Rent deposits Sample Clauses
A rent deposits clause establishes the requirement for a tenant to pay a sum of money to the landlord as security for the performance of lease obligations, particularly the payment of rent. Typically, the deposit is held by the landlord for the duration of the lease and may be used to cover unpaid rent or repair costs if the tenant defaults or causes damage. This clause provides financial protection to the landlord by ensuring funds are available to address breaches or losses, thereby reducing the risk associated with leasing the property.
Rent deposits. 13.1. This condition 13 applies where the seller is holding or otherwise entitled to money by way of rent deposit in respect of a tenancy. In this condition 13 ”rent deposit deed” means the deed or other document under which the rent deposit is held.
13.2. If the rent deposit is not assignable the seller must on completion hold the rent deposit on trust for the buyer and, subject to the terms of the rent deposit deed, comply at the cost of the buyer with the buyer’s lawful instructions.
13.3. Otherwise the seller must on completion pay and assign its interest in the rent deposit to the buyer under an assignment in which the buyer covenants with the seller to:
13.3.1. observe and perform the seller’s covenants and conditions in the rent deposit deed and indemnify the seller in respect of any breach;
13.3.2. give notice of assignment to the tenant; and
13.3.3. give such direct covenant to the tenant as may be required by the rent deposit deed.
Rent deposits. If there is a relevant assured shorthold tenancy in relation to the Property, the Seller and the Buyer must comply with their respective legal duties in relation to tenancy deposit protection. The parties must demonstrate to each other in writing that they have complied, if requested. If the Seller holds a deposit, the Seller must assign it to the Buyer or, if this is not possible, hold it on trust for the Buyer from the completion date.
Rent deposits. Rent security deposit, advance rents and interest on these accounts, if applicable, shall be transferred at no cost to the Buyer at closing.
Rent deposits. The Landlord and the Tenant confirm that the Rent Deposit will continue to be held in accordance with the terms of the Rent Deposit Deed.
Rent deposits. 5.1 For the purposes of this paragraph 5 the following terms shall have the following meanings:
Rent deposits. There are no rent deposits paid by the Tenants and held by or to the order of the Seller (or their agents) as Landlords,
Rent deposits. G13.1 This condition G13 applies where the seller is holding or otherwise entitled to money by way of rent deposit in
Rent deposits. Commencing on the Commencement Date and continuing for twelve (12) months, Subtenant shall pay monthly rent ("Rent") to Sublandlord in the monthly amount of Eighty-eight Thousand Nine Hundred Seventy-nine and 35/00 Dollars ($88,979.35) per month. Rent shall be payable to Sublandlord in lawful money of the United States, in advance, without prior notice, demand, or offset, on or before the first day of each calendar
1. month during the term hereof. All Rent shall be paid to Sublandlord at the address specified for notice to Sublandlord, below. If the Commencement Date, or termination date does not fall on the first day of a calendar month, Rent for any partial month shall be prorated on a daily basis based upon a thirty day calendar month.
Rent deposits. Borrower covenants and agrees that upon the occurrence of an Event of Default:
Rent deposits. All money deposited with or held by the Vendor as security for payment of rent and other sums payable and for performance of covenants by the tenant under any of the Franchise Underleases (the “rent deposit”) shall be dealt with as follows:
2.1 Unless prohibited from doing so by the terms on which the rent deposit is held the Vendor will on Completion:
2.1.1 account for the rent deposit to the Purchaser with all accrued interest on it;
2.1.2 assign by deed to the Purchaser the benefit of the rent deposit subject to the terms on which it is held.
2.2 The Purchaser will in the assignment covenant with the Vendor to observe and perform the obligations of the Vendor as landlord in respect of the rent deposit and to indemnify the Vendor against all liability for future breach of those obligations.
2.3 The Purchaser will give notice of the assignment to the tenants within 14 days after the Disposal Date.