Common use of Security Deposits; Prepaid Rents Clause in Contracts

Security Deposits; Prepaid Rents. Prepaid rentals and other tenant charges and security deposits (including any portion thereof which may be designated as prepaid rent) under the Lease, if and to the extent that such deposits are in Seller’s actual possession or control and have not been otherwise applied by Seller to any obligations of Tenant under the Lease, shall be credited against the Purchase Price, and upon the Close of Escrow, Buyer shall assume full responsibility for all security deposits to be refunded to the Tenant under the Lease (to the extent the same are required to be refunded by the terms of the Lease or applicable). If any security deposits are in the form of letters of credit or other financial instruments (the “Non-Cash Security Deposits”), Seller will, at the Close of Escrow use commercially reasonable efforts to cause Buyer to be named as beneficiary under the Non-Cash Security Deposits. Buyer will not receive a credit against the Purchase Price for such Non-Cash Security Deposits. If Buyer cannot be named the beneficiary under the Non-Cash Security Deposits as of the Close of Escrow, Seller shall, if necessary as a result of a default by Tenant under the Lease, cooperate with Buyer to make a demand to draw on the Non-Cash Security Deposit.

Security Deposits; Prepaid Rents. Prepaid rentals and other tenant charges and security deposits (including any portion thereof which may be designated as prepaid rent) under the LeaseTenant Leases, if and to the extent that such deposits are in Seller’s actual possession or control and have not been otherwise applied by Seller to any obligations of Tenant any Tenants under the LeaseTenant Leases, shall be credited against the Purchase Price, and upon the Close of EscrowClosing, Buyer shall assume full responsibility for all security deposits to be refunded to the Tenant Tenants under the Lease Tenant Leases (to the extent the same are required to be refunded by the terms of the Lease such Tenant Leases or applicable). If In the event that any security deposits are in the form of letters of credit or other financial instruments (the “Non-Cash Security Deposits”), Seller will, at the Close of Escrow use commercially reasonable efforts to Closing cause Buyer to be named as beneficiary under the Non-Cash Security Deposits. Buyer will not receive a credit against the Purchase Price for such Non-Cash Security Depositssecurity deposits. If In the event that the Buyer cannot be named the beneficiary under the Non-Cash Security Deposits as of the Close of Escrow, Seller shall, if necessary as a result of a default by Tenant under the Lease, cooperate with Buyer an escrow shall be established at Closing in an amount equal to make a demand to draw on the all Non-Cash Security DepositDeposits under which Buyer is not the beneficiary as of the Close of Escrow.

Security Deposits; Prepaid Rents. Prepaid rentals and other tenant charges and security deposits (including any portion thereof which may be designated as prepaid rent) under Tenant Leases, together with any interest accrued thereon if required under the LeaseTenant Leases, if and to the extent that such deposits are in Seller’s actual possession or control and have not been otherwise applied by Seller to any obligations of Tenant any Tenants under the LeaseTenant Leases, shall be credited against the Purchase Price, and upon the Close of EscrowClosing, Buyer shall assume full responsibility for all security deposits to be refunded to the Tenant Tenants under the Lease Tenant Leases (to the extent the same are required to be refunded by the terms of the Lease such Tenant Leases or applicable). If In the event that any security deposits are in the form of letters of credit or other financial instruments (the “Non-Cash Security Deposits”), Seller will, at the Close of Escrow use commercially reasonable efforts to Closing cause Buyer to be named as beneficiary under the Non-Cash Security Deposits. Buyer will not receive a credit against the Purchase Price for such Non-Cash Security Depositssecurity deposits. If In the event that the Buyer cannot be named the beneficiary under the Non-Cash Security Deposits as of the Close of Escrow, Seller shall, if necessary as a result of a default by Tenant under the Lease, cooperate with Buyer an escrow shall be established at Closing in an amount equal to make a demand to draw on the all Non-Cash Security DepositDeposits under which Buyer is not the beneficiary as of the Close of Escrow.