Security Deposit Clause Example with 22 Variations from Business Contracts
This page contains Security Deposit clauses in business contracts and legal agreements. An example clause is provided at the top of the page, followed by clauses with minor variations. You can view the text differences by selecting the "Show Differences" option.
Security Deposit. Lessee shall deposit with Lessor upon execution hereof the Security Deposit as security for Lessee's faithful performance of its obligations under this Lease. If Lessee fails to pay Rent, or otherwise Defaults under this Lease, Lessor may use, apply or retain all or any portion of said Security Deposit for the payment of any amount already due Lessor, for Rents which will be due in the future, and/ or to reimburse or compensate Lessor for any liability, expense, loss or damage which Lessor may s...uffer or incur by reason thereof. If Lessor uses or applies all or any portion of the Security Deposit, Lessee shall within 10 days after written request therefor deposit monies with Lessor sufficient to restore said Security Deposit to the full amount required by this Lease. If the Base Rent increases during the term of this Lease, Lessee shall, upon written request from Lessor, deposit additional monies with Lessor so that the total amount of the Security Deposit shall at all times bear the same proportion to the increased Base Rent as the initial Security Deposit bore to the initial Base Rent. Should the Agreed Use be amended to accommodate a material change in the business of Lessee or to accommodate a sublessee or assignee, Lessor shall have the right to increase the Security Deposit to the extent necessary, in Lessor's reasonable judgment, to account for any increased wear and tear that the Premises may suffer as a result thereof. If a change in control of Lessee occurs during this Lease and following such change the financial condition of Lessee is, in Lessor's reasonable judgment, significantly reduced, Lessee shall deposit such additional monies with Lessor as shall be sufficient to cause the Security Deposit to be at a commercially reasonable level based on such change in financial condition. Lessor shall not be required to keep the Security Deposit separate from its general accounts. Within 90 days after the expiration or termination of this Lease, Lessor shall return that portion of the Security Deposit not used or applied by Lessor. No part of the Security Deposit shall be considered to be held in trust, to bear interest or to be prepayment for any monies to be paid by Lessee under this Lease.View More
Variations of a "Security Deposit" Clause from Business Contracts
Security Deposit. Lessee shall deposit with Lessor upon execution hereof the Security Deposit N/A as security for Lessee's faithful performance of its Lessee's obligations under this Lease. hereunder. If Lessee fails to pay Rent, rent or other charges due hereunder, or otherwise Defaults under this defaults with respect to any provision of the Lease, Lessor may use, apply apply, or retain all or any portion of said Security Deposit deposit for the payment of any amount already due Lessor, rent or other charge in ...default or for Rents the payment of any other sum for which will be due in the future, and/ Lessor may become obligated by reason of Lessee's default, or to reimburse or compensate Lessor for any liability, expense, loss or damage which Lessor may suffer or incur by reason thereof. thereby. If Lessor so uses or applies all or any portion of the Security Deposit, said deposit, Lessee shall within 10 ten (10) days after written request demand therefor deposit monies cash with Lessor in an amount sufficient to restore said Security Deposit deposit to the full amount required by hereinabove stated, and Lessee's failure to do so shall be a material breach of this Lease. If the Base Rent increases during the term of this Lease, Lessee shall, upon written request from Lessor, deposit additional monies with Lessor so that the total amount of the Security Deposit shall at all times bear the same proportion to the increased Base Rent as the initial Security Deposit bore to the initial Base Rent. Should the Agreed Use be amended to accommodate a material change in the business of Lessee or to accommodate a sublessee or assignee, Lessor shall have the right to increase the Security Deposit to the extent necessary, in Lessor's reasonable judgment, to account for any increased wear and tear that the Premises may suffer as a result thereof. If a change in control of Lessee occurs during this Lease and following such change the financial condition of Lessee is, in Lessor's reasonable judgment, significantly reduced, Lessee shall deposit such additional monies with Lessor as shall be sufficient to cause the Security Deposit to be at a commercially reasonable level based on such change in financial condition. Lessor shall not be required to keep the Security Deposit said deposit separate from its general accounts. Within 90 days after If Lessee performs all of Lessee's obligations hereunder, said deposit, or so much thereof as has not theretofore been applied by Lessor, shall be returned, without payment of interest or other increment for its use, to Lessee (or, at Lessor's option, to the last assignee, if any, of Lessee's interest hereunder) at the expiration or termination of this Lease, Lessor shall return that portion of the Security Deposit not used or applied by Lessor. No part of Term and after Lessee has vacated the Security Deposit shall be considered to be held in trust, to bear interest or to be prepayment for any monies to be paid by Lessee under this Lease. Premises. View More
Security Deposit. Lessee shall deposit with Lessor upon execution hereof the Security Deposit security deposit set forth in paragraph 1.9 of the Basic Lease Provisions as security for Lessee's faithful performance of its Lessee's obligations under this Lease. hereunder. If Lessee fails to pay Rent, rent or other charges due hereunder, or otherwise Defaults under defaults with respect to any provision of this Lease, Lessor may use, apply or retain all or any portion of said Security Deposit deposit for the payment... of any amount already due Lessor, rent or other charge in default for Rents the payment of any other sum to which will be due in the future, and/ Lessor may become obligated by reason of Lessee's default, or to reimburse or compensate Lessor for any liability, expense, loss or damage which Lessor may suffer or incur by reason thereof. thereby. If Lessor so uses or applies all or any portion of the Security Deposit, said deposit, Lessee shall within 10 ten (10) days after written request demand therefor deposit monies cash with Lessor in an amount sufficient to restore said Security Deposit deposit to the full amount then required by this Lease. If the Base Rent increases during the term of this Lease, Lessee shall, upon written request from Lessor, deposit additional monies with Lessor so that the total amount of the Security Deposit shall at all times bear the same proportion to the increased Base Rent as the initial Security Deposit bore to the initial Base Rent. Should the Agreed Use be amended to accommodate a material change in the business of Lessee or to accommodate a sublessee or assignee, Lessor shall have the right to increase the Security Deposit to the extent necessary, in Lessor's reasonable judgment, to account for any increased wear and tear that the Premises may suffer as a result thereof. If a change in control of Lessee occurs during this Lease and following such change the financial condition of Lessee is, in Lessor's reasonable judgment, significantly reduced, Lessee shall deposit such additional monies with Lessor as shall be sufficient to cause the Security Deposit to be at a commercially reasonable level based on such change in financial condition. Lessee. Lessor shall not be required to keep the Security Deposit said security deposit separate from its general accounts. Within 90 days after If Lessee performs all of Lessee's obligations hereunder, said deposit, or so much thereof as has not heretofore been applied by Lessor, shall be returned, without payment of interest or other increment for its use, to Lessee (or, at Lessor's option, to the last assignee, if any, of Lessee's interest hereunder) at the expiration or termination of this Lease, Lessor shall return that portion of the term hereof, and after Lessee has vacated the Premises. No trust relationship is created herein between Lessor and Lessee with respect to said Security Deposit not used or applied by Lessor. No part of the Security Deposit shall be considered to be held in trust, to bear interest or to be prepayment for any monies to be paid by Lessee under this Lease. Deposit. View More
Security Deposit. Lessor acknowledges deposit by Lessee shall deposit with Lessor upon execution hereof the Security Deposit of $96,250 as security for Lessee's faithful performance of its Lessee's obligations under this Lease. hereunder. If Lessee fails to pay Rent, rent or other charges due hereunder, or otherwise Defaults under defaults with respect to any provision of this Lease, lease, Lessor may use, apply or retain all or any portion of or said Security Deposit deposit for the payment of any amount already... due Lessor, rent or other charge in default or for Rents the payment of any other sum to which will be due in the future, and/ Lessor may become obligated by reason of Lessee's default, or to reimburse or compensate Lessor for any liability, expense, loss or damage which Lessor may suffer or incur by reason thereof. thereby. If Lessor so uses or applies all or any portion of the Security Deposit, said deposit, Lessee shall within 10 ten (10) days after written request demand therefor deposit monies cash with Lessor in an amount sufficient to restore said Security Deposit deposit to the full amount required by herein above stated and Lessee's failure to do so shall be a material breach or this Lease. If the Base Rent increases monthly rent shall, from time to time, increase during the term of or this Lease, Lessee shall, upon written request from Lessor, shall thereupon deposit additional monies with Lessor additional security deposit so that the total amount of the Security Deposit security deposit held by Lessor shall at all times bear the same proportion to the increased Base Rent current rent as the initial Security Deposit bore original security deposit bears to the initial Base Rent. Should the Agreed Use be amended to accommodate a material change original monthly rent set forth in the business of Lessee or to accommodate a sublessee or assignee, Lessor shall have the right to increase the Security Deposit to the extent necessary, in Lessor's reasonable judgment, to account for any increased wear and tear that the Premises may suffer as a result thereof. If a change in control of Lessee occurs during this Lease and following such change the financial condition of Lessee is, in Lessor's reasonable judgment, significantly reduced, Lessee shall deposit such additional monies with Lessor as shall be sufficient to cause the Security Deposit to be at a commercially reasonable level based on such change in financial condition. paragraph 4 hereof. Lessor shall not be required to keep the Security Deposit said deposit separate from its general accounts. Within 90 days after If Lessee performs all of Lessee's obligations hereunder, said deposit, or so much thereof as has not theretofore been applied by Lessor, shall be returned, without payment of interest or other increment for its use, to Lessee (or, at Lessor's option, to the last assignee, if any, or Lessee's interest hereunder) at the expiration or termination of this Lease, Lessor shall return that portion of the term hereof, and after Lessee has vacated the Premises. No trust relationship is created herein between Lessor and Lessee with respect to said Security Deposit not used or applied by Lessor. No part of the Security Deposit shall be considered to be held in trust, to bear interest or to be prepayment for any monies to be paid by Lessee under this Lease. Deposit. View More
Security Deposit. Within ten (10) business days after full execution of this Lease, Lessee shall deposit with Lessor upon execution hereof the sum of $12,022.65 as a security deposit (the "Security Deposit"). Lessor shall have no obligation to deliver possession of the Premises to Lessee until the Security Deposit is paid but all obligations of this Lease, including the obligation to pay Base Monthly Rent, shall be in full force and effect. The Security Deposit shall be held by Lessor as security for Lessee's the... faithful performance by Lessee of its obligations under all of the provisions of this Lease. Lease to be performed or observed by Lessee. No portion of the Security Deposit may be used by Lessee for any monetary obligation owed by Lessee during the term of this Lease and any extension thereof, particularly the rent due for the last month of the term of this Lease or any extension thereof. If Lessee fails to pay Rent, rent or other charges hereunder, or otherwise Defaults under defaults with respect to any provision of this Lease, Lessor may use, apply or retain all or any portion of said the Security Deposit for the payment of said obligation or of any amount already due Lessor, for Rents other sum to which will be due in the future, and/ Lessor may become obligated by reason of Lessee's default, or to reimburse or compensate Lessor for any liability, expense, loss or damage which Lessor may suffer or incur by reason thereof. thereby. If Lessor so uses or applies all or any portion of the Security Deposit, Deposit during the term hereof or any extension thereof, Lessee shall within 10 ten (10) business days after written request demand therefor deposit monies cash with Lessor in an amount sufficient to restore said the Security Deposit to the full amount required by thereof. Lessee's failure to do so shall be deemed a failure to pay rent and shall constitute a material breach of this Lease. If the Base Rent increases during the term of this Lease, Lessee shall, upon written request from Lessor, deposit additional monies with Lessor so that the total amount of the Security Deposit shall at all times bear the same proportion to the increased Base Rent as the initial Security Deposit bore to the initial Base Rent. Should the Agreed Use be amended to accommodate a material change in the business of Lessee or to accommodate a sublessee or assignee, Lessor shall have the right to increase the Security Deposit to the extent necessary, in Lessor's reasonable judgment, to account for any increased wear and tear that the Premises may suffer as a result thereof. If a change in control of Lessee occurs during this Lease and following such change the financial condition of Lessee is, in Lessor's reasonable judgment, significantly reduced, Lessee shall deposit such additional monies with Lessor as shall be sufficient to cause the Security Deposit to be at a commercially reasonable level based on such change in financial condition. Lessor shall not be required to keep the Security Deposit separate from its general accounts. Within 90 lf Lessee performs all of Lessee's obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Lessor, shall be returned, without payment of interest or other increment for its use, to Lessee (or, at Lessor's option, to the last assignee, if any, of Lessee's interest hereunder) within sixty (60) days after the expiration or termination of this Lease, Lessor shall return that portion of the Security Deposit not used or applied by Lessor. term hereof and after Lessee has vacated the Premises and they are returned to Lessor in the condition in which they are obliged to be returned to Lessor, whichever is later. No part of trust relationship is created herein between Lessor and Lessee with respect to the Security Deposit shall be considered to be held in trust, to bear interest or to be prepayment for any monies to be paid by Lessee under this Lease. Deposit. View More
Security Deposit. 5.1Security Deposit. Lessee shall deposit with Lessor upon Lessee's execution hereof the Security Deposit set forth in Paragraph 1.8 of the Basic Provisions as security for Lessee's faithful performance of its Lessee's obligations under this Lease. If Lessee fails to pay Rent, Base Rent or other Rent or charges due hereunder before or after the termination or expiration of this Lease, or otherwise Defaults under this Lease, Lease (as defined in Paragraph 13.1), Lessor may use, apply or retain al...l or any portion of said Security Deposit for the payment of any amount already due Lessor, for Rents which will be due in the future, and/ Lessor or to reimburse or compensate Lessor for any liability, cost, expense, loss or damage (including attorneys fees and costs) which Lessor may suffer or incur by reason thereof. If Lessor uses or applies all or any portion of the said Security Deposit, Lessee shall within 10 ten (10) days after written request therefor deposit monies with Lessor sufficient to restore said Security Deposit to the full amount required by this Lease. If the Base Rent increases during the term of this Lease, Lessee shall, upon written request from Lessor, deposit additional monies with Lessor so that the total amount of the Security Deposit shall at all times bear the same proportion to the increased Base Rent as the initial Security Deposit bore to the initial Base Rent. Should the Agreed Use be amended to accommodate a material change in the business of Lessee or to accommodate a sublessee or assignee, Lessor shall have the right to increase the Security Deposit to the extent necessary, in Lessor's reasonable judgment, to account for any increased wear and tear that the Premises may suffer as a result thereof. If a change in control of Lessee occurs during this Lease and following such change the financial condition of Lessee is, in Lessor's reasonable judgment, significantly reduced, Lessee shall deposit such additional monies with Lessor as shall be sufficient to cause the Security Deposit to be at a commercially reasonable level based on such change in financial condition. Lessor shall not be required to keep all or any part of the Security Deposit separate from its general accounts. Within 90 days after Lessor shall, at the expiration or earlier termination of this Lease, Lessor shall the Term hereof and after Lessee has vacated the Premises, return to Lessee (or, at Lessor's option, to the last approved assignee, if any, of Lessee's interest herein), that portion of the Security Deposit not used or applied by Lessor. No Unless otherwise expressly agreed in writing by Lessor, no part of the Security Deposit shall be considered to be held in trust, to bear interest or other increment for its use, or to be prepayment for any monies to be paid by Lessee under this Lease. Lessee hereby waives (i) any and all rights under California Civil Code Section 1950.7, as amended or recodified from time to time, and any and all other laws, rules and regulations, now or hereafter in force, applicable to security deposits in the commercial context ("Security Deposit Laws"), and (ii) any and all rights, duties and obligations either Party may now or, in the future, will have relating to or arising from the Security Deposit Laws. Notwithstanding anything to the contrary contained herein, the Security Deposit may be retained and applied by Lessor (a) to offset Rent (as defined in Section 4.1) which is unpaid either before or after the termination of this Lease, and (b) against other damages suffered by Lessor before or after the termination of this Lease, whether foreseeable or unforeseeable, caused by the act or omission of Lessee or any officer, employee, agent, contractor or invitee of Lessee. If Lessee performs all of Lessee's obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Lessor, shall be returned, without payment of interest or other increment for its use, to Lessee (or, at Lessor's option, to the last assignee, if any, of Lessee's interest hereunder) at the expiration of the Term hereof, and after Lessee has vacated the Premises. View More
Security Deposit. Lessee shall provide a deposit with Lessor upon execution hereof the Security Deposit sum of Sixty-Six Thousand Six Hundred and 00/100 Dollars ($66,600) (the "Security Deposit"), as security for Lessee's faithful performance of its Lessee's obligations under this Lease. Lessor is currently holding the sum of $21,480.00 as a security deposit pursuant to the terms of the Original Lease (defined below). Upon execution of this Lease, Lessee shall deposit with Lessor the balance of the Security Depos...it. If Lessee fails to pay Rent, Monthly Base Rent or Additional Rent or charges due hereunder within applicable notice and cure periods, or otherwise Defaults defaults under this Lease, Lease (as defined in Paragraph 22), Lessor may use, apply or retain all or any portion of said Security Deposit to the extent reasonably necessary to cure the default, for the payment of any amount already due Lessor, for Rents which will be due in the future, and/ or and to reimburse or compensate Lessor for any liability, cost, expense, loss or damage (including attorneys' fees) which Lessor may suffer or incur by reason thereof. If Lessor uses or applies all or any portion of the Security Deposit, Lessee shall within 10 ten (10) days after written request therefor therefor, deposit monies with Lessor the amount sufficient to restore said the Security Deposit to the full original amount required by this Lease. If the Base Rent increases during the term of this Lease, Lessee shall, upon written request from Lessor, deposit additional monies with Lessor so that the total amount of the Security Deposit shall at all times bear the same proportion to the increased Base Rent as the initial Security Deposit bore to the initial Base Rent. Should the Agreed Use be amended to accommodate a material change in the business of Lessee or to accommodate a sublessee or assignee, Lessor shall have the right to increase the Security Deposit to the extent necessary, in Lessor's reasonable judgment, to account for any increased wear and tear that the Premises may suffer as a result thereof. If a change in control of Lessee occurs during this Lease and following such change the financial condition of Lessee is, in Lessor's reasonable judgment, significantly reduced, Lessee shall deposit such additional monies with Lessor as shall be sufficient to cause the Security Deposit to be at a commercially reasonable level based on such change in financial condition. Lessor shall not be required to keep all or any part of the Security Deposit separate from its general accounts. Within 90 days In no event or circumstance shall Lessee have the right to any 8 use of the Security Deposit and, specifically, Lessee may not use the Security Deposit as a credit or to otherwise offset any payments required hereunder, including, but not limited to, rent or any portion thereof. Lessee waives (i) California Civil Code Section 1950.7 (with the exception of subsection (b), which subsection is not waived and may be enforced by Lessee) and any and all other governmental laws, rules and regulations applicable to security deposits in the commercial context ("Security Deposit Laws'), and (ii) any and all rights, duties and obligations either party may now has, or in the future will have, relating to or arising from the Security Deposit Laws. Notwithstanding anything to the contrary herein, the Security Deposit may be retained and applied by Lessor (a) to offset rent which is unpaid either before or after the expiration or termination of this Lease, and (b) against other damages suffered by Lessor shall return that portion before or after termination of the Security Deposit not used or applied by Lessor. this Lease. No part of the Security Deposit shall be considered to be held in trust, to bear interest or other increment for its use, or to be prepayment for any monies moneys to be paid by Lessee under this Lease. Within thirty (30) days the expiration or earlier termination of this Lease and Lessee's surrender of possession of the Premises to Lessor, Lessor shall return to Lessee so much of the Security Deposit as has not been applied by Lessor pursuant to this paragraph, or which is not otherwise required to cure Lessee's defaults. View More
Security Deposit. Lessee shall deposit with Lessor upon Lessee's execution hereof the Security Deposit set forth in Paragraph 1.8 of the Basic Provisions as security for Lessee's faithful performance of its Lessee's obligations under this Lease. If Lessee fails to pay Rent, or otherwise Defaults under this Lease, Lease (as defined in Paragraph 13.1), Lessor may use, apply or retain all or any portion of said Security Deposit for the payment of any amount already due Lessor, for Rents which will be due in the futu...re, and/ Lessor or to reimburse or compensate Lessor for any liability, cost, expense, loss or damage (including attorneys fees) which Lessor may suffer or incur by reason thereof. If Lessor uses or applies all or any portion of the said Security Deposit, Lessee shall within 10 ten (10) days after written request therefor therefore deposit monies with Lessor sufficient to restore said Security Deposit to the full amount required by this Lease. If the Base Rent increases during the term of this Lease, Lessee shall, upon written request from Lessor, deposit additional monies with Lessor so that the total amount of the Security Deposit shall at all times bear the same proportion to the increased Base Rent as the initial Security Deposit bore to the initial Base Rent. Should the Agreed Use be amended to accommodate a material change in the business of Lessee or to accommodate a sublessee or assignee, Lessor shall have the right to increase the Security Deposit to the extent necessary, in Lessor's reasonable judgment, to account for any increased wear and tear that the Premises may suffer as a result thereof. If a change in control of Lessee occurs during this Lease and following such change the financial condition of Lessee is, in Lessor's reasonable judgment, significantly reduced, Lessee shall deposit such additional monies with Lessor as shall be sufficient to cause the Security Deposit to be at a commercially reasonable level based on such change in financial condition. Lessor shall not be required to keep all or any part of the Security Deposit separate from its general accounts. Within 90 days after Lessor shall, at the expiration or earlier termination of this Lease, Lessor shall the Term hereof and after Lessee has vacated the Premises, return to Lessee (or, at Lessor's option, to the last assignee, if any, of Lessee's interest herein), that portion of the Security Deposit not used or applied by Lessor. No Unless otherwise expressly agreed in writing by Lessor, no part of the Security Deposit shall be considered to be held in trust, to bear interest or other increment for its use, or to be prepayment for any monies to be paid by Lessee under this Lease. Lessee hereby waives (i) California Civil Code Section 1950.7, as amended or recodified from time to time, and any and all other laws, rules and regulations, now or hereafter in force, applicable to security deposits in the commercial context ("Security Deposit Laws"), and (ii) any and all rights, duties and obligations either party may now or, in the future, will have relating to or arising from the Security Deposit Laws. Notwithstanding anything to the contrary contained herein, the security deposit may be retained and applied by Lessor (a) to offset Rent (as defined in Section 4.1) which is unpaid either before or after the termination of this Lease, and (b) against other damages suffered by Lessor before or after the termination of this Lease, whether foreseeable or unforeseeable, caused by the act or omission of Lessee or any officer, employee, agent or invitee of Lessee. The Security Deposit, or so much thereof as has not theretofore been applied by Lessor, shall be returned, without payment of interest or other increment for its use, to Lessee (or, at Lessor's option, to the last assignee, if any, of Lessee's interest hereunder) at the expiration of the Term hereof, and after Lessee has vacated the Premises. View More
Security Deposit. Lessee shall deposit with Lessor upon Lessee's execution hereof the Security Deposit set forth in Paragraph 1.8 of the Basic Provisions as security for Lessee's faithful performance of its Lessee's obligations under this Lease. If Lessee fails to pay Rent, Base Rent or other Rent or charges due hereunder before or after the termination or expiration of this Lease, or otherwise Defaults under this Lease, Lease (as defined in Paragraph 13.1), Lessor may use, apply or retain all or any portion of s...aid Security Deposit for the payment of any amount already due Lessor, for Rents which will be due in the future, and/ Lessor or to reimburse or compensate Lessor for any liability, cost, expense, loss or damage (including attorneys' fees and costs) which Lessor may suffer or incur by reason thereof. If Lessor uses or applies all or any portion of the said Security Deposit, Lessee shall within 10 ten (10) days after written request therefor deposit monies with Lessor sufficient to restore said Security Deposit to the full amount required by this Lease. If the Base Rent increases during the term of this Lease, Lessee shall, upon written request from Lessor, deposit additional monies with Lessor so that the total amount of the Security Deposit shall at all times bear the same proportion to the increased Base Rent as the initial Security Deposit bore to the initial Base Rent. Should the Agreed Use be amended to accommodate a material change in the business of Lessee or to accommodate a sublessee or assignee, Lessor shall have the right to increase the Security Deposit to the extent necessary, in Lessor's reasonable judgment, to account for any increased wear and tear that the Premises may suffer as a result thereof. If a change in control of Lessee occurs during this Lease and following such change the financial condition of Lessee is, in Lessor's reasonable judgment, significantly reduced, Lessee shall deposit such additional monies with Lessor as shall be sufficient to cause the Security Deposit to be at a commercially reasonable level based on such change in financial condition. Lessor shall not be required to keep all or any part of the Security Deposit separate from its general accounts. Within 90 days after Lessor shall, at the expiration or earlier termination of this Lease, Lessor shall the Term hereof and after Lessee has vacated the Premises, return to Lessee (or, at Lessor's option, to the last approved assignee, if any, of Lessee's interest herein), that portion of the Security Deposit not used or applied by Lessor. No Lessor within thirty (30) days after the expiration of the Term. Unless otherwise expressly agreed in writing by Lessor, no part of the Security Deposit shall be considered to be held in trust, to bear interest or other increment for its use, or to be prepayment for any monies to be paid by Lessee under this Lease. Lessee hereby waives any and all rights under California Civil Code Section 1950.7, as amended or recodified from time to time, and any and all other laws, rules and regulations, now or hereafter in force, applicable to security deposits in the commercial context ("Security Deposit Laws"). View More
Security Deposit. Lessee shall deposit with Lessor upon execution hereof the Seventy-Five Thousand Dollars ($75,000.00) Security Deposit as security for Lessee's faithful performance of its obligations under this Lease. Lessee has closed on the first Five Million Dollar ($5,000,000) tranche of its Series C Ten Million Dollars ($10,000,000.00) venture capital financing (the "Series C Round"). Upon Lessee's receipt of the second Five Million Dollar ($5,000,000) tranche of the Series C Round, and Lessee's delivery o...f satisfactory evidence of such receipt to Lessor, Lessor shall credit the amount of Twenty-Five Thousand Dollars ($25,000.00) of the Security Deposit towards the Base Rent due from the Lessee for the later of (i) January 2010, or (ii) the month subsequent to the month in which the second Five Million Dollar ($5,000,000) tranche of the Series C Round closes. The balance of the Deposit, or Fifty Thousand Dollars ($50,000.00), shall be held by the Lessor under the provisions of this Paragraph 5. If Lessee fails to pay Rent, or otherwise Defaults under this Lease, Lessor may use, apply or retain all or any portion of said Security Deposit for the payment of any amount already due Lessor, for Rents which will be due in the future, and/ or to reimburse or compensate Lessor for any liability, expense, loss or damage which Lessor may suffer or incur by reason thereof. If Lessor uses or applies all or any portion of the Security Deposit, Lessee shall within 10 days after written request therefor deposit monies with Lessor sufficient to restore said Security Deposit to the full amount required by this Lease. If the Base Rent increases during the term of this Lease, Lessee shall, upon written request from Lessor, deposit additional monies with Lessor so that the total amount of the Security Deposit shall at all times bear the same proportion to the increased Base Rent as the initial Security Deposit bore to the initial Base Rent. PAGE 5 OF 25 RE JN INITIALS INITIALS Should the Agreed Use be amended to accommodate a material change in the business of Lessee or to accommodate a sublessee or assignee, Lessor shall have the right to increase the Security Deposit to the extent necessary, in Lessor's reasonable judgment, to account for any increased wear and tear that the Premises may suffer as a result thereof. If a change in control of Lessee occurs during this Lease and following such change the financial condition of Lessee is, in Lessor's reasonable judgment, significantly reduced, Lessee shall deposit such additional monies with Lessor as shall be sufficient to cause the Security Deposit to be at a commercially reasonable level based on such change in financial condition. Lessor shall not be required to keep the Security Deposit separate from its general accounts. Within 90 30 days after the expiration or termination of this Lease, Lessor shall return that portion of the Security Deposit not used or applied by Lessor. No part of the Security Deposit shall be considered to be held in trust, to bear interest or to be prepayment for any monies to be paid by Lessee under this Lease. View More
Security Deposit. Lessee shall deposit with Lessor upon execution hereof not less than nine (9) months prior to the Security Deposit expiration of the Original Term (as such Original Term may be extended pursuant to Paragraph 51 hereof), a security deposit in the amount of $110,803.00 (the "Security Deposit") as security for Lessee's faithful performance of its obligations under this Lease. Lease, including its surrender and restoration obligations set forth herein. If Lessee fails to pay Rent, or otherwise Defau...lts under this Lease, Lessor may use, apply or retain all or any portion of said Security Deposit for the payment of any amount already due Lessor, for Rents which will be due in the future, and/ or to reimburse or compensate Lessor for any liability, expense, loss or damage which Lessor may suffer or incur by reason thereof. If Lessor uses or applies all or any portion of the Security Deposit, Lessee shall within 10 days after written request therefor deposit monies with Lessor sufficient to restore said Security Deposit to the full amount required by this Lease. If the Base Rent increases during the term of this Lease, Lessee shall, upon written request from Lessor, deposit additional monies with Lessor so that the total amount of the Security Deposit shall at all times bear the same proportion to the increased Base Rent as the initial Security Deposit bore to the initial Base Rent. Should the Agreed Use be amended to accommodate a material change in the business of Lessee or to accommodate a sublessee or assignee, Lessor shall have the right to increase the Security Deposit to the extent necessary, in Lessor's reasonable judgment, to account for any increased wear and tear that the Premises may suffer as a result thereof. If a change in control of Lessee occurs during this Lease and following such change the financial condition of Lessee is, in Lessor's reasonable judgment, significantly reduced, Lessee shall deposit such additional monies with Lessor as shall be sufficient to cause the Security Deposit to be at a commercially reasonable level based on such change in financial condition. Lessor shall not be required to keep the Security Deposit separate from its general accounts. Within 90 days after the expiration or termination of this Lease, Lessor shall return that portion of the Security Deposit not used or applied by Lessor. No part of the Security Deposit shall be considered to be held in trust, to bear interest or to be prepayment for any monies to be paid by Lessee under this Lease. View More
