security Deposit shall security or the balance thereof will be returned to the Lessee within thirty (30) days after Lessee has vacated and surrendered the Leased Premises in accordance with time fixed as the terms hereof, so long as no Event of Default by expiration thereof. The Lessee shall then not be existing under entitled to any interest on the terms security. In the absence of evidence satisfactory to the Lessor of any assignment of the right to receive this security, or the remaining balance thereof, the Lessor may return the security to the original Lessee, regardless of one or more assignments of the Lease Agreementitself. Prior to the time when the Lessee shall be entitled to return of the security deposit, the Lessor shall be entitled to intermingle such deposit with its own funds and to use such funds for purposes as the Lessor may determine. In the event of a sale of bona fide sale, subject to this Lease, the Building or the Project, Lessor shall have the right to transfer the Security Deposit security deposit to the purchaservendee for the benefit of the Lessee, and the Lessor shall thereupon be considered released by the Lessee from all liability for the return of such Security Deposit. Lessee shall look solely to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rent.of
Appears in 2 contracts
Sources: Lease (Skillsoft Corp), Lease (Skillsoft Corp)
Security Deposit. Lessee shall pay Lessor acknowledges that ▇▇▇▇▇▇ has established, or will prior to the Commencement Date establish, an unconditional, irrevocable letter of credit (“Letter of Credit”) for the benefit of Lessor simultaneously with in the execution sum of this Lease Agreement a sum zero ninety-three thousand one hundred and 00/100 Dollars eighty three dollars and thirty cents ($0,000.0093,183.30) (hereinafter the “Security Deposit”) as security for to secure performance of ▇▇▇▇▇▇’s obligations hereunder. As set forth herein, Lessor agrees (a) to transfer said Security Deposit to any purchaser of the full and faithful performance by Building of which the Leased Premises are a part, notify Lessee of each that pay over, and every termto provide Lessee with written acknowledgment by such purchaser subject to the terms of this Lease, covenant provided (i) no Default of Lessee then exists and condition (ii) said Security Deposit has not been used to correct any default of Lessee, in which event only the balance remaining after Lessor has made itself whole shall be transferred to such purchaser; and (b) to pay to Lessee at the expiration or termination of this Lease Agreement. Upon an Event said Security Deposit provided (i) no Default of Default by Lessee under this Lease Agreementthen exists, or if Lessee fails (ii) said Security Deposit has not been transferred to perform any a purchaser of the termsBuilding of which the Leased Premises are a part, provisions and conditions (iii) said Security Deposit has not been used to correct any Default of Lessee in which event only the balance remaining, if any, after Lessor has made itself whole shall be reimbursable to ▇▇▇▇▇▇. In the event that Lessor transfers its interest in the Leased Premises, Lessee shall upon notice from and at no cost to Lessor, deliver to Lessor an amendment to the Letter of Credit or a replacement Letter of Credit naming ▇▇▇▇▇▇’s successor as the beneficiary thereof. Lessee agrees (x) said Security Deposit may be used by Lessor, in addition to any other remedy available under the terms of this Lease Agreementor by law available to Lessor, Lessor may use, apply, or retain the whole or to remedy any part Default of the Security Deposit so deposited for the payment of any sum due Lessor or which Lessor may expend or be required to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that Lessor shall be under no obligation to correct any such useDefault, application and may at Lessor’s sole and exclusive election avail itself of any other remedy available under this Lease or retention by Lessor otherwise available at law or in equity, (y) in the event said Security Deposit is transferred to any purchaser of the whole Building of which the Leased Premises are a part, the Lessor who has transferred said Security Deposit shall be released and discharged from all liability of said deposit, and (z) in the event said Security Deposit or any part thereof is used by Lessor to remedy any Default of Lessee, Lessor shall be released and discharged from all liability for said Security Deposit or such portion thereof as Lessor may have used to correct Lessee’s Default. Lessor shall have no obligation to place this Security Deposit in an interest bearing account.
(a) Lessee is not in Default and (b) Lessee has received final FDA approval of Lessee’s Elipse® Gastric Balloon product (as evidenced by such written documentation as Lessor may reasonably request to substantiate same) (the “Reduction Date”), then the Security Deposit shall not be or be deemed reduced to be an election sixty-two thousand one hundred twenty-two dollars and twenty cents ($62,122.20), and Lessee shall have the right to terminate the existing Letter of remedies Credit and establish a replacement Letter of Credit in such lower amount. The Lessor acknowledges that the Letter of Credit is in form and substance reasonably satisfactory to Lessor and issued by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, a commercial bank reasonably acceptable to Lessor. Lessor shall have the right to pursue draw upon the Letter of Credit, in whole or in part, only in the event of a Default. Lessor shall hold any and all other remedies available to it balance of proceeds remaining after a draw on the Letter of Credit as security for ▇▇▇▇▇▇’s performance of all its Lease obligations. If Lessor conveys its interest under the terms of this Lease Agreement or otherwise. In the event that Lessee shall comply with all of the terms, covenants and conditions of this Lease AgreementLease, the Security Deposit, or any part not applied previously, may be turned over to the grantee in which case Lessee shall look solely to the grantee for the proper application and return of the Security Deposit. The Security Deposit and/or Letter of Credit or the remaining proceeds therefrom, as applicable, shall be returned to Lessee within thirty sixty (3060) days after Lessee has vacated and surrendered the Leased Premises in accordance with the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease Agreement. In the event of a sale end of the Building or the Project, Lessor shall have the right to transfer the Security Deposit to the purchaser, and Lessor shall thereupon be released from all liability for the return of such Security Deposit. Lessee shall look solely to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentTerm.
Appears in 2 contracts
Sources: Lease Agreement (Allurion Technologies Holdings, Inc.), Lease Agreement (Allurion Technologies Holdings, Inc.)
Security Deposit. Lessee shall pay to Lessor simultaneously with the Upon execution of this Lease Agreement a Lease, Lessee has deposited with Lessor the sum zero and 00/100 of Sixteen Thousand Six Hundred Dollars ($0,000.00) (the “Security Deposit”) $ 16,600.00), receipt of which is hereby acknowledged by Lessor. Said sum shall be held by Lessor as security for the full and faithful performance by of Lessee of each and every term, covenant and condition of this Lease Agreement. Upon an Event of Default by Lessee under this Lease Agreement, or if Lessee fails to perform any of all the terms, provisions covenants, and conditions of this Lease Agreement, Lessor may use, applyby said Lessee to be kept and performed during the term hereof. If at any time during the term of this Lease any of the rent herein reserved, or retain any other sum payable by Lessee to Lessor hereunder, shall be overdue and unpaid, then Lessor may, at the whole option of Lessor (but Lessor shall not be required to), appropriate and apply any portion of this Security Deposit to the payment of any such overdue rent or other sum. In the event of the failure of Lessee to keep and perform all of the terms, covenants, and conditions of this Lease to be kept and performed by Lessee, then at the option of Lessor, the Lessor may, after terminating this Lease, appropriate and apply the entire Security Deposit, or so much thereof as may be necessary, to compensate Lessor for all loss or damage sustained or suffered by Lessor, due to such breach on the part of Lessee. Should the entire Security Deposit, or any part of the Security Deposit so deposited portion thereof, be appropriated and applied by Lessor for the payment of any sum overdue rent or other sums due and payable to Lessor or which by Lessee hereunder, the Lessee shall, upon the written demand of Lessor, forthwith remit to Lessor may expend or be required a sufficient amount in cash to expend by reason restore said Security Deposit to the original sum, and Lessee’s failure to do so within five (5) business days after receipt of such demand shall constitute a breach of this Lease. Should Lessee comply with all of said terms, covenants, and conditions and promptly pay all of the Lessee’s Event of Default or failure rental herein provided for as it falls due, and all other sums payable by Lessee to perform includingLessor hereunder, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention by Lessor of the whole or any part of the said Security Deposit shall not be or be deemed returned in full to be an election Lessee at the end of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms term of this Lease Agreement or otherwiseupon the earlier termination of this Lease under the provisions of Paragraph 18 hereof. Lessee acknowledges that this Security Deposit is not prepaid rent and shall not be applied by Lessee to the payment of any rent due Lessor herein. No interest shall be paid on this Security Deposit by Lessor to Lessee. In the event that Lessee shall comply with all of the terms, covenants and conditions of this Lease Agreement, the Lessor transfers said Security Deposit shall be returned to Lessee within thirty (30) days after Lessee has vacated and surrendered the Leased Premises Lessor’s successor in accordance with the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease Agreement. In the event of a sale of the Building or the Projectinterest, Lessor shall have the right be discharged from any further liability with respect to transfer the Security Deposit to the purchaser, and Lessor shall thereupon be released from all liability for the return of such Security Deposit. Lessee shall look solely to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rent.
Appears in 2 contracts
Sources: Lease (Invitae Corp), Lease (Invitae Corp)
Security Deposit. Lessee shall pay to deposit with Lessor simultaneously with on the execution signing of this Lease Agreement a sum zero and 00/100 Dollars ($0,000.00) (Lease, the “Security Deposit”) Deposit as security defined in the Preamble for the full and faithful performance by Lessee of each and every term, covenant and condition of this Lease Agreement. Upon an Event of Default by Lessee Lessee's obligations under this Lease AgreementLease, or if Lessee fails to perform any including without limitation, the surrender of possession of the terms, provisions and conditions of this Lease Agreement, Premises to Lessor may use, apply, or retain the whole or as herein provided. If Lessor applies any part of the said Security Deposit to cure any default of Lessee, Lessee shall, on demand, deposit with Lessor the amount so deposited for the payment of any sum due Lessor or which Lessor may expend or be required to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, applied so that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and full Security Deposit on hand at all other remedies available to it under times during the terms Term of this Lease Agreement or otherwise. In the event that Lessee shall comply with all of the terms, covenants and conditions of this Lease Agreement, the Security Deposit shall be returned to Lessee within thirty (30) days after Lessee has vacated and surrendered the Leased Premises in accordance with the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease AgreementLease. In the event of a bona fide sale of the Building or the ProjectBuilding, subject to this Lease, Lessor shall have the right to transfer the Security Deposit to the purchaservendee, and Lessor shall thereupon be considered released by Lessee from all liability for the return of such the Security Deposit. ; and Lessee shall agrees to look solely to the new landlord lessor for the return of such the Security Deposit, and it is agreed that this shall apply to every transfer or assignment made of the Security Deposit to the new lessor. If Provided this Lease is not in default, the Security Deposit (less any portions thereof used, applied or retained by Lessor in accordance with the provisions of this Article 16), shall be returned to Lessee after the expiration or sooner termination of this Lease and after delivery of the entire Premises to Lessor in accordance with the provisions of this Lease. Lessee covenants that it will not assign or encumber or attempt to assign or encumber the Security Deposit and Lessor shall fail not be bound by any such assignment, encumbrance or attempt thereof. In the event of the insolvency of Lessee, or in the event a petition is filed by or against Lessee under any chapter of the bankruptcy laws of the State of New Jersey or the United States of America, then in such event, Lessor may require the Lessee to pay Rent or other sums when due deposit additional security in an amount which in Lessor's sole judgement would be sufficient to adequately assure Lessee's performance of all of its obligations under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective including all payments subsequently accruing. Failure of whether or not such delinquencies have been cured, then Lessee to deposit the Security Deposit shall, security required by this Article 16 within ten (10) days after Lessor's written demand shall constitute a material breach of this Lease by Lessee. Lessee may deliver to Lessor after the date hereof, in lieu of the cash deposit set forth in this Article, an irrevocable negotiable letter of credit in amount set forth in Paragraph 16 of the Preamble and substantially in the form annexed hereto as Exhibit H. Said letter of credit shall be for a term of not less than one (1) year and shall be renewed by Lessee (without notice from Lessor) no later than forty-five (45) days prior to its expiration, and the expiration of each replacement thereof, until Lessor shall be required to return the security to Lessee pursuant to the terms of this Lease but in no event earlier than ninety (90) days after the Expiration Date, and each such renewal letter of credit shall be delivered to Lessor no later than forty-five (45) days prior to the expiration of the letter of credit then held by Lessor. If any portion of the security deposit shall be utilized by Lessor in the manner permitted by this Lease, Lessee shall, within five (5) days after request by Lessor, be increased to replenish the security account by depositing with Lessor, in cash or by letter of credit, an amount equal to that utilized by Lessor. Failure of Lessee to comply strictly with the greater provisions of this Article shall constitute a material breach of this Lease and Lessor shall be entitled to present the letter of credit held by for payment (iwithout notice to Lessee). If the cash security is converted into a letter of credit, the provisions with respect to letters of credit shall apply (with the necessary changes in Points of detail) three to such letter of credit deposit. In the event of a bank failure or insolvency affecting the letter of credit, Lessee shall replace same within twenty (320) times the aforesaid amount or (ii) three (3) months rentdays after being requested to do so by Lessor.
Appears in 2 contracts
Security Deposit. Lessor acknowledges possession of a deposit made by Lessee under the terms of a previous lease between Lessor and Lessee. The previous lease described the deposit and its terms as follows: Lessee has deposited with Lessor and Lessor hereby acknowledges receipt of the sum equal to $11,105.50 which shall pay to Lessor simultaneously with the execution of this Lease Agreement a sum zero and 00/100 Dollars ($0,000.00) (the “Security Deposit”) be held by Lessor, as security for the full and faithful performance by Lessee Lessee, of each and every term, covenant and condition all the terms of this Lease Agreement. Upon an Event of Default by Lessee under this Lease Agreementto be observed and performed. Said deposit shall not be mortgaged, assigned, transferred or encumbered by Lessee without the express prior written consent of Lessor and any such act on the part of Lessee shall be without force and effect and shall not be binding upon Lessor. If any of the rents herein reserved or any other sum payable by Lessee to Lessor hereunder shall be overdue or unpaid, or should Lessor make payments on behalf of Lessee, or if Lessee fails shall fail to perform any of the terms, provisions and conditions terms of this Lease AgreementLease, then Lessor, at its option and without prejudice to any other remedy which Lessor may usehave on account thereof, applymay appropriate and apply said entire deposit, or retain the whole or any part of the Security Deposit so deposited for much thereof as may be necessary to compensate Lessor, toward the payment of any rent or additional sum due Lessor hereunder or which Lessor may expend to any loss or be required damage additional sum due hereunder or to expend by reason of the Lessee’s Event of Default any loss or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention damage sustained by Lessor of due to such breach on the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood Lessee; and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwise. In the event that Lessee shall forthwith upon demand restore said security deposit to the original sum deposited. Should Lessee comply with all of the termsterms and promptly pay all of the rentals and all other sums payable by Lessee to Lessor as they become due, covenants and conditions of this Lease Agreement, the Security Deposit said deposit shall be returned in full to Lessee within thirty (30) days after Lessee has vacated and surrendered at the Leased Premises in accordance with end of the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease Agreementterm. In the event of a sale bankruptcy or other creditor debt proceedings against Lessee, the security deposit shall be deemed to be first applied to the payment of rent and other charges due Lessor for all periods prior to the filing of such proceedings. Lessor may deliver the security and any other deposit made hereunder by Lessee to the purchaser of Lessor's interest in the Premises and in the event that such interest be sold or otherwise conveyed, and thereupon Lessor shall be discharged from any further liability with respect to such deposit; and this provisions shall also apply to any subsequent transferee of Lessor. Lessor and Lessee hereby agree that the aforementioned deposit is sufficient and shall carry over to this Lease so that no additional security deposit is required. Lessor and Lessee further agree that the terms of the Building or deposit as described in the Project, Lessor previous lease shall have the right be applicable to transfer the Security Deposit to the purchaser, and Lessor shall thereupon be released from all liability for the return of such Security Deposit. Lessee shall look solely to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentLease.
Appears in 1 contract
Security Deposit. Lessee Tenant shall pay to Lessor simultaneously with the Landlord, upon execution of this Lease Agreement a Lease, the sum zero and 00/100 Dollars (of $0,000.00) (1,000.00, for compliance with the “Security Deposit”) as security for the full and faithful performance by Lessee of each and every term, covenant and condition of this Lease Agreement. Upon an Event of Default by Lessee under this Lease Agreement, or if Lessee fails to perform any of the terms, provisions terms and conditions of this Lease Agreement, Lessor Lease. THIS DEPOSIT IS NOT RENT and may use, apply, not be used or retain applied as such by Tenant without the whole express written consent of Landlord. It is understood an agreed that all or any part portion of the Security Deposit so deposited deposit (including accrued interest, if any) may be withheld by Landlord as full or partial payment for the payment of unpaid rent or any sum due Lessor or other Tenant charges which Lessor may expend or be required to expend by reason of the Lessee’s Event of Default or failure to perform remain unpaid, including, but not limited toto the cost of the following for which Tenant shall be liable in damages to Landlord if the deposit is not sufficient to discharge such costs (1) any labor over and above that usually required for cleaning of the stove, any damages refrigerator, kitchen, bathroom, or deficiency other portions of the Premises and for the removal of trash or other property left or abandoned in the reletting Premises; (2) the extra costs of painting and redecoration the Premises resulting from any condition of the Leased PremisesPremises beyond that caused by ordinary wear and tear, providedincluding the removal of wallpaper installed by Tenant, however, that or any such use, application other action of Tenant which necessitates repainting or retention by Lessor redecorating costs; (3) the cost of repairing or replacing any porting of the whole premises or property of Landlord placed thereon, which may be injured, defaced, destroyed, removed, or altered in any part manner; (4) any other damages to the Premises caused by the negligence of Tenant, Tenant’s agents, family, or guest; (5) administrative, advertising, redecoration, and other costs, including the Security Deposit shall not be cost of full or be deemed partial eviction, which are incurred by Landlord to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have re-rent the right Premises due to pursue any and all other remedies available to it under the terms early termination of this Lease Agreement and (6) any late charges or otherwise. In the event that Lessee shall comply with all penalties resulting from Tenant’s violation of the terms, covenants and conditions any term or condition of this Lease AgreementLease. The portion of said Security and Pet Deposit, the Security Deposit if any, not so retained and applied will be refunded to Tenant as may be provided by law. Landlord shall be returned to Lessee within thirty (30) days after Lessee has vacated and surrendered the Leased Premises in accordance with the terms hereof, so long pay interest on said deposits as no Event required by Maryland law. Any forfeiture of Default deposit and/or acceptance thereof by Lessee Landlord shall then be existing under the terms not operate as a waiver of this Lease Agreement. In the event any other of a sale of the Building Landlord’s rights or the Project, Lessor shall have the right to transfer the Security Deposit to the purchaser, and Lessor shall thereupon be released from all liability for the return of such Security Deposit. Lessee shall look solely to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentremedies.
Appears in 1 contract
Sources: Lease Agreement
Security Deposit. Lessee shall pay to Lessor simultaneously with Upon the execution of this Lease, Lessee agrees to pay N/A ($ -0- ), representing one month of Base Rental due under this Lease Agreement for the first month of the term of this Lease and a sum zero and 00/100 Dollars security deposit of TEN THOUSAND AND NO/100 DOLLARS ($0,000.0010,000.00) (the “Security Deposit”) SHALL BE TRANSFERRED AND CARRIED FORWARD FROM LESSEE'S PREVIOUS LEASE WITH LESSOR DATED SEPTEMBER 29, 1988 AND SHALL BE HELD BY LESSOR as security for the full and faithful performance and observance by Lessee of each the terms, provisions, and every term, covenant and condition conditions of this Lease AgreementLease. Upon an Event of Default by It is agreed that in the event Lessee under this Lease Agreement, or if Lessee fails defaults in respect to perform any of the terms, provisions and conditions of this Lease AgreementLease, including, but not limited to, the payment of rent, Lessor may at Lessor's option use, apply, apply or retain the whole or any part of the Security Deposit so deposited security deposit to the extent required for the payment of any rent or any other sum due Lessor as to which Lessee is in default or for any sum which Lessor may expend or may be required to expend by reason of Lessee's default in respect of any of the Lessee’s Event terms, provisions and conditions of Default or failure to perform this Lease, including, but not limited to, any damages damages, costs or deficiency in rental suffered in the reletting re-letting of the Leased Premises, providedwhether such damages, howevercosts or deficiency accrue before, that any such use, application during or retention by Lessor of after re-entry pursuant to judicial process or other means. In the whole event all or any part of the Security Deposit security deposit is applied toward payment of an obligation or liability of Lessee as described above, Lessee shall, within ten (10) days after request therefor by Lessor, again pay Lessor as a security deposit an amount equal to any amount so applied, so that the security deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwiseequal its original amount. In the event that Lessee shall fully and faithfully comply with all of the terms, provisions, covenants and conditions of this Lease AgreementLease, the Security Deposit security deposit shall be returned to Lessee Lessee, without interest, within thirty (30) days after Lessee has vacated the termination of the Lease (provided such termination is not the result of a default by Lessee) and surrendered after delivery of possession of the Leased Premises in accordance with the terms hereof, so long as no Event to Lessor and payment of Default by Lessee shall then be existing under the terms of this Lease Agreementall sums due to Lessor. In the event of a sale or lease of the Building or the ProjectBuilding, Lessor shall have the right to transfer the Security Deposit security deposit to the purchaservendee or lessee, and Lessor shall thereupon be upon said transfer is hereby released by Lessee from all liability for the return of such Security Deposit. security deposit; and Lessee shall agrees to look solely to the new landlord Lessor for the return of such Security Depositsecurity deposit, and it is agreed that the provisions hereof shall apply to every transfer or assignment made of the security deposit to a new lessor. If III. Lessor and Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rent.covenant and agree as follows:
Appears in 1 contract
Security Deposit. (A) Lessee shall pay to Lessor simultaneously with the shall, upon execution of this Lease Agreement a by ▇▇▇▇▇▇, deposit with ▇▇▇▇▇▇ as security for the performance of all the terms, covenants and conditions of this Lease, the sum zero and 00/100 Dollars of $1,000.00 ($0,000.00) (hereinafter the “Security Deposit”) as security for ). This Security Deposit is to be retained by Lessor until the full and faithful performance by Lessee of each and every term, covenant and condition expiration of this Lease Agreement. Upon an Event and shall be returnable to Lessee provided that,
(1) the Leased Premises has been vacated and returned to Lessor under the terms and conditions of Default by Section 14 of this Lease;
(2) Lessee has paid in full all of the (i) Annual Minimum Rent, (ii) additional rent (as hereinafter defined) and (iii) service charges due and outstanding under this Lease Agreement, or if Lessee fails to perform any of at the terms, provisions and conditions expiration of this Lease Agreementand;
(3) after Lessor has inspected the Leased Premises (with or without Lessee) prior to or soon after the expiration or sooner termination of this Lease, Lessor may use, apply, or retain the whole or any part ▇▇▇▇▇▇ has performed all of the Security Deposit so deposited for the payment of any sum due Lessor or which Lessor may expend or be repairs and/or cleaning as required to expend by reason of the Lessee’s Event of Default or failure to perform including, but Lessor.
(B) If Lessee has not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwise. In the event that Lessee shall comply fully complied with all of the terms, covenants and conditions of this Lease AgreementLease, the Security Deposit, or any part thereof, shall be retained by Lessor as liquidated damages or, at Lessor’s discretion, may be applied by Lessor against any actual loss, damage or injury chargeable to Lessee under this Lease. If Lessor determines that the dollar amount of such loss, damage or injury exceeds the amount of the Security Deposit, Lessee shall be liable for the amount that exceeds the Security Deposit. Lessor’s determination of the amount, if any, of the Security Deposit shall to be returned to Lessee within thirty (30) days after shall be final. It is understood and agreed between the parties that under no circumstances will the Lessee has vacated and surrendered apply the Leased Premises in accordance with Security Deposit to any or the terms hereof, so long as no Event final monthly installment of Default by Lessee shall then be existing Annual Minimum Rent due under the terms of this Lease AgreementLease. In the event Landlord elects to apply all or part of a sale of the Building or the Project, Lessor shall have the right to transfer the Security Deposit to the purchaserany monetary delinquency, and Lessor ▇▇▇▇▇▇ shall thereupon be released from all liability for the return of such Security Deposit. Lessee shall look solely to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then immediately upon notice replenish the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentits original amount.
Appears in 1 contract
Sources: Lease Agreement (Triller Corp.)
Security Deposit. Lessee shall pay to Lessor simultaneously with the execution of this Lease Agreement a sum zero and 00/100 Dollars ($0,000.00) (the “Security Deposit”) as security for the full and faithful performance by Lessee of each and every term, covenant and condition of this Lease Agreement. Upon an Event of Default by Lessee under this Lease Agreement, or if Lessee fails to perform any of the terms, provisions and conditions of this Lease Agreement, Lessor may use, apply, or retain the whole or any part of the Security Deposit so deposited for the payment of any sum due Lessor or which Lessor may expend or be required to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwise. In the event that Lessee shall comply with all of the termsinsolvency of Lessee, covenants and conditions or in the event of this Lease Agreement, the Security Deposit shall be returned to entry of a judgment in any court against Lessee which is not discharged within thirty (30) days after entry, or in the event a petition is filed by or against Lessee has vacated and surrendered under any chapter of the Leased Premises bankruptcy laws of the State of New Jersey or the United States of America, then in accordance with such event, Lessor may require the terms hereof, so long as no Event Lessee to deposit Security Deposit in an amount which in Lessor's sole judgment would be sufficient to adequately assure Lessee's performance of Default all of its obligations under this Lease including all payments subsequently accruing. Failure of Lessee to deposit the security required by Lessee this Article 16 within ten (10) days after Lessor's written demand shall then be existing under the terms constitute a material breach of this Lease Agreementby Lessee. If Lessor applies any part of said Security Deposit to cure any default of Lessee, Lessee shall, on demand, deposit with Lessor the amount so applied so that Lessor shall have the full Security Deposit on hand at all times during the Term of this Lease. In the event of a sale of the Building or the Projectbona fide sale, subject to this Lease, Lessor shall have the right to transfer the Security Deposit to the purchaservendee, and Lessor shall thereupon be considered released by Lessee from all liability for the return of such the Security Deposit. Lessee shall ; and lessee agrees to look solely to the new landlord lessor for the return of such the Security Deposit. If Lessee , and it is agreed that this shall fail apply to pay Rent every transfer or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective assignment made of whether or not such delinquencies have been cured, then the Security Deposit to the new lessor. Provided this Lease is not in default, the Security Deposit (less any portions thereof used, applied or retained by Lessor in accordance with the provisions of this Article 16), shall be returned to Lessee after the expiration or sooner termination of this Lease and after delivery of the entire Premises to Lessor in accordance with the provisions of this Lease. Lessee covenants that it will not assign or encumber or attempt to assign or encumber the Security Deposit and Lessor shall not be bound by any such assignment, encumbrance or attempt thereof. Lessee may deliver to Lessor, in lieu of the cash deposit set forth in this Article an irrevocable negotiable letter of credit in the form and amount set forth in Paragraph 17 of the Preamble. Said letter of credit shall be for a term of not less than l year and shall be renewed by Lessee (without notice from Lessor) no later than 45 days prior to its expiration, and the expiration of each replacement thereof, until Lessor shall be required to return the security to Lessee pursuant to the terms of this lease but in no event earlier than 90 days after the Expiration Date, and each such renewed letter of credit shall be delivered to Lessor no later than 45 days prior to the expiration of the letter of credit then held by Lessor. If any portion of the security deposit shall be utilized by Lessor in the manner permitted by this lease, Lessee shall, within ten (10) 5 days after demand request by Lessor, be increased to replenish the security account by depositing with Lessor, in cash or by letter of credit, an amount equal to that utilized by Lessor. Failure of Lessee to comply strictly with the greater provisions of this Article shall constitute a material breach of this lease and Lessor shall be entitled to present the letter of credit then held by it for payment (iwithout notice to Lessee). If the cash security is converted into a letter of credit, the provisions with respect to letters of credit shall apply (with the necessary changes in points of detail) three (3) times to such letter of credit deposit. In the aforesaid amount event of a bank failure or (ii) three (3) months rentinsolvency affecting the letter of credit, Lessee shall replace same within 20 days after being requested to do so by Lessor.
Appears in 1 contract
Sources: Lease Agreement (Medicines Co/ Ma)
Security Deposit. On the date of this Agreement, Lessee shall pay to Lessor simultaneously with an amount that, when added to amounts previously paid to Lessor, equal the execution of this Lease Agreement a sum zero and 00/100 Dollars ($0,000.00) (the “Security Deposit”) as . The Security Deposit shall constitute additional security for the full and faithful performance by Lessee of each its obligations under this Agreement, and every term, covenant and condition of this Lease Agreement. Upon the following provisions shall apply:
(i) If an Event of Default occurs and for as long as it continues, the Lessor may (but shall not be obligated to) apply all or any portion of the Security Deposit in or towards satisfaction of any sums due and payable to the Lessor under the Operative Documents or to compensate the Lessor for any sums which it may, in its discretion, advance or expend as a result of any such Event of Default. Notwithstanding any such use or application by the Lessor, the Lessee shall remain in default under this Agreement until the full amount owed by the Lessee, including interest accrued thereon pursuant to Clause 5.11, shall have been paid to the Lessor. If the Lessor so uses or applies all or any portion of the Security Deposit, the Lessee shall, on demand of the Lessor, replenish the Security Deposit in an amount equal to the amount so used or applied within five Business Days after Lessor's demand therefor.
(ii) Lessor may commingle the Security Deposit with its general funds and may deposit the Security Deposit in any account selected by Lessor, whether interest-bearing or not, and any interest earned on the Security Deposit will be the sole property of Lessor.
(iii) The Security Deposit shall be returned to Lessee within five Business Days of (1) delivery to Lessor of a Letter of Credit in accordance with Clause 5.1(b), (2) redelivery of the Aircraft to the Lessor in the condition required by Clause 12 and Schedule 4, or (3) receipt by the Lessor of the Agreed Value following a Total Loss and all other amounts due under Clause 11.1(b); provided, that if, upon the occurrence of any event specified in the foregoing subclause (1), (2) or (3), any amounts payable by Lessee under this Lease AgreementAgreement remain outstanding, or if Lessee fails to perform any of the terms, provisions and conditions of this Lease Agreement, Lessor may use, apply, or retain the whole or any part of the Security Deposit so deposited for the payment of any sum due Lessor or which Lessor may expend or be required to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwise. In the event that Lessee shall comply with all of the terms, covenants and conditions of this Lease Agreement, then the Security Deposit shall be returned to Lessee within thirty (30) days after five Business Days of the Lessor being satisfied that the Lessee has vacated and surrendered the Leased Premises in accordance with the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease Agreement. In the event of a sale of the Building or the Project, Lessor shall have the right to transfer the Security Deposit irrevocably paid to the purchaser, and Lessor shall thereupon be released from all liability for the return of such Security Deposit. Lessee shall look solely to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due amounts that are at that time outstanding under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentAgreement.
Appears in 1 contract
Security Deposit. 4.1 Lessor acknowledges that Lessee has already paid a $6,780.00 security deposit under Lessee's current Lease. Lessee hereby agrees to pay an additional $10,220.00 to bring the total security deposit to $17,000.00. Lessee shall pay to Lessor simultaneously with upon execution hereof the execution sum of this Lease Agreement a sum zero and 00/100 Dollars ($0,000.00) (the “Security Deposit”) 10,220.00 as additional security for the full and faithful performance and observance by Lessee of each and every term, covenant and condition the terms of this Lease Agreement. Upon an Event It is agreed that in the event Lessee defaults in respect of Default by Lessee under this Lease Agreement, or if Lessee fails to perform any of the terms, provisions and conditions terms of this Lease Agreement, including, but not limited to, the payment of rent and additional rent, Lessor may, in addition to any other rights and remedies it may have, use, apply, apply or retain the whole or any part of the Security Deposit security so deposited to the extent required for the payment of any rent and additional rent or any other sum due Lessor or as to which Lessor may expend or be required to expend by reason of the Lessee’s Event 's default in respect of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwiseAgreement. If Lessor applies any part of said deposit to cure any default of Lessee, Lessee shall upon demand deposit with Lessor the amount so applied so that Lessor shall have the full deposit on hand at all times during the terms of this Lease Agreement.
4.2 In the event that Lessee shall fully and faithfully comply with all of the terms, covenants terms and conditions of this Lease Agreement, the Security Deposit security shall be returned to Lessee within thirty (30) days without interest after Lessee has vacated and surrendered the Leased Premises in accordance with date fixed as of the terms hereof, so long as no Event end of Default by Lessee shall then be existing under the terms term of this Lease AgreementAgreement and after delivery of the entire possession of the Premises to Lessor. In the event of a sale or lease of the Building or the Project, Lessor shall have the right to transfer the Security Deposit security to the purchaser, vendee or lessee and Lessor shall thereupon be released by Lessee from all liability for the return of such Security Deposit. security, and Lessee shall agrees to look solely to the new landlord for the return of such Security Deposit. If Lessee said security, and it is agreed that all of the provisions hereof shall fail apply to pay Rent every transfer or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective assignment made of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased security to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months renta new landlord.
Appears in 1 contract
Sources: Commercial Lease (Sitek Inc)
Security Deposit. Lessee has deposited with Lessor and Lessor hereby acknowledges receipt of the sum of $9,000.00, which shall pay to Lessor simultaneously with the execution be held by Lessor, without accrual of this Lease Agreement a sum zero and 00/100 Dollars ($0,000.00) (the “Security Deposit”) interest, as security for the full and faithful performance by Lessee of each and every term, covenant and condition of this Lease Agreement. Upon an Event of Default by Lessee under this Lease Agreement, or if Lessee fails to perform any of the terms, provisions and conditions of this Lease Agreement, Lessor may use, apply, or retain the whole or any part of the Security Deposit so deposited for the payment of any sum due Lessor or which Lessor may expend or be required to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement by Lessee to be observed and performed. Said deposit shall not be mortgaged, assigned, transferred or otherwise. In encumbered by Lessee without the event that express prior written consent of Lessor and any such act on the part of Lessee shall be without force and effect and shall not be binding upon Lessor. If any of the rents herein reserved or any other sum payable by Lessee or Lessor hereunder shall be overdue or unpaid, or should Lessor make payments on behalf of this Lease, then Lessor, at its option and without prejudice to any other remedy which Lessor may have on account thereof, may appropriate and apply said entire deposit, or so much thereof as may be necessary to compensate Lessor, toward the payment of any rent or additional sum due hereunder or to any loss or damage sustained by Lessor due to such breach on the part of Lessee; and Lessee shall forthwith upon demand restore said security deposit to the original sum deposited. Should Lessee comply with all of the termsterms and promptly pay all of the rentals and all other sums payable by Lessee to Lessor as they become due, covenants and conditions of this Lease Agreement, the Security Deposit said deposit shall be returned in full to Lessee within thirty (30) days after Lessee has vacated and surrendered at the Leased Premises in accordance with end of the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease Agreementterm. In the event of bankruptcy or other creditor debt proceedings against Lessee, the security deposit shall be deemed to be first applied to the payment of rent and other charges due Lessor for a sale period prior to the filing of such proceedings. Lessor may deliver the Building security and any other deposit made hereunder by Lessee to the purchaser of Lessor's interest in the Premises and in the event that such interest be sold or the Projectotherwise conveyed, and thereupon Lessor shall have the right be discharged from any further liability with respect to transfer the Security Deposit such deposit; and this provision shall also apply to the purchaser, and Lessor shall thereupon be released from all liability for the return any subsequent transferee of such Security Deposit. Lessee shall look solely to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rent.
Appears in 1 contract
Security Deposit. Lessee shall pay to Lessor simultaneously Lessee, contemporaneously with the execution of this Lease Agreement a Lease, has deposited with Lessor the sum zero of $19,258.00 as prescribed in Article 1.3 of this Lease, and 00/100 Dollars (shall deposit with Lessor an additional $0,000.00) (9,629.00 prior to occupancy but in no event later than March 31, 1997, said deposit being given to secure the “Security Deposit”) as security for the full and faithful performance by Lessee of each and every term, covenant and condition of this Lease Agreement. Upon an Event of Default by Lessee under this Lease Agreement, or if Lessee fails to perform any of the terms, provisions and conditions of this Lease Agreement, Lessor may use, apply, or retain the whole or any part of the Security Deposit so deposited for the payment of any sum due Lessor or which Lessor may expend or be required to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwise. In the event that Lessee shall comply with all of the terms, covenants and conditions of this Lease Agreementby Lessee to be kept and performed during the term hereof. Lessee agrees that if Lessee shall fail to pay the rent herein reserved promptly when due, said deposit may, at the Security Deposit option of Lessor (but Lessor shall not be returned required to) be applied to any rent due and unpaid, and if Lessee violates any of the other terms, covenants, and conditions of this Lease, and after written notice to Lessee within thirty advising Lessee of such violation and allowing Lessee ten (3010) days to cure such violation, said deposit may be applied to any damages suffered by Lessor as a result of Lessee's default, to the extent of the amount of damages suffered. Nothing in this Article 5 shall in any way diminish or be construed as waiving any of Lessor's other remedies by law or in equity. Should all or any part of the security deposit be applied by Lessor as herein provided, then Lessee shall, on the written demand of Lessor, deposit cash with Lessor within five (5) days of said demand sufficient to restore said security deposit to its original amount. Within two weeks after Lessee has vacated and surrendered the Leased Premises in accordance with the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms termination of this Lease AgreementLease, Lessor shall return said security deposit to Lessee, less any portion of said security deposit which may have been previously applied or expended by Lessor to remedy or cure any default or breach on the part of Lessee hereunder. In the event of a sale of the Building or the Project, Lessor shall have the right to transfer commingle or invest said security deposit, and in no event shall Lessee be entitled to receive any interest or income thereon, it being agreed that any interest be deemed to be additional rent. Lessor may deliver the Security Deposit funds deposited under this Article 5 by Lessee to the purchaser, and purchaser of Lessor's interest in the Premises in the event such interest be sold; thereupon Lessor shall thereupon be released discharged from all further liability for the return of with respect to such Security Deposit. Lessee shall look solely to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentdeposit.
Appears in 1 contract
Sources: Office Building Lease (Voice Powered Technology International Inc)
Security Deposit. Lessee shall pay to Lessor simultaneously Concurrently with the SUBLESSEE's execution and delivery of this Lease Agreement a Sublease, SUBLESSEE shall deposit with SUBLESSOR the sum zero and 00/100 Dollars (of $0,000.00) 4,054.00 (the “Security "Deposit”) "). The Deposit shall be held by SUBLESSOR as security for the full and faithful performance and observance by Lessee SUBLESSEE of each the terms, provisions and every term, covenant and condition conditions of this Lease AgreementSublease. Upon an Event of Default by Lessee under this Lease Agreement, or if Lessee fails It is agreed that in the event SUBLESSEE defaults with respect to perform any of the terms, provisions and conditions of this Lease AgreementSublease, Lessor including, but not limited to, the payment of rent, SUBLESSOR may use, apply, apply or retain the whole or any part of the Security Deposit so deposited to the extent required for the payment of any rent or any other sum due Lessor as to which SUBLESSEE is in default or for any sum which Lessor SUBLESSOR may expend or may be required to expend by reason of the Lessee’s Event of Default or failure SUBLESSEE's default with respect to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwise. In the event that Lessee shall comply with all of the terms, covenants and conditions of this Lease AgreementSublease. In the event that SUBLESSEE shall fully and faithfully comply with all of the terms, provisions, covenants and conditions of this Sublease, the Security Deposit shall be returned to Lessee within thirty (30) days SUBLESSEE after Lessee has vacated and surrendered the Leased Premises in accordance with date fixed as the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms end of this Lease Agreement. In the event Sublease, and after delivery of a sale entire possession of the Building demised premises to SUBLESSOR, except for any amounts that SUBLESSOR had deducted therefrom that are needed by SUBLESSOR to cure defaults of SUBLESSEE under this Sublease or the Project, Lessor shall have the right to transfer the Security Deposit compensate SUBLESSOR for damages or which SUBLESSEE is liable pursuant to the purchaser, and Lessor shall thereupon be released from all liability for the return of such Security Deposit. Lessee shall look solely to the new landlord for the return of such Security Depositthis Sublease. If Lessee SUBLESSOR uses or applies all or a portion of the Deposit, SUBLESSEE shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to deposit cash with SUBLESSOR in an amount equal sufficient to restore the Deposit to the greater full amount and SUBLESSEE'S failure to do so shall be a breach of (i) three (3) times this Sublease. If SUBLESSEE performs all of SUBLESSEE's obligations hereunder, the aforesaid amount Deposit, or (ii) three (3) months rentthe balance not applied by SUBLESSOR, shall be returned, without interest, to SUBLESSEE following the expiration of the Term, and after SUBLESSEE has vacated the Premises.
Appears in 1 contract
Sources: Sublease Agreement (Broadview Networks Holdings Inc)
Security Deposit. Lessee shall In addition to the Rental Fee, Agreement Holder agrees to pay to Lessor simultaneously with the execution Association a refundable Security Deposit in the amount of this Lease Agreement a sum zero and 00/100 Dollars one hundred fifty dollars ($0,000.00) (the “Security Deposit”) as security for the full and faithful performance by Lessee of each and every term, covenant and condition of this Lease Agreement150.00). Upon an Event of Default by Lessee under this Lease Agreement, or if Lessee fails to perform any of the terms, provisions and conditions of this Lease Agreement, Lessor may use, apply, or retain the whole or any part Return of the Security Deposit so deposited for or any portion thereof shall be made within ten (10) business days following the payment date of any sum due Lessor reserved use, provided the Center, premises, facilities, and equipment are left in satisfactory condition and no Association rules or which Lessor may expend or county ordinance have been violated. The Association, pending the post use inspection will hold the Security Deposit subject to:
a. The Security Deposit shall be required refunded after the event only if the Center, premises including restrooms, furniture, appliances, fixtures and appurtenances are found, upon post-use inspection, to expend by reason be in the same condition as at the commencement of the Lessee’s Event of Default or failure to perform includingRental Period as listed on the pre-use inspection, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention by Lessor of the whole or any part of the ordinary wear and tear expected.
b. The Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as considered liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor the Agreement Holder hereby agrees that he/she shall have the right to pursue be responsible for any and all other remedies available to it under the terms of this Lease Agreement or otherwise. In the event that Lessee shall comply with all damage in excess of the termsamount of the Security Deposit.
c. The Association reserves the right, covenants and conditions of this Lease Agreementin its sole judgment, to deduct from the Security Deposit shall be any amount necessary, as determined by the Association’s Community Center Committee, to cover (a) all costs of cleanup if warranted (e.g., if the Center is not returned to Lessee within thirty (30) days after Lessee has vacated and surrendered the Leased Premises in accordance with same condition as at the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease Agreement. In the event of a sale commencement of the Building Rental Period); and (b) the costs of repairs or replacement of any property damaged during the Project, Lessor shall have use of the right to transfer center. If the Security Deposit does not fully cover these costs, the Agreement Holder shall be billed for and agrees to promptly pay the difference, and future use of any of the Association’s facilities shall be denied until these costs are paid. Any Agreement Holder using the Center shall be responsible for any and all damages that occur due to their use of the Center. The billed costs will be considered a special assessment and if not paid could result in a lien being initiated against the Agreement property. Agreement Holder herein agrees to the purchaserdeduction of whatever expenses are required to restore the facilities to the same condition as when Agreement Holder entered the facilities, including but not limited to any needed surface cleaning, ordinary wear and tear expected.
d. Agreement Holder will remove from the Center all materials that are not the property of Association after the Rental Period including trash acquired during the Rental Period. Association shall be authorized to remove at the expense of Agreement Holder all materials remaining. Agreement Holder shall be responsible for the payment of storage and/or disposal costs of such materials, and Lessor Agreement Holder agrees that Association shall thereupon in no way be released from responsible for loss, damage or claims against the Association for material so removed or stored. Agreement Holder agrees that the Association shall have a first lien on such material for payment of all liability costs accrued for the return removal and storage. For rentals where the Rental Period commences before 12:00 p.m., clean-up must be completed within one (1) hour of such Security Depositthe conclusion of the Rental Period. Lessee shall look solely to For rentals where the new landlord for Rental Period commences after 12:00 p.m., the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then clean-up must be completed before 9:30
a. m. the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to day following the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentRental Period.
Appears in 1 contract
Sources: Rental Agreement
Security Deposit. Lessee shall pay to Lessor simultaneously Concurrent with the Lessee's execution of this Lease Agreement a Lease, Lessee shall deposit with Lessor a▇ ▇ ▇▇curity deposit the sum zero and 00/100 Dollars ($0,000.00) specified in Paragraph 1.5 above (the “Security "Deposit”"). On May 1, 1998 and May 1, 2003 (unless the Lease is terminated or the Option is not exercised, as the case may be) Lessee shall increase the Deposit to that amount which is equal to the newly established monthly rental. The Deposit shall be held by Lessor as a security deposit for the full and faithful performance by Lessee of each and every term, covenant and condition of this Lease Agreement. Upon an Event of Default by Lessee under this Lease Agreement, or if Lessee fails to perform any of the ▇▇ ▇▇▇ terms, provisions covenants, and conditions of this Lease Agreementto be k▇▇▇ ▇▇d performed by Lessee during the Term. If Lessee defaults with respect to any provi▇▇▇▇▇ of this Lease, including but not limited to the provisions relating to the payment of rent and any of the monetary sums due hereunder, Lessor may (but shall not be required to) use, apply, apply or retain the whole or any part or all of the Security Deposit so deposited for the payment of any sum due Lessor or amount which Lessor may expend spend or become obligated to spend by reason of Lessee's default or to compensate Lessor for any loss or damage which Lessor may suffer by reason of Lessee's default. If any portion of the Deposit is so used or applied, Lessee shall, within 10 days after written demand therefor, deposit cash with Lessor in an amount sufficient to restore the Deposit to its original amount; Lessee's failure to do so shall be a material breach of this Lease. ▇▇▇▇▇▇ shall not be required to expend by reason of keep the Lessee’s Event of Default or failure to perform includingDeposit separate from its general funds, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention by Lessor of the whole or any part of the Security Deposit and Lessee shall not be or be deemed entitled to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood interest on the Deposit. If Lessee shall fully and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms faithfully perform every provision of this Lease Agreement or otherwise. In the event that Lessee shall comply with all of the terms, covenants and conditions of this Lease Agreementto be performed by it, the Security Deposit or any balance thereof shall be returned to Lessee within thirty (30or, at Lessor's option, to the last assignee of Lessee's interests hereunder) days after Lessee at the expiration of the Term and afte▇ ▇▇▇▇ee has vacated and surrendered the Leased Premises in accordance with the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease AgreementPremises. In the event of a sale termination of the Building or the ProjectLess▇▇'▇ ▇nterest in this Lease, Lessor shall have the right to transfer the Security Deposit t▇ ▇▇▇▇or's successor in interest, whereupon Lessee agrees to the purchaser, and Lessor shall thereupon be released release L▇▇▇▇▇ from all liability for the return of such Security Deposit. Lessee shall look solely to ▇▇▇ ▇eposit or the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentaccounting therefor.
Appears in 1 contract
Security Deposit. Concurrently with the execution of this Lease, Lessee shall pay to Lessor simultaneously with a security deposit (the execution "Security Deposit") in the amount of Fifty-Seven Thousand Six Hundred Seventy-Six Dollars and 68/100 ($57,676.68) and Lessor shall hold the same, throughout the Term of this Lease Agreement a sum zero and 00/100 Dollars ($0,000.00) (including the “Security Deposit”) Extended Term, if applicable), unless sooner returned to Lessee as provided in this Rider Paragraph 4, as security for the full and faithful performance by Lessee of all obligations on the part of Lessee to be performed under this Lease. At the option of Lessee the Security Deposit shall be in the form of either cash or an unconditional irrevocable letter of credit (the "Letter of Credit") drawn on a bank satisfactory to Lessor and otherwise upon terms satisfactory to Lessor, which Letter of Credit shall permit one or more draws thereunder to be made accompanied only by certification by Lessor that pursuant to the terms of this Lease, Lessor is entitled to apply such Letter of Credit and the proceeds thereof to Lessor's damages due to a default of Lessee under the terms and provisions of this Lease. Any Letter of Credit shall be for a term of no less than one (1) year and shall be renewed by Lessee each year thereafter and every termeach renewal shall be delivered to and received by Lessor not later than thirty (30) days before the expiration of the then current Letter of Credit (herein called a "Renewal Presentation Date"). In the event of a failure to so deliver such renewal Letter of Credit on or before the applicable Renewal Presentation Date, covenant Lessor shall be entitled to present the then existing Letter of Credit for payment and condition to receive the proceeds thereof, which proceeds shall be held by Lessor as Lessee's Security Deposit, subject to the terms of this Rider Paragraph 4. Lessor shall have the right from time to time without prejudice to any other remedy Lessor may have on account thereof, to apply the Security Deposit, or any part thereof, to Lessor's damages arising from any Default or Breach on the part of Lessee under the terms of this Lease Agreement. Upon an Event of Default by Lessee under this Lease Agreement, or and if Lessee fails to perform any of the terms, provisions and conditions of this Lease Agreement, Lessor may use, apply, or retain the whole or any part of the Security Deposit is in the form of the Letter of Credit, the Letter of Credit may be drawn upon by Lessor in the event of such a Default or Breach and the proceeds thereof may be so deposited for the payment applied to such damages of Lessor. Provided that Lessee is not then in Default or Breach (without benefit of any sum due Lessor or which Lessor may expend or be required to expend by reason grace periods), on the expiration of the Lessee’s Event Lease Term (as extended) and on the surrender of Default or failure possession of the Premises by Lessee to perform including, but not limited to, any damages or deficiency Lessor at such time in the reletting condition and manner provided for in this Lease, Lessor shall return to Lessee the Security Deposit or so much thereof as shall not have heretofore been applied in accordance with the terms of this Rider Paragraph 4. While Lessor holds the Leased PremisesSecurity Deposit, provided, however, that any such use, application or retention by Lessor of shall have no obligation to pay interest on the whole or any same and Lessor shall have the right to commingle the same with Lessor's other funds. No part of the Security Deposit shall not be or be deemed considered to be an election of remedies prepayment for any monies to be paid by Lessee under this Lease. If Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it conveys Lessor's interest under the terms of this Lease Agreement or otherwise. In the event that Lessee shall comply with all of the terms, covenants and conditions of this Lease AgreementLease, the Security Deposit Deposit, or any part thereof not previously applied, shall be returned turned over by Lessor to Lessee within thirty (30) days after Lessee has vacated and surrendered Lessor's grantee for proper application of the Leased Premises Security Deposit in accordance with the terms hereofof this Paragraph and the return thereof in accordance herewith. If the Lessor uses or applies all or any portion of the Security Deposit, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease Agreement. In the event of a sale of the Building or the Project, Lessor shall have the right to transfer the Security Deposit to the purchaser, and Lessor shall thereupon be released from all liability for the return of such Security Deposit. Lessee shall look solely to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after written demand by Lessor, be increased to therefor deposit cash with Lessor in an amount equal sufficient to restore the Security Deposit to the greater full amount and Lessee's failure to do so shall be a Breach of (i) three (3) times the aforesaid amount or (ii) three (3) months rentthis Lease.
Appears in 1 contract
Security Deposit. Lessee shall pay to deposit with Lessor simultaneously with on the execution signing of this Lease Agreement a sum zero and 00/100 Dollars ($0,000.00) (Lease, the “Security Deposit”) Deposit as security defined in the Preamble for the full and faithful performance by Lessee of each and every term, covenant and condition of this Lease Agreement. Upon an Event of Default by Lessee Lessee's obligations under this Lease AgreementLease, or if Lessee fails to perform any including without limitation, the surrender of possession of the terms, provisions and conditions of this Lease Agreement, Premises to Lessor may use, apply, or retain the whole or as herein provided. If Lessor applies any part of the said Security Deposit to cure any default of Lessee, Lessee shall, on demand, deposit with Lessor the amount so deposited for the payment of any sum due Lessor or which Lessor may expend or be required to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, applied so that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and full Security Deposit on hand at all other remedies available to it under times during the terms Term of this Lease Agreement or otherwiseLease. In the event that Lessee shall comply with all of the termsa bona fide sale, covenants and conditions of subject to this Lease Agreement, the Security Deposit shall be returned to Lessee within thirty (30) days after Lessee has vacated and surrendered the Leased Premises in accordance with the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease Agreement. In the event of a sale of the Building or the ProjectLease, Lessor shall have the right to transfer the Security Deposit to the purchaservendee, and Lessor shall thereupon be considered released by Lessee from all liability for the return of such the Security Deposit. ; and Lessee shall agrees to look solely to the new landlord lessor for the return of such the Security Deposit, and it is agreed that this shall apply to every transfer or assignment made of the Security Deposit to the new lessor. If Provided this Lease is not in default, the Security Deposit (less any portions thereof used, applied or retained by Lessor in accordance with the provisions of this Article 16), shall be returned to Lessee after the expiration or sooner termination of this Lease and after delivery of the entire Premises to Lessor in accordance with the provisions of this Lease. Lessee covenants that it will not assign or encumber or attempt to assign or encumber the Security Deposit and Lessor shall fail not be bound by any such assignment, encumbrance or attempt thereof. In the event of the insolvency of Lessee, or in the event of the entry of a judgment in any court against Lessee which is not discharged within thirty (30) days after entry, or in the event a petition is filed by or against Lessee under any chapter of the bankruptcy laws of the State of Maryland or the United States of America, then in such event, Lessor may require the Lessee to pay Rent or other sums when due deposit additional security in an amount which in Lessor's sole judgment would be sufficient to adequately assure Lessee's performance of all of its obligations under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective including all payments subsequently accruing. Failure of whether or not such delinquencies have been cured, then Lessee to deposit the Security Deposit shall, security required by this Article 16 within ten (10) days after Lessor's written demand shall constitute a material breach of this Lease by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentLessee.
Appears in 1 contract
Sources: Lease (Old Line Bancshares Inc)
Security Deposit. Lessee shall pay to Lessor simultaneously LESSEE has deposited with LESSOR the execution sum of this Lease Agreement a sum zero and 00/100 One thousand seventy eight Dollars ($0,000.00) (the “Security Deposit”) $ 1078.00). Said sum shall be held by LESSOR as security for the full and faithful performance by Lessee LESSEE of each and every term, covenant and condition of this Lease Agreement. Upon an Event of Default by Lessee under this Lease Agreement, or if Lessee fails to perform any all of the terms, provisions covenants, and conditions of this Sub-Lease Agreementduring the Term hereof. If LESSEE defaults with respect to any provision of this Sub-Lease, Lessor including but not limited to the provisions relating to the payment of rent and additional rent, LESSOR may (but shall not be required to) use, apply, apply or retain the whole all or any part of the Security Deposit so deposited this security deposit for the payment of any rent, additional rent or any other sum due Lessor in default, or for the payment of any other amount which Lessor LESSOR may expend spend or become obligated to spend by reason of LESSEE’s default, or to compensate LESSOR for any loss or damage which LESSOR may suffer by reason of LESSEE’s default. If any portion of said deposit is so used or applied, LESSEE shall, upon demand therefor, deposit cash with LESSOR in an amount sufficient to restore the security deposit to its original amount, and LESSEE’s failure to do so shall be a material breach of this Sub-Lease. Any time the rent payable by LESSEE to LESSOR increases during the Term of this Sub-Lease and any renewal, LESSEE shall, upon written request from LESSOR, deposit additional monies with LESSOR sufficient to maintain the same ratio between the security deposit and the rent as those amounts are specified in the Sub-Lease for the beginning of the Term. LESSOR shall not be required to expend by reason of the Lessee’s Event of Default or failure to perform includingkeep this security deposit separate from its general funds, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention by Lessor of the whole or any part of the Security Deposit and LESSEE shall not be or be deemed entitled to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood interest on such deposit. If LESSEE shall fully and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms faithfully perform every provision of this Lease Agreement or otherwise. In the event that Lessee shall comply with all of the terms, covenants and conditions of this Lease AgreementSub-Lease, the Security Deposit security deposit, or any balance thereof, shall be returned to Lessee LESSEE (or, at LESSOR’s option, to the last assignee of LESSEE’s interest hereunder) within thirty forty-five (3045) days after Lessee has vacated and surrendered the Leased Premises in accordance with the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms termination of this Sub-Lease Agreement. In the event of a sale provided all sums payable by LESSEE to LESSOR have been paid in full, including payment to LESSOR of the Building or the Project, Lessor shall have the right to transfer the Security Deposit sum of Twenty-Five Dollars ($25.00) for each key to the purchaser, and Lessor shall thereupon be released from all liability for PREMISES not returned to LESSOR by LESSEE by the return termination date of such Security Deposit. Lessee shall look solely to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentSub-Lease.
Appears in 1 contract
Sources: Office Center Sub Lease (Zix Corp)
Security Deposit. Lessee shall pay to deposit with Lessor simultaneously with on the execution signing of this Lease Agreement a sum zero the total cash amount of the Security Deposit as defined in the Preamble (and 00/100 Dollars ($0,000.00) (shall deliver the “Letter of Credit portion of the Security Deposit”) as security Deposit no later than August 1, 2006), for the full and faithful performance of Lessee's obligations under this Lease, including, without limitation, the surrender of possession of the Premises to Lessor as herein provided. If Lessor applies any part of said Security Deposit to cure any default of Lessee, Lessee shall on demand deposit or deliver an amended Letter of Credit with Lessor the amount so applied so that Lessor shall have the full Security Deposit on hand at all times during the Term of this Lease. Lessor, in the event that the Demised Premises are sold, shall transfer and deliver the Security Deposit, as such, to the purchaser of the Demised Premises and shall notify Lessee thereof, and thereupon Lessor shall be discharged from any further liability in reference thereto. The Security Deposit (less any portions thereof used, applied or retained by Lessor in accordance with the provisions of this Paragraph 17), shall be returned to Lessee without interest provided Lessee has cured any outstanding defaults and after delivery of each and every term, covenant and condition the entire Premises to Lessor in accordance with the provisions of this Lease Agreementincluding ISRA compliance. Upon Lessee covenants that it will not assign or encumber or attempt to assign or encumber the Security Deposit and Lessor shall not be bound by any such assignment, encumbrance or attempt thereof. In the event of the insolvency of Lessee, or in the event of the entry of a material judgment in any court against Lessee which if paid would render Lessee insolvent which is not discharged within sixty (60) days after entry, or in the event a petition is filed by or against Lessee under any chapter of the bankruptcy laws of the State of New Jersey or the United States of America, then in such event, Lessor may require the Lessee to deposit additional security in an Event amount which in Lessor's sole judgment would be sufficient to adequately assure Lessee's performance of Default by Lessee all of its obligations under this Lease Agreement, or if including all payments subsequently accruing. Failure of Lessee fails to perform any of deposit the terms, provisions and conditions security required by this Paragraph within twenty (20) days after Lessor's written demand shall constitute a material breach of this Lease Agreement, Lessor may use, apply, or retain by Lessee. As to the whole or any part portion of the Security Deposit so security deposited for the payment of any sum due Lessor or which Lessor may expend or hereunder permitted to be required to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency delivered in the reletting form of the Leased Premisesan irrevocable straight Letter of Credit, providedthen upon a material, however, that any such use, application or retention monetary Default by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retentionLessee, Lessor shall have the right to pursue draw down the entire amount of the Letter of Credit and place same in an interest bearing account with the interest to accrue to the benefit of the Lessee, subject to deduction for Lessor's reasonable expenses for the cost of opening and maintaining said account. Lessor shall have no obligation to achieve any specified rate of return on the money so deposited. The Letter of Credit shall be substantially in the form as attached hereto as Exhibit C and all other remedies available drawn against a banking institution maintaining assets of no less than Five Hundred Million Dollars ($500,000,000.00) and shall specify that same shall be drawn upon demand by Lessor and deliverable by Lessor and payable to it under Lessor in Hackensack, New Jersey via wire transfer and shall require only a statement of default by Lessor delivered together with an accounting of the terms amounts in default. Lessor approves Wachovia Bank, N.A. as an acceptable issuer of this Lease Agreement or otherwise. In the event that Lessee shall comply with Letter of Credit, subject to all of the termsother terms hereof. Lessor shall not be liable for any costs, covenants and conditions loss or damage, however incurred by Lessee in connection with any drawing down against the Letter of this Lease AgreementCredit even if at a later time it is proven in a court of law or otherwise that Lessor did not have a right to draw down against the Letter of Credit or that Lessor's conduct was without basis. Under such circumstances, Lessor's only obligation shall be to replenish the Security Deposit without interest. The acceptance by Lessor of the Letter of Credit shall be returned further subject to Lessee within the following conditions:
A. The Letter of Credit shall be irrevocable for the term thereof and shall provide that it is automatically renewable for a period ending not earlier than thirty (30) days after the expiration of the Term without any action whatsoever on the part of Lessor; provided that the issuing bank shall have the right not to renew said Letter of Credit on written notice to Lessor not less than thirty (30) days prior to the expiration of the then current term thereof (it being understood, however, that the privilege of the issuing bank not to renew said Letter of Credit shall not, in any event, diminish the obligation of Lessee has vacated to maintain such irrevocable Letter of Credit with Lessor through the date which is thirty (30) days after the expiration of the term hereby demised).
B. The form and surrendered terms of the Leased Premises Letter of Credit (and the bank issuing the same) shall be acceptable to Lessor (and substantially in accordance with the terms hereofform attached hereto as Exhibit E and shall provide, so long as no Event among other things, in effect that:
(1) Lessor, or its then managing agent, shall have the right to draw down an amount up to the face amount of Default by Lessee shall the Letter of Credit upon the presentation to the issuing bank of Lessor's (or Lessor's then be existing managing agent's) statement that such amount is due to Lessor under the terms and conditions of this Lease Agreement. lease, it being understood that if Lessor or its managing agent be a corporation, partnership or other entity, then such statement shall be signed by an officer (if a corporation), a general partner (if a partnership), or any authorized party (if another entity); (2) The Letter of Credit will be honored by the issuing bank without inquiry as to the accuracy thereof and regardless of whether the Lessee disputes the content of such statement; (3) In the event of a sale transfer of Lessor's interest in the Building or of which the ProjectDemised Premises are a part, Lessor shall have the right to transfer the Letter of Credit to the transferee and upon such transferee's receipt of the Security Deposit to and such transferee's written assumption of Lessor's obligations hereunder, the purchaserLessor shall, and Lessor shall thereupon without any further agreement between the parties, be released by Lessee from all liability for therefor, and it is agreed that the return provisions hereof shall apply to every transfer or assignment of said Letter of Credit to a new Lessor.
C. Lessee further covenants that it will not assign or encumber said Letter of Credit or any part thereof and that neither Lessor nor its successors or assigns will be bound by any such Security Deposit. Lessee shall look solely to assignment, encumbrance, attempted assignment or attempted encumbrance.
D. Without limiting the new landlord for generality of the return foregoing, if the Letter of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more Credit expires earlier than three thirty (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (1030) days after demand by Lessorthe expiration of the term of this Lease, or the issuing bank notifies Lessor that it shall not renew the Letter of Credit, Lessor will accept a renewal thereof or substitute Letter of Credit (such renewal or substitute Letter of Credit to be increased to an amount equal in effect not later than thirty (30) days prior to the greater expiration thereof), irrevocable and automatically renewable as above provided to thirty (30)days after the end of the term of this Lease upon the same terms as the expiring Letter of Credit or such other terms as may be reasonably acceptable to Lessor. However, (i) three (3) times if the aforesaid amount Letter of Credit is not timely renewed or a substitute Letter of Credit is not timely received, (ii) three or if Lessee fails to maintain the Letter of Credit in the amount and terms set forth in this Paragraph, Lessee, at least thirty (330) months rentdays prior to the expiration of the Letter of Credit, or promptly upon its material failure to comply with each and every term of this Paragraph, must deposit with Lessor cash security in the amounts required by, and to be held subject to and in accordance with, all of the terms and conditions set forth in this Paragraph pertaining to cash security deposits and the amounts so specified in Preamble Paragraph 11 hereof, failing which the Lessor may present such Letter of Credit to the bank in accordance with the terms of this Paragraph, and the entire sum secured thereby shall be paid to Lessor, to be held by Lessor as provided in this Paragraph.
Appears in 1 contract
Security Deposit. Lessee shall pay to Lessor simultaneously (a) Concurrently with the Lessee’s execution of this Lease Agreement a sum zero and 00/100 Lease, Lessee shall deposit with Lessor Five Hundred Thousand Dollars ($0,000.00) (the “Security Deposit”500,000.00) as security for the full and faithful performance by Lessee of each and every term, provision, covenant and condition of this Lease AgreementLease, including, without limitation, every term, provision, covenant, and conditions under paragraph 6. Upon an Event If Lessee removes the Specialized Equipment (defined in paragraph 6(d)) and repairs all damage in accordance with paragraph 6(d) prior to the expiration of Default the Term, then the amount of the security deposit shall be reduced to One Hundred Fifty Thousand ($150,000) and Lessor shall refund to Lessee any security deposit in excess of that amount being held by Lessor. In the event Lessee under this Lease Agreementdefaults, or if Lessee fails to perform beyond applicable notice and cure periods, in respect of any of the terms, provisions and provisions, covenants or conditions of this Lease AgreementLease, including, but not limited to the payment of rent and the removal of the Specialized Equipment, Lessor may use, apply, apply or retain the whole or any part of the Security Deposit so deposited such security for the payment of any rent in default, to compensate Lessor for any damages arising from an Event of Default (as hereinafter defined), or for any other sum due Lessor or which Lessor may expend spend or be required to expend spend by reason of the Lessee’s default. If Lessor uses any portion of the security deposit to cure any default by Lessee hereunder, Lessee shall replenish the security deposit to the original amount within ten (10) days of written notice from Lessor. Lessee’s failure to do so shall constitute a material breach of this Lease and an Event of Default Default. Should no default exist as of the expiration of the Term, the security or failure any balance thereof shall be returned to perform Lessee or, at the option of Lessor, to the last assignee of Lessee’s interest in this Lease within sixty (60) days after the expiration of the term hereof or after Lessee has surrendered possession of the Premises in compliance with paragraph 6, whichever is later. Lessee shall not be entitled to any interest on said security deposit. Lessor shall not be required to keep the aforesaid deposit in a separate account but may commingle said funds with Lessor’s other accounts. Lessee hereby waives the provisions of Section 1950.7 of the California Civil Code, or any successor statute, and all other provisions of law, now or hereafter in effect, which (i) establish the time frame by which a lessor must refund a security deposit under a lease, and/or (ii) provide that a lessor may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by a lessee or to clean the premises, it being agreed that Lessor may, in addition, claim those sums specified in this paragraph above and/or those sums reasonably necessary to compensate Lessor for any loss or damage caused by Lessee’s default of the Lease, as amended hereby, including, but not limited to, any all damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms rent due upon termination of this Lease Agreement or otherwisepursuant to Section 1951.2 of the California Civil Code.
(b) Lessee may satisfy the requirement for a cash security deposit by instead delivering to Lessor an Irrevocable Standby Letter of Credit in a form and substance reasonably approved by Lessor (the "Letter of Credit"). In Upon the event that occurrence of a default by Lessee shall comply with all in respect to any of the terms, provisions, covenants and or conditions of this Lease AgreementLease, Lessor may draw on the Security Deposit Letter of Credit in such sum which Lessor may require or deem necessary to spend or incur by reason of Lessee's default. The Letter of Credit shall be returned payable to Lessee within thirty Lessor or its successors and assigns and have an expiration date sixty (3060) days after Lessee has vacated following the expiration of the Term. The Letter of Credit shall permit partial draws and surrendered the Leased Premises in accordance with the terms hereofmultiple presentations and drawings and expressly provide, so long as no Event of Default among other things, that Lessor may draw under it by Lessee shall then be existing under the terms of this Lease Agreement. In the event presentation of a sale sight draft so that it is “callable” on sight, and a written certification by Lessor that Lessor is then entitled to draw the amount of the Building or the Project, Lessor shall have the right to transfer the Security Deposit to the purchaser, and Lessor shall thereupon be released from all liability for the return of such Security Depositdraft. Lessee shall look solely to pay all expenses, points and/or fees incurred by it in obtaining and maintaining the new landlord for the return Letter of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentCredit.
Appears in 1 contract
Sources: Triple Net Lease (Exar Corp)
Security Deposit. Lessee Upon execution hereof, Sublessee shall pay to Lessor simultaneously deposit with Sublessor (i) a cash security deposit (the execution "Cash Deposit") in the amount of this Lease Agreement the Security Deposit described in the Defined Terms, and (ii) the original copy of a sum zero clean, irrevocable and 00/100 unconditional letter of credit (the "Letter of Credit") in the amount of One Hundred Thousand Dollars ($0,000.00100,000) issued by a financial institution, and subject only to terms, acceptable to Sublessor. (Notwithstanding the “Security Deposit”foregoing, Sublessor agrees to review the requirement and amount required under the Letter of Credit every six (6) as security months during the Term of this Sublease. In so doing, Sublessor will review Sublessee's financial situation, cash position and cash burn rate compared to the remaining financial obligations of Sublessee for the full remainder of the Term in order to determine if it is appropriate, in Sublessor' sole discretion, to reduce the amount of the Letter of Credit. To the extent that Sublessor decides to reduce the amount of the Letter of Credit, Sublessee will renew or extend the Letter of Credit for the agreed upon amount, and faithful performance by Lessee provide Sublessor with written notice thereof within five (5) business days.) The Letter of each and every term, covenant and condition Credit shall provide for its payment to Sublessor upon its presentation of this Lease Agreement. Upon a statement from Sublessor that an Event of Default by Lessee under this Lease Agreement, Sublessee exists hereunder. Upon the failure of Sublessee to deliver a replacement letter of credit (or if Lessee fails to perform any an extension of the terms, provisions and conditions existing Letter of this Lease Agreement, Lessor may use, apply, Credit) on or retain the whole or any part of the Security Deposit so deposited for the payment of any sum due Lessor or which Lessor may expend or be required to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwise. In the event that Lessee shall comply with all of the terms, covenants and conditions of this Lease Agreement, the Security Deposit shall be returned to Lessee within before thirty (30) days after Lessee has vacated prior to any maturity date of any such Letter of Credit, Sublessor may draw upon the same and surrendered thereafter treat such cash as a portion of the Leased Premises Security Deposit. (The Cash Deposit and Letter of Credit are hereinafter collectively referred to as the "Security Deposit.") The Security Deposit shall secure Sublessee's obligations under this Sublease to pay Base Rent and other monetary amounts, to maintain the Sublet Space and repair damages thereto, to surrender the Sublet Space to Sublessor in accordance with the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms clean condition and repair upon termination of this Lease AgreementSublease and to discharge Sublessee's other obligations hereunder. In the event of a sale Sublessor may use and commingle any cash portion of the Building Security Deposit with other funds of Sublessor. If Sublessee fails to perform Sublessee's obligations hereunder, Sublessor may, but without any obligation to do so, apply all or any portion of the ProjectSecurity Deposit towards fulfillment of Sublessee's unperformed obligations. If Sublessor does so apply any portion of the Security Deposit, Lessor shall have the right Sublessee's failure to transfer remit to Sublessor a sufficient amount in cash to restore the Security Deposit to the purchaseroriginal amount or, and Lessor shall thereupon be released from all liability for in the return case of a partial draw by Sublessor under the Letter of Credit, the failure of Sublessee to replace such Security Deposit. Lessee shall look solely to Letter of Credit with an new Letter of Credit in the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three full original amount within five (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (105) days after receipt of Sublessor's written demand by Lessor, be increased to do so shall constitute an amount equal to the greater Event of (i) three (3) times the aforesaid amount or (ii) three (3) months rent.Default. Upon termination of
Appears in 1 contract
Sources: Sublease Agreement (Nvidia Corp/Ca)
Security Deposit. Lessee shall pay to Lessor simultaneously with Within fourteen (14) days after the execution and ---------------- delivery of this Lease Agreement a sum zero Sublease, Mercata shall deliver to Attachmate an irrevocable and 00/100 Dollars unconditional standby Letter of Credit (herein, together with all replacements thereof, being called the "Letter of Credit") issued by U.S. Bank of Washington, National Association, Bank of America, or another bank or financial institution reasonably acceptable to Attachmate. The Letter of Credit shall secure Mercata's payment obligations under the Sublease and shall be in an amount equal to $0,000.00200,000. The term of the Letter of Credit shall extend from the Commencement Date of the Sublease to the earlier of (i) ninety (90) days after the “Security Deposit”expiration of the Term (including any extensions thereof) as security for the full and faithful performance by Lessee of each and every term, covenant and condition or earlier termination of this Lease Agreement. Upon an Event of Default by Lessee Sublease; or (ii) in the event Mercata is not in default under this Lease AgreementSublease, or if Lessee fails the day after Mercata has fully surrendered the Subleased Premises to perform any of the terms, provisions and conditions of this Lease Agreement, Lessor may use, apply, or retain the whole or any part of the Security Deposit so deposited for the payment of any sum due Lessor or which Lessor may expend or be required to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency Attachmate in the reletting manner required under Section 9 below. Further, the Letter of the Leased PremisesCredit shall contain an evergreen renewal provision with not less than 90 days notice to Attachmate on nonrenewal), provided, however, Mercata's notice exercising it's option to extend the Term shall contain evidence of renewal of the Letter of Credit for the First Extended Term. The Letter of Credit shall be in a form reasonably acceptable to Attachmate, shall be irrevocable, multiple draw, and subject only to the condition that a proper draw certificate or claim be presented and to no other condition. The Letter of Credit shall be transferable and assignable by Attachmate, in whole or in part without cost to Attachmate, upon a transfer of all of Attachmate's interest in the Premises. Mercata shall pay all reasonable costs and shall take all reasonable steps necessary for any such use, application proposed transfer or retention by Lessor assignment of the Letter of Credit. If Mercata shall fail to pay such costs or take such steps in connection with a proposed transfer or assignment of the Letter of Credit, then Attachmate may, after written notice to Mercata as required under Section 18 below, draw upon the Letter of Credit in whole or in part and may transfer the proceeds of such draw. The Letter of Credit may be drawn in whole or in part by Attachmate from time to time (and more than one time for partial draws) upon the occurrence of any part event of default by Mercata under the Sublease, after notice and the expiration of any applicable cure period, and without further notice to Mercata. Attachmate may draw upon the Letter of Credit without proceeding against any person or exhausting any other remedies that Attachmate may have and without resorting to any other security held by Attachmate. Attachmate may apply the proceeds of the Security Deposit shall not be Letter of Credit in any order or be deemed manner to be an election of remedies any amounts owed by Lessor Mercata under or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right pursuant to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwise. In the event that Lessee shall comply with all of the terms, covenants and conditions of this Lease Agreement, the Security Deposit shall be returned to Lessee within thirty (30) days after Lessee has vacated and surrendered the Leased Premises in accordance with the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease AgreementSublease. In the event of a sale draw by Attachmate upon the Letter of Credit as provided for herein, Mercata shall be required to replace the amount of the Building draw by a like amount to the Letter of Credit so the balance of the Letter of Credit remains $200,000. Such application shall not cure an event of default by Mercata under this Sublease until such time as Mercata has reinstated the drawn amount of the Letter of Credit in full. Furthermore, in no event shall the Letter of Credit, or the Project, Lessor shall have the Attachmate's right to transfer draw upon the Security Deposit to the purchaser, and Lessor shall thereupon be released from all liability for the return Letter of such Security Deposit. Lessee shall look solely to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by LessorCredit, be increased to an amount equal to the greater of affected or impaired by (i) three (3) times the aforesaid amount waiver, compromise, settlement, termination or other release of the performance or observance by any person liable or to become liable for the obligations under this Sublease; (ii) three the modification or amendment (3whether material or otherwise) months rentof any obligation, covenant or agreement set forth in this Sublease; (iii) the voluntary or involuntary liquidation, dissolution, sale of all or substantially all of the assets, marshalling of assets and liabilities, receivership, conservatorship, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization, arrangement, composition or readjustment of, or any similar proceeding affecting Mercata, or any allegation or contest of the validity of this Sublease; or (iv) the taking or the omission of any of the actions referred to in this Sublease.
Appears in 1 contract
Sources: Sublease Agreement (Mercata Inc)
Security Deposit. (a) Lessee shall pay to Lessor has, simultaneously with the execution of this Lease Agreement a Lease, deposited with Lessor, in cash or by check subject to collection, the sum zero and 00/100 Dollars of eight thousand ($0,000.00) (the “Security Deposit”) 8,000.00). Said deposit shall be held as security for the full and faithful performance by Lessee of each and every term, covenant and condition of this Lease Agreement. Upon an Event of Default by Lessee under this Lease Agreement, or if Lessee fails to perform any of the terms, covenants, provisions and conditions of this Lease AgreementLease. It is agreed that in the event Lessee defaults in respect to any of the terms, covenants, provisions and conditions of this Lease, including (but not limited to) the payment of Base Rent or Additional Rent, and fails to cure any such defaults within applicable grace periods, Lessor may use, apply, apply or retain appropriate the whole or any part of the Security Deposit security so deposited to the extent required for the payment of any sum due Lessor Base Rent or which Lessor may expend Additional Rent or be required for the curing of any defaults by Lessee hereunder pursuant to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, Paragraph 29 hereof; provided, however, that any no such use, application application, or retention by Lessor appropriation of the whole or any part of the Security Deposit deposit shall not be or be deemed to be an election relieve Lessee of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms breach of this Lease Agreement and shall be in addition to other remedies under this Lease.
(b) Should the entire deposit or otherwise. In any portion thereof be appropriated and applied by Lessor under the event that foregoing provisions, then Lessee shall comply with all (upon the written demand of Lessor) forthwith remit to Lessor a sufficient amount in cash to restore said security to the termsoriginal sum deposited, covenants and conditions Lessee's failure to do so within ten (10) days after receipt of such demand shall itself constitute an event of default under this Lease Agreement, the Security Deposit Lease.
(c) The security deposit (less any amounts applied as provided in subsection (a) above) shall be returned to Lessee within thirty (30) days after Lessee has vacated the date fixed as the end of the Term of this Lease and surrendered delivery of entire possession of the Leased Premises in accordance with the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease Agreement. to Lessor.
(d) In the event of a sale sale, leasing or other transfer of the Building or land and building of which the ProjectLeased Premises forms a part, Lessor shall have the right to transfer the Security Deposit to the purchaser, security and Lessor shall thereupon be released by Lessee from all liability for the return of such Security Depositsecurity deposit. Lessee shall look solely to the new landlord Lessor solely for the return of said deposit. The provisions of this Paragraph 4(d) shall apply to every transfer or assignment made of the security deposit to a new Lessor.
(e) Lessee covenants that it will not assign or encumber or attempt to assign to encumber the security deposited herein and that neither Lessor nor its successors or assigns shall be bound by any such Security Deposit. If assignment, encumbrance, attempted assignment or attempted encumbrance.
(f) Lessee shall fail not be entitled to pay Rent any interest on the security deposit, and such funds need not be segregated or other sums when due held as escrow by Lessor.
(g) It is expressly understood and agreed that, in the event of any termination of this Lease or re-entry upon or reletting of the Leased Premises on account of any default on the part of Lessee under this Lease, then, and in such event, the deposit shall be retained and be subject to appropriation by Lessor until this Lease Agreement more than three (3) times in any twelve (12) month periodwould, irrespective of whether or not by its terms, have expired absent such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentdefault.
Appears in 1 contract
Sources: Assignment and Assumption of Leases (North American Vaccine Inc)
Security Deposit. Lessee shall pay to Lessor simultaneously with To secure the execution of this Lease Agreement a sum zero and 00/100 Dollars ($0,000.00) (the “Security Deposit”) as security for the full and faithful performance by Lessee Tenant of each all the covenants, conditions and every term, covenant and condition of agreements in this Lease Agreement. Upon an Event set forth and contained on the part of Default by Lessee under the Tenant to be fulfilled, kept, observed and performed, including, but without limiting the generality of the foregoing, such covenants, conditions and agreements in this Lease Agreementwhich become applicable upon the expiration or termination of the same or upon termination of Tenant's right to possession pursuant to Section 18.1 of the Lease, Tenant has deposited the Security Deposit with Agent on the understanding: (a) that the Security Deposit or any portion thereof not previously applied, or if Lessee fails from time to perform time such other portions thereof, may be applied to the curing of any of default that may then exist, without prejudice to any other remedy or remedies which the termsLandlord may have on account thereof, provisions and conditions of this Lease Agreement, Lessor may use, apply, or retain upon such application Tenant shall pay Agent on demand the whole or any part of amount so applied which shall be added to the Security Deposit so deposited for the payment of any sum due Lessor same may be restored to its original amount; (b) that should the Premises be conveyed by Landlord or which Lessor may expend or should Agent cease to be required to expend by reason the agent of the Lessee’s Event beneficiary or beneficiaries of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwise. In the event that Lessee shall comply with all of the terms, covenants and conditions of this Lease AgreementLandlord, the Security Deposit shall or any portion thereof not previously applied may be returned turned over to Lessee within thirty (30) days after Lessee has vacated and surrendered the Leased Premises in accordance with the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease Agreement. In the event of a sale of the Building Landlord's grantee or the Projectnew agent, Lessor shall have as the right case may be, and if the same be turned over as aforesaid, the Tenant hereby releases Landlord and Agent from any and all liability with respect to transfer the Security Deposit to the purchaserand its application or return, and Lessor the Tenant agrees to look to such grantee or agent, as the case may be, for such application or return; (c) that Agent shall thereupon be released from all have no personal liability with respect to said sum and Tenant shall look exclusively to Landlord or its successors pursuant to subsection (b) hereof for the return of such Security Deposit. Lessee shall look solely to said sum on the new landlord for the return expiration of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rent.Lease;
Appears in 1 contract
Security Deposit. Lessee shall pay to Lessor simultaneously A. Tenant has previously deposited with Landlord the sum of Twenty-two Thousand, Two Hundred Dollars ($22 200 00). Upon execution of this Lease Agreement a Lease, Tenant has deposited with Landlord the additional sum zero and 00/100 of Two Thousand, Four Hundred Dollars ($0,000.00) 2,400.00). Accordingly, Tenant has deposited with Landlord the total sum of Twenty-four Thousand, Six Hundred Dollars ($24,600.00), the “Security Deposit”) equivalent of three months' rent, as security for the full and faithful faithful, performance by Lessee Tenant of each and every term, covenant and condition of this Lease Agreement. Upon an Event of Default by Lessee under this Lease Agreement, or if Lessee fails to perform any of all the terms, provisions covenants and conditions of this Lease Agreementupon Tenant's part to be performed.
B. The security deposit, Lessor may or any balance thereof, shall be returned to Tenant, without interest, after the expiration of the term of this Lease provided Tenant has fully and faithfully carried out all of the terms, covenants and conditions on the Tenant's part to be performed under this Lease.
C. Landlord shall have the right to apply all or any part of the security deposit to cure any default by Tenant and, if Landlord does so, Tenant upon demand shall deposit with Landlord the amount so applied so that Landlord shall have the full security deposit on hand at all times during the term of this Lease.
D. Landlord shall expressly have the right to use, apply, apply or retain the whole or any part of the Security Deposit so deposited for the payment of any sum due Lessor or which Lessor may expend or be required security deposit to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, offset any damages or deficiency in the reletting of the Leased Demised Premises, providedwhether such damage or deficiency may accrue before or after termination, however, that any such use, application summary proceedings or retention other re-entry by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwise. In the event that Lessee shall comply with all of the terms, covenants and conditions of this Lease Agreement, the Security Deposit shall be returned to Lessee within thirty (30) days after Lessee has vacated and surrendered the Leased Premises in accordance with the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease Agreement. Landlord.
E. In the event of a sale or lease of the Building or the ProjectIndustrial Park, Lessor subject to this Lease, Landlord shall have the right to transfer the Security Deposit security to the purchaser, vendee or lessee and Lessor the Landlord shall thereupon be considered released by Tenant from all liability for the return of such Security Deposit. Lessee security in which case Tenant shall look solely to the new landlord solely for the return of such Security Deposit. If Lessee the security, and it is agreed that this shall fail apply to pay Rent every transfer or other sums when due assignment made of the security to a new landlord.
F. The security deposited under this Lease Agreement more than three (3) times in shall not be mortgaged, assigned or encumbered by Tenant without the prior written consent of Landlord, and any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, attempt to do so shall be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentvoid.
Appears in 1 contract
Security Deposit. Lessee shall pay to Lessor simultaneously with To secure the execution of this Lease Agreement a sum zero and 00/100 Dollars ($0,000.00) (the “Security Deposit”) as security for the full and faithful performance by Lessee Tenant of each all the covenants, conditions and every termagreements in this Sublease set forth and contained on the part of Tenant to be fulfilled, covenant kept, observed and condition performed including, but not by way of limitation, such covenants and agreements in this Sublease which become applicable upon the termination of the same by re-entry or otherwise, Tenant has deposited with Landlord the Security Deposit on the understanding that: (a) the Security Deposit or any portion thereof not previously applied, or from time to time, such one or more portions thereof, may be applied to the curing of any default that may then exist, without prejudice to any other remedy or remedies which Landlord may have on account thereof, and upon such application Tenant shall pay Landlord on demand the amount so applied which shall be added to the Security Deposit so the same may be restored to its original amount; (b) should the Prime Lease be assigned by Landlord, the Security Deposit or any portion thereof not previously applied may be turned over to Landlord's assignee and if the same be turned over as aforesaid, Tenant hereby releases Landlord from any and all liability with respect to the Security Deposit and/or its application or return; (c) if Tenant shall faithfully fulfill, keep, perform and observe all of the covenants, conditions and agreements in this Sublease set forth and contained on the part of Tenant to be fulfilled, kept, performed and observed, the sum deposited or the portion thereof not previously applied, shall be returned to Tenant no later than thirty (30) days after the expiration of the Term of this Lease Agreement. Upon Sublease, provided Tenant has vacated the Demised Premises and surrendered possession thereof to Landlord at the expiration of the Term or any extension or renewal thereof as provided herein; (e) in the event that Landlord terminates this Sublease or Tenant's right to possession by reason of an Event of Default by Lessee under this Lease AgreementTenant, or if Lessee fails to perform any of the terms, provisions and conditions of this Lease Agreement, Lessor Landlord may use, apply, or retain the whole or any part of apply the Security Deposit so deposited for against damages suffered to the payment date of any sum due Lessor such termination and/or may retain the Security Deposit to apply against such damages as may be suffered or which Lessor may expend or be required to expend shall accrue thereafter by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency Tenant's default; (f) in the reletting of the Leased Premisesevent any bankruptcy, providedinsolvency, howeverreorganization or other creditor-debtor proceedings shall be instituted by or against Tenant, that any such use, application or retention by Lessor of the whole its successors or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwise. In the event that Lessee shall comply with all of the terms, covenants and conditions of this Lease Agreementassigns, the Security Deposit shall be returned deemed to Lessee within thirty (30) days after Lessee has vacated be applied first to the payment of any Rent due Landlord for all periods prior to the institution of such proceedings, and surrendered the Leased Premises in accordance with the terms hereofbalance, so long as no Event if any, of Default by Lessee shall then be existing under the terms of this Lease Agreement. In the event of a sale of the Building or the Project, Lessor shall have the right to transfer the Security Deposit may be retained or paid to Landlord in partial liquidation of Landlord's damages. Provided Tenant shall not be in default of this Sublease or any provision of the purchaserPrime Lease, beyond any applicable notice and Lessor cure period hereunder, Tenant shall thereupon be released entitled to deliver to Landlord a replacement Letter of Credit in the amount and at the times set forth on EXHIBIT "D" attached hereto and incorporated herein, in a form and from all liability for the return of such Security Deposit. Lessee shall look solely to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rent.a financial institution reasonably acceptable to
Appears in 1 contract
Sources: Sublease (Partsbase Com Inc)
Security Deposit. Lessee shall pay to deposit with Lessor simultaneously with on the execution signing of this Lease Agreement a sum zero and 00/100 Dollars ($0,000.00) (the “Security Deposit”) Deposit as security defined on the Reference Page for the full and faithful performance by Lessee of each and every term, covenant and condition of this Lease Agreement. Upon an Event of Default by Lessee Lessee's obligations under this Lease Agreementlease, or if Lessee fails to perform any including without limitation, the surrender of possession of the terms, provisions and conditions of this Lease Agreement, Premises to Lessor may use, apply, or retain the whole or as herein provided. If Lessor applies any part of said deposit to cure any default of Lessee, Lessee shall on demand deposit with Lessor the Security Deposit amount so deposited for the payment of any sum due Lessor or which Lessor may expend or be required to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, applied so that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and full deposit on hand at all other remedies available to it under times during the terms Term of this Lease Agreement or otherwise. In the event that Lessee shall comply with all of the terms, covenants and conditions of this Lease Agreement, the Security Deposit shall be returned to Lessee within thirty (30) days after Lessee has vacated and surrendered the Leased Premises in accordance with the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease AgreementLease. In the event of a sale of the Building or the Projectbona fide sale, subject to this Lease, Lessor shall have the right to transfer the Security Deposit to the purchaser, vendee and Lessor shall thereupon be considered released by Lessee from all liability for the return of such Security Deposit; and Lessee agrees to look solely to the new lessor for the return of the said Security Deposit, and it is agreed that this shall apply to every transfer or assignment made of the Security Deposit to a new lessor. Accrued interest on the Security Deposit (less any portions thereof used, applied or retained by Lessor in accordance with the provisions of this Section 17), shall be paid to Lessee on an annual basis. The Security Deposit (less any portions thereof used, applied or retained by Lessor in accordance with the provisions of this Section 17), shall be returned to Lessee promptly after the expiration or sooner termination of this Lease without the fault of the Lessee and after delivery of the entire Premises to Lessor in accordance with the provisions of this Lease. Lessee covenants that it will not assign or encumber or attempt to assign or encumber the Security Deposit and Lessor shall not be bound by any such assignment, encumbrance or attempt thereof. In the event of the insolvency of Lessee or in the event of the entry of a judgment declaring Lessee insolvent or bankrupt in any court which is not discharged within sixty (60) days after entry, or in the event a petition is filed by or against Lessee under any chapter of the bankruptcy laws of the State of New Jersey or the United States of America, then and in such event Lessor may require the Lessee to deposit additional security in the amount specified in Subsection 8(E) (hereinafter called the "ADDITIONAL SECURITY DEPOSIT") to adequately assure Lessee's performance of all of its obligations under this Lease including all payments subsequently accruing. Failure of Lessee to deposit the Additional Security Deposit pursuant thereto within ten (10) days after Lessor's written demand shall constitute a default by Lessee. In lieu of a cash deposit, upon signing this Lease, Lessor agrees that Lessee may deliver to Lessor a clean, irrevocable and unconditional Letter of Credit (the "L/C") issued by and drawn upon any commercial bank chartered by the State of New York, the State of New Jersey or the United Stated Government (the "ISSUING BANK") with offices for banking purposes in the City of Hackensack or the City of New York, and having a new worth of not less than $500 million, which L/C shall have a term of not less than one year, be in form and content reasonably satisfactory in all respects to Lessor, be for the account of Lessor and be in the amount of the Security Deposit. The L/C shall provide that:
(i) The Issuing Bank shall pay to Lessor, or its duly authorized representative, an amount up to the face amount of the L/C upon presentation of the L/C and a sight draft in the amount to be drawn;
(ii) The L/C shall be deemed to be automatically renewed, without amendment, for consecutive periods of one year each during the Term of this Lease, unless the Issuing Bank sends written notice (the "NON-RENEWAL NOTICE") to Lessor by certified or registered mail, return receipt requested, not less than thirty (30) days next preceding the then expiration date of the L/C, that it elects not to have such L/C renewed;
(iii) Lessor, within twenty (20) days of its receipt of the Non-Renewal Notice, shall have the right, exercisable by a sight draft, to receive the monies represented by the L/C (which moneys shall be held by Lessor as a cash deposit pursuant to the terms of this Article pending the placement of such L/C or Lessee's default hereunder; and
(iv) Upon Lessor's sale of Lessor's interest in the Building, the L/C shall be transferable by Lessor as provided for herein. In the event of a sale of Lessor's interest in or net lease of the Building, Lessor shall have the right to transfer the cash security or L/C, as the case may be, deposited hereunder to the vendee, lessee or transferee, without cost to Lessor, and Lessor shall thereupon be released by Lessee from all liability for the return of such cash security or L/C. In such event, Lessee agrees to obtain a new L/C naming the purchaser or net lessee (as the case may be) as the beneficiary and to look solely to the new landlord for the return of such Security Deposit. If Lessee said cash security or L/C. It is agreed that the provisions hereof shall fail apply to pay Rent every transfer or other sums when due under assignment made of said case security of L/C. In the event that any time during the Term of this Lease Agreement more Lessor, in Lessor's opinion, believes (a) that the net worth of the Issuing Bank shall be less than three the minimum amount specified above or (3b) times that circumstances have occurred indicating that the Issuing Bank may be incapable of, unable to, or prohibited from honoring the then existing L/C (hereinafter referred to as the "EXISTING L/C" in any twelve accordance with the terms thereof, then, upon the happening of either of the foregoing, Lessor may send written notice to Lessee (12hereinafter referred to as the "REPLACEMENT NOTICE") month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, requiring Lessee within ten (10) days after demand by Lessorto replace the Existing L/C with a new letter or credit (hereinafter referred to as the "REPLACEMENT L/C") from an Issuing Bank meeting the qualifications described in this Section 17. Upon receipt of the Replacement L/C meeting the qualifications of this Section 17, be increased Lessor shall forthwith return the Existing L/C to an amount equal to Lessee. In the greater of event that (i) three (3) times a Replacement L/C meeting the aforesaid amount qualifications of this Section 17 is not received by Lessor within the time specified or (ii) three (3) months rentLessor believes an emergency exists, then in either event, the Existing L/C may be presented for payment by Lessor and the proceeds thereof shall be held by Lessor in accordance with this Section 17 subject, however, to Lessee's right, at any time thereafter prior to a Lessee's default hereunder, to replace such cash security with a Replacement L/C meeting the qualifications of this Section 17.
Appears in 1 contract
Sources: Lease Agreement (Goamerica Inc)
Security Deposit. Lessee 4.1 A sum @ 10% of the gross amount of the bill shall pay to Lessor simultaneously be deducted from each running bill of the contractor till the sum along with the execution sum already deposited as the ▇▇▇▇▇▇▇ money will amount to security deposit of this Lease Agreement a sum zero and 00/100 Dollars ($0,000.00) (5% of the “Security Deposit”) contract value of work. Bank guarantee will not be accepted as security for deposit.
4.2 The total security deposit shall remain with IWAI till the full completion of the contract and faithful performance by Lessee handing over of each and every termthe Survey Vessels back to IWAI or the payment of the final bill payable in accordance with agreement conditions whichever is later, covenant and condition of this Lease Agreement. Upon an Event of Default by Lessee under this Lease Agreement, provided the Engineer-in-Charge is satisfied that there is no demand outstanding against the contractor.
4.3 No interest will be paid on security deposit.
4.4 If the contractor neglects to observe or if Lessee fails to perform any of his obligations under the termscontract, provisions and conditions of this Lease Agreement, Lessor may use, apply, or retain it shall be lawful for the Employer/ EIC to forfeit either in whole or any part in part, the security deposit furnished by the contractor. However, if the contractor duly performs and completes the contract in all respects and presents in absolute "NO DEMAND CERTIFICATE” in the prescribed form, the IWAI shall refund the security deposit to the contractor after deduction of cost and expenses that the Authority may have incurred and other money including all losses and damages which the Authority is entitled to recover from the Contractor.
4.5 In case of delay in the progress of work, the Engineer- in-Charge shall issue to the contractor a memo in writing pointing out the delay in progress and calling upon the contractor to explain the causes for the delay within 3 days of receipt of the Security Deposit so deposited for memo and 10 days from issuance of memo whichever is earlier. If the Engineer-in-Charge is not satisfied with the explanations offered, he may forfeit the security deposit and / or withhold payment of any sum due Lessor pending bills in whole or which Lessor may expend in part and/ or be required get the measures of rectification of progress of work accelerated to expend by reason the pre-defined level at the risk and cost of the Lessee’s Event of Default or failure contractor. Delay due to perform including, but not limited to, any damages or deficiency Force majeure as in the reletting of the Leased Premises, provided, however, that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall clause no. 23 will not be counted for forfeiture of SD.
4.6 All compensation or be deemed to be an election other sums of remedies money payable by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it contractor under the terms of this Lease Agreement the contract or otherwiseany other contract or on any other account whatsoever, may be deducted from or paid by the sale of a sufficient part of his security or from the interest arising there from or from any sums which may be due or may become due to the contractor by the Authority on any account whatsoever. In the event that Lessee shall comply with all of the terms, covenants and conditions of this Lease Agreement, the Security Deposit shall be returned to Lessee within thirty (30) days after Lessee has vacated and surrendered the Leased Premises Also in accordance with the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease Agreement. In the event of a sale of the Building or the Project, Lessor shall have the right to transfer the Security Deposit to the purchaser, and Lessor shall thereupon be released from all liability for the return contractor’s security deposit being reduced by reasons of such Security Deposit. Lessee shall look solely to deductions or sale, as aforesaid the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit contractor shall, within ten (10) 14 days of receipt of notice of demand from the Engineer-in-Charge make good the deficit in his security deposit.
4.7 Incase the contractor fails to commence the operation after demand by Lessorhanding over of the Survey launch to him or when the contractor has defaulted for more than thirty days or when any amount is to be recovered from the contractor as penalty or deduction and the contractor fails to remit such amount even after due notice is given to him in this regard, be increased to an amount equal to ▇▇▇▇ at its own discretion may encash the greater of (i) three (3) times Bank Guarantee furnished as performance guarantee and /or recover the aforesaid amount or (ii) three (3) months rentsum from his security deposit.
Appears in 1 contract
Sources: Tender Agreement
Security Deposit. Lessee .1 The LESSEE shall pay deposit a refundable one time interest-free Security Deposit of Rs.1,52,82,000/- [Rupees One Crore Fifty Two Lakhs and Eighty Two Thousand only] equivalent to Lessor simultaneously with nine (9) months rent in the execution form of this Lease Agreement a sum zero and 00/100 Dollars ($0,000.00) (cheque at the “Security Deposit”) as security for time of signing the full and faithful performance by Lessee of each and every term, covenant and condition of this Lease AgreementDeed. Upon an Event of Default by Lessee under this Lease Agreement, On the expiry or if Lessee fails to perform any sooner determination of the termsDeed, provisions the LESSOR shall refund the deposit simultaneously on the LESSEE vacating the Demised Premises and conditions of this Lease Agreement, Lessor may use, apply, or retain handing over the whole or any part vacant peaceful possession of the Security Deposit so deposited for Demised Premises. Simultaneous refund is allowed provided there are no damages to the payment of any sum due Lessor or which Lessor may expend or be required to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Demised Premises, provided, however, that any such use, application or retention by Lessor of aside from normal wear and tear and there are no dues to the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwise. In the event that Lessee shall comply with all of the terms, covenants and conditions of this Lease Agreement, the LESSOR for various services.
.2 The Security Deposit shall be returned to Lessee within thirty (30) days after Lessee has vacated held by the LESSOR for the duration of the lease and surrendered shall immediately upon the Leased Premises in accordance with expiry or sooner termination of the lease as per the terms hereof, so long and simultaneously with the LESSEE redelivering vacant possession of the said Demised Premises to the LESSOR, be refunded by the LESSOR, to the LESSEE with any unadjusted advance rent and any other amount due to the LESSEE from the LESSOR and after deduction of any accrued and arrears of rent or other charges payable under this Deed.
.3 It is hereby expressly agreed that the LESSOR shall not be entitled to demand physical vacant possession of the Demised Premises, unless the LESSOR expresses its readiness and willingness to simultaneously refund in full in one installment the Security Deposit together with any unadjusted advance rent and any other amount due to the LESSEE from the LESSOR by demand draft.
.4 If the LESSOR fails to refund to the LESSEE the Security Deposit, any unadjusted advance rent and any other amount due to the LESSEE as no Event aforesaid, the LESSEE shall be entitled to remain in occupation and possession of Default the Demised Premises till such time as the Security Deposit is refunded with interest charges @ 15% per annum. Such staying over by Lessee the LESSEE in the Demised Premises shall then be existing not constitute a default by the LESSEE under the terms of hereof. Notwithstanding the aforesaid, it is expressly recorded and mutually agreed that this Lease Agreement. In the event of a sale of the Building clause or the Project, Lessor shall have the right to transfer the Security Deposit anything else to the purchasercontrary, does not and Lessor shall thereupon not be released from all liability for construed or deemed to extend the return duration of such Security Deposit. Lessee shall look solely to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentlease.
Appears in 1 contract
Sources: Lease Agreement (Intelligroup Inc)
Security Deposit. Lessee shall pay to Lessor simultaneously with It is agreed that Lessee, at the time of execution of this Lease Agreement a Lease, has deposited with the Lessor, and will keep on deposit at all times during the term and any extended term of this Lease, the sum zero of Thirteen Thousand Eight Hundred Sixty Three and 00/100 15/100 Dollars ($0,000.00) (the “Security Deposit”13,863.15) as security for the full and faithful performance by Lessee of each and every term, covenant and condition provision of this Lease Agreementto be performed by Lessee. Upon an Event of Default by If Lessee under this Lease Agreement, or if Lessee fails defaults with respect to perform any of the terms, provisions and conditions provision of this Lease AgreementLease, including but not limited to the provisions relating to the payment of rent, Lessor may may, without further notice to Lessee, use, apply, apply or retain the whole all or any part of the Security Deposit so deposited this security deposit for the payment of any sum due Lessor rent or any sum, in default, or for the payment of any other amount which Lessor may expend spend or become obligated to spend by reasons of Lessee's default or to compensate Lessor for any other loss or damage which Lessor may suffer by reason of Lessee's default. If any portion of said deposit is so used or applied, Lessee shall within five (5) days after written demand therefor deposit cash with Lessor in an amount sufficient to restore the security deposit to its original amount and Lessee's failure to do so shall be a material breach of this Lease. Said deposit shall not be considered as liquidated damages and if claims of Lessor exceed said deposit, Lessee shall remain liable for the balance of such claims. The Lessor shall not be required to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention by Lessor of the whole or any part of the Security Deposit keep this security deposit separate from its general funds and Lessee shall not be or be deemed entitled to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood interest on such deposit. If Lessee shall fully and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms faithfully perform every provision of this Lease Agreement or otherwise. In the event that Lessee shall comply with all of the terms, covenants and conditions of this Lease Agreementto be performed by it, the Security Deposit security deposit or any balance thereof shall be returned to Lessee within thirty sixty (3060) days after Lessee has vacated (or, at Lessor's option, to the last assignee of Lessee's interest hereunder) of the expiration of the Lease term and surrendered upon Lessee's vacation of the Leased Premises in accordance with and Lessee's performance of all provisions of the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease AgreementLease. In the event of a sale termination of the Building or the ProjectLessor's interest in this Lease, Lessor shall have the right transfer said deposit to transfer the Security Deposit Lessor's successor in interest, whereupon, Lessee agrees to the purchaser, and release Lessor shall thereupon be released from all liability for the return of such Security Deposit. Lessee shall look solely to deposit or the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentaccounting therefor.
Appears in 1 contract
Security Deposit. Lessee shall pay to 23.01 The Lessor simultaneously with herewith acknowledges the execution receipt of this Lease Agreement a sum zero Three Hundred Thousand and 00/100 Dollars ($0,000.00300,000.00), ($100,000 of which shall be in the form of an Irrevocable Standby Letter of Credit (payable upon demand) (the “Security Deposit”) in form satisfactory to Lessor. Lessor shall retain same as security for the full and faithful performance by Lessee of each all of the covenants, conditions, and every termagreements of this Lease, covenant but in no event shall the Lessor, prior to Lessor's declaration of default and the termination of this Lease, be obligated to apply the same upon rents or other charges in arrears or upon damages for the Lessee's failure to perform the said covenants, condition and agreements. The Lessor shall so apply the security upon Lessor's declaration of default and the termination of this Lease Agreementor upon any other termination of the lease. Upon an Event The Lessor's right to the possession of Default the leased premises for nonpayment of rent or for any other reason shall not in any event be affected by reason of the fact that the Lessor holds such security. Provided Lessee is not then in default under this Lease Agreement, or if Lessee fails to perform any of the terms, provisions and conditions terms of this Lease AgreementLease, Lessor may use, apply, or retain the whole or any part and further provided that no portion of the Security Deposit so deposited for said security has been applied toward the payment of any sum due rent or other charges in arrears or toward the payment of damages suffered by Lessor or which Lessor may expend or be required to expend by reason of the Lessee’s Event 's breach of Default or failure to perform includingthis Lease, but not limited to, any damages or deficiency in then upon the reletting expiration of the Leased Premises, provided, however, that any such use, application or retention by Lessor fifth (5th) year of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damagesterm hereof, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor Lessee shall have the right option, exercisable by written notice to pursue any and all Lessor, of requiring the release of $100,000 of said security (from the cash deposit), to be either refunded to Lessee or applied against Lessee's rental obligations hereunder, at Lessee's option. The balance of said security, if not applied toward the payment of rent or other remedies available to it under charges in arrears or toward the terms payment of damages suffered by the Lessor by reason of the Lessee's breach of this Lease Agreement or otherwise. In the event that Lessee shall comply with all of the termsLease, covenants and conditions of this Lease Agreement, the Security Deposit shall be released and/or returned to the Lessee within thirty (30) days after Lessee has vacated and surrendered the Leased Premises in accordance with expiration of the terms term hereof, so long as no Event of Default by provided that Lessee shall then be existing have vacated the leased premises, delivered possession to the Lessor in the condition required under the terms of this Lease AgreementLease, and shall have otherwise fully satisfied all of its obligations under this Lease. In the event of a sale that the Lessor repossesses itself of the Building leased premises because of the Lessee's default or because of the Lessee's failure to carry out the covenants, conditions and agreements of the Lease, the Lessor shall apply the said security upon all damages suffered to the date of said repossession and may retain the balance of the said security to pay upon such damages as may be suffered or shall accrue thereafter by reason of the Lessee's default or breach. The Lessor shall not be obliged to keep the said security as separate fund, but may mix the said security with its own funds. On or before ninety (90) days prior to the expiration of the initial term of this Lease (provided Lessee has not extended the term hereof) or the Projectextended term, as the case may be, if Lessor shall have the right to transfer the Security Deposit to the purchaser, and Lessor shall thereupon be released from all liability for the return of such Security Deposit. Lessee shall look solely to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due show Lessee that the unrestricted and unapplied cash portion of Lessee's security deposit is then available and shall thereafter remain available, then Lessee may apply same against rentals accruing thereafter, provided that Lessee shall not then be in default under this Lease Agreement more than three and, further provided, that Lessee shall give Lessor five (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (105) days after demand by Lessor, written notice and opportunity to cure its failure hereunder before such application may be increased permitted. Lessee hereby agrees not to an amount equal look to the greater mortgagee, as mortgagee, mortgagee in possession, or successor in title to the land of (i) three (3) times which the aforesaid amount or (ii) three (3) months rentleased premises are a part, for accountability for any security deposit required by Lessor hereunder, unless said deposit shall have actually been received by said mortgagee as security for Lessee's performance under the terms of this Lease.
Appears in 1 contract
Security Deposit. Lessee shall pay to Lessor simultaneously with Upon the execution of this Lease Agreement Lease, Lessee covenants and agrees to pay to Lessor a sum zero and 00/100 Dollars ($0,000.00) (security deposit in the “Security Deposit”) amount of $ , as security for the full and faithful performance by Lessee of each and every term, covenant and condition of this Lease Agreement. Upon an Event of Default by Lessee under this Lease Agreement, or if Lessee fails to perform any Lessee's fulfillment of the terms, provisions and conditions of this Lease Agreement, Lessor may use, apply, or retain the whole or any part of the Security Deposit so deposited for the payment of any sum due Lessor or which Lessor may expend or be required to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwiseLease. In the event that Lessee shall comply with all of the terms, covenants and conditions of this Lease Agreement, the Security Deposit shall The security deposit will be returned to Lessee within thirty (30) days after the Premises are vacated if:
a. the lease term has expired or this Lease has been terminated by both parties;
b. all monies due Lessor by Lessee have been paid; and
c. the Premises are not damaged and are left in the same condition as exists at the execution of this Lease, normal wear and tear excepted. The deposit may be applied by Lessor to satisfy all or part of Lessee's obligations, and such application shall not prevent Lessor from claiming damages in excess of the deposit. Lessee agrees not to apply the deposit to any rent payment and also agrees to pay $ for re-keying locks if all keys are not returned. Lessee acknowledges receipt of keys. In the event that any part of the deposit has vacated and surrendered the Leased Premises been used by Lessor in accordance with the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease Agreementor applicable law, Lessee shall upon demand immediately deposit with Lessor a sum equal to the amount so applied by Lessor so that Lessor shall have the full deposit on hand at all times during the Lease term including any extension, renewal or holdover term. In the event of any permitted assignment or sublease of this Lease by Lessee, the deposit shall be deemed to be held by Lessor as a sale of the Building deposit made by Lessee's assignee or the Project, Lessor shall have the right to transfer the Security Deposit to the purchasersublessee, and Lessor shall thereupon be released from all have no further liability for the to return of such Security Deposit. Lessee shall look solely deposit to the new landlord for the return of such Security Depositassignor or sublessor. If Lessee shall fail to pay Rent The foregoing notwithstanding, if Lessor is not a natural person, has used a rental agent, or other sums when due under this Lease Agreement leases more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessorrental units:
i. The security deposit shall be deposited in Escrow Account No. , be increased to an amount equal at and Prior to the greater acceptance of (i) three (3) times a security deposit, Lessor shall present Lessee with a list signed by Lessor of all damage, if any, to the aforesaid amount Premises, and Lessee, after having been given an opportunity to inspect the Premises to ascertain the accuracy of the list, shall either verify the list by signing it or (ii) three (3) months rentshall notify Lessor in writing of any items on the list to which Lessee dissents.
Appears in 1 contract
Sources: Lease Agreement
Security Deposit. (a) Lessee shall pay to Lessor has, simultaneously with the execution of this Lease Agreement a Lease, deposited with Lessor, in cash or by check subject to collection, the sum zero of eight thousand and 00/100 Dollars ($0,000.00) (the “Security Deposit”) 8,000.00). Said deposit shall be held as security for the full and faithful performance by Lessee of each and every term, covenant and condition of this Lease Agreement. Upon an Event of Default by Lessee under this Lease Agreement, or if Lessee fails to perform any of the terms, covenants, provisions and conditions of this Lease AgreementLease. It is agreed that in the event Lessee defaults in respect to any of the terms, covenants, provisions and conditions of this Lease, including (but not limited to) the payment of Base Rent or Additional Rent, and fails to cure any such defaults within applicable grace periods, Lessor may use, apply, apply or retain appropriate the whole or any part of the Security Deposit security so deposited to the extent required for the payment of any sum due Lessor Base Rent or which Lessor may expend Additional Rent or be required for the curing of any defaults by Lessee hereunder pursuant to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, Paragraph 29 hereof; provided, however, that any no such use, application application, or retention by Lessor appropriation of the whole or any part of the Security Deposit deposit shall not be or be deemed to be an election relieve Lessee of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms breach of this Lease Agreement and shall be in addition to other remedies under this Lease.
(b) Should the entire deposit or otherwise. In any portion thereof be appropriated and applied by Lessor under the event that foregoing provisions, then Lessee shall comply with all (upon the written demand of Lessor) forthwith remit to Lessor a sufficient amount in cash to restore said security to the termsoriginal sum deposited, covenants and conditions Lessee's failure to do so within ten (10) days after receipt of such demand shall itself constitute an event of default under this Lease Agreement, the Security Deposit Lease.
(c) The security deposit (less any amounts applied as provided in subsection (a) above) shall be returned to Lessee within thirty (30) days after Lessee has vacated the date fixed as the end of the Term of this Lease and surrendered delivery of entire possession of the Leased Premises in accordance with the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease Agreement. to Lessor.
(d) In the event of a sale sale, leasing or other transfer of the Building or land and building of which the ProjectLeased Premises forms a part, Lessor shall have the right to transfer the Security Deposit to the purchaser, security and Lessor shall thereupon be released by Lessee from all liability for the return of such Security Depositsecurity deposit. Lessee shall look solely to the new landlord Lessor solely for the return of said deposit. The provisions of this Paragraph 4(d) shall apply to every transfer or assignment made of the security deposit to a new Lessor.
(e) Lessee covenants that it will not assign or encumber or attempt to assign to encumber the security deposited herein and that neither Lessor nor its successors or assigns shall be bound by any such Security Deposit. If assignment, encumbrance, attempted assignment or attempted encumbrance.
(f) Lessee shall fail not be entitled to pay Rent any interest on the security deposit, and such funds need not be segregated or other sums when due held as escrow by Lessor.
(g) It is expressly understood and agreed that, in the event of any termination of this Lease or re-entry upon or reletting of the Leased Premises on account of any default on the part of Lessee under this Lease, then, and in such event, the deposit shall be retained and be subject to appropriation by Lessor until this Lease Agreement more than three (3) times in any twelve (12) month periodwould, irrespective of whether or not by its terms, have expired absent such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentdefault.
Appears in 1 contract
Sources: Assignment and Assumption of Leases (North American Vaccine Inc)
Security Deposit. Lessee Upon execution of the equipment waiver by LESSOR and its mortgagee, LESSEE shall pay to Lessor simultaneously deposit THIRTY-THREE THOUSAND ($33,000.00) DOLLARS with the execution of this Lease Agreement a sum zero and 00/100 Dollars ($0,000.00) (the “Security Deposit”) LESSOR as security for the full LESSEE'S payment of rent and faithful performance by Lessee of each and every term, covenant and condition of this Lease Agreement. Upon an Event of Default by Lessee its other obligations under this Lease Agreement, and any renewals or if Lessee fails to perform any of the terms, provisions and conditions extensions of this Lease AgreementLease, Lessor until such time as the Tenant Improvement Line of Credit between LESSEE and its lender has been fully repaid and Comdisco no longer has an option to assume this lease. If LESSEE defaults in its payment of rent or performance of its other obligations under this Lease, LESSOR may use, apply, use all or retain the whole or any part of the Security Deposit so deposited security deposit for the payment of rent or any other amount in default, or for the payment of any sum due Lessor other amount 68 that LESSOR may spend or which Lessor may expend or be required become obligated to expend spend by reason of LESSEE'S default, or for the Lessee’s Event payment to LESSOR or any other loss or damage that LESSOR may suffer by reason of Default or failure LESSEE'S default. If LESSOR so uses any portion of the security deposit, LESSEE will restore the security deposit to perform including, but its original amount within five (5) days after written demand from LESSOR. The security deposit will not limited to, any be a limitation on LESSOR'S damages or deficiency in the reletting other rights under this Lease, or a payment of the Leased Premises, provided, however, that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood or an advance of the rent. If LESSEE pays the rent and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwise. In the event that Lessee shall comply with performs all of its other obligations under this Lease, LESSOR will return the terms, covenants and conditions unused portion of this Lease Agreement, the Security Deposit shall be returned security deposit to Lessee LESSEE within thirty (30) days after Lessee has vacated and surrendered LESSEE'S surrender of the Leased Premises in accordance with the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease Agreement. In or such earlier time as provided for above, however, if LESSOR has evidence that the event of a sale security deposit has been assigned by LESSEE to an assignee of the Building or Lease, LESSOR will return the Project, Lessor shall have the right to transfer the Security Deposit security deposit to the purchaser, assignee. LESSOR shall not pledge or otherwise encumber the security deposit except in connection with an assignment of all LESSOR'S rights and Lessor shall thereupon be released from obligations under this lease and only then on the condition assignee agrees in writing to 69 recognize all liability for the return rights and privileges of such Security Deposit. Lessee shall look solely to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due LESSEE under this Lease Agreement more than three and to be bound by all terms and conditions of this LEASE. Said security deposit shall be held by LESSOR for the benefit of LESSEE in an insured (3) times in for the full amount of the deposit), interest bearing account with any twelve interest thereon paid to LESSEE on a semi-annual basis." Please have this letter executed and returned to me as soon as possible. I will then get a signed counterpart back to you. Thank you. Sincerely, /s/ Alla▇ ▇. ▇▇▇▇▇ ▇▇la▇ ▇. ▇▇▇▇▇ ▇▇▇tner ARJ:emg AGREED TO BY: LeukoSite Inc.: BY: /s/ C.S. ▇▇▇▇▇▇▇▇▇ -------------------------- President, Duly Authorized /s/ Bob ▇▇▇▇▇▇▇▇ -------------------------- Controller, Duly Authorized 70 [LOGO] Athenaeum Realty Nominee Trust: /s/ Robe▇▇ ▇. ▇▇▇▇▇ --------------------------- Robe▇▇ ▇. ▇▇▇▇▇, ▇▇ustee /s/ K. Geor▇▇ ▇▇▇▇▇▇▇▇ --------------------------- K. Geor▇▇ ▇▇▇▇▇▇▇▇, ▇▇ustee 71 EXHIBIT A "LEASED PREMISES" [GRAPHIC OMITTED] THE ATHENAEUM HOUSE 215 ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ First Floor 72 EXHIBIT A "LEASED PREMISES" [GRAPHIC OMITTED] THE ATHENAEUM HOUSE 215 ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ Second Floor 73 EXHIBIT A "LEASED PREMISES" [GRAPHIC OMITTED] THE ATHENAEUM HOUSE 215 ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ Lower Level 74 EXHIBIT B "LOT" [GRAPHIC OMITTED] THE ATHENAEUM HOUSE 215 ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ First Floor 75 EXHIBIT C Landlord and Mortgagee Waiver and Consent THIS Waiver and Consent; dated as of the _______ day of ______, 19___ made by _____________ (12) month periodthe "Landlord"), irrespective of whether or not such delinquencies have been cured, then and ________________ (the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rent."Mortgagee");
Appears in 1 contract
Sources: Sublease (Interliant Inc)
Security Deposit. Lessee shall pay to has deposited with Lessor, and Lessor simultaneously with the execution of this Lease Agreement a sum zero hereby ---------------- acknowledges receipt of, $ One Thousand Four Hundred Thirty and 00/100 80/100 Dollars ----------------------------------------------------- ($0,000.001,430.80) (the “"Security Deposit”") which shall be held by Lessor, --------- ---------------- without accrual of Interest, as security for the full and faithful performance by Lessee of each and every term, covenant and condition all of the terms of this Lease AgreementLessee and not as an advance rent deposit or a measure of Lessor's damages in the case of Lessee's default. Upon an Event of Default Such Security Deposit shall not be mortgaged, assigned, transferred or encumbered by Lessee under this Lease Agreement, or if without the express prior written consent of Lessor. If Lessee fails shall fail to perform any of the terms, provisions and conditions terms of this Lease AgreementLease, then Lessor, at its option and without prejudice to any other remedy which Lessor may usehave on account thereof, apply, or retain the whole may appropriate and apply all or any part of the Security Deposit so deposited for toward the payment of any Rent or additional sum due Lessor hereunder or which Lessor may expend to any loss or be required to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention damage sustained by Lessor due to such breach on the part of Lessee; and Lessee shall forthwith upon demand restore the whole or any Security Deposit to the original sum deposited. Any funds paid by Lessee to Lessor as part of the Security Deposit shall not be or be deemed as a deposit or advance pursuant to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement Lease, or otherwiseany exhibit, addendum or modification hereto, may be commingled with other funds of Lessor and need not be placed in trust, deposited in escrow or otherwise held in a segregated account. In the event that Should Lessee shall comply with all of the terms, covenants terms hereof and conditions promptly pay all of this Lease Agreementthe rentals and all other sums payable by Lessee to Lessor as they become due, the Security Deposit shall be returned in full to Lessee within thirty (30) 30 days after Lessee has vacated and surrendered the Leased Premises in accordance with end of the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease AgreementTerm. In the event of a sale of the Building bankruptcy or the Projectother creditor/debtor proceeding against Lessee, Lessor shall have the right to transfer the Security Deposit shall be deemed to be first applied to the purchaser, payment of Rent and other charges due Lessor shall thereupon be released from for all liability for periods prior to the return filing of such Security Depositproceedings. Lessee shall look solely to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then Lessor may deliver the Security Deposit shall, within ten (10) days after demand and any other deposit made hereunder by Lessor, be increased to an amount equal Lessee to the greater purchaser of (i) three (3) times Lessor's interest in all or any part of the aforesaid amount or (ii) three (3) months rentProject and thereupon Lessor shall be discharged from any further liability with respect to such deposit; and this provision shall also apply to any subsequent transferee of Lessor.
Appears in 1 contract
Security Deposit. A. Lessee shall pay to Lessor simultaneously shall, concurrently with the execution of this Lease, deliver to Lessor two irrevocable, unconditional Letters of Credit (individually, “Letter of Credit” and collectively, “Letters of Credit”) running in favor of Lessor and issued by a bank satisfactory to Lessor (i) one in the amount of $487,000.00 which amount is equal to four (4) months’ gross rent (Base Rent and Additional Rent) for the first year of the Lease Agreement a sum zero Term (“Lease Term Letter of Credit”) and 00/100 Dollars (ii) one in the amount of $0,000.00) 300,000.00 (the “Security DepositThree Year Letter of Credit”) as security for the full and faithful performance by Lessee of each and every term, provision, covenant and condition of this Lease. The Lease AgreementTerm Letter of Credit and the Three Year Letter of Credit shall be renewed no less than thirty (30) days prior to the expiration date, and the amount of (i) the Lease Term Letter of Credit shall be increased to an amount equal to four (4) months’ gross rent for the upcoming year of the Lease Term and (ii) the Three Year Letter of Credit shall be reduced by $100,000.00 at the end of the first year of the Lease and then reduced by another $100,000.00 at the end of the second year of the Lease and then shall not be required to be provided to Lessor at the end of the third year of the Lease. Upon Notwithstanding the foregoing, the reduction in the amount of the Three Year Letter of Credit and the elimination of the Three Year Letter of Credit as set forth in the foregoing sentence is contingent upon an Event of Default by Lessee under this Lease Agreement, or if Lessee fails to perform not having occurred at any time during the first three years of the terms, provisions and conditions Lease. If an Event of this Lease AgreementDefault occurs at any time during the term of the Lease, Lessor may draw on either or both the Lease Term Letter of Credit or the Three Year Letter of Credit (unless it has been properly eliminated as provided for herein) and use, apply, apply or retain the whole or any part of the Security Deposit so deposited proceeds thereof for the payment of any sum then due Lessor hereunder or which Lessor may expend or be required to expend by reason of the Lessee’s Event of Default or failure to perform breach including, but not limited towithout limitation, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any whether such use, application damages or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor deficiency shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement accrued before or otherwiseafter re entry by Lessor. In the event that If Lessee shall fully and faithfully comply with all of the terms, provisions, covenants and conditions of this Lease AgreementLease, the Security Deposit Lease Term Letter of Credit or the Three Year Letter of Credit (unless it has been properly eliminated as provided for herein), less any draws made thereon, shall be returned to Lessee within thirty after all of the following have occurred: (30a) days after the time fixed as the expiration of the Lease Term; (b) the removal of Lessee has vacated and surrendered from the Leased Premises; (c) the surrender of the Premises by Lessee to Lessor in accordance with the terms hereof, so long as no Event this Lease; and (d) final determination of Default all amounts payable by Lessee hereunder and payment of same. In the absence of evidence satisfactory to Lessor of an assignment of the right to receive the Lease Term Letter of Credit or the Three Year Letter of Credit (unless it has been properly eliminated as provided for herein), or the remaining balance thereof, Lessor may return the Lease Term Letter of Credit or the Three Year Letter of Credit (unless it has been properly eliminated as provided for herein) to Lessee, regardless of one or more assignments of this Lease.
B. The Lease Term Letter of Credit and the Three Year Letter of Credit shall then be existing under in the form attached hereto as Exhibit C
C. In the event the issuing bank elects not to renew the Lease Term Letter of Credit or the Three Year Letter of Credit, or if Lessor draws on the Lease Term Letter of Credit or the Three Year Letter of Credit, Lessee shall provide Lessor with a substitute Letter of Credit in the amount of the Security Deposit and which meets all of the criteria contained herein. The form and terms of this Lease Agreement. the Letters of Credit shall be acceptable to Lessor in all respects and shall provide, among other things, in effect that:
a. Lessor, its beneficiary, or its then managing agent shall have the right to draw down an amount up to the face amount of the Letters of Credit upon the presentation to the issuing bank of a sight draft only.
b. The Letters of Credit will be honored by the issuing bank without inquiry as to the accuracy thereof and regardless of whether the Lessee disputes the content of such statement.
c. In the event of a sale transfer of Lessor’s interest in the Building or the ProjectPremises, Lessor shall have the right to transfer the Security Deposit Letters of Credit to the purchasertransferee and thereupon the Lessor shall, and Lessor shall thereupon without any further agreement between the parties, be released by Lessee from all liability for therefor, and it is agreed that the return provisions hereof shall apply to every transfer or assignment of such Security Depositsaid Letters of Credit to a new Lessor. Lessee shall look solely to If, as a result of any draw on either of the new landlord for Letters of Credit, the return amount of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall be reduced, Lessee shall, within ten (10) days after demand by Lessorthereafter, be increased to provide Lessor with additional letter(s) of credit in the form required hereunder in an amount equal to the greater deficiency so that the letter(s) of credit shall be in the aggregate amount of the Security Deposit. Without limiting the generality of the foregoing, if either of the Letters of Credit expire earlier than sixty (60) days after the expiration of the Term of this Lease, or the issuing bank notifies Lessor that it shall not renew the Letter of Credit, Lessor will accept a renewal thereof or substitute Letter of Credit (such renewal or substitute Letter of Credit to be in effect not later than thirty (30) days prior to the expiration of the original Letter of Credit), irrevocable and automatically renewable as above provided to sixty (60) days after the end of the Term of this Lease upon the same terms as the expiring Letter of Credit or such other terms as may be acceptable to Lessor. However, (i) three (3) times if the aforesaid amount Letters of Credit are not timely renewed or a substitute Letter of Credit is not timely received, (ii) three or if Lessee fails to maintain the Letters of Credit in the amount and terms set forth in this ▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇, at least thirty (330) months rentdays prior to the expiration of the Letters of Credit, or immediately upon its failure to comply with each and every term of this Paragraph 48 must deposit with Lessor cash or a substitute Letter of Credit from a bank as financial institution acceptable to Lessor in the amount of the Security Deposit required by this Lease. The cash or Letter of Credit shall to be held subject to and in accordance with, all of the terms and conditions set forth in Paragraph 48.a. or this Paragraph 48.b. In the event Lessee does not deposit with the substitute Letter of Credit, the Lessor may present such Letter of Credit to the issuing bank, in accordance with the terms of this Paragraph 48 and the entire sum secured thereby shall be paid to Lessor, to be held by Lessor as the Security Deposit.
Appears in 1 contract
Sources: Building and Ground Lease (Phoenix Container, Inc.)
Security Deposit. Lessee shall pay to deposit with Lessor simultaneously with on the execution signing of this Lease Agreement a sum zero and 00/100 Dollars ($0,000.00) (Lease, the “Security Deposit”) Deposit as security defined in the Preamble for the full and faithful performance by Lessee of each and every term, covenant and condition of this Lease Agreement. Upon an Event of Default by Lessee Lessee’s obligations under this Lease AgreementLease, or if Lessee fails to perform any including without limitation, the surrender of possession of the terms, provisions and conditions of this Lease Agreement, Premises to Lessor may use, apply, or retain as herein provided. Lessor shall not be required to maintain the whole or Security Deposit in a separate account. If Lessor applies any part of the said Security Deposit to cure any default of Lessee, Lessee shall, on demand, deposit with Lessor the amount so deposited for the payment of any sum due Lessor or which Lessor may expend or be required to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, applied so that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and full Security Deposit on hand at all other remedies available to it under times during the terms Term of this Lease Agreement or otherwiseLease. In the event that Lessee shall comply with all of the termsa bona fide sale, covenants and conditions of subject to this Lease Agreement, the Security Deposit shall be returned to Lessee within thirty (30) days after Lessee has vacated and surrendered the Leased Premises in accordance with the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease Agreement. In the event of a sale of the Building or the ProjectLease, Lessor shall have the right to transfer the Security Deposit to the purchaservendee, and Lessor shall thereupon be considered released by Lessee from all liability for the return of such the Security Deposit. ; and Lessee shall agrees to look solely to the new landlord lessor for the return of such the Security Deposit, and it is agreed that this shall apply to every transfer or assignment made of the Security Deposit to the new lessor. If Provided this Lease is not in default, the Security Deposit (less any portions thereof used, applied or retained by Lessor in accordance with the provisions of this Article 16), shall be returned to Lessee within thirty (30) days after the expiration or sooner termination of this Lease and after delivery of the entire Premises to Lessor in accordance with the provisions of this Lease. Lessee covenants that it will not assign or encumber or attempt to assign or encumber the Security Deposit and Lessor shall fail not be bound by any such assignment, encumbrance or attempt thereof. In the event of the insolvency of Lessee, or in the event of the entry of a judgment in any court against Lessee which is not discharged within ninety (90) days after entry, or in the event a petition is filed by or against Lessee under any chapter of the bankruptcy laws of the State of New Jersey or the United States of America, then in such event, Lessor may require the Lessee to pay Rent or other sums when due deposit additional security in an amount which in Lessor’s sole judgment would be sufficient to adequately assure Lessee’s performance of all of its obligations under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective including all payments subsequently accruing. Failure of whether or not such delinquencies have been cured, then Lessee to deposit the Security Deposit shall, security required by this Article 16 within ten (10) days after Lessor’s written demand shall constitute a material breach of this Lease by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentLessee.
Appears in 1 contract
Sources: Lease Agreement (Silicom Ltd.)
Security Deposit. Lessee shall pay provide Lessor with a security deposit in the aggregate amount of USD$ 139,000 (the "SECURITY DEPOSIT") to Lessor simultaneously with be paid as set forth herein as security for the timely and faithful performance by Lessee of all of Lessee's obligations under this Lease. Prior to the execution of this Lease Agreement Agreement, Lessee shall have provided to Lessor a sum zero good faith cash deposit in the amount of USD$ 50,000. Upon the execution and 00/100 Dollars ($0,000.00) (delivery by Lessor and Lessee of this Agreement, Lessee shall provide to Lessor an additional cash deposit of USD$ 89,000. Lessee hereby creates and grants to Lessor and to ING a lien on and security interest in all monies, securities, accounts, and investments from time to time comprising the “Security Deposit”) , as security for the full and faithful timely payment and performance of its obligations hereunder and under the other Lease Documents and the Other Leases. Lessee agrees to execute and file with the appropriate governmental entities any and all documents necessary or reasonably requested by Lessee Lessor to evidence and perfect such security assignment in favor of each and every term, covenant and condition of this Lease AgreementLessor. Upon an Event of Default by Lessee under this Lease Agreement, or if If Lessee fails to pay Rent hereunder when due or to pay any other sums due or to perform any of the terms, other terms and provisions and conditions of this Lease, any other Lease AgreementDocument or any Other Lease, or is otherwise in default hereunder or thereunder, in addition to all other rights Lessor or ING shall have hereunder or under applicable law, Lessor or ING may use, apply, apply or retain the whole or all of any part portion of the Security Deposit so deposited in partial payment for the payment sums due to Lessor or ING by Lessee, to compensate Lessor or ING for any sums it may in its discretion advance as a result of a default by Lessee or to apply toward losses or expenses Lessor or ING may suffer or incur as a result of Lessee's default hereunder or otherwise in satisfaction of Lessee's obligations. If Lessor or ING uses or applies all of any sum due Lessor or which Lessor may expend or be required to expend by reason portion of the Lessee’s Event of Default or failure to perform includingsuch Security Deposit, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election a cure of remedies by Lessor or viewed as liquidated damagesany Defaults, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwise. In the event that Lessee shall comply with all of the terms, covenants and conditions of this Lease Agreement, the Security Deposit shall be returned to Lessee within thirty five (305) days after Lessee has vacated and surrendered the Leased Premises written demand therefor provide ING with an additional cash deposit in accordance with the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease Agreement. In the event of a sale of the Building or the Project, Lessor shall have the right an amount sufficient to transfer restore the Security Deposit to the purchaserUSD$ 139,000 and otherwise issued on such terms as are approved by Lessor and failure of Lessee to do so shall be a material breach of this Lease by Lessee. Provided no Default shall have occurred, and Lessor shall thereupon be released from all liability for the return of such Security Deposit, less only those costs directly incurred by Lessor in connection with the termination of the Lease or return of the Aircraft, which cost by the terms hereof are the obligation of Lessee or for the account of Lessee, shall be terminated and released by Lessor upon Lessee's return of the Aircraft at the end of the Lease Term in compliance with Clause 15 hereof. Lessee shall look solely not be entitled to the new landlord for the return of such any interest earned on any Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rent.
Appears in 1 contract
Sources: Lease Agreement (Pan Am Corp /Fl/)
Security Deposit. Lessee shall pay to Lessor simultaneously with Within three (3) business days of the execution of this Lease Agreement a sum zero Sublease, Subtenant shall deliver to Sublandlord Twenty Five Thousand and 00/100 Dollars ($0,000.0025,000.00) (the “Security Deposit”) as security for the full and faithful performance by Lessee of each and every term, covenant and condition ). If Subtenant defaults with respect to any provision of this Lease Agreement. Upon an Event Sublease beyond any applicable notice and cure period, including but not limited to the provisions relating to the payment of Default by Lessee under this Lease AgreementRent, or if Lessee fails to perform any of the termsSublandlord may, provisions and conditions of this Lease Agreementin Sublandlord’s discretion, Lessor may use, apply, apply or retain the whole all or any part of the Security Deposit so deposited for the payment of any Rent, or any other sum due Lessor in default beyond any applicable notice and cure period, or for the payment of any other amount which Lessor Sublandlord may expend spend or be required become obligated to expend spend by reason of the LesseeSubtenant’s Event default beyond any applicable notice and cure period, or to compensate Sublandlord for any other loss or damage which Sublandlord may suffer by reason of Default or failure to perform including, but not limited to, Subtenant’s default beyond any damages or deficiency in the reletting applicable notice and cure period. If any portion of the Leased PremisesDeposit is so used, providedapplied, howeveror retained, that any such use, application or retention by Lessor of the whole or any part of the Security Deposit Subtenant shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwise. In the event that Lessee shall comply with all of the terms, covenants and conditions of this Lease Agreement, the Security Deposit shall be returned to Lessee within thirty (30) days after Lessee has vacated and surrendered the Leased Premises in accordance with the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease Agreement. In the event of a sale of the Building or the Project, Lessor shall have the right to transfer the Security Deposit to the purchaser, and Lessor shall thereupon be released from all liability for the return of such Security Deposit. Lessee shall look solely to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) business days after written demand by Lessor, be increased to deposit funds with Sublandlord in an amount equal sufficient to restore the Deposit to its original amount. Sublandlord shall not be required to keep the Deposit separate from its general funds, and Subtenant shall not be entitled to interest on the Deposit. The Deposit shall not be deemed a limitation on Sublandlord’s damages or a payment of liquidated damages or a payment of the Rent due for the last month of the Term (as may be extended). Sublandlord may deliver the Deposit to the greater purchaser of the Premises if the Premises are sold, and after such time, Sublandlord will have no further liability to Subtenant with respect to the Deposit. Within the earlier of (ia) three (3) times business days subsequent to Sublandlord’s inspection of the aforesaid amount Premises upon the expiration or earlier termination of this Sublease, and (iib) three ten (310) months rentbusiness days after the expiration or earlier termination of this Sublease, any portion of the Deposit which is not used, applied or retained as set forth hereunder shall be remitted to Subtenant.
Appears in 1 contract
Sources: Asset Purchase Agreement (Medicine Man Technologies, Inc.)
Security Deposit. Lessee shall pay to Lessor simultaneously with the Upon execution of this Lease Agreement Contract, LESSEE shall provide LESSOR with a sum zero security deposit in cash in an amount specified in Annex "A" to answer and 00/100 Dollars ($0,000.00) (the “Security Deposit”) stand as security for the full proper and faithful due performance by Lessee of each all of LESSEE's obligations under this Contract. The existence of such security, however, does not and every termshall not excuse LESSEE's non-payment of rent or of any other sum required to be paid hereunder on the due date specified therefor. The security deposit or any balance thereof shall be returned to LESSEE, covenant and condition without interest, within sixty (60) days after the expiration of the term of this Lease Agreementlease, and after LESSEE shall have completely and satisfactorily vacated and delivered, the Leased Premises to LESSOR, less whatever amounts LESSEE may owe LESSOR or which LESSOR may apply against the security deposit as provided hereunder. Upon an Event of Default by Lessee under this Lease AgreementIt shall be understood, or if Lessee fails to perform any however, that the application of the terms, provisions and conditions security deposit against any unpaid obligations of this Lease Agreement, Lessor may use, apply, or retain LESSEE shall be effected only at the whole or any part termination of the Security Deposit so deposited for lease. LESSOR shall, notwithstanding the payment of any sum due Lessor or which Lessor may expend or be required to expend by reason delivery of the Lessee’s Event Leased Premises to LESSOR by LESSEE, have the right to withhold any portion of Default the security deposit until LESSOR shall have received statements of account from utility companies supplying telephone, water, electric power or failure public utility services to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, providedcovering the period ending on the date LESSEE shall have completely vacated and delivered the Leased Premises to LESSOR. The amount withheld shall answer for such payment and the remaining amount shall be returned to LESSEE without interest. Likewise, howevershould LESSEE have any other obligation which remains due and unpaid under any other contract with LESSOR, that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor LESSOR shall have the right to pursue any and all other remedies available to it under apply the terms amount of this Lease Agreement or otherwise. In these unpaid obligations against the event that Lessee shall comply with all security deposit in settlement thereof, upon the termination of the terms, covenants and conditions of this Lease Agreement, the Security Deposit shall be returned to Lessee within thirty (30) days after Lessee has vacated and surrendered the Leased Premises in accordance with the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease Agreement. In the event of a sale of the Building or the Project, Lessor shall have the right to transfer the Security Deposit to the purchaser, and Lessor shall thereupon be released from all liability for the return of such Security Deposit. Lessee shall look solely to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentlease.
Appears in 1 contract
Sources: Lease Agreement (Epixtar Corp)
Security Deposit. Lessee shall pay to Lessor simultaneously with To secure the execution of this Lease Agreement a sum zero and 00/100 Dollars ($0,000.00) (the “Security Deposit”) as security for the full and faithful performance by Lessee Tenant of each all the covenants, conditions and every term, covenant and condition of agreements in this Lease Agreement. Upon set forth and contained on the part of the Tenant to be fulfilled, kept, observed and performed, including, but without limiting the generality of the foregoing, such covenants, conditions and agreements in this Lease which become applicable upon the expiration or termination of the same or upon termination of Tenant’s right to possession pursuant to Section 18.0 of the Lease, Tenant has deposited herewith the Security Deposit with Landlord on the understanding: (a) that the Security Deposit or any portion thereof not previously applied, or from time to time such other portions thereof, may be applied to the curing of any default that may then exist, without prejudice to any other remedy or remedies which the Landlord may have on account thereof, and upon such application Tenant shall pay Agent on demand the amount so applied which shall be added to the Security Deposit so the same may be restored to its original amount; (b) that should the Leased Premises be conveyed by Landlord, the Security Deposit or any portion thereof not previously applied may be turned over to Landlord’s grantee, as the case may be, and if the same be turned over as aforesaid (and acknowledged in a written notice to Tenant from such grantee), the Tenant hereby releases the transferring Landlord from any and all liability with respect to the Security Deposit and/or its application or return, and the Tenant agrees to look to such grantee, as the case may be, for such application or return; (c) that Landlord or its successor shall not be obligated to hold said Security Deposit as a separate fund, but on the contrary may commingle the same with its other funds; (e) that if an Event of Default by Lessee is not then occurring, the sum deposited or the part or portion thereof not previously applied shall be returned to the Tenant without interest no later than the date which is thirty (30) following: (1) the date Tenant has vacated the Leased Premises and surrendered possession thereof to the Landlord; and (2) Tenant has fulfilled its obligations under this Lease AgreementSections 17.0 and 17.1 (provided, or if Lessee fails to perform any of the terms, provisions and conditions of this Lease Agreement, Lessor however that Landlord may use, apply, or retain the whole or any part such unapplied portion of the Security Deposit so deposited for the as Landlord deems reasonably necessary to secure Tenant’s payment of any sum due Lessor post-Term adjustments to Impositions, Common Area Maintenance Charges or which Lessor other similar estimated payments made during the Term); (f) in the event that Landlord terminates the Lease or Tenant’s right to possession pursuant to Section 18.0 of this Lease, Agent may expend apply the Security Deposit against all damages suffered to the date of such termination and/or may retain the Security Deposit to apply against such damages as may be suffered or be required to expend shall accrue thereafter by reason of Tenant’s default, and notwithstanding the Lessee’s Event of Default or failure foregoing, if Tenant fails to perform including, but not limited to, any damages or deficiency in the reletting reimburse Landlord for repair and resurfacing of the Leased Premises, provided, however, that any such use, application or retention by Lessor of the whole or any part of Tenant’s Storage Area in accordance with Section 17.0 then Landlord may apply the Security Deposit shall not be or be deemed towards such costs; and (g) subject to be an election of remedies by Lessor or viewed as liquidated damagesApplicable Laws, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwise. In in the event that Lessee any bankruptcy, insolvency, reorganization or other credit-debtor proceedings shall comply with all of the termsbe instituted by or against Tenant, covenants and conditions of this Lease Agreementor its successors or assigns, the Security Deposit shall be returned deemed to Lessee within thirty (30) days after Lessee has vacated be applied first to the payment of any rents and/or other charges due Landlord for all periods prior to the institution of such proceedings, and surrendered the Leased Premises in accordance with the terms hereofbalance, so long as no Event if any, of Default by Lessee shall then be existing under the terms of this Lease Agreement. In the event of a sale of the Building or the Project, Lessor shall have the right to transfer the Security Deposit may be retained or paid to the purchaser, and Lessor shall thereupon be released from all liability for the return Landlord in partial liquidation of such Security Deposit. Lessee shall look solely to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentLandlord’s damages.
Appears in 1 contract
Sources: Membership Interest Purchase and Sale Agreement (Global Power Equipment Group Inc.)
Security Deposit. (a) Lessee shall pay to has deposited with Lessor simultaneously with the execution of this Lease Agreement a sum zero and 00/100 Dollars ($0,000.00) security deposit (the “Security Deposit”) stated in Section 3(d) of this Lease. The Deposit shall be held by Lessor without liability for interest as security for the full and faithful performance by Lessee of each and every term, covenant and condition of this Lease Agreement. Upon an Event of Default by Lessee under this Lease Agreement, or if Lessee fails to perform any of the terms, provisions and conditions of this Lease Agreement, Lessor may use, apply, or retain the whole or any part of the Security Deposit so deposited for the payment of any sum due Lessor or which Lessor may expend or be required to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement to be observed and performed by Lessee. The Deposit shall not be mortgaged, assigned, transferred or otherwiseencumbered by Lessee without the written consent of Lessor and any such act on the part of Lessee shall be without force and effect and shall not be binding upon Lessor. Lessor shall not be required to keep the Deposit separate from its general funds. In the event that of termination of Lessor’s interest in this Lease, Lessor shall transfer the Deposit to Lessor’s successor in interest.
(b) If any of the rents herein reserved or any other sum payable by Lessee to Lessor shall be overdue and unpaid or should Lessor make payments on behalf of the Lessee, or should Lessee fail to perform any of its obligations under this Lease, then Lessor may, at its option, and without prejudice to any other remedy which Lessor may have on account thereof, appropriate and apply the entire Deposit or so much thereof as may be necessary to compensate Lessor for the non-payment of rent or additional rent, or for the loss or damage sustained by Lessor due to Lessee’s breach. Lessee shall then immediately upon demand restore the Deposit to the original amount deposited. Should Lessee comply with all of the terms, covenants and conditions terms of this Lease Agreementincluding payment of all of the rentals as they fall due hereunder and all other sums payable by Lessee to Lessor, the Security Deposit shall be returned to Lessee within thirty at the end of the Term; or, at Lessor’s option, to the last assignee of Lessee’s interest hereunder.
(30c) days after Lessee has vacated and surrendered the Leased Premises in accordance with the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease Agreement. In the event of a sale of bankruptcy or other credit-debtor proceedings against Lessee, the Building or the Project, Lessor Deposit shall have the right be deemed to transfer the Security Deposit be applied first to the purchaser, payment of rent and other charges due Lessor shall thereupon be released from for all liability for periods prior to the return filing of such Security Deposit. Lessee shall look solely proceedings.
(d) The Deposit is not to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months considered pre-paid rent.
Appears in 1 contract
Sources: Lease (Adeptpros Inc)
Security Deposit. Lessee shall pay to Lessor simultaneously with 4.1 Landlord acknowledges that Landlord has received from Tenant the execution sum of this Lease Agreement a sum zero and 00/100 $ 7,527 Dollars ($0,000.00) (the “Security Deposit”) as security for the full payment of rents and faithful the performance by Lessee of each and every term, covenant and condition of this Lease Agreement. Upon an Event of Default by Lessee under this Lease Agreement, or if Lessee fails to perform any observance of the terms, provisions agreements and conditions of this Lease Agreement, Lessor may use, apply, or retain hereof on the whole or any part of the Security Deposit so deposited for the payment of any sum due Lessor or which Lessor may expend or be required to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed Tenant to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood performed and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwise. In the event that Lessee shall comply with all of the terms, covenants and conditions of this Lease Agreement, the Security Deposit shall be returned to Lessee within thirty (30) days after Lessee has vacated and surrendered the Leased Premises in accordance with the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease Agreementobserved. In the event of a sale any default or defaults in such payment, performance or observance Landlord may apply said sum or any part thereof towards the curing of any such default or defaults and/or towards compensating Landlord for any loss arising from any such default or defaults. Upon the yielding up of the Building Premises at the expiration or other termination of the term of this Lease, if Tenant shall not then be in default or otherwise liable to Landlord, said sum or the Project, Lessor unapplied balance thereof shall be returned to Tenant within Thirty (30) Days of the such termination. It is understood and agreed that Landlord shall always have the right to apply said sum, or any part thereof, as aforesaid, in the event of any such default or defaults, without prejudice to any other remedy or remedies which Landlord may have, or Landlord may pursue any such remedy or remedies in lieu of applying said sum or any part thereof. No interest shall be payable on said sum or any part thereof. If Landlord shall apply said sum or any part thereof as aforesaid, Tenant shall upon demand pay to Landlord the amount so applied by Landlord, to restore the security deposit to its original amount. Whenever the holder of Landlord's interest in this lease, whether it be the Landlord named in this lease or any transferee of said Landlord, immediate or remote, shall transfer its interest in this lease, said holder shall turn over to its transferee said sum or the Security Deposit to the purchaserunapplied balance thereof, and Lessor thereafter such holder shall thereupon be released from any and all liability to Tenant with respect to said sum or its application or return; it being understood that Tenant shall thereafter look only to such transferee with respect to said sum, its application and return. The holder of any mortgage on the Entire Premises which includes the Premises shall never be responsible to Tenant for the return of said sum unless such Security Deposit. Lessee sum shall look solely to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies actually have been cured, then the Security Deposit shall, within ten (10) days after demand received in hand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentsuch holder.
Appears in 1 contract
Security Deposit. Lessee shall pay to Lessor simultaneously with the Upon execution of this Lease Agreement a sum zero Lease, Lessee has deposited with Lessor the following sum: Eleven Thousand Dollars and 00/100 no/100ths Dollars ($0,000.00) (the “Security Deposit”) 11,000.00), receipt of which is hereby acknowledged by Lessor. Said sum shall be held by Lessor as security for the full and faithful performance by of Lessee of each and every term, covenant and condition of this Lease Agreement. Upon an Event of Default by Lessee under this Lease Agreement, or if Lessee fails to perform any of all the terms, provisions covenants and conditions of this Lease Agreement, Lessor may use, applyby said Lessee to be kept and performed during the term hereof. If at any time during the term of this Lease any of the rent herein reserved, or retain any other sum payable by Lessee to Lessor hereunder, shall be overdue and unpaid, then Lessor may, at the whole or option of Lessor, (but Lessor shall not be required to) appropriate and apply any part portion of the this Security Deposit so deposited for to the payment of any sum due Lessor such overdue rent or which Lessor may expend or be required to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwisesum. In the event that of the failure of Lessee shall comply with to keep and perform all of the terms, covenants and conditions of this Lease Agreementto be kept and performed by Lessee, then at the option of Lessor, the Lessor may, after terminating this Lease, appropriate and apply the entire Security Deposit, or so much thereof as may be necessary, to compensate Lessor for all loss or damage sustained or suffered by Lessor, due to such breach on the part of Lessee. Should the entire Security Deposit, or any portion thereof, be appropriated and applied by Lessor for the payment of overdue rent or other sums due and payable to Lessor by Lessee hereunder, the Lessee shall, upon the written demand of Lessor, forthwith remit to Lessor a sufficient amount in cash to restore said Security Deposit to the original sum, and Lessee's failure to do so within five (5) days after receipt of such demand shall constitute a breach of this Lease. Should Lessee comply with all of said terms, covenants and conditions and promptly pay all of the rental herein provided for as it falls due, and all other sums payable by Lessee to Lessor hereunder, said Secirity Deposit shall be returned in full to Lessee within thirty (30) days after Lessee has vacated and surrendered at the Leased Premises in accordance with end of the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms term of this Lease Agreementor upon the earlier termination of this Lease under the provisions of Paragraph 18 hereof. Lessee acknowledges that this Security Deposit is not prepaid rent and shall not be applied by Lessee to the payment of any rent due Lessor herein. No interest shall be paid on this Security Deposit by Lessor to Lessee. In the event of a sale of the Building or the Projectthat Lessor transfers said Security Deposit to Lessor's successor in interest, Lessor shall have the right be discharged from any further liability with respect to transfer the Security Deposit to the purchaser, and Lessor shall thereupon be released from all liability for the return of such Security Deposit. Lessee shall look solely to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rent.
Appears in 1 contract
Security Deposit. Lessee shall pay to has deposited with Lessor simultaneously with the execution sum of this Lease Agreement a sum zero Thirteen Thousand Four Hundred and 00/100 Dollars ($0,000.0013,400.00) (the “Security Deposit”) Dollars as security for the full and faithful performance and observance by Lessee of each and every termall the covenants, covenant and condition of this Lease Agreement. Upon an Event of Default by Lessee under this Lease Agreement, or if Lessee fails to perform any of the terms, provisions and conditions of this Lease Agreementherein contained to be performed and observed by Lessee, and Lessor may use, apply, or retain the whole or any part of said security to the Security Deposit so deposited extent required for the payment of any rent or any sum due Lessor or as to which Lessor may expend or be required Lessee is in the default in respect to expend by reason any of the Lessee’s Event of Default or failure to perform includingcovenants, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwise. In the event that Lessee shall comply with all of the terms, covenants and or conditions of this Lease AgreementLease. Said sum, the Security Deposit without interest, or any balance thereof, shall be returned to Lessee within thirty (30) days after Lessee has vacated and surrendered the Leased Premises in accordance with time fixed as the terms hereof, so long as no Event expiration of Default by the Lease provided that Lessee shall then have fully performed all of said covenants, terms and conditions. It is agreed that said security is not an advance payment of, or on account of the rent herein reserved, or any part of settlement thereof, or a measure of Lessor's damages, and in no event, shall Lessee be existing under entitled to a return or particular application of said sum or any part thereof, until the terms end of the term hereby granted. If, as a result of any default by Lessee, Lessor shall apply any part of said security deposit toward damages, prior to the expiration of this Lease AgreementLease, Lessee shall promptly pay the amount so applied to Lessor so that said security deposit amount shall remain constant. In the event of a sale of the Building or the Projectdemised premises, Lessor shall have the right to transfer the Security Deposit security to the purchaser, Purchaser and Lessor shall thereupon be released from all liability for the return of such Security Deposit. Lessee shall look solely to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentsecurity.
Appears in 1 contract
Sources: Lease (Batteries Batteries Inc)
Security Deposit. Lessee shall pay to Lessor simultaneously with the execution Upon delivery of this Lease Agreement to Lessor, Lessee shall deposit the above stated amount with Lessor as a sum zero security deposit for, at Lessor’s option, (1) application toward payment for repairs to the Premises not due to normal wear and 00/100 Dollars ($0,000.00) (tear upon Lessor’s determining the “Security Deposit”) as security need for repairs, during the full and faithful performance by Lessee of each and every termLease Term, covenant and condition to restore the Premises after damage attributable to Lessee’s acts or failure to repair under the provisions for this Lease, or upon expiration or early termination of this Lease Agreement. Upon an Event of Default by Lessee under this Lease AgreementLease, or if Lessee fails to perform any of the termsor, provisions and conditions of this Lease Agreement, Lessor may use, apply, or retain the whole or any part of the Security Deposit so deposited (2) for the application toward payment of any sum due rental payments in default. If said deposit shall have been applied as provided herein, Lessee shall, upon 10 days written notice from Lessor, deposit sufficient money to restore the said fund to its original amount. Any balance in said security deposit account shall be remitted to Lessee upon expiration or earlier termination of this Lease. Said deposit account shall be a non-interest bearing account and Lessor or which Lessor may expend or be required to expend by reason of the Lessee’s Event of Default or failure to perform includingmay, but not limited toat its option, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any commingle such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, funds with its other assets. Lessor shall have the right to pursue any transfer, assign and convey, in whole or in part, the Premises together with all other remedies available to it of its rights under the terms of this Lease Agreement or otherwise. In Lease, and in the event Lessor assigns its rights hereunder together with Lessor right to the deposit described herein, Lessee agrees to look solely at such successor in interest of the Lessor for performance of such obligations; provided, however, Lessor shall not be released from liability regarding any claims or cause of action existing prior to the date of transfer, assignment or conveyance as provided hereinabove, and further provided that Lessee shall comply with all not be disturbed in its occupancy of the terms, covenants and conditions of this Lease Agreement, the Security Deposit shall be returned to Lessee within thirty (30) days after Lessee has vacated and surrendered the Leased Premises in accordance with the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease Agreement. In the event of a sale of the Building or the Project, Lessor shall have the right to transfer the Security Deposit to the purchaser, and Lessor shall thereupon be released from all liability for the return of such Security Deposit. Lessee shall look solely to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due is not in default under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentLease.
Appears in 1 contract
Sources: Lease Agreement (Accuride Corp)
Security Deposit. Lessee shall pay to Lessor simultaneously with the execution of this Lease Agreement a sum zero that is equal to Nineteen Thousand One Hundred Sixty Six Dollars and 00/100 Dollars Sixty Seven/100's ($0,000.0019,166.67) (the “"Security Deposit”") as security for the full and faithful performance by Lessee of each and every term, covenant and condition of this Lease Agreement. Lessor shall deposit the Security Deposit in an interest bearing account with a banking institution having federally insured deposits. Upon an Event of Default by Lessee under this Lease Agreement, or if Lessee fails to perform any of the terms, provisions and conditions of this Lease Agreement, Lessor may use, apply, or retain the whole or any part of the Security Deposit so deposited for the payment of any sum due Lessor or which Lessor may expend or be required to expend by reason of the Lessee’s 's Event of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwise. In the event that Lessee shall comply with all of the terms, covenants and conditions of this Lease Agreement, the Security Deposit shall be returned to Lessee within thirty (30) days after Lessee has vacated and surrendered the Leased Premises in accordance with the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease Agreement. In the event of a sale of the Building or the Project, Lessor shall have the right to transfer the Security Deposit to the purchaser, and Lessor shall thereupon be released from all liability for the return of such Security Deposit. Lessee shall look solely to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rent.
Appears in 1 contract
Security Deposit. Lessee shall pay to Lessor simultaneously (a) Tenant, concurrently with the execution of this Lease Agreement Lease, shall deliver to Landlord a sum zero letter of credit in the amount of $1,080,714.00 and 00/100 Dollars ($0,000.00) meeting the criteria of Exhibit “G” (the “Security DepositLetter of Credit”) as security for the full payment by Tenant of the Rent herein agreed to be paid and for the faithful performance by Lessee of each and every term, covenant and condition of the covenants contained in this Lease AgreementLease. Upon If at any time an Event of Default by Lessee Tenant shall occur and be continuing under this Lease Agreement, or if Lessee fails to perform any of the terms, provisions and conditions of this Lease AgreementLease, Lessor may useLandlord shall be entitled, apply, or retain at its sole discretion to draw upon the whole or Letter of Credit:
(i) to cover payment of
(A) any part of the Security Deposit so deposited rent for the payment of which Tenant shall be in default as aforesaid
(B) any sum expense reasonably incurred by Landlord in accordance with this Lease in curing any such Event of Default, and/or
(C) any other sums due Lessor or which Lessor may expend or be required to expend by reason of the Lessee’s Landlord in connection with such Event of Default or failure to perform the curing thereof as provided for in this Lease, including, but not limited towithout limitation, any damages incurred by Landlord by reason of such Event of Default as set forth in Article 21 above; or
(ii) to retain the same in liquidation of all or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention by Lessor of the whole or any part of the Security Deposit damages suffered by Landlord by reason of such Event of Default. Any portion of such Letter of Credit which shall not be or utilized for any such purpose shall be deemed released to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have Tenant within forty five (45) days after the right to pursue any and all other remedies available to it under the terms expiration of this Lease Agreement or otherwiseand surrender of the entire Premises to Landlord. In the event that Lessee Landlord shall comply with apply some or all of the terms, covenants and conditions security deposit toward one or more of the items referred to in this Lease Agreement, Article 34 Tenant shall replenish the Security Deposit Letter of Credit in an amount equal to the sum so applied. Such replenishment shall be returned to Lessee within thirty (30) days after Lessee has vacated and surrendered the Leased Premises in accordance with the terms hereof, so long as no Event of Default made by Lessee shall then be existing under the terms of this Lease Agreement. In the event of a sale of the Building or the Project, Lessor shall have the right to transfer the Security Deposit to the purchaser, and Lessor shall thereupon be released from all liability for the return of such Security Deposit. Lessee shall look solely to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, Tenant within ten (10) business days after demand Landlord’s request therefor.
(b) Provided that no Event of Default beyond any applicable cure period by LessorTenant under this Lease has occurred and is continuing, the amount of the Letter of Credit will be increased to an amount equal reduced pursuant to the greater following schedule:
(c) The Letter of Credit may be issued by Pacific Western Bank or other issuer approved by Landlord in its reasonable discretion. If there occurs a material adverse change in the financial condition of Pacific Western Bank as reasonably determined by Landlord, Landlord may require that Tenant provide a cash Security Deposit in the then amount of the Letter of Credit.
(id) three (3) times the aforesaid amount or (ii) three (3) months rentTransfer fees shall be payable by Tenant and not Landlord.
Appears in 1 contract
Sources: Lease Agreement (Trevena Inc)
Security Deposit. The Lessee shall pay to Lessor simultaneously has deposited with the execution Lessor the sum of this Lease Agreement a sum zero and 00/100 Dollars ($0,000.00) (the “Security Deposit”) 7,104.17 as security for the full and faithful performance by Lessee of each and every term, covenant and condition the terms of this Lease AgreementLease. Upon an Event of Default by In the event that the Lessee under this Lease Agreement, or if Lessee fails defaults in respect to perform any of the terms, provisions provisions, covenants and conditions of this Lease AgreementLease, including but not limited to payment of any Basic Rental due under Article 5 or any Additional Rental due under Article 20, the Lessor may use, apply, apply or retain the whole or any part of the Security Deposit security so deposited for the payment of any sum due Lessor such rentals in default or for any other sum, which the Lessor may expend or be required to expend by reason of the Lessee’s Event of Default or failure to perform 's default, including, but not limited to, any damages or deficiency deficiencies in the reletting re-letting of the Leased Demised Premises, provided, however, that any whether such use, application damages or retention deficiencies accrued before or after summary proceedings or other re-entry by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwiseLessor. In the event that the Lessee shall comply with all of the terms, covenants and conditions terms of this Lease AgreementLease, the Security Deposit security shall be returned to the Lessee within thirty (30) days after Lessee has vacated the date fixed as the end of the Lease and surrendered after the Leased surrender of the Demised Premises in accordance with to the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease AgreementLessor. In the event of a sale sale, or lease of the Building or of which the ProjectDemised Premises are a part, the Lessor shall have the right to transfer the Security Deposit security to the purchaser, vendee or other successor in interest to the interest of the Lessor and the Lessor shall thereupon be released from all liability for the return of such Security Depositsecurity. The Lessee shall look solely to the new landlord Lessor for the return of such Security Depositsecurity. If Lessee shall fail not assign or encumber the money deposited as security and neither the Lessor nor its successors or assigns shall be bound by any such assignment or encumbrance. No holder of a superior mortgage to pay Rent or other sums when due under which this Lease Agreement more than three (3) times is subordinate shall be responsible in connection with the security deposit hereunder, by way of credit or payment of any twelve (12) month periodrentals or otherwise, irrespective unless such holder of whether or not such delinquencies a superior mortgage actually shall have been cured, then received the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentsecurity deposited hereunder.
Appears in 1 contract
Security Deposit. Lessee shall pay to deposit with Lessor simultaneously with on the execution signing of this Lease Agreement a sum zero and 00/100 Dollars ($0,000.00) (Lease, the “Security Deposit”) Deposit as security defined in the Preamble for the full and faithful performance by Lessee of each and every term, covenant and condition of this Lease Agreement. Upon an Event of Default by Lessee Lessee's obligations under this Lease AgreementLease, or if Lessee fails to perform any including without limitation, the surrender of possession of the terms, provisions and conditions of this Lease Agreement, Premises to Lessor may use, apply, or retain the whole or as herein provided. If Lessor applies any part of the said Security Deposit to cure any default of Lessee, Lessee shall, on demand, deposit with Lessor the amount so deposited for the payment of any sum due Lessor or which Lessor may expend or be required to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, applied so that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and full Security Deposit on hand at all other remedies available to it under times during the terms Term of this Lease Agreement or otherwiseLease. In the event that Lessee shall comply with all of the termsa bona fide sale, covenants and conditions of subject to this Lease Agreement, the Security Deposit shall be returned to Lessee within thirty (30) days after Lessee has vacated and surrendered the Leased Premises in accordance with the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease Agreement. In the event of a sale of the Building or the ProjectLease, Lessor shall have the right to transfer the Security Deposit to the purchaservendee, and Lessor shall thereupon be considered released by Lessee from all liability for the return of such the Security Deposit. Lessee shall ; and lessee agrees to look solely to the new landlord lessor for the return of such the Security Deposit, and it is agreed that this shall apply to every transfer or assignment made of the Security Deposit to the new lessor. If Provided this Lease is not in default, the Security Deposit (less any portions thereof used, applied or retained by Lessor in accordance with the provisions of this Article 16), shall be returned to Lessee after the expiration or sooner termination of this Lease and after delivery of the entire Premises to Lessor in accordance with the provisions of this Lease. Lessee covenants that it will not assign or encumber or attempt to assign or encumber the Security Deposit and Lessor shall fail not be bound by any such assignment, encumbrance or attempt thereof. In the event of the insolvency of Lessee, or in the event of the entry of a judgement in any court against Lessee which is not discharged within thirty (30) days after entry, or in the event a petition is filed by or against Lessee under any chapter of the bankruptcy laws of the State of New Jersey or the United States of America, then in such event, Lessor may require the Lessee to pay Rent or other sums when due deposit additional security in an amount which in Lessor's sole judgement would be sufficient to adequately assure Lessee's performance of all of its obligations under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective including all payments subsequently accruing. Failure of whether or not such delinquencies have been cured, then Lessee to deposit the Security Deposit shall, security required by this Article 16 within ten (10) days after Lessor's written demand shall constitute a material breach of this Lease by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentLessee.
Appears in 1 contract
Sources: Lease (Purchasesoft Inc)
Security Deposit. Lessee shall pay to Lessor simultaneously Simultaneously with the execution and delivery of this Lease Agreement a sum zero and 00/100 Dollars (sublease by Subtenant, Subtenant has deposited with Sublandlord $0,000.00) (the “Security Deposit”) 42,550.00 as security for the full and faithful performance by Lessee Subtenant of each and every term, covenant and condition of this Lease Agreement. Upon an Event of Default by Lessee its obligations under this Lease AgreementSublease; it being expressly understood and agreed that Subtenant shall pay rent for the last calendar month of the term hereof promptly on the first day of such month. If Subtenant shall fail to perform or observe, or if Lessee fails to perform shall breach or violate, any of the terms, provisions and covenants, conditions or agreements of this Lease AgreementLease, Lessor including but not limited to the payment of Sublease Rent, Sublandlord may use, apply, apply or retain the whole or any part of such deposit to the Security Deposit so deposited extent required for the payment of any such Sublease Rent or additional rent or any other sum due Lessor as to which Subtenant is in default or for any sum which Lessor Sublandlord may expend or may be required to expend by reason of Tenant’s non-performance, non-observance, breach or violation of any of the Lessee’s Event terms, covenants, conditions or agreements of Default or failure to perform includingthis Sublease, including but not limited to, any damages or deficiency in the reletting re-letting of the Leased Premises, provided, however, that any whether such damages or deficiency accrues before or after summary proceedings or other re-entry by Sublandlord. Sublandlord shall not be required so to use, application apply or retention by Lessor of retain the whole or any part of said deposit, but if the Security Deposit whole or any part thereof is so used, applied or retained, Subtenant shall not be upon demand immediately deposit with Landlord a sum equal to the amount so used, applied or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood retained. If Subtenant shall fully and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwise. In the event that Lessee shall faithfully comply with all of the terms, covenants covenants, conditions and conditions agreements of this Lease AgreementSublease, the Security Deposit deposit or any balance thereof remaining shall be returned to Lessee Subtenant after the date fixed as the end of this Lease or of any renewal or extension thereof within thirty (30) days after Lessee has vacated and surrendered delivery of entire possession of the Leased Premises in accordance with the terms hereof, so long as no Event of Default by Lessee to Sublandlord Sublandlord shall then not be existing under the terms of this Lease Agreementrequired to pay Subtenant any interest on said security deposit. In no event shall the event of a sale of security deposited hereunder be construed as liquidated damages or in any way limit Sublandlord’s right to recover damages or any sum due Sublandlord hereunder or permitted by law. If this Sublease shall be assigned, the Building or security deposit shall be deemed assigned to the Projectassignee, Lessor and Sublandlord shall have no liability to return the right to transfer the Security Deposit same to the purchaser, assignor provided an assignment and Lessor shall thereupon be released from all liability for the return of such Security Deposit. Lessee shall look solely assumption agreement is delivered to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentTenant.
Appears in 1 contract
Security Deposit. Lessee shall pay deposit with Lessor on demand therefor, an amount equal to Lessor simultaneously with the execution of this Lease Agreement a sum zero Eight Hundred Thousand and 00/100 Dollars ($0,000.00800,000.00) (the “Security Deposit”) which shall be held by Lessor, without liability for interest, as security for the full and faithful performance by Lessee of each and every term, covenant and condition of this Lease Agreement. Upon an Event of Default by Lessee under this Lease Agreement, or if Lessee fails to perform any of the terms, provisions and conditions of this Lease Agreement, Lessor may use, apply, or retain the whole or any part of the Security Deposit so deposited for the payment of any sum due Lessor or which Lessor may expend or be required to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwise. In the event that Lessee shall comply with all of the terms, covenants and conditions of this Lease Agreementthrough the initial Term of this Lease. If an Event of Default occurs hereunder, Lessor, at its option, may apply said deposit or any part thereof to compensate Lessor for loss, cost, damage or expense sustained due to such Event of Default. Upon Lessor’s request, Lessee shall forthwith remit to Lessor cash sufficient to restore said sum to the original sum deposited. Lessee’s failure to do so within five days after receipt of a demand therefor shall be an Event Default under this Lease. If at the end of the Term no uncured Event of Default exists hereunder, the Security Deposit balance of such security deposit shall be returned to Lessee within (or, if Lessee has previously elected to provide the letter of credit described in this Section 3.3, the letter of credit shall be returned to Lessee). Lessor may deliver the security deposited hereunder to any purchaser or successor to Lessor’s interest in this Lease or the Leased Property, and may assign its interest in the letter of credit to a successor (without the necessity of obtaining the issuer’s consent), and thereupon Lessor shall be discharged from all liability with respect to such deposit. Neither said deposit nor the application thereof by Lessor, as hereinabove provided, shall be a bar or defense to any action in unlawful detainer or to any action which Lessor may at any time commence for an uncured Event of Default in Lessee’s performance of the covenants or conditions of this Lease. In lieu of the foregoing, Lessee may elect to deposit with Lessor an irrevocable standby letter of credit in favor of Lessor in the amount described in this Section 3.3. In such event, said letter of credit shall be delivered to Lessor no later than thirty (30) days after Lessee has vacated from the mutual execution and surrendered delivery of this Lease, and shall be issued by financial institutions, and in form, satisfactory to Lessor and Lessor’s Assignee. Throughout the Leased Premises in accordance with initial Term of this Lease, at least thirty (30) days prior to the terms hereofexpiration of such letter of credit, so long as no Event of Default by Lessee shall then be existing under deliver to Lessor a replacement or renewal of same. Failure to timely deliver such replacement or renewal within said thirty (30) day period shall permit Lessor to immediately (and without notice to Lessee) draw down upon such letter of credit in the terms of this Lease Agreement. In full amount and to hold the event of a sale of cash proceeds as the Building or the Project, Lessor shall have the right to transfer the Security Deposit to the purchaser, and Lessor shall thereupon be released from all liability for the return of such Security Deposit. Lessee shall look solely to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentsecurity deposit hereunder.
Appears in 1 contract
Security Deposit. Lessee shall pay to Lessor simultaneously with LESSOR acknowledges that it has received from LESSEE the execution sum of this Lease Agreement a sum zero and 00/100 Dollars ($0,000.00) $ 2,697.40 (the “"Security Deposit”) as "), which amount shall be security for the full and faithful performance and observance by Lessee LESSEE of each its covenants and every termobligations under this Lease. No interest shall be payable on the Security Deposit, covenant and condition it is agreed and acknowledged by LESSEE that the Security Deposit is not an advance payment of this Lease Agreementrent or a measure of LESSOR's damages in the case of default by LESSEE. Upon an Event the occurrence of Default by Lessee a default under this Lease AgreementLease, or if Lessee fails to perform any of the termsLESSOR may, provisions and conditions of this Lease Agreementbut shall not be obligated to, Lessor may use, apply, or retain the whole or any part of the Security Deposit so deposited to the extent required for the payment of any sum due Lessor rental and additional rent or any other sums to which Lessor may expend LESSEE is in default or be required to expend by reason for the payment of the Lessee’s Event of Default any other damage, injury, expense, or failure to perform including, but not limited to, liability resulting from any damages or deficiency in the reletting of the Leased Premises, provided, however, that default. Following any such use, application or retention by Lessor of the whole or any part of the Security Deposit, LESSEE shall pay to LESSOR on demand the amount necessary to restore the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwiseits original amount. In the event that Lessee LESSEE shall fully and faithfully comply with all of the terms, its covenants and conditions of obligations under this Lease AgreementLease, the Security Deposit shall be returned to Lessee LESSEE within thirty (30) days after Lessee has vacated the expiration of the term of this Lease and surrendered after delivery of possession of the Leased Premises of LESSOR in accordance with the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease Agreement. In the event of a sale or lease of the Building or the ProjectBuilding, Lessor subject to this Lease, LESSOR shall have the right to transfer the Security Deposit to the purchaser, and Lessor shall thereupon be released from all liability for the return of such the Security Deposit. Lessee Deposit and LESSEE shall look solely to the new landlord lessor for the return of such the Security Deposit. If Lessee This provision shall fail apply to pay Rent every transfer or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month periodassignment made of the Security Deposit to a new lessor. Any mortgagee or ground lessor shall not be responsible to LESSEE for the return or application of the Security Deposit, irrespective of whether or not such delinquencies have been curedit succeeds to the position of LESSOR hereunder, then unless the Security Deposit shall, within ten (10) days after demand shall have been received in hand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount such mortgagee or (ii) three (3) months rentground lessor.
Appears in 1 contract
Security Deposit. Lessee shall pay to deposit with Lessor simultaneously with on the execution signing of this Lease Agreement a sum zero and 00/100 Dollars ($0,000.00) (Lease, the “Security Deposit”) Deposit as security defined in the Preamble for the full and faithful performance by Lessee of each and every term, covenant and condition of this Lease Agreement. Upon an Event of Default by Lessee Lessee's obligations under this Lease AgreementLease, or if Lessee fails to perform any including without limitation, the surrender of possession of the terms, provisions and conditions of this Lease Agreement, Premises to Lessor may use, apply, or retain the whole or as herein provided. If Lessor applies any part of the said Security Deposit to cure any default of Lessee, Lessee shall, on demand, deposit with Lessor the amount so deposited for the payment of any sum due Lessor or which Lessor may expend or be required to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, applied so that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and full Security Deposit on hand at all other remedies available to it under times during the terms Term of this Lease Agreement or otherwiseLease. In the event that Lessee shall comply with all of the termsa bona fide sale, covenants and conditions of subject to this Lease Agreement, the Security Deposit shall be returned to Lessee within thirty (30) days after Lessee has vacated and surrendered the Leased Premises in accordance with the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease Agreement. In the event of a sale of the Building or the ProjectLease, Lessor shall have the right to transfer the Security Deposit to the purchaservendee, and Lessor shall thereupon be considered released by Lessee from all liability for the return of such the Security Deposit. ; and Lessee shall agrees to look solely to the new landlord lessor for the return of such the Security Deposit, and it is agreed that this shall apply to every transfer or assignment made of the Security Deposit to the new lessor, provided, however, the new vendee agrees to hold the Security Deposit under the same basis as Lessor. If Provided this Lease is not in default, the Security Deposit (less any portions thereof used, applied or retained by Lessor in accordance with the provisions of this Article 16), shall be returned to Lessee after the expiration or sooner termination of this Lease and after delivery of the entire Premises to Lessor in accordance with the provisions of this Lease. Lessee covenants that it will not assign or encumber or attempt to assign or encumber the Security Deposit and Lessor shall fail not be bound by any such assignment, encumbrance or attempt thereof. In the event of the insolvency of Lessee, or in the event of the entry of a judgement in any court against Lessee which is not discharged within thirty (30) days after entry, or in the event a petition is filed by or against Lessee under any chapter of the bankruptcy laws of the State of New Jersey or the United States of America, then in such event, Lessor may require the Lessee to pay Rent or other sums when due deposit additional security in an amount which in Lessor's sole judgement would be sufficient to adequately assure Lessee's performance of all of its obligations under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective including all payments subsequently accruing. Failure of whether or not such delinquencies have been cured, then Lessee to deposit the Security Deposit shall, security required by this Article 16 within ten (10) days after Lessor's written demand shall constitute a material breach of this Lease by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentLessee.
Appears in 1 contract
Security Deposit. Notwithstanding anything contained in Paragraph 5 of the printed portion of the Lease to the contrary, on the date of delivery of the Lessee executed Lease to Lessor, Lessee shall pay provide to Lessor simultaneously a clean unconditional irrevocable letter of credit from a lending institution reasonably acceptable to Lessor (the "Letter of Credit") in lieu of the security deposit described in Paragraph 5. The Letter of Credit shall be in the amount of $225,000.00. The Letter of Credit shall be in the form attached hereto as Exhibit D and made a part hereof. It is further understood and agreed that no later than thirty (30) days prior to the expiration date of the initial Letter of Credit, Lessee shall present Lessor with an extension or renewal of the initial Letter of Credit or a substitute Letter of Credit in the same format as Exhibit D and from a lending institution reasonably acceptable to Lessor that shall be effective no later than upon the expiration of the initial Letter of Credit and continue in effect for at least a one-year period. Likewise, throughout the primary Lease term as it may be extended, no later than thirty (30) days prior to the expiration of the renewed or extended Letter of Credit or substitute therefor, Lessee shall present Lessor with an additional extension or renewal of the initial or substituted Letter of Credit. Any failure of Lessee to provide Lessor with the execution extensions or renewals or substitute Letters of this Lease Agreement Credit as required hereunder shall be deemed a sum zero and 00/100 Dollars ($0,000.00) (the “Security Deposit”) as security for the full and faithful performance by Lessee of each and every term, covenant and condition of this Lease Agreement. Upon an Event of Default default by Lessee under this the Lease Agreementand, or if Lessee fails to perform any without the necessity of the terms, provisions and conditions of this Lease Agreement, Lessor may use, apply, or retain the whole or any part of the Security Deposit so deposited for the payment of any sum due Lessor or which Lessor may expend or be required to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retentionfurther notice, Lessor shall have the right to pursue present any and all other remedies available to it under the terms of this Lease Agreement or otherwise. In the event that Lessee shall comply with all of the termsLetters of Credit then in its possession for payment, covenants and conditions of this Lease Agreement, the Security Deposit shall be returned to Lessee within thirty (30) days after Lessee has vacated and surrendered the Leased Premises in accordance with the terms hereof, so long amounts received thereunder to be held as no Event of Default by Lessee shall then be existing under the terms of this Lease Agreement. In the event of a sale of the Building or the Project, Lessor shall have the right to transfer the Security Deposit to the purchaser, and Lessor shall thereupon be released from all liability security for the return of such Security Deposit. Lessee shall look solely to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent outstanding rent or other sums when due and owing under this the Lease. Notwithstanding the foregoing, beginning with the second anniversary of the date the Lease Agreement more than three (3) times in any twelve (12) month periodterm commenced and continuing on each anniversary date of the Lease, irrespective Lessee shall be entitled to reduce the amount of whether or the Letter of Credit by 1/5, and at such time as the balance is zero, thereafter no further security deposit shall be required of Lessee. Additionally, Lessee shall not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased required to an amount equal add to the greater security deposit if it adds the RFO, Expansion I or II Space. Lessor agrees that Lessor will not draw on the Letter of (iCredit until any applicable cure period expressly provided in Paragraph 13.1(c) three (3) times of the aforesaid amount or (ii) three (3) months rentprinted portion of the Lease has passed.
Appears in 1 contract
Security Deposit. Lessee shall pay to Lessor simultaneously with (a) As security for the faithful performance and observance by Sublessee all of the terms, covenants and conditions governing its tenancy under this Sublease, Sublessee has paid on or before the date of execution of this Lease Agreement Sublease the sum of $80,737.50 to be held by Sublessor as a sum zero and 00/100 Dollars ($0,000.00) security deposit (the “"Security Deposit”) as security for "). In the full and faithful event that Sublessee defaults in the performance by Lessee or observance of each and every term, covenant and condition of this Lease Agreement. Upon an Event of Default by Lessee under this Lease Agreement, or if Lessee fails to perform any of the terms, provisions and or conditions of this Lease AgreementSublease, Lessor may useincluding without limitation the payment of Fixed Rent or additional rent, applyafter the giving of notice and the expiration of all applicable grace periods, Sublessor may, in addition to and in no way limiting its rights either at law or retain in equity, apply the whole or any part of the Security Deposit so deposited to the extent required for the curing of such default or for the reimbursement of costs incurred or the payment of damages suffered by Sublessor with respect to any sum due Lessor or which Lessor may expend or be required to expend default by reason of the Lessee’s Event of Default or failure to perform includingSublessee hereunder, but not limited to, including without limitation any damages or deficiency deficiencies in the reletting re-letting of the Leased Sublet Premises, providedwhether such damages or deficiencies accrue before or after summary proceedings or other re-entry by Sublessor. The foregoing shall not be construed as a limitation or a stipulation of liquidated damages. If, however, that as a result of any such use, application or retention by Lessor of the whole all or any part of such Security Deposit the amount of the Security Deposit shall not at any time be or be deemed less than $80,737.50, Sublessee shall immediately deposit with Sublessor cash in an amount equal to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwise. deficiency.
(b) In the event that Lessee Sublessee shall fully and faithfully comply with all of the terms, covenants and conditions of this Lease AgreementSublease, the Security Deposit shall be returned to Lessee within thirty (30) days Sublessee after Lessee has vacated the expiration of this Sublease and surrendered surrender of the Leased Sublet Premises to Sublessor in accordance with the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease Agreement. Sublease.
(c) In the event of a sale an assignment by Sublessor of its leasehold interest in the Building or the ProjectSubleased Premises, Lessor Sublessor shall have the right to transfer the Security Deposit to the purchaser, such assignee and Lessor Sublessor shall thereupon be released by Sublessee from all liability for the return of such the Security Deposit. Lessee shall Sublessee agrees to look solely to the new landlord such assignee for the return of such the Security Deposit. If Lessee It is agreed that the provisions hereof shall fail apply to pay Rent every transfer or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective assignment made of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal assignee. Sublessee further covenants that it will not assign or encumber or attempt to assign or encumber the greater Security Deposit and that neither Sublessor nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance.
(d) At any time after the first anniversary of this Sublease Sublessor agrees to confer with Sublessee at Sublessee's request made no more than once annually to negotiate a reduction of its Security Deposit. Any such reduction shall be determined by Sublessor in its sole and absolute discretion.
(ie) three (3) times After the aforesaid amount or (ii) three (3) months rentfourth anniversary of this Sublease, upon request by Sublessee and on the condition that Sublessee has not been required by Sublessor after the giving of notice to cure a material default by Sublessee under this Sublease more than once, Sublessor shall return the Security Deposit to Sublessee.
Appears in 1 contract
Sources: Sublease Agreement (Ziplink Inc)
Security Deposit. Lessee shall pay The security deposit agreed upon by the PARTIES amounts to Lessor simultaneously with US$ 47,504 (forty seven thousand, five hundred and four United States Dollars), equivalent to two months’ rent. The PARTIES agree that such amount is paid as follows; (i) the execution amount of this Lease Agreement a sum zero US$ 12,806 (twelve thousand, eight hundred and 00/100 Dollars ($0,000.00six United States Dollars) (the “Security Deposit”) as security for the full and faithful performance was paid by Lessee of each and every termLESSEE to LESSOR on March 31st, covenant and condition of this Lease Agreement. Upon an Event of Default by Lessee under this Lease Agreement2004, or if Lessee fails to perform any of the terms, provisions and conditions of this Lease Agreement, Lessor may use, apply, or retain the whole or any part of the Security Deposit so deposited for the payment of any sum due Lessor or which Lessor may expend or be required to expend by reason of the Lesseeprevious lease agreement (signed on ▇▇▇▇▇ ▇▇, ▇▇▇▇), (▇▇) the amount of US$ 27,290 (twenty-seven thousand, two hundred and ninety United States Dollars) was paid by LESSEE to LESSOR on March 31st, 2007, by reason of this lease agreement, and (iii) the amount of US$ 7,408 (seven thousand, four hundred and eight United States Dollars) is paid by LESSEE to LESSOR by means of a check payable to LESSOR’s Event order for the amount of Default Argentine Pesos sufficient to purchase the amount of dollars specified above. This agreement shall be sufficient evidence of receipt thereof. Such amount shall not accrue any interest whatsoever and shall be used as compensation for any damages that LESSEE may cause to the leased premises from the moment delivery of possession is received. The amount shall be reimbursed to LESSEE upon termination of the agreement and when the premises are returned in the conditions established herein and once any amounts owed or necessary to restore the missing items or items to be replaced have been deducted. The parties agree that LESSOR’s failure to perform includingreimburse the amount given as Security Deposit by LESSEE shall empower LESSEE, but not limited to, any damages or deficiency once the premises are delivered in the reletting agreed-upon conditions and the proportional amounts owed by LESSEE for the consumption of public utility services are paid, all of which shall not exceed a period of twenty (20) business days from the date the premises are delivered to LESSOR, to file for a summary proceeding claiming the undue withholding of the Leased Premises, provided, however, that any such use, application or retention by Lessor amount without prior notice to LESSOR being necessary. The delayed reimbursement of the whole or any part security deposit shall entail the LESSOR’s default and undue withholding of the Security Deposit amount, and shall consequently accrue a monthly penalty interest equivalent to 2% per month for the period during which the security deposit was withheld from the termination of the agreement and the delivery of the leased premises until the effective reimbursement. The PARTIES agree that such amount shall be paid at LESSOR’s offices located at Tronador 4890 10th floor, Capital Federal.” All terms not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor defined herein shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwise. In the event that Lessee shall comply with all of the terms, covenants and conditions of this Lease Agreement, the Security Deposit shall be returned to Lessee within thirty (30) days after Lessee has vacated and surrendered the Leased Premises in accordance with the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease Agreement. In the event of a sale of the Building or the Project, Lessor shall have the right to transfer the Security Deposit meaning ascribed to the purchaser, and Lessor shall thereupon be released from all liability for in the return of such Security Deposit. Lessee shall look solely to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentAGREEMENT.
Appears in 1 contract
Security Deposit. Lessee shall pay to Lessor simultaneously with the Upon execution of this Lease Agreement a Contract, Lessee agrees to deposit with Lessor, the receipt of which is hereby Acknowledged, the sum zero and 00/100 Dollars (of $0,000.00) (100.00. This deposit, which is non-interest bearing, is to be held by the “Security Deposit”) Lessor as security for the full and faithful performance by Lessee of each and every term, covenant and condition of this Lease Agreement. Upon an Event of Default by Lessee under this Lease Agreement, or if Lessee fails to perform any all of the terms, provisions terms and conditions of this Lease Agreementlease and shall be forfeited upon the violation or default of any of the covenants, Lessor may useagreements, applyterms or conditions herein made, assumed, or retain the whole or any part agreed to by Lessee. Upon Lessee’s return of the Security Deposit so deposited for Asset at the termination of this lease, payment of any sum all rent due Lessor or which Lessor may expend or be required to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency and owing in the reletting of the Leased Premises, provided, however, that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under accordance with the terms of this Lease Agreement lease and the surrender of all keys at the office of Lessor, Lessee shall be entitled to the return of said security deposit provided the leased Asset is returned in the same condition as it was at the time the Lessee first took possession, minus normal wear and tear. Deductions will be made from this security deposit to reimburse Lessor for the cost of repairing any damage to the Asset or otherwiseequipment or replace or pay for any of the articles or equipment that may be broken, damaged beyond repair, lost or missing at the termination of the lease. Lessee agrees to deliver the Asset clean and free of trash at the termination of this lease. In the event that Lessee shall comply with all such damages exceed the amount of the termssecurity deposit, covenants Lessee agrees to pay any excess cost to Lessor. This security deposit is not an advance rental, and Lessee may not deduct any portion of the security deposit from the rent due to Lessor by Lessee. Lessor agrees that, provided all terms and conditions of this Lease Agreementlease are complied with, Lessor will refund the Security Deposit shall be returned security deposit to Lessee within thirty (30) days after Lessee the Asset has vacated and surrendered the Leased Premises in accordance with the terms hereofbeen returned, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease Agreement. In the event of a sale of the Building or the Projectif applicable, Lessor shall have the right to transfer the Security Deposit to the purchaserall keys returned, and Lessor shall thereupon be released from all liability for the return of such Security Deposit. Lessee shall look solely to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have Asset has been cured, then the Security Deposit shall, within ten (10) days after demand inspected by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rent.
Appears in 1 contract
Sources: Lease Agreement
Security Deposit. Lessee LESSEE shall pay to Lessor LESSOR, simultaneously with the execution of this Lease Agreement Lease, a sum zero and 00/100 security deposit in the amount of Eighteen Thousand One Hundred Twenty Five Dollars ($0,000.00) (18,125.00), which sum LESSOR shall hold throughout the “Security Deposit”) Term of this Lease as security for the full performance b y LESSEE of all obligations on the part of LESSEE hereunder. LESSOR shall have the right from time to time without prejudice to any other remedy LESSOR may have on account t hereof, to apply such deposit, or any part thereof, to LESSOR'S damages arising from, or to cure, any Default of LESSEE after the expiration of any applicable cure period. If LESSOR shall so apply any or all of such deposit, LESSEE shall immediately deposit with LESSOR the amount so applied to be held as security hereunder and faithful performance by Lessee any failure on the part of each and every termLESSEE to so restore the Security Deposit within five (5) business days of LESSOR'S demand therefor shall constitute a Default of LESSEE under this Lease. There then existing no Default of LESSEE, covenant and condition LESSOR shall return the deposit, or so much thereof as shall theretofore not been applied in accordance with the terms of this Section promptly to LESSEE on the expiration or earlier termination of the Term of this Lease Agreement. Upon an Event and surrender of Default by Lessee under this Lease Agreement, or if Lessee fails to perform any possession of the termsPremises by LESSEE to LESSOR at such time. While LESSOR holds such deposit, provisions LESSOR shall have no obligations to pay interest on the same and conditions of this Lease Agreement, Lessor may use, apply, or retain the whole or any part of the Security Deposit so deposited for the payment of any sum due Lessor or which Lessor may expend or be required to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue commingle the same with LESSOR'S other funds. If LESSOR conveys LESSOR'S interest under this Lease, the deposit, or any and all other remedies available part thereof not previously applied, may be turned over by LESSOR to it under the terms of this Lease Agreement or otherwise. In the event that Lessee shall comply with all LESSOR'S grantee, and, if so turned over, LESSEE agrees to look solely to such grantee for proper application of the terms, covenants and conditions of this Lease Agreement, the Security Deposit shall be returned to Lessee within thirty (30) days after Lessee has vacated and surrendered the Leased Premises deposit in accordance with the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease AgreementSection and the return thereof in accordance therewith. In the event The holder of a sale of the Building or the Project, Lessor mortgage shall have the right not be responsible to transfer the Security Deposit to the purchaser, and Lessor shall thereupon be released from all liability LESSEE for the return or application of any such Security Deposit. Lessee shall look solely to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month perioddeposit, irrespective of whether or not it succeeds to the position of LESSOR hereunder, unless such delinquencies deposit shall have been curedreceived in hand by such holder. LESSOR hereby represents and warrants that LESSOR shall properly transfer any such deposit to LESSOR's successor in interest, then if any, including, without limitation, the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal holder of any mortgage who succeeds to the greater position of (i) three (3) times LESSOR hereunder. The provisions of this Paragraph 24 shall survive the aforesaid amount expiration or (ii) three (3) months rentearly termination of the Lease.
Appears in 1 contract
Sources: Lease (Bridgeline Software, Inc.)
Security Deposit. Lessee 5.1 The Tenant shall pay on the signing hereof or on the commencement of the tenancy hereby granted (whichever shall be the earlier to Lessor simultaneously happen) deposit and maintain with the execution Landlord a deposit of this Lease Agreement a sum zero the amount as set out in the Fourth Schedule hereto to secure the due observance and 00/100 Dollars ($0,000.00) (the “Security Deposit”) as security for the full and faithful performance by Lessee the Tenant of each the agreements, stipulations and every term, covenant conditions herein contained and condition on the Tenant’s part to be observed and performed. The said deposit shall be retained by the Landlord throughout the said term free of this Lease Agreement. Upon an Event any interest to the Tenant and in the event of Default any breach or non-observance or non-performance by Lessee under this Lease Agreement, or if Lessee fails to perform the Tenant of any of the termssaid agreements, provisions stipulations or conditions aforesaid, the Landlord shall be entitled to terminate this Agreement and to forfeit the said deposit by way of liquidated damages but without prejudice to the Landlord’s rights to claim against the Tenant all loss or damage suffered by the Landlord as a result of the Tenant’s breach or non-performance as aforesaid. Notwithstanding the foregoing, the Landlord may in any such event at his option elect not to terminate this Agreement and forfeit the deposit but to deduct from the deposit the amount of any monetary loss incurred by the Landlord in consequence of the breach, non-observance or non-performance by the Tenant of any of the said agreements, stipulations, obligations or conditions and in such event the Tenant shall as a condition precedent to the continuation of the tenancy deposit with the Landlord the amount so deducted so as to make up to the amount of the said deposit and, if the Tenant shall fail so to do, the Landlord shall be entitled to forthwith re-enter on the said premises and to determine this Agreement and forfeit the deposit as hereinbefore provided by way of liquidated damages (and not as penalty).
5.2 Subject as aforesaid, the said deposit shall be refunded to the Tenant by the Landlord without interest within 14 days after the expiration or sooner determination of this Lease AgreementAgreement and the delivery of vacant possession of the Premises to the Landlord or within 14 days of the settlement of the last outstanding claim by the Landlord against the Tenant in respect of any breach, Lessor may usenon-observance or non-performance of any of the agreements, apply, stipulations or retain conditions herein contained and on the whole or any part of the Security Deposit so deposited for the payment of any sum due Lessor or which Lessor may expend or be required to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed Tenant to be an election of remedies by Lessor or viewed as liquidated damagesobserved and performed, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have whichever is the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwise. In the event that Lessee shall comply with all of the terms, covenants and conditions of this Lease Agreement, the Security Deposit shall be returned to Lessee within thirty (30) days after Lessee has vacated and surrendered the Leased Premises in accordance with the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease Agreement. In the event of a sale of the Building or the Project, Lessor shall have the right to transfer the Security Deposit to the purchaser, and Lessor shall thereupon be released from all liability for the return of such Security Deposit. Lessee shall look solely to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentlater.
Appears in 1 contract
Security Deposit. Lessee shall pay to deposit with Lessor simultaneously with on the execution of this Lease Agreement a sum zero Commencement Date Thirty-Two Thousand Six Hundred Sixty-Four and 00/100 Dollars No/100 dollars ($0,000.00) (the “Security Deposit”) 32,664.00). Said sum shall be held by Lessor as security for the full and faithful performance by Lessee of each and every term, covenant and condition of this Lease Agreement. Upon an Event of Default by Lessee under this Lease Agreement, or if Lessee fails to perform any of the terms, provisions and conditions of this Lease Agreement, Lessor may use, apply, or retain the whole or any part of the Security Deposit so deposited for the payment of any sum due Lessor or which Lessor may expend or be required to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwise. In the event that Lessee shall comply with all of the terms, covenants and conditions of this Lease Agreementto be kept and performed by Lessee during the entire Term hereof. If Lessee defaults with respect to any provision of this Lease, including, but not limited to, the Security Deposit provisions relating to the payment of Rent or other charges or sums due under this Lease, Lessor may (but shall not be required to) use, apply or retain all or any part of the security deposit for the payment of any Rent or other charges or sums due under this Lease or any sum in default, or for the payment of any amount which Lessor may spend or become obligated to spend by reason of Lessee's default, or to compensate Lessor for any other loss, damage, cost or expense (including reasonable attorneys' fees) which Lessor may suffer or incur by reason of Lessee's default. If any portion of said security deposit is so used or applied, Lessee shall, within five (5) days after written demand therefor, deposit a certified or cashier's check with Lessor in an amount sufficient to restore the security deposit to its original amount and Lessee's failure to do so shall be a default under this Lease. Lessor shall not be required to keep the security deposit separate from its general funds and Lessee shall not be entitled to interest on such deposit. If Lessee shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit or any balance thereof after deduction hereunder by Lessor shall be returned to Lessee (or, at Lessor's option, to the last assignee of Lessee's interest hereunder) within thirty (30) days after Lessee has vacated and surrendered following expiration of the Leased Premises Lease Term; provided, that in accordance with the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of event this Lease Agreementshall be terminated upon the default of the Lessee, the security deposit shall be retained by Lessor and all of Lessee's interest therein shall terminate and the security deposit will be applied against the damages suffered by Lessor by reason of the Lessee's default. In the event of a sale termination of the Building or the ProjectLessor's interest in this Lease, Lessor shall have the right transfer said deposit to transfer the Security Deposit to the purchaser, and Lessor shall thereupon be released from all liability for the return of such Security Deposit. Lessee shall look solely to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times Lessor's successor in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentinterest.
Appears in 1 contract
Sources: Industrial Lease (Icos Corp / De)
Security Deposit. Lessee shall pay to Lessor simultaneously with A. To secure the execution of this Lease Agreement a sum zero and 00/100 Dollars ($0,000.00) (the “Security Deposit”) as security for the full and faithful performance by Lessee Tenant of each all the covenants, conditions and every termagreements in this Sublease set forth and contained on the part of Tenant to be fulfilled, covenant kept, observed and condition performed including, but not by way of limitation, such covenants and agreements in this Sublease which become applicable upon the termination of the same by re-entry or otherwise, Tenant has deposited with Landlord the Security Deposit as specified in Section 1(O) on the understanding that: (a) the Security Deposit or any portion thereof not previously applied, or from time to time, such one or more portions thereof, may be applied to the curing of any default that may then exist, without prejudice to any other remedy or remedies which Landlord may have on account thereof, and upon such application Tenant shall pay Landlord on demand the amount so applied which shall be added to the Security Deposit so the same may be restored to its original amount; (b) should the Prime Lease be assigned by Landlord, the Security Deposit or any portion thereof not previously applied may be turned over to Landlord's assignee and if the same be turned over as aforesaid, Tenant hereby releases Landlord from any and all liability with respect to the Security Deposit and/or its application or return; (c) if permitted by law, Landlord or its successor shall not be obligated to hold the Security Deposit as a separate fund, but on the contrary may commingle the same with its other funds; (d) if Tenant shall faithfully fulfill, keep, perform and observe all of the covenants, conditions and agreements in this Sublease set forth and contained on the part of Tenant to be fulfilled, kept, performed and observed, the sum deposited or the portion thereof not previously applied or reduced (as herein provided), shall be returned to Tenant without interest no later than thirty (30) days after the expiration of the Term of this Lease Agreement. Upon Sublease or any renewal or extension thereof, provided Tenant has vacated the Premises and surrendered possession thereof to Landlord at the expiration of the Term or any extension or renewal thereof as provided herein; (if in the event that Landlord terminates this Sublease or Tenant's right to possession by reason of an Event of Default by Lessee under this Lease AgreementTenant, or if Lessee fails to perform any of the terms, provisions and conditions of this Lease Agreement, Lessor Landlord may use, apply, or retain the whole or any part of apply the Security Deposit so deposited for against damages suffered to the payment date of any sum due Lessor such termination and/or may retain the Security Deposit to apply against such damages as may be suffered or which Lessor may expend or be required to expend shall accrue thereafter by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency Tenant's default; and (e) in the reletting of the Leased Premisesevent any bankruptcy, providedinsolvency, howeverreorganization or other creditor-debtor proceedings shall be instituted by or against Tenant, that any such use, application or retention by Lessor of the whole its successors or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwise. In the event that Lessee shall comply with all of the terms, covenants and conditions of this Lease Agreementassigns, the Security Deposit shall be returned deemed to Lessee be applied first to the payment of any Rent due Landlord for all periods prior to the institution of such proceedings, and the balance, if any, of the Security Deposit may be retained or paid to Landlord in partial liquidation of Landlord's damages.
B. In lieu of a cash Security Deposit, Tenant shall deliver to Landlord an unconditional and irrevocable letter of credit in favor of Landlord, in form reasonably satisfactory to Landlord and Landlord's attorney, drawn upon such bank as Landlord may approve, for the principal sum of the Security Deposit. Provided that Tenant is not in default under any of the terms, provisions, and conditions of this Lease on the expiration of the Term, Landlord shall return the letter of credit to Tenant, and the same may be cancelled or permitted to expire. If the term of any letter of credit held by Landlord will expire prior to the expiration of the Term, and it is not extended or a new letter of credit for an extended period of time is not substituted within thirty (30) days after Lessee prior to the expiration date of the letter of credit, then Landlord shall be entitled to make demand for the principal amount of the letter of credit and, thereafter, to hold such funds in accordance with this Section 25 until the Expiration Date of the Term. At any time that Tenant is in default under the terms of this Lease, Landlord shall be entitled to make demand for the principal amount of the letter of credit (if Landlord does not already hold such funds), and Landlord shall have the right, thereafter, to hold such funds for the balance of the Term in accordance with this Section 25. If, as a result of any application of the proceeds of a drawing against all or any part of the letter of credit, the amount of cash then held by Landlord as the Security Deposit plus the remaining available amount of the letter of credit shall be less than the total Security Deposit which the Tenant is then obligated to maintain, Tenant shall forthwith provide Landlord with additional letter(s) of credit in an amount equal to the deficiency. Tenant shall not assign or encumber the letter of credit or any part thereof, and neither Landlord nor its successors or assigns will be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance.
C. Notwithstanding anything contained herein to the contrary, if on (i) the first day of the nineteenth (19th) month of the Term (the "First Reduction Date"), and (ii) the first day of the thirty-first (31st) month of the Term (the "Second Reduction Date"), this Sublease shall be in full force and effect and no default by Tenant of its obligations hereunder has vacated occurred and surrendered is continuing, Tenant shall have the Leased Premises right to reduce the amount of the Security Deposit, whether cash or letter of credit, to (1) One Hundred Fifty Thousand and 00/100 Dollars ($150,000.00) on the First Reduction Date, and (2) One Hundred Thousand and 00/100 Dollars ($100,000.00) on the Second Reduction Date provided that the Security Deposit shall have been previously reduced to the amount set forth in the foregoing clause (1), and such reduced amount shall be held by Landlord as security in accordance with the terms hereof, so long as no Event of Default by Lessee shall then be existing under . If the terms of this Lease Agreement. In the event of security being held is cash and Tenant is entitled to a sale reduction of the Building or the Projectsecurity so deposited as aforesaid, Lessor Landlord shall have the right to transfer the Security Deposit to the purchaser, and Lessor shall thereupon be released from all liability for the return of such Security Deposit. Lessee shall look solely to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased Tenant's written request return to Tenant an amount equal of the security then being held by Landlord so the amount of the principal of the Security Deposit being held by Landlord shall be reduced as aforesaid, and if at the time of such reduction, the security being held by Landlord is a letter of credit, Tenant shall either deliver to Landlord an amendment to the greater existing letter of (i) three (3) times credit or a new letter of credit, which amendment or new letter of credit shall comply with the aforesaid terms and conditions of this Section and shall reduce the amount or (ii) three (3) months rentof the security as aforesaid.
Appears in 1 contract
Sources: Sublease (8x8 Inc /De/)
Security Deposit. The aggregate rent for any Equipment during the Original Term is the amount specified therefor in each Schedule and/or Master Lease Letter Agreement and is payable by Lessee shall pay to Lessor simultaneously with in the execution number and amount of this Lease Agreement a sum zero payments specified therein. Notwithstanding the time of delivery or acceptance of the Equipment by Lessee, the first payment of rent therefor will be due and 00/100 Dollars ($0,000.00) (the “Security Deposit”) as security for the full and faithful performance payable by Lessee to Lessor as indicated in the "Commencement Date" field on the Schedule and/or Master Lease Letter Agreement; all subsequent payments of rent during the Original Term will be due and payable by Lessee to Lessor in such monthly payments due on the same day of each month thereafter (or other calendar period indicated) in each Schedule and/or Master Lease Letter Agreement, until the aggregate rent due thereunder is paid in full, (b) Upon receipt of written notice from Lessor, Lessee agrees to make all rental payments (both original and every termrenewal) in cash or by certified or cashiers' check. All rental payments (both original and renewal) shall be made by Lessee to Lessor at the office of Lessor at Flying Hills Corporate Center, covenant ▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇.▇. ▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇, or at such other place or places as Lessor may designate in writing to Lessee, (c) Lessee will, concurrently with its execution and condition delivery of this each Schedule and/or Master Lease Letter Agreement, if required by Lessor, deposit with Lessor, as a security deposit, the amount specified therefor on the Schedule and/or Master Lease Letter Agreement. Upon an To secure the payment of "Lessee's Obligations" (hereinafter defined), Lessee hereby grants Lessor a security interest in said security deposit, and at the end of the Original Term, if any, provided there is then no existing Event of Default by and Lessee under this Lease Agreement, or if Lessee fails to perform any has performed all of the terms, provisions terms and conditions of this Lease Agreementand the Schedule and/or Master Lease Letter Agreement to be performed by Lessee. Lessor shall return the security deposit to Lessee, Lessor may use(d) Subject to paragraph 27 hereof, apply, or retain the whole or any part of the Security Deposit so deposited Lessee's obligation to pay rent is for the payment full Original Term, is unconditional and is payable without notice or demand and without any abatement, deduction or set-off of any sum due Lessor or which Lessor may expend or be required to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwise. In the event that Lessee shall comply with all of the terms, covenants and conditions of this Lease Agreement, the Security Deposit shall be returned to Lessee within thirty (30) days after Lessee has vacated and surrendered the Leased Premises in accordance with the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease Agreement. In the event of a sale of the Building or the Project, Lessor shall have the right to transfer the Security Deposit to the purchaser, and Lessor shall thereupon be released from all liability for the return of such Security Depositnature. Lessee shall look solely have no right to the new landlord for the return of any interest from any security deposit, and waives any claim to any such Security Deposit. If Lessee shall fail to pay Rent interest or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not profits from such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentsecurity deposit.
Appears in 1 contract
Sources: Master Lease Agreement (Regeneration Technologies Inc)
Security Deposit. On the date this Lease is signed by Lessor and Lessee, Lessee shall pay to provide Lessor simultaneously with the execution cash or Letter of Credit Security Deposit specified in paragraph 3 of Schedule "1" hereto to be held by Lessor as security for performance of all Lessee's obligations hereunder and under the Companion Lease. Lessee agrees to maintain the Security Deposit with Lessor for the original amount thereof until all Lessee's obligations hereunder shall have been fully performed. Lessor may commingle the cash Security Deposit with its general funds. In the event Lessee fails to take delivery of the Aircraft as provided herein or if any other Event of Default occurs and is continuing or shall result in the termination or cancellation of this Lease Agreement a sum zero and 00/100 Dollars ($0,000.00) (by Lessor, in addition to any other rights or remedies Lessor may have hereunder or under the “Security Deposit”) as security Companion Lease, Lessor shall be entitled, at its option, to draw on the Letter of Credit, if any, for the full amount thereof or for any portion thereof as Lessor shall elect, and faithful apply all or any proceeds thereof, or, as the case may be, all or any portion of the cash Security Deposit towards any or all amounts due under this Lease or the Companion Lease, whether such amounts due constitute Basic Rent payments hereunder or thereunder, damages for breach of this Lease or the Companion Lease, or other Rent payments hereunder or thereunder. If at the time the Letter of Credit, if any, is drawn upon Lessor shall not have finally determined the full amount to become payable hereunder and under the Companion Lease (including without limitation, the extent of its damages hereunder or the damages under the Companion Lease), Lessor shall be entitled to retain the unapplied portion of the cash Security Deposit or the unapplied proceeds of the Letter of Credit, as the case may be, until such time as such final determination has been made and full and, final payment thereof has been received (and Lessor agrees to use reasonable efforts to make prompt determination of the full amount payable hereunder and under the Companion Lease). Upon full performance by Lessee of each all its obligations hereunder, and every term, covenant and condition of this Lease Agreement. Upon an provided no Event or Event of Default by Lessee under this Lease Agreement, or if Lessee fails to perform any of the terms, provisions shall have occurred and conditions of this Lease Agreement, Lessor may use, apply, or retain the whole or any part of the Security Deposit so deposited for the payment of any sum due Lessor or which Lessor may expend or be required to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retentioncontinuing, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwise. In the event that Lessee shall comply with all of the terms, covenants and conditions of this Lease Agreement, the Security Deposit shall be returned to Lessee within thirty (30) days after Lessee has vacated and surrendered the Leased Premises in accordance with the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease Agreement. In the event of a sale of the Building or the Project, Lessor shall have the right to transfer promptly return the Security Deposit to the purchaser, and Lessor shall thereupon be released from all liability for the return of such Security Deposit. Lessee shall look solely to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentLessee.
Appears in 1 contract
Sources: Lease Agreement (Turn Works Acquisition Iii Sub a Inc)
Security Deposit. Lessee shall pay to Lessor simultaneously with the Immediately upon execution of this Lease Agreement Contract, the LESSEE shall deposit with the LESSOR a sum zero and 00/100 security deposit equivalent to Eight (8) months' rental or Eight Hundred Ninety Eight Thousand United States Dollars (US $0,000.00) (898,000). The security deposit shall not be deemed to be or treated as payment of rent or any other amount owing by LESSEE unless consented to in writing by the “Security Deposit”) LESSOR. LESSOR shall retain the deposit as security for the full and faithful performance by Lessee of each and every term, provision, covenant and condition of this Lease AgreementContract, and shall be entitled to apply them to, among others, LESSEE's unpaid association dues, garbage fees, telephone, water, electricity, sewer, and all other service charges in connection with the Leased Premises. Upon an Event The LESSOR may, but is not obligated, to apply the security deposit to rents or other charges in arrears or to damages sustained by the Leased Premises on account of Default the failure by Lessee under this Lease Agreement, or if Lessee fails the LESSEE to perform any of the terms, provisions and conditions of this Lease Agreement, Lessor may use, apply, or retain the whole or any part of the Security Deposit so deposited for the payment of any sum due Lessor or which Lessor may expend or be required to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwise. In the event that Lessee shall comply with all of the termsprovisions, covenants and conditions of this Lease AgreementContract. In the event the security deposit is applied by the LESSOR to any of the LESSEE's obligations relative to the lease, the Security Deposit LESSEE shall be returned immediately pay on demand any amount necessary to Lessee within thirty (30) days after Lessee has vacated and surrendered maintain the Leased Premises in accordance with security deposit at the terms hereofamount specified herein, so long as no Event unless LESSEE disputes the application of Default the security deposit by Lessee shall then be existing under the terms of this Lease AgreementLESSOR. In the event of a sale dispute, the parties will meet and attempt to resolve the dispute in good faith. Within 12 months before the termination of the Building or lease, LESSOR and LESSEE will start assessing mutually agreed upon repair and damage costs which will be deductible from the Projectsecurity deposit. The balance of the security deposit will then be applied as rent on the last few months of the contract and settlement of all service charges connected with the Leased Premises. The security deposit will not carry interest for the LESSEE. In the event that LESSEE materially breaches this Contract and does not remedy said breach within ninety (90) days of receipt of written notice from LESSOR of said breach, Lessor LESSOR may deduct the amount of the damages sustained as a result of such breach from the security deposit, without prejudice to such other remedies the LESSOR may have against the LESSEE. It is hereby agreed that LESSEE's liability for any breach of this Contract shall have the right to transfer the Security Deposit not be limited to the purchaser, and Lessor shall thereupon be released from all liability for amount of the return of such Security Deposit. Lessee shall look solely to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentsecurity deposit.
Appears in 1 contract
Security Deposit. Lessee shall pay to Lessee(s) has deposited with Lessor simultaneously with a security deposit in the execution amount of this Lease Agreement a sum zero and 00/100 Dollars ($0,000.00) (the “Security Deposit”) as security for the full and faithful performance by Lessee of each and every term, covenant and condition of this Lease Agreement. Upon an Event of Default by Lessee under this Lease Agreement, or if Lessee fails to perform any of the terms, provisions and conditions of this Lease Agreement, Lessor may use, apply, or retain the whole or any part of the <<Security Deposit so deposited for the payment of any sum due Lessor or which Lessor may expend or be required to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Charges>>. Lessor shall have the right, but not the obligation, to apply the security deposit in whole or in part as payment of such amounts as are reasonably necessary to remedy Lessee(s)' defaults in the payment of rent or in the performance of the covenant or agreements contained herein. Lessor’s right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwise. In the event that Lessee shall comply with all possession of the termsapartment for non-payment of rent or any other reason shall not be affected by the fact that Lessor holds security. Lessee(s)' Liability is not limited to the amount of the security deposit. Upon expiration or termination of the Lease by ▇▇▇▇▇▇, and full payment of all amounts due and performance of all Lessee(s)' covenants and conditions agreements (including surrender of this Lease Agreement, the Security Deposit apartment in accordance with Paragraph 16) the security deposit or any portion thereof remaining unapplied shall be returned to Lessee Lessee(s) within thirty (30) days after Lessee has vacated and surrendered the Leased Premises in accordance with the terms hereof, so long as no Event of Default such expiration or termination by Lessee shall then be existing under the terms of this Lease AgreementLessor without interest. In the event of a sale sale, lease, or other transfer of the Building or the ProjectBuilding, Lessor shall have the right may transfer or assign said security deposit to transfer the Security Deposit Lessor’s grantee, lessee, or assignee. Provided said grantee, lessee or assignee by written undertaking addressed to the purchaser▇▇▇▇▇▇ assumes all Lessor’s obligation hereunder, and Lessor shall thereupon be released from all liability ▇▇▇▇▇▇(s) agrees to look to such grantee, ▇▇▇▇▇▇ or assignee solely for the return of such Security Depositsaid security deposit. Lessee The provisions hereof shall apply to each and every sale, lease or other transfer of the Building. ▇▇▇▇▇▇(s) ▇▇▇▇▇▇ agrees not to look solely to the new mortgagee as mortgagee, mortgagee in possession, or successor in title to the property, for accountability for any security deposit required by the landlord herein under, or unless said sums have actually been received by said mortgagee as security for the return Lessee(s)' performance of such Security Depositthis lease. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentSECURITY DEPOSIT SHALL NOT BE DEEMED OR CONSTRUED AS ADVANCE PAYMENT OR RENT FOR ANY MONTH OF THE LEASE TERM.
Appears in 1 contract
Sources: Lease Agreement
Security Deposit. Lessee shall pay to Lessor simultaneously LESSEE, contemporaneously with the execution of this Lease Agreement a Lease, has deposited with LESSOR the sum zero and 00/100 of Thirteen Thousand Four Hundred Sixteen Dollars Sixty Seven Cents ($0,000.0013,416.67), receipt of which is hereby acknowledged by LESSOR. In the event that LESSEE commences occupancy of the Premises upon receipt of notice that LESSOR'S work has been completed and otherwise commences performing LESSEE'S obligations as LESSEE under this Lease, then Six Thousand Two Hundred Twenty Nine Dollars Seventeen Cents ($6,229.17) (of the “Security Deposit”) deposit shall be applied to the first full month's Minimum Rent due hereunder. The balance of said deposit shall be held by LESSOR, without liability for interest, as security for the full and faithful performance by Lessee LESSEE of each and every term, covenant and condition of this Lease Agreement. Upon an Event of Default by Lessee under this Lease Agreement, or if Lessee fails to perform any all of the terms, provisions covenants, and conditions of this Lease Agreement, Lessor may use, apply, or retain by said LESSEE to be kept and performed during the whole or term hereof. If at any part time during the term of this Lease any of the Security Deposit so deposited for rent herein reserved shall be overdue and unpaid, the LESSOR may, at the option of the LESSOR, upon written notice to LESSEE, appropriate and apply any portion of said deposit to the payment of any sum due Lessor such overdue rent or which Lessor may expend or be required to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwisesum. In the event that Lessee shall comply with all of the failure of LESSEE to keep and perform any of the terms, covenants and conditions of this Lease Agreementto be kept and performed by LESSEE, then the Security Deposit LESSOR at its option, upon written notice to LESSEE, may appropriate and apply said entire deposit or so much thereof as may be necessary, to compensate the LESSOR for loss or damage sustained or suffered by LESSOR due to such breach on the part of LESSEE. Should the entire deposit, or any portion thereof, be appropriated and applied by LESSOR payment of overdue rent for the payment of overdue rent or other sums due and payable to LESSOR by LESSEE hereunder, then LESSEE shall, upon the written demand of LESSOR, forthwith remit to LESSOR a sufficient amount in cash to restore said security to the original sum deposited (less any amount applied to the first month's rent), and LESSEE'S failure to do so within five (5) days after receipt of such demand shall constitute a breach of this Lease. The said deposit, including any additions thereto (or the balance thereof not applied to the first months rent or obligations of LESSEE provided for herein), shall be returned in full to Lessee within thirty (30) days after Lessee has vacated and surrendered LESSEE at the Leased Premises in accordance with end of the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms term of this Lease Agreement. In the event of a sale of the Building or the Project, Lessor shall have the right to transfer the Security Deposit to the purchaser, and Lessor shall thereupon be released from all liability for the return of such Security Deposit. Lessee shall look solely to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentLease.
Appears in 1 contract
Security Deposit. Lessee (a) At least one (1) week before the commencement of any rehearsal, engagement or series of engagements or at least one (1) week before the ARTIST commences to travel in pursuance of any engagements, or series of engagements, whichever is earlier, the Employer shall pay to Lessor simultaneously deposit with AGMA, at ▇▇▇▇ ▇▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, not less than full compensation for all ARTISTS engaged by the execution EMPLOYER for said engagement or series of engagements.
(b) This security deposit shall represent a guarantee by the EMPLOYER that it will faithfully fulfill its obligations under the terms of this Lease Basic Agreement a sum zero or under the terms of any agreement entered into in writing between the EMPLOYER and 00/100 Dollars any ARTIST.
($0,000.00c) AGMA agrees to return such security deposit two (2) weeks after notice by the “Security Deposit”) as security for EMPLOYER to AGMA that any engagement or series of engagements has been terminated and that every ARTIST has been returned to the full and faithful performance by Lessee city of each and every termorigination, covenant and condition of this Lease Agreement. Upon less an Event of Default by Lessee under this Lease Agreement, or if Lessee fails amount equivalent to perform any of the terms, provisions and conditions of this Lease Agreement, Lessor may use, apply, or retain the whole claims filed or any part of the Security Deposit so deposited for the payment of any sum due Lessor or which Lessor may expend or be required to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency arbitration instituted as provided in the reletting of the Leased Premises, provided, however, this Basic Agreement.
(d) The EMPLOYER agrees that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor AGMA shall have the right to pursue use the funds in the security deposit account without any requirement of consent by the EMPLOYER to fulfill any obligation of the EMPLOYER for failure to pay such compensation due under the Standard Artist’s contracts or in order to return ARTISTS to the city of origination where such transportation has not been furnished by the EMPLOYER.
(e) In lieu of the security deposit described above, the EMPLOYER shall, no less than two days prior to the first performance of any production (whether a single engagement or otherwise) deliver or cause to be delivered to AGMA a payroll spreadsheet showing all ARTISTS by name with gross pay, deductions, and all other remedies net pay for each ARTIST, together with a notice from its bank and/or entity responsible for dispensing EMPLOYER’S payroll, showing that sufficient funds are available to it under the terms of this Lease Agreement pay each such ARTIST all amounts due. Notice to AGMA shall be by fax or otherwisemail so long as receipt is timely. In the event that Lessee shall the EMPLOYER fails to strictly comply with all the requirements set forth in this paragraph, EMPLOYER shall be in breach of the termsARTISTS’ contract, covenants and conditions of this Lease Agreement, the Security Deposit no ARTISTS shall be returned required to Lessee within thirty (30) days after Lessee has vacated perform for such engagement(s); however, EMPLOYER shall be liable for all compensation, benefits, ARTISTS’ payment of dues to AGMA and surrendered the Leased Premises in accordance with the terms hereof, so long as no Event of Default by Lessee shall then be existing any other payments due under the terms of this Lease Agreement. In the event of a sale of the Building or the Project, Lessor shall have the right to transfer the Security Deposit to the purchaser, and Lessor shall thereupon be released from all liability individuals’ ARTISTS’ contracts for the return of such Security Deposit. Lessee shall look solely to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentengagement(s).
Appears in 1 contract
Security Deposit. Lessee shall pay to Lessor simultaneously Tenant contemporaneously with the execution of this Lease Agreement a Lease, has deposited with Landlord the sum zero and 00/100 Dollars (of $0,000.00) (4,850 receipt of which is hereby acknowledged by Landlord, said deposit being given to secure the “Security Deposit”) as security for the full and faithful performance by Lessee the Tenant of each and every term, covenant and condition of this Lease Agreement. Upon an Event of Default by Lessee under this Lease Agreement, or if Lessee fails to perform any all of the terms, provisions covenants and conditions of this Lease Agreementby the Tenant to be kept and performed during the term hereof. The Tenant agrees that if the Tenant shall fail to pay the rent herein reserved, Lessor may usepromptly when due, applysaid deposit may, at the option of the Landlord (but Landlord shall not be required to), be applied to any rent due and unpaid, and if the Tenant violates any of the other terms, covenants and conditions of this Lease, said deposit shall be applied to any damages suffered by Landlord as a result of Tenant's default to the extent of the amount of the damages suffered. Nothing contained in this paragraph shall in any way diminish or be construed as waiving any of the Landlord's other remedies as provided herein, or retain by law. If the whole or any part of the Security Deposit so deposited security deposit is applied by Landlord for the payment of any sum over due Lessor rent or which Lessor may expend or be required other sums due and payable to expend Landlord by reason Tenant hereunder, then the Tenant shall, on the written demand of the Lessee’s Event of Default or Landlord, forthwith remit to Landlord a sufficient amount in cash to restore said security deposit to its original amount, and Tenant's failure to perform includingdo so within fifteen days after receipt of such demand, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms constitute a breach of this Lease Agreement or otherwiseLease. In the event that Lessee shall Should Tenant comply with all of the terms, covenants and conditions of this Lease Agreementand promptly pay all of the rental herein provided for as it falls due, the Security Deposit and all other sums payable by Tenant to Landlord hereunder, said security deposit shall be returned in full to Lessee within thirty (30) days after Lessee has vacated and surrendered Tenant at the Leased Premises in accordance with end of the terms hereofterm of this Lease, so long as no Event of Default by Lessee shall then be existing under or upon the terms earlier termination of this Lease Agreement. In pursuant to the provisions hereof, except in the event of that the demised premises are sold as a sale result of the Building exercise of any power of sale under any mortgage or the Projectdeed of trust, Lessor in which event this Lease shall have the right be automatically amended to transfer the Security Deposit delete any reference to the purchaserthis paragraph, and Lessor Tenant shall thereupon be released entitled to immediate reimbursement of its security deposit from all liability for the return of such Security Deposit. Lessee shall look solely to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, party then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentholding said deposit.
Appears in 1 contract
Security Deposit. Lessee Upon the execution hereof, in order to assure the District the Grantee will perform in a timely and proper manner its obligations under this Agreement, at the time of the execution hereof, the Grantee shall pay to Lessor simultaneously deposit with the execution Executive Director of this Lease Agreement the District and thereafter continue to maintain, a sum zero guarantee (hereinafter referred to as "Financial Guarantee") in the amount of $50,000. Any and 00/100 Dollars all interest earned on the security deposit will be the property of the District and will not be returned to the Grantee.
($0,000.00A) (If the “Security Deposit”) as security for the full and faithful performance by Lessee of each and every term, covenant and condition of this Lease Agreement. Upon an Event of Default by Lessee under this Lease Agreement, or if Lessee Grantee fails to perform any of the terms, provisions and conditions of its obligations under this Lease Agreement, Lessor may use, apply, or retain the whole or any part of the Security Deposit so deposited for the payment of any sum due Lessor or which Lessor may expend or be required to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwise. In the event that Lessee shall comply with all of the terms, covenants and conditions of this Lease Agreement, the Security Deposit shall be returned District shall, except for the case of emergency, give written Notice to Lessee the Grantee specifying the manner in which the Grantee has failed to so perform. If such failure has not been corrected within thirty (30) days after Lessee such Notice or if such work has vacated not been commenced to cause such cure within such period and surrendered thereafter diligently pursued to completion, the Leased District may enter upon the Premises in accordance with the terms hereof, so long and perform such work as no Event of Default by Lessee shall then may be existing under the terms of this Lease Agreementnecessary to correct such failure. In the event of a sale an emergency, the definition and determination of which shall be within the sole discretion of the Building District, the District may cause persons to enter upon the Premises to exercise and perform such work as necessary to correct such failure of the Grantee. By reason of its performance of such work, the District shall not be liable or responsible to the ProjectGrantee or any person, Lessor firm or corporation claiming through the Grantee for any losses or damage thereby sustained by the Grantee or any one claiming by or under the Grantee, except for the District's wanton or willful conduct. The Grantee shall be liable for the cost of such work and shall promptly reimburse the District for such costs together with interest at the prime rate established by the published prime rate of interest published in The Wall Street Journal (as of the date hereof such rate is found in the Money Rate Section),(hereinafter referred to as "Prime Rate") plus two percent (2%) calculated from the date of expenditure until repayment. If the Grantee fail to reimburse the District within thirty (30) days after receipt of a Notice including a statement for such work from the District, then said indebtedness shall constitute a lien against the title to the Dome and the District shall have the right option to transfer draw upon the Security Deposit Financial Guarantee and reimburse itself the full amount of its costs in performing said work.
(B) This Financial Guarantee shall consist of one of the following:
(1) A cash deposit in the amount of $50,000; or
(2) A Letter of Credit (substantially in the form of Exhibit C hereto) issued by a bank having assets at least equivalent to those of a bank pre-approved by the purchaserPark District of Highland Park Executive Director, and Lessor shall thereupon be released from all liability for in the return amount of such Security Deposit. Lessee shall look solely to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rent$50,000.
Appears in 1 contract
Sources: Agreement for Recreational Services
Security Deposit. Lessee shall pay to deposit with Lessor simultaneously with on the execution signing of this Lease Agreement a sum zero and 00/100 Dollars ($0,000.00) (Lease, the “Security Deposit”) Deposit as security defined in the Preamble for the full and faithful performance by Lessee of each and every term, covenant and condition of this Lease Agreement. Upon an Event of Default by Lessee Lessee’s obligations under this Lease AgreementLease, or if Lessee fails to perform any including without limitation, the surrender of possession of the terms, provisions and conditions of this Lease Agreement, Premises to Lessor may use, apply, or retain the whole or as herein provided. If Lessor applies any part of the said Security Deposit to cure any default of Lessee, Lessee shall, on demand, deposit with Lessor the amount so deposited for the payment of any sum due Lessor or which Lessor may expend or be required to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, applied so that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and full Security Deposit on hand at all other remedies available to it under times during the terms Term of this Lease Agreement or otherwiseLease. In the event that Lessee shall comply with all of the termsa bona fide sale, covenants and conditions of subject to this Lease Agreement, the Security Deposit shall be returned to Lessee within thirty (30) days after Lessee has vacated and surrendered the Leased Premises in accordance with the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease Agreement. In the event of a sale of the Building or the ProjectLease, Lessor shall have the right to transfer the Security Deposit to the purchaservendee, and Lessor shall thereupon be considered released by Lessee from all liability for the return of such the Security Deposit. ; and Lessee shall agrees to look solely to the new landlord lessor for the return of such the Security Deposit, and it is agreed that this shall apply to every transfer or assignment made of the Security Deposit to the new lessor. If Provided this Lease is not in default, the Security Deposit (less any portions thereof used, applied or retained by Lessor in accordance with the provisions of this Article 16), shall be returned to Lessee after the expiration or sooner termination of this Lease and after delivery of the entire Premises to Lessor in accordance with the provisions of this Lease. Lessee covenants that it will not assign or encumber or attempt to assign or encumber the Security Deposit and Lessor shall fail not be bound by any such assignment, encumbrance or attempt thereof. In the event of the insolvency of Lessee, or in the event of the entry of a judgment in any court against Lessee which is not discharged within thirty (30) days after entry, or in the event a petition is filed by or against Lessee under any chapter of the bankruptcy laws of the State of New Jersey or the United States of America, then in such event, Lessor may require (unless otherwise prohibited by law) the Lessee to pay Rent or other sums when due deposit additional security in an amount which in Lessor’s commercial reasonable judgment would be sufficient to adequately assure Lessee’s performance of all of its obligations under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective including all payments subsequently accruing. Failure of whether or not such delinquencies have been cured, then Lessee to deposit the Security Deposit shall, security required by this Article 16 within ten (10) days after Lessor’s written demand or to provide other reasonable assurances to Lessor of Lessee’s ability to perform all of its obligations under this Lease within ten (10) days after Lessor’s written demand shall constitute a material breach of this Lease by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentLessee.
Appears in 1 contract
Sources: Lease Agreement (Tollgrade Communications Inc \Pa\)
Security Deposit. Lessee shall pay to Lessor simultaneously with the execution of this Lease Agreement a sum zero and 00/100 Dollars ($0,000.00) (the “Security Deposit”) as security for the full and faithful performance by Lessee of each and every term, covenant and condition of this Lease Agreement. Upon an Event of Default by Lessee under this Lease Agreement, or if Lessee fails to perform any of the terms, provisions and conditions of this Lease Agreement, Lessor may use, apply, or retain the whole or any part of the Security Deposit so deposited for the payment of any sum due Lessor or which Lessor may expend or be required to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms of this Lease Agreement or otherwise. In the event that Lessee shall comply with all of the termsinsolvency of Lessee, covenants and conditions or in the event of this Lease Agreement, the Security Deposit shall be returned to entry of a judgment in any court against Lessee which is not discharged within thirty (30) days after entry, or in the event a petition is filed by or against Lessee has vacated and surrendered under any chapter of the Leased Premises bankruptcy laws of the State of New Jersey or the United States of America, then in accordance with such event, Lessor may require the terms hereof, so long as no Event Lessee to deposit Security Deposit in an amount which in Lessor's sole judgment would be sufficient to adequately assure Lessee's performance of Default all of its obligations under this Lease including all payments subsequently accruing. Failure of Lessee to deposit the security required by Lessee this Article 16 within ten (10) days after Lessor's written demand shall then be existing under the terms constitute a material breach of this Lease Agreementby Lessee. If Lessor applies any part of said Security Deposit to cure any default of Lessee, Lessee shall, on demand, deposit with Lessor the amount so applied so that Lessor shall have the full Security Deposit on hand at all times during the Term of this Lease. In the event of a sale of the Building or the Projectbona fide sale, subject to this Lease, Lessor shall have the right to transfer the Security Deposit to the purchaservendee, and Lessor shall thereupon be considered released by Lessee from all liability for the return of such the Security Deposit. Lessee shall ; and lessee agrees to look solely to the new landlord lessor for the return of such the Security Deposit. If Lessee , and it is agreed that this shall fail apply to pay Rent every transfer or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective assignment made of whether or not such delinquencies have been cured, then the Security Deposit to the new lessor. Provided this Lease is not in default, the Security Deposit (less any portions thereof used, applied or retained by Lessor in accordance with the provisions of this Article 16), shall be returned to Lessee after the expiration or sooner termination of this Lease and after delivery of the entire Premises to Lessor in accordance with the provisions of this Lease. Lessee covenants that it will not assign or encumber or attempt to assign or encumber the Security Deposit and Lessor shall not be bound by any such assignment, encumbrance or attempt thereof. Lessee may deliver to Lessor, in lieu of the cash deposit set forth in this Article an irrevocable negotiable letter of credit in the form and amount set forth in Paragraph 16 of the Preamble. Said letter of credit shall be for a term of not less than 1 year and shall be renewed by Lessee (without notice from Lessor) no later than 45 days prior to its expiration, and the expiration of each replacement thereof, until Lessor shall be required to return the security to Lessee pursuant to the terms of this lease but in no event earlier than 90 days after the Expiration Date, and each such renewed letter of credit shall be delivered to Lessor no later than 45 days prior to the expiration of the letter of credit then held by Lessor. If any portion of the security deposit shall be utilized by Lessor in the manner permitted by this lease, Lessee shall, within ten (10) 5 days after demand request by Lessor, be increased to replenish the security account by depositing with Lessor, in cash or by letter of credit, an amount equal to that utilized by Lessor. Failure of Lessee to comply strictly with the greater provisions of this Article shall constitute a material breach of this lease and Lessor shall be entitled to present the letter of credit then held by it for payment (iwithout notice to Lessee). If the cash security is converted into a letter of credit, the provisions with respect to letters of credit shall apply (with the necessary changes in points of detail) three (3) times to such letter of credit deposit. In the aforesaid amount event of a bank failure or (ii) three (3) months rentinsolvency affecting the letter of credit, Lessee shall replace same within 20 days after being requested to do so by Lessor.
Appears in 1 contract
Sources: Assignment and Assumption of Lease (Medicines Co/ Ma)
Security Deposit. 6.1 In addition to the bond requirements described in Section 5 of this Lease, ▇▇▇▇▇▇ must also provide a security deposit to assure ▇▇▇▇▇▇'s faithful performance of the terms of this Lease. This security deposit may be in the form of cash or a Time Certificate or Letter of Credit made payable to County and drawn on a bank approved by County. Should Lessee request, and County approve, the use of non-cash deposit instruments for Lessee to satisfy all requirements described in this Section 6, such deposit instruments shall meet the standards established in the policies and procedures attached hereto as Exhibit D, shall be made payable to County, and shall be deposited with the Cashier, Los Angeles County Department of Public Works. This sum shall be used and applied as follows:
6.1.1 Upon execution of the Lease, Lessee shall pay a Security Deposit equal to Lessor simultaneously with the execution of this Lease Agreement a sum zero and 00/100 Dollars one (1) months’ rent ($0,000.00) (2,198.00). This sum shall be retained by County or Manager as a guarantee to cover delinquent rent or other charges and may be so applied. In the “Security Deposit”) as security for the full and faithful performance by Lessee of each and every term, covenant and condition of this Lease Agreement. Upon an Event of Default by Lessee under this Lease Agreement, or if Lessee fails to perform any of the terms, provisions and conditions of this Lease Agreement, Lessor may use, apply, or retain the whole event all or any part of the Security Deposit said sum so deposited for is applied against any charge due and unpaid, ▇▇▇▇▇▇ shall immediately reimburse said deposit upon demand by County or Manager so that at all times during the payment of any sum due Lessor or which Lessor may expend or be required to expend by reason of the Lessee’s Event of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue any and all other remedies available to it under the terms life of this Lease Agreement or otherwise. In said deposit shall be maintained.
6.1.2 Not less than ten (10) days prior to the event that commencement of construction, Lessee shall comply provide a Construction Deposit in the amount equal to two months' rent ($4,396.00) to the County, which amount shall be retained until Lessee completes construction of the building, hangar, and aviation fuel storage facility as described on Exhibit C and temporary or permanent Certificates of Occupancy for the improvements are issued by the local City or County authority. Upon issue of Certificates of Occupancy and receipt of photocopies by County, this Construction Deposit shall be returned to Lessee within fourteen (14) days.
6.2 If Lessee fully and faithfully complies with all of the terms, provisions, covenants and conditions of this Lease AgreementLease, the Security Deposit shall be returned to Lessee at the expiration of the Lease term, or an accounting given by County or Manager as the complete or partial use thereof within thirty fourteen (3014) days after Lessee has vacated and surrendered of ▇▇▇▇▇▇'s surrender of the Leased Premises in accordance with the terms hereof, so long as no Event of Default by Lessee shall then be existing under the terms of this Lease Agreement. In the event of a sale of the Building or the Project, Lessor shall have the right to transfer the Security Deposit to the purchaser, and Lessor shall thereupon be released from all liability for the return of such Security Deposit. Lessee shall look solely to the new landlord for the return of such Security Deposit. If Lessee shall fail to pay Rent or other sums when due under this Lease Agreement more than three (3) times in any twelve (12) month period, irrespective of whether or not such delinquencies have been cured, then the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentPremises.
Appears in 1 contract
Sources: Lease Agreement
Security Deposit. Lessee shall pay to Lessor simultaneously with Upon the execution of this Lease Agreement lease, the LESSEE shall either:
(a) Pay to the LESSOR the amount of $139,607.06 dollars which shall be held as a sum zero and 00/100 Dollars ($0,000.00) (the “Security Deposit”) as security for the full LESSEE’S performance as herein provided and faithful performance by Lessee of each and every term, covenant and condition refunded to the LESSEE at the end of this Lease Agreementlease subject to the LESSEE’S satisfactory compliance with the conditions hereof. Upon an Event The LESSEE shall maintain at all times a security deposit equivalent to a minimum of Default by Lessee under this Lease Agreement, or if Lessee fails to perform any of the terms, provisions and conditions of this Lease Agreement, Lessor may use, apply, or retain the whole or any part of the Security Deposit so deposited for the payment of any sum due Lessor or which Lessor may expend or be required to expend by reason of the Lesseethree (3) month’s Event of Default or failure to perform including, but not limited to, any damages or deficiency in the reletting of the Leased Premises, provided, however, that any such use, application or retention by Lessor of the whole or any part of the Security Deposit shall not be or be deemed to be an election of remedies by Lessor or viewed as liquidated damages, it being expressly understood and agreed that, notwithstanding such use, application or retention, Lessor shall have the right to pursue base rent. This would include any and all other remedies available options to it under renew; or
(b) Simultaneously with the execution and delivery of this Lease, LESSEE shall deliver to LESSOR a standby, irrevocable, unconditional, transferable, automatically renewable letter of credit in the amount of $139,607.06 dollars, in substantially the form attached hereto as Exhibit Cs and issued by a Massachusetts bank reasonably acceptable to LESSOR and containing the terms as required herein. LESSOR hereby approves Citizens Bank of Massachusetts as an acceptable issuer of the letter of credit as of the date of this Lease Agreement Lease. During the term hereof, and any extensions thereof, or otherwise. In the event that Lessee shall comply with all for so long thereafter as LESSEE is in possession of the termsPremises or has unsatisfied obligations hereunder to LESSOR, covenants and conditions of this Lease Agreement, the Security Deposit shall be returned to Lessee within but in no event less than thirty (30) days after Lessee has vacated the expiration of the lease term as extended, the letter of credit shall be held to ensure the full and surrendered timely performance of LESSEE’S obligations under this Lease and for all losses and damages LESSOR may suffer as a result of any default beyond all applicable notice and cure periods, by LESSEE under this Lease; which letter of credit may be drawn upon by LESSOR and applied from time to time against outstanding obligations of LESSEE hereunder without notice or demand provided LESSEE is in default of its obligations under the Leased Premises in accordance with Lease beyond all applicable notice and cure periods. LESSEE shall have no right to require LESSOR to so draw and apply the terms letter of credit, nor shall LESSEE be entitled to credit the same against rents or other sums payable hereunder. During the entire term hereof, so long as including any extension thereof, LESSEE shall cause said letter of credit to be renewed, in identical form to that delivered herewith, no Event later than 30 days prior to the date of Default expiration of same. It shall be a condition of the letter of credit that the letter of credit shall be deemed automatically extended unless the issuing bank shall notify the LESSOR by Lessee certified mail return receipt requested, at least thirty (30) days prior to the then current expiration date of the letter of credit, that the letter of credit will not be extended beyond the then current expiration date. The letter of credit shall then be existing under the terms state that, without limiting any other remedies of this Lease Agreement. In LESSOR, in the event that the LESSOR receives notice of a sale termination or expiration of the Building letter of credit or if LESSEE fails to renew any letter of credit given hereunder at least 30 days prior to the Projectdate of expiration thereof, Lessor then LESSOR shall have the right to transfer draw down the Security Deposit entire amount of said letter of credit and hold such sums as a cash deposit. If and to the purchaserextent that LESSOR makes such use of the letter of credit, and Lessor or any part thereof, the sum so applied by LESSOR (from cash or from a drawing on the letter of credit) shall thereupon be released from all liability for the return of such Security Deposit. Lessee shall look solely restored to the new landlord for letter of credit (or by anew letter of credit equal to the return difference) by LESSEE upon notice from LESSOR. The LESSEE shall cause the letter of such Security Deposit. If Lessee shall fail credit to pay Rent be continuously maintained in effect (whether through replacement, renewal, or other sums when due under this Lease Agreement more than extension) in an amount equivalent to a minimum of three (3) times month’s base rent. This would include any and all options to renew. In the event LESSEE is unable to obtain the letter of credit on or before the date the LESSEE executes this Lease, LESSEE may, concurrently with LESSEE’S execution of this Lease, provide a cash security in accordance with Article 5(a) above, and thereafter obtain a letter of credit which conforms to the terms of this Article 5(b). Provided the LESSEE obtains said letter of credit within ninety (90) days from the date the LESSEE executes this Lease, the LESSOR shall, so long as the LESSEE is not in default beyond any twelve (12) month applicable cure period, irrespective refund the cash security in exchange for an acceptable letter of whether or not such delinquencies have been cured, then credit which complies with the Security Deposit shall, within ten (10) days after demand by Lessor, be increased to an amount equal to the greater of (i) three (3) times the aforesaid amount or (ii) three (3) months rentabove-mentioned terms.
Appears in 1 contract