Common use of Equipment Security Clause in Contracts

Equipment Security. (a) As a condition to leasing the Rented Property, Lessee may be required to provide Lessor with a security deposit for the full replacement value of the Rented Property. A security deposit may, at Lessor’s discretion, be given in the form of an authorization to charge Lessee’s credit or debit card for the amount of the security deposit in the event the Rented Property is not returned, returned late or in disrepair.

Equipment Security. (a) As a condition to leasing the Rented Property, Lessee may be required to provide Lessor with a security deposit for the full replacement value of the Rented Property. A security deposit may, at LessorXxxxxx’s discretion, be given in the form of an authorization to charge LesseeXxxxxx’s credit or debit card for the amount of the security deposit in the event the Rented Property is not returned, returned late or in disrepair.