Deposit definition
Examples of Deposit in a sentence
If Landlord transfers its interest in the Premises, Landlord will assign the Security Deposit to the transferee and, upon such transfer and the delivery to Tenant of an acknowledgement of the transferee’s responsibility for the Security Deposit as provided by Law, Landlord thereafter shall have no further liability for the return of the Security Deposit.
In the event of such termination, Landlord shall return to Tenant the Security Deposit and the Prepaid Rent within ten (10) days after the date of such termination, which obligation shall survive termination of this Lease.
Following any such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied in order to restore the Security Deposit to its original amount.
Each reduction in the Security Deposit will be applied by Landlord to Tenant’s next accruing installments of Basic Rent hereunder.
For the avoidance of doubt, no Initial Interest Deposit Amount will be due and owing if (i) the initial Distribution Date does not occur in February or March, or (ii) if the initial Distribution Date occurs in February during a leap year.