Termination Fee; Security Deposit Clause Samples

Termination Fee; Security Deposit. On or before 5:00 pm Pacific time on the Termination Date, Tenant shall pay Landlord the sum of Ten Thousand Two Hundred Sixty-Seven and 42/100 Dollars ($10,267.42) (the “Termination Fee”). The Security Deposit held by Landlord under the Lease is currently Five Thousand Five Hundred Ninety and 56/100 Dollars ($5,590.56). Subject to any use or application of the Security Deposit towards any amounts due under the Lease, including but not limited to charges for matters discovered during the inspection of the Premises described in Section 3.2 above, Landlord and Tenant agree that Landlord shall retain the unapplied portion of the Security Deposit upon the Termination Date and credit such amount towards the Termination Fee. On or before 5:00 p.m. Pacific time on the Termination Date, Tenant shall pay Landlord the difference between the Termination Fee and the unapplied portion of the Security Deposit, in the form of cashier’s check, wire transfer, or otherwise immediately available funds. Landlord shall have no further obligation with respect to the return of the Security Deposit and Tenant hereby waives its rights pursuant to Civil Code Section 1950.7.