Security Deposit Clause Example with 40 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. Upon execution of this Sublease, Subtenant shall deposit with Sublandlord the sum of One Hundred Twenty-Three Thousand Nine Hundred Twelve and 75/100 Dollars ($123,912.75) in cash as security for Subtenant's full, timely and faithful performance of all of Subtenant's obligations under this Sublease (the "Security Deposit"). If Subtenant fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, and does not cure such failure withi...n the applicable notice and cure periods for a default by Subtenant under this Sublease, Sublandlord may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublandlord may become obligated by reason of Subtenant's default or breach, or for loss or damage sustained by Sublandlord as a result of Subtenant's default or breach. If Sublandlord so uses any portion of the Security Deposit, Subtenant shall, within five (5) business days after written demand by Sublandlord, restore the Security Deposit to the full amount originally deposited, and Subtenant's failure to do so shall constitute a default under this Sublease. Sublandlord shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublandlord assigns its interest in this Sublease, Sublandlord shall deliver to its assignee so much of the Security Deposit as is then held by Sublandlord. Within sixty (60) days after the Expiration Date, the Security Deposit, less any amount that has been or can be applied by Sublandlord as a result of any uncured default by Subtenant under this Sublease, shall be returned to Subtenant or to the last assignee, if any, of Subtenant's interest hereunder; provided, however, that Sublandlord may withhold from such amount a sum equal to Sublandlord's reasonable estimate of Subtenant's share of any unbilled amount of Additional Rent, and shall refund to Subtenant any excess withheld promptly following Master Landlord's reconciliation of such Additional Rent under the Master Lease, which obligations shall survive the expiration or earlier termination of this Sublease. Subtenant waives the provisions of California Civil Code section 1950.7, and all other provisions of law now in force or that become in force after the date of execution of this Sublease to the extent they provide that Sublandlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Subtenant, or to clean the Sublease Premises. Sublandlord and Subtenant agree that Sublandlord may, in addition, claim those sums reasonably necessary to compensate Sublandlord for any other foreseeable or unforeseeable loss or damage caused by the act or omission of Subtenant or Subtenant's officers, agents, employees, independent contractors, or invitees.View More
Variations of a "Security Deposit" Clause from Business Contracts
Security Deposit. Upon execution On or prior to the date hereof, Subtenant shall provide Sublandlord with a letter of credit in the form attached hereto as Exhibit D from a financial institution reasonably satisfactory to Sublandlord (and Sublandlord acknowledges that Bank of America is satisfactory) in the original amount of $450,000. Subtenant shall maintain such letter of credit until the date that is sixty (60) days after expiration of the Sublease Term. Subtenant may reduce the security deposit to $345,000 o...n the third anniversary of the Sublease Term Commencement Date and to $225,000 on 8 the fifth anniversary of the Sublease Term Commencement Date, provided that at the time of each such reduction no defaults have occurred under this Sublease beyond applicable notice and grace periods. Sublandlord shall confirm in writing that the conditions for reduction of the Letter of Credit have been satisfied as of the applicable review date (which confirmation Sublandlord agrees to provide within ten (10) Business Days after Subtenant's written request, if correct), and, Subtenant may provide Sublandlord with an amendment to the Letter of Credit or a new Letter of Credit meeting all of the requirements of this Sublease, Subtenant shall deposit with Section 16 to accomplish such authorized reduction of the Letter of Credit. Such letter of credit may be drawn from time to time by Sublandlord the sum upon Subtenant's default of One Hundred Twenty-Three Thousand Nine Hundred Twelve and 75/100 Dollars ($123,912.75) in cash as security for Subtenant's full, timely and faithful performance of all of Subtenant's its obligations under this Sublease (the "Security Deposit"). If Subtenant fails to pay rent or other charges when due under this Sublease, or fails to perform beyond any of its other obligations hereunder, and does not cure such failure within the applicable notice and cure periods for a default by periods, or if such letter of credit is about to expire and has not been renewed within thirty (30) days preceding such expiration. Should Sublandlord draw down the letter of credit, Subtenant shall be obligated to restore it to the then required amount under this Sublease, Section 16. Sublandlord may use shall assign the security deposit to a successor or apply all or any portion transferee and, following the assignment, Sublandlord shall have no further liability with respect to the security deposit. If the letter of the Security Deposit for the payment of any rent or other amount then due hereunder credit is drawn down and unpaid, for the payment of any other sum for which Sublandlord may become obligated by reason of Subtenant's default or breach, or for loss or damage sustained held by Sublandlord as a result of Subtenant's default or breach. If cash security deposit, Sublandlord so uses any portion of the Security Deposit, Subtenant shall, within five (5) business days after written demand by Sublandlord, restore the Security Deposit to the full amount originally deposited, and Subtenant's failure to do so shall constitute a default under this Sublease. Sublandlord (i) shall not be required to keep the Security Deposit security deposit separate from its general other accounts, and (ii) shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublandlord assigns its interest in this Sublease, Sublandlord shall deliver to its assignee so much return any unapplied portion of the Security Deposit as is then held by Sublandlord. Within security deposit to Subtenant within sixty (60) days after the Expiration Date, the Security Deposit, less any amount that has been or can be applied by Sublandlord as a result later to occur of any uncured default by Subtenant under this Sublease, shall be returned to Subtenant or to the last assignee, if any, of Subtenant's interest hereunder; provided, however, that Sublandlord may withhold from such amount a sum equal to Sublandlord's reasonable estimate of Subtenant's share of any unbilled amount of Additional Rent, and shall refund to Subtenant any excess withheld promptly following Master Landlord's reconciliation of such Additional Rent under the Master Lease, which obligations shall survive the expiration of the Sublease Term or earlier termination of the date Subtenant surrenders the Premises to Sublandlord in compliance with this Sublease. Subtenant waives the provisions of California Civil Code section 1950.7, and all other provisions of law now in force or that become in force after the date of execution of this Sublease to the extent they provide that Sublandlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Subtenant, or to clean the Sublease Premises. Sublandlord and Subtenant agree that Sublandlord may, in addition, claim those sums reasonably necessary to compensate Sublandlord for any other foreseeable or unforeseeable loss or damage caused by the act or omission of Subtenant or Subtenant's officers, agents, employees, independent contractors, or invitees.View More
Security Deposit. Upon execution As an express condition of this the Sublease, Subtenant shall deposit with Sublandlord the sum of One Hundred Twenty-Three Thousand Nine Hundred Twelve and 75/100 Dollars ($123,912.75) in cash as security for Subtenant's full, timely and Security Deposit, which shall be held during the Sublease Term by Sublandlord to guarantee the faithful performance by Subtenant of its obligations as provided in this Sublease. The Security Deposit or any portion thereof may be applied to the cur...ing of any default that may then exist, without prejudice to any other remedy or remedies which Sublandlord may have on account thereof, and upon such application Subtenant shall pay Sublandlord on demand the amount so applied which shall be added to the Security Deposit so the same may be restored to its original amount. Unless prohibited by law, Sublandlord or its successor may commingle the Security Deposit with its other funds. Upon termination of this Sublease, and provided Subtenant is not in default hereunder and has performed all of Subtenant's its obligations under this Sublease (the "Security Deposit"). If Subtenant fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, and does not cure such failure within the applicable notice and cure periods for a default by Subtenant under this Sublease, Sublandlord may use or apply all or any portion shall return the remainder of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublandlord may become obligated by reason of Subtenant's default or breach, or for loss or damage sustained by Sublandlord as a result of Subtenant's default or breach. If Sublandlord so uses any portion of the Security Deposit, without any interest thereon, to Subtenant. Subtenant shall, within five (5) business days after written demand by Sublandlord, restore covenants and agrees that it will not assign, pledge, hypothecate, mortgage or otherwise encumber the Security Deposit to the full amount originally deposited, and Subtenant's failure to do so shall constitute a default under this Sublease. Sublandlord shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublandlord assigns its interest in this Sublease, Sublandlord shall deliver to its assignee so much of the Security Deposit as is then held by Sublandlord. Within sixty (60) days after the Expiration Date, the Security Deposit, less any amount that has been or can be applied by Sublandlord as a result of any uncured default by Subtenant under this Sublease, shall be returned to Subtenant or to the last assignee, if any, of Subtenant's interest hereunder; provided, however, that Sublandlord may withhold from such amount a sum equal to Sublandlord's reasonable estimate of Subtenant's share of any unbilled amount of Additional Rent, and shall refund to Subtenant any excess withheld promptly following Master Landlord's reconciliation of such Additional Rent under the Master Lease, which obligations shall survive the expiration or earlier termination of this Sublease. Subtenant waives the provisions of California Civil Code section 1950.7, and all other provisions of law now in force or that become in force after the date of execution of this Sublease to the extent they provide that Sublandlord may claim from a aforementioned security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Subtenant, or to clean during the Sublease Premises. Sublandlord and Subtenant agree that Sublandlord may, in addition, claim those sums reasonably necessary to compensate Sublandlord for any other foreseeable or unforeseeable loss or damage caused by the act or omission of Subtenant or Subtenant's officers, agents, employees, independent contractors, or invitees. Term. View More
Security Deposit. Upon execution Subtenant has deposited with Sublandlord, the Security Amount for the faithful performance and observance by Subtenant of the terms, covenants, conditions, provisions and 16 agreements of this Sublease. The Security Amount shall not be required to be deposited in an interest bearing account. It is agreed that in the event Subtenant defaults in respect of any of the terms, covenants, conditions, provisions and agreements of this Sublease, Subtenant shall deposit with Sublandlord in...cluding, but not limited to, the sum payment of One Hundred Twenty-Three Thousand Nine Hundred Twelve Base Rent and 75/100 Dollars ($123,912.75) in cash as security for Subtenant's full, timely Additional Rent, beyond any and faithful performance of all of Subtenant's obligations under this Sublease (the "Security Deposit"). If Subtenant fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, and does not cure such failure within the applicable notice and cure periods for a default by Subtenant under this Sublease, grace period(s), Sublandlord may use use, apply or apply all retain the whole or any portion part of the Security Deposit Amount to the extent required for the payment of any rent Base Rent and Additional Rent or other amount then due hereunder and unpaid, for the payment of any other sum as to which Subtenant is in default or for any sum which Sublandlord may become obligated expend or may be required to expend by reason of Subtenant's default in respect of any of the terms, covenants, conditions, provisions and agreements of this Sublease beyond any applicable notice and grace period(s), including but not limited to, any damages or breach, deficiency in the reletting of the Premises, whether such damages or for loss deficiency accrued before or damage sustained after summary proceedings or other re-entry by Sublandlord as a result of Subtenant's default or breach. Sublandlord. If Sublandlord so uses applies or retains any portion part of the Security Deposit, Amount, Subtenant shall, within five (5) business days after written demand by Sublandlord, restore upon demand, promptly deposit with Sublandlord the Security Deposit to amount so applied or retained so that Sublandlord shall have the full amount originally deposited, and Subtenant's failure to do so shall constitute a default under Security Amount on hand at all times during the term of this Sublease. Sublandlord shall not be required to keep If there is no default by Subtenant at the Security Deposit separate from its general accounts, and shall have no obligation Expiration Date or liability for payment earlier termination of interest on the Security Deposit. In the event Sublandlord assigns its interest in this Sublease, Sublandlord shall deliver to its assignee then Security Amount, or so much of the Security Deposit Amount which has not been expended as is then held by Sublandlord. Within sixty (60) days after permitted in accordance with the Expiration Date, the Security Deposit, less any amount that has been or can be applied by Sublandlord as a result terms of any uncured default by Subtenant under this Sublease, shall be returned to Subtenant or to the last assignee, if any, of Subtenant's interest hereunder; provided, however, that Sublandlord may withhold from such amount a sum equal to Sublandlord's reasonable estimate of Subtenant's share of any unbilled amount of Additional Rent, and shall refund to Subtenant any excess withheld promptly following Master Landlord's reconciliation of such Additional Rent under the Master Lease, which obligations shall survive within thirty (30) days after the expiration or earlier termination of this Sublease. Sublease and after delivery of entire possession of the Premises to Sublandlord in the condition required to be delivered hereunder. In the event of an assignment by Sublandlord of its interest under the Prime Lease, Sublandlord shall have the right to transfer the Security Amount and Subtenant waives agrees to look to the new Sublandlord solely for the return of said Security Amount and it is agreed that the provisions hereof shall apply to every transfer or assignment made of California Civil Code section 1950.7, the Security Amount to a new Sublandlord. Subtenant further covenants that it shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security and all other provisions that neither Sublandlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance. If Subtenant deposits the Security Amount with Sublandlord prior to receipt of law now the Sublease Consent, Sublandlord shall return the Security Amount to Subtenant immediately in force or that become in force after the date of execution event Prime Landlord does not consent to this Sublease; this obligation shall survive the termination of this Sublease to the extent they provide that Sublandlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Subtenant, or to clean the Sublease Premises. Sublandlord and Subtenant agree that Sublandlord may, in addition, claim those sums reasonably necessary to compensate Sublandlord for any other foreseeable or unforeseeable loss or damage caused by the act or omission of Subtenant or Subtenant's officers, agents, employees, independent contractors, or invitees. Sublease. View More
Security Deposit. Upon execution of this Sublease, Subtenant shall pay to Sublandlord a security deposit with in the amount of $70,000.00 (the "Security Deposit"). The Security Deposit shall be held by Sublandlord the sum of One Hundred Twenty-Three Thousand Nine Hundred Twelve without liability for interest and 75/100 Dollars ($123,912.75) in cash as security for Subtenant's full, timely and faithful the performance of all by Subtenant of Subtenant's covenants and obligations under this Sublease (the "Security D...eposit"). If Subtenant fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, and does not cure such failure within the applicable notice and cure periods for a default by Subtenant under this Sublease, Sublandlord may use or apply all or any portion of it being expressly understood that the Security Deposit for the shall not be considered an advance payment of any rent Sublease Base Rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublandlord may become obligated by reason a measure of Subtenant's liability for damages in case of default or breach, or for loss or damage sustained by Sublandlord as a result of Subtenant's default or breach. If Sublandlord so uses any portion of the Security Deposit, Subtenant shall, within five (5) business days after written demand by Sublandlord, restore the Security Deposit to the full amount originally deposited, and Subtenant's failure to do so shall constitute a default under this Sublease. Subtenant. Sublandlord shall not be required to keep the Security Deposit separate from its general other accounts, and shall have no obligation fiduciary responsibilities or liability for payment of interest on trust obligations whatsoever with regard to the Security Deposit. In Sublandlord may, from time-to-time, without prejudice to any other remedy and without waiving such default, use the event Security Deposit to the extent necessary to cure or attempt to cure, in whole or in part, any default of Subtenant hereunder. Following any such application of the Security Deposit, Subtenant shall pay to Sublandlord assigns its interest within five (5) days after demand the amount so applied in this Sublease, Sublandlord shall deliver order to restore the Security Deposit to its assignee so much original amount. The balance of the Security Deposit as is then held by Sublandlord. Within sixty (60) days remaining after the Expiration Date, the Security Deposit, less any amount that has been or can be applied by Sublandlord as a result of any uncured default by Subtenant under this Sublease, such application shall be returned by Sublandlord to Subtenant or to the last assignee, if any, of Subtenant's interest hereunder; provided, however, that Sublandlord may withhold from such amount a sum equal to Sublandlord's reasonable estimate of Subtenant's share of any unbilled amount of Additional Rent, and shall refund to Subtenant any excess withheld promptly following Master Landlord's reconciliation of such Additional Rent under the Master Lease, which obligations shall survive the expiration or earlier termination of this Sublease. Subtenant waives the provisions of California Civil Code section 1950.7, and all other provisions of law now in force or that become in force after the date of execution of this Sublease to the extent they provide that Sublandlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Subtenant, or to clean the Sublease Premises. Sublandlord and Subtenant agree that Sublandlord may, in addition, claim those sums reasonably necessary to compensate Sublandlord for any other foreseeable or unforeseeable loss or damage caused by the act or omission of Subtenant or Subtenant's officers, agents, employees, independent contractors, or invitees. within thirty (30) days thereafter. View More
Security Deposit. Upon execution of this Sublease, Subtenant shall deposit with Sublandlord on or before the Effective Date the sum of One Seventy-Five Thousand Six Hundred Twenty-Three Thousand Nine Hundred Twelve Fifteen and 75/100 00/100 Dollars ($123,912.75) in cash ($75,615.00) (the "Security Deposit"), which sum shall be held by Sublandlord as security for Subtenant's full, timely and the faithful performance by Subtenant of all of the terms, covenants and conditions of this Sublease to be kept and performe...d by Subtenant during the period commencing on the Effective Date and ending upon the expiration or termination of Subtenant's obligations under this Sublease (the "Security Deposit"). Sublease. If Subtenant fails an Event of Default (as defined below) occurs with respect to pay rent or other charges when due under any provision of this Sublease, including any provision relating to the payment of Rent, then Sublandlord may, but shall not be required to, use, apply or fails to perform any of its other obligations hereunder, and does not cure such failure within the applicable notice and cure periods for a default by Subtenant under this Sublease, Sublandlord may use or apply retain all or any portion part of the Security Deposit for the payment of any rent Rent or other amount then due hereunder and unpaid, for the payment of any other sum in default, or to compensate Sublandlord for which any other loss or damage that Sublandlord may become obligated suffer by reason of Subtenant's default or breach, or for loss or damage sustained by Sublandlord as a result of Subtenant's default or breach. default. If Sublandlord so uses any portion of the Security Deposit, Deposit is so used or applied, then Subtenant shall, within five (5) business ten (10) days after written following demand by Sublandlord, therefor, deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the full amount originally deposited, its original amount, and Subtenant's failure to do so shall constitute be a default under material breach of this Sublease. Sublandlord shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment Lease. The provisions of interest on the Security Deposit. In the event Sublandlord assigns its interest in this Sublease, Sublandlord shall deliver to its assignee so much of the Security Deposit as is then held by Sublandlord. Within sixty (60) days after the Expiration Date, the Security Deposit, less any amount that has been or can be applied by Sublandlord as a result of any uncured default by Subtenant under this Sublease, shall be returned to Subtenant or to the last assignee, if any, of Subtenant's interest hereunder; provided, however, that Sublandlord may withhold from such amount a sum equal to Sublandlord's reasonable estimate of Subtenant's share of any unbilled amount of Additional Rent, and shall refund to Subtenant any excess withheld promptly following Master Landlord's reconciliation of such Additional Rent under the Master Lease, which obligations Section 7 shall survive the expiration or earlier termination of this Sublease. Subtenant waives the provisions of California Civil Code section 1950.7, and all other provisions of law now in force or that become in force after the date of execution of this Sublease to the extent they provide that Sublandlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Subtenant, or to clean the Sublease Premises. Sublandlord and Subtenant agree that Sublandlord may, in addition, claim those sums reasonably necessary to compensate Sublandlord for any other foreseeable or unforeseeable loss or damage caused by the act or omission of Subtenant or Subtenant's officers, agents, employees, independent contractors, or invitees. Lease. TENANT HEREBY WAIVES THE REQUIREMENTS OF SECTION 1950.7 OF THE CALIFORNIA CIVIL CODE, AS THE SAME MAY BE AMENDED FROM TIME TO TIME. View More
Security Deposit. Upon Within two (2) days after Subtenant's execution and delivery of this Sublease, Subtenant shall deliver to Sublandlord an initial security deposit in the amount of One Million Dollars ($1,000,000) (the "Initial Security Deposit", and together with any Extension Security Deposit held from time to time, the "Security Deposit") in the form of an unconditional, irrevocable standby letter of credit without documents, i.e., no obligation on Sublandlord's part to present anything but a sight draft,... with Sublandlord as beneficiary, drawable in whole or in part, providing for payment in Boston, Massachusetts, on presentation of Sublandlord's drafts on sight, providing for multiple draws and multiple successors and otherwise both from a bank and in a form reasonably acceptable to Sublandlord (an "LC"). Notwithstanding the sum of One Hundred Twenty-Three Thousand Nine Hundred Twelve and 75/100 Dollars ($123,912.75) foregoing, Subtenant may elect to initially deliver the Initial Security Deposit in cash form, provided that Subtenant delivers an LC to Sublandlord to replace the cash Initial Security Deposit within forty-five (45) days of the effective date of this Sublease, and upon Sublandlord's receipt of such LC, Sublandlord shall promptly return the cash balance of the Initial Security Deposit to Subtenant. If any portion of the Security Deposit is used or applied pursuant to this Section 5, Sublandlord shall provide Subtenant with written notice setting forth the amounts so used or applied and the purpose therefor, and Subtenant shall, within ten (10) days after receipt of such notice, deposit cash or a replacement letter of credit (in form and substance subject to the same requirements as the original letter of credit) in an amount sufficient to restore the Security Deposit to the required balance hereunder at such time. Subtenant's failure to do so shall be a material default and breach of this Sublease by Subtenant. The Security Deposit shall be held by Sublandlord as security for Subtenant's full, timely and the faithful performance by Subtenant of all the terms, covenants, and conditions of Subtenant's obligations under this Sublease (the "Security Deposit"). applicable to Subtenant. If Subtenant fails defaults with respect to pay rent or other charges when due under any provision of this Sublease, or fails to perform any Sublease beyond all applicable periods of its other obligations hereunder, and does not cure such failure within the applicable notice and cure periods for a default by Subtenant under this Sublease, cure, including but not limited to the provisions relating to the condition of the Subleased Premises upon the Expiration Date, Sublandlord may use (but shall not be required to) use, apply or apply retain all or any portion part of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublandlord may become obligated spend by reason of Subtenant's default or breach, or for loss or damage sustained by default. The rights of Sublandlord as a result of Subtenant's default or breach. If pursuant to this Section are in addition to any rights which Sublandlord so uses any portion may have pursuant to Section 10 below. Upon the expiration of the Security Deposit, Subtenant shall, within five (5) business days after written demand by Sublandlord, restore initial term (without giving effect to any Extension Periods) hereof or earlier termination of this Sublease, and when all then-existing defaults hereunder have been cured, Sublandlord shall return the Initial Security Deposit or any balance thereof (without -5- interest) to Subtenant within three (3) months of such expiration or termination. Failure of Subtenant to deliver a replacement letter of credit to Sublandlord at least thirty (30) days prior to the full amount originally deposited, and Subtenant's failure to do so expiration date of any current letter of credit shall constitute a separate default under this Sublease. entitling Sublandlord, following written notice and an opportunity to cure by Subtenant, to draw down immediately and entirely on the current letter of credit and the proceeds shall constitute a cash Initial Security Deposit. With respect to any Extension Period, Subtenant shall provide to Sublandlord the Extension Security Deposit applicable thereto. Upon expiration or earlier termination of any Extension Period and when all then-existing defaults hereunder have been cured, Sublandlord shall not be required to keep return the Extension Security Deposit separate from its general accounts, and shall have no obligation or liability for payment any balance thereof (without interest) to Subtenant within three (3) months of interest on the Security Deposit. In the event Sublandlord assigns its interest such expiration or earlier termination. Notwithstanding anything in this Sublease, Sublandlord shall deliver Section 5 to its assignee so much the contrary, if the expiration of the Security Deposit as is then held by Sublandlord. Within sixty (60) days after initial term or any Extension Period shall also represent the occurrence of the Expiration Date, the Security Deposit, less any amount that has been or can be applied by Sublandlord as a result of any uncured default by Subtenant under this Sublease, shall be returned to Subtenant or to the last assignee, if any, of Subtenant's interest hereunder; provided, however, that Sublandlord may withhold from such amount a sum equal to Sublandlord's reasonable estimate of Subtenant's share of any unbilled amount of Additional Rent, and shall refund to Subtenant any excess withheld promptly following Master Landlord's reconciliation of such Additional Rent under the Master Lease, which obligations shall survive the then upon expiration or earlier termination of this Sublease. Sublease, Sublandlord shall return any Security Deposit or any balance thereof (without interest) to Subtenant waives within three (3) months of such expiration or earlier termination, and after Subtenant has vacated the provisions of California Civil Code section 1950.7, Subleased Premises and all other provisions of law now in force or that become in force after the date of execution of this Sublease to the extent they provide that Sublandlord may claim from a security deposit only those sums reasonably necessary to remedy then-existing defaults in the payment of rent, to repair damage caused by Subtenant, or to clean the Sublease Premises. Sublandlord and Subtenant agree that Sublandlord may, in addition, claim those sums reasonably necessary to compensate Sublandlord for any other foreseeable or unforeseeable loss or damage caused by the act or omission of Subtenant or Subtenant's officers, agents, employees, independent contractors, or invitees. hereunder have been cured. View More
Security Deposit. Upon Within two (2) days after Subtenant's execution and delivery of this Sublease, Subtenant shall deliver to Sublandlord an initial security deposit in the amount of One Million Dollars ($1,000,000) (the "Initial Security Deposit", and together with any Extension Security Deposit held from time to time, the "Security Deposit") in the form of an unconditional, irrevocable standby letter of credit without documents, i.e., no obligation on Sublandlord's part to present anything but a sight draft,... with Sublandlord as beneficiary, drawable in whole or in part, providing for payment in Boston, Massachusetts, on presentation of Sublandlord's drafts on sight, providing for multiple draws and multiple successors and otherwise both from a bank and in a form reasonably acceptable to Sublandlord (an "LC"). Notwithstanding the sum of One Hundred Twenty-Three Thousand Nine Hundred Twelve and 75/100 Dollars ($123,912.75) foregoing, Subtenant may elect to initially deliver the Initial Security Deposit in cash form, provided that Subtenant delivers an LC to Sublandlord to replace the cash Initial Security Deposit within forty-five (45) days of the effective date of this Sublease, and upon Sublandlord's receipt of such LC, Sublandlord shall promptly return the cash balance of the Initial Security Deposit to Subtenant. If any portion of the Security Deposit is used or applied pursuant to this Section 5, Sublandlord shall provide Subtenant with written notice setting forth the amounts so used or applied and the purpose therefor, and Subtenant shall, within ten (10) days after receipt of such notice, deposit cash or a replacement letter of credit (in form and substance subject to the same requirements as the original letter of credit) in an amount sufficient to restore the Security Deposit to the required balance hereunder at such time. Subtenant's failure to do so shall be a material default and breach of this Sublease by Subtenant. The Security Deposit shall be held by Sublandlord as security for Subtenant's full, timely and the faithful performance by Subtenant of all the terms, covenants, and conditions of Subtenant's obligations under this Sublease (the "Security Deposit"). applicable to Subtenant. If Subtenant fails defaults with respect to pay rent or other charges when due under any provision of this Sublease, or fails to perform any Sublease beyond all applicable periods of its other obligations hereunder, and does not cure such failure within the applicable notice and cure periods for a default by Subtenant under this Sublease, cure, including but not limited to the provisions relating to the condition of the Subleased Premises upon the Expiration Date, Sublandlord may use (but shall not be required to) use, apply or apply retain all or any portion part of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublandlord may become obligated spend by reason of Subtenant's default or breach, or for loss or damage sustained by default. The rights of Sublandlord as a result of Subtenant's default or breach. If pursuant to this Section are in addition to any rights which Sublandlord so uses any portion may have pursuant to Section 10 below. Upon the expiration of the Security Deposit, Subtenant shall, within five (5) business days after written demand by Sublandlord, restore initial term (without giving effect to any Extension Periods) hereof or earlier termination of this Sublease, and when all then-existing defaults hereunder have been cured, Sublandlord shall return the Initial Security Deposit or any balance thereof (without interest) to Subtenant within three (3) months of such expiration or termination. Failure of Subtenant to deliver a replacement letter of credit to Sublandlord at least thirty (30) days prior to the full amount originally deposited, and Subtenant's failure to do so expiration date of any current letter of credit shall constitute a separate default under this Sublease. entitling Sublandlord, following written notice and an opportunity to cure by Subtenant, to draw down immediately and entirely on the current letter of credit and the proceeds shall constitute a cash Initial Security Deposit. 5 With respect to any Extension Period, Subtenant shall provide to Sublandlord the Extension Security Deposit applicable thereto. Upon expiration or earlier termination of any Extension Period and when all then-existing defaults hereunder have been cured, Sublandlord shall not be required to keep return the Extension Security Deposit separate from its general accounts, and shall have no obligation or liability for payment any balance thereof (without interest) to Subtenant within three (3) months of interest on the Security Deposit. In the event Sublandlord assigns its interest such expiration or earlier termination. Notwithstanding anything in this Sublease, Sublandlord shall deliver Section 5 to its assignee so much the contrary, if the expiration of the Security Deposit as is then held by Sublandlord. Within sixty (60) days after initial term or any Extension Period shall also represent the occurrence of the Expiration Date, the Security Deposit, less any amount that has been or can be applied by Sublandlord as a result of any uncured default by Subtenant under this Sublease, shall be returned to Subtenant or to the last assignee, if any, of Subtenant's interest hereunder; provided, however, that Sublandlord may withhold from such amount a sum equal to Sublandlord's reasonable estimate of Subtenant's share of any unbilled amount of Additional Rent, and shall refund to Subtenant any excess withheld promptly following Master Landlord's reconciliation of such Additional Rent under the Master Lease, which obligations shall survive the then upon expiration or earlier termination of this Sublease. Sublease, Sublandlord shall return any Security Deposit or any balance thereof (without interest) to Subtenant waives within three (3) months of such expiration or earlier termination, and after Subtenant has vacated the provisions of California Civil Code section 1950.7, Subleased Premises and all other provisions of law now in force or that become in force after the date of execution of this Sublease to the extent they provide that Sublandlord may claim from a security deposit only those sums reasonably necessary to remedy then-existing defaults in the payment of rent, to repair damage caused by Subtenant, or to clean the Sublease Premises. Sublandlord and Subtenant agree that Sublandlord may, in addition, claim those sums reasonably necessary to compensate Sublandlord for any other foreseeable or unforeseeable loss or damage caused by the act or omission of Subtenant or Subtenant's officers, agents, employees, independent contractors, or invitees. hereunder have been cured. View More
Security Deposit. Upon execution of this Sublease, Subtenant shall deposit with Sublandlord Sublessor on or before the Commencement Date the sum of One Hundred Twenty-Three Thousand Nine Hundred Twelve and 75/100 Dollars ($123,912.75) in cash $11,909 as security for Subtenant's full, timely and faithful performance of all of Subtenant's obligations under this Sublease (the "Security hereunder ("Security Deposit"). If Subtenant fails to pay rent or other charges when due under this Sublease, or fails to perform an...y of its other obligations hereunder, and does not cure such failure within the applicable notice and cure periods for a default by Subtenant under this Sublease, Sublandlord Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, unpaid for the payment of any other sum for which Sublandlord Sublessor may become obligated by reason of Subtenant's default or breach, or for loss or damage sustained by Sublandlord as a result of Subtenant's default or breach. If Sublandlord Sublessor so uses any portion of the Security Deposit, deposit, Subtenant shall, within five (5) business ten (10) days after written demand by Sublandlord, Sublessor, restore the Security Deposit to the full amount originally deposited, and Subtenant's failure to do so shall constitute a default under this Sublease. Sublandlord Sublessor shall not be required to 2 keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In Once the event Sublandlord assigns its interest in this Sublease, Sublandlord shall deliver to its assignee so much Subtenant has vacated the Sublet Premises and the condition of the Security Deposit as Sublet Premises has been approved by the Prime Landlord, and provided Subtenant is not then held by Sublandlord. Within sixty (60) days after the Expiration Date, in default of any of its obligations hereunder, the Security Deposit, less any amount that has or so much thereof as had not theretofore been or can be applied by Sublandlord as a result of any uncured default by Subtenant under this Sublease, Sublessor, shall be returned to Subtenant or to the last assignee, if any, of Subtenant's interest hereunder; provided, however, that Sublandlord may withhold from such amount a sum equal to Sublandlord's reasonable estimate of Subtenant's share of any unbilled amount of Additional Rent, and shall refund to Subtenant any excess withheld promptly following Master Landlord's reconciliation of such Additional Rent under the Master Lease, which obligations shall survive the expiration or earlier termination of this Sublease. Subtenant waives the provisions of California Civil Code section 1950.7, and all other provisions of law now in force or that become in force after the date of execution of this Sublease to the extent they provide that Sublandlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Subtenant, or to clean the Sublease Premises. Sublandlord and Subtenant agree that Sublandlord may, in addition, claim those sums reasonably necessary to compensate Sublandlord for any other foreseeable or unforeseeable loss or damage caused by the act or omission of Subtenant or Subtenant's officers, agents, employees, independent contractors, or invitees. hereunder. View More
Security Deposit. Upon execution of this Sublease, Subtenant shall deposit has deposited with Sublandlord the sum of One Hundred Twenty-Three Thousand Nine Hundred Twelve and 75/100 Dollars ($123,912.75) in cash $11,947.54 as security for Subtenant's full, timely and the faithful performance and observance by Subtenant of all the terms, provisions and conditions of Subtenant's obligations under this Sublease (the "Security ("Security Deposit"). If Any interest accruing on the Security Deposit shall be the sole pr...operty of Sublandlord. It is agreed that in the event Subtenant fails to pay rent or other charges when due under defaults in respect of any of the terms, provisions and conditions of this Sublease, including, but not limited to, the payment of Rent, Sublandlord may, after notice to Subtenant and the expiration of any applicable grace period with respect to such default, if any, use, apply or fails to perform any of its other obligations hereunder, and does not cure such failure within retain the applicable notice and cure periods for a default by Subtenant under this Sublease, Sublandlord may use or apply all whole or any portion part of the Security Deposit to the extent required for the payment of any rent Rent or other amount then due hereunder and unpaid, for the payment of any other sum as to which Subtenant is in default or for any sum which Sublandlord may become obligated expend or may be required to expend by reason of Subtenant's default in respect of any of the terms, covenants and conditions of this Sublease, including but not limited to, any damages or breach, deficiency in the re-letting of all or for loss or damage sustained by Sublandlord as a result of Subtenant's default or breach. If Sublandlord so uses any portion of the Security Deposit, Sublease Premises. In any such event, Subtenant shall, within five (5) business days after written shall promptly on demand by Sublandlord, restore the Security Deposit to the full amount originally deposited, and Subtenant's failure to do so shall constitute a default under this Sublease. deposit with Sublandlord shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublandlord assigns its interest in this Sublease, Sublandlord shall deliver to its assignee so much of the Security Deposit as is then held by Sublandlord. Within sixty (60) shall have been so expended so that Sublandlord shall at all times have the full Security Deposit required hereunder. If Subtenant shall fully and faithfully comply with all of the terms, provisions, covenants and conditions of this Sublease, the Security Deposit shall be returned to Subtenant, without interest, within thirty (30) days after the Expiration Date, Date and after delivery of possession of the Sublease Premises to Sublandlord at the time and in the condition required in accordance herewith. Sublandlord shall not be obligated to deposit the Security Deposit, less any amount that has been or can be applied by Sublandlord as Deposit in a result of any uncured default by Subtenant under this Sublease, shall be returned to Subtenant or to the last assignee, if any, of Subtenant's interest hereunder; provided, however, that Sublandlord may withhold from such amount a sum equal to Sublandlord's reasonable estimate of Subtenant's share of any unbilled amount of Additional Rent, and shall refund to Subtenant any excess withheld promptly following Master Landlord's reconciliation of such Additional Rent under the Master Lease, which obligations shall survive the expiration or earlier termination of this Sublease. Subtenant waives the provisions of California Civil Code section 1950.7, and all other provisions of law now in force or that become in force after the date of execution of this Sublease to the extent they provide that Sublandlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Subtenant, or to clean the Sublease Premises. Sublandlord and Subtenant agree that Sublandlord may, in addition, claim those sums reasonably necessary to compensate Sublandlord for any other foreseeable or unforeseeable loss or damage caused by the act or omission of Subtenant or Subtenant's officers, agents, employees, independent contractors, or invitees. separate account. View More
Security Deposit. Upon the execution of this Sublease, Subtenant shall deposit with Sublandlord the sum of One Hundred Twenty-Three Thousand Nine Hundred Twelve and 75/100 Dollars ($123,912.75) in cash as security for Subtenant's full, timely and faithful performance of all of Subtenant's obligations under this Sublease $132,311.36 (the "Security Deposit"). If Subtenant fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, and does not cure su...ch failure within the applicable notice and cure periods for a default by Subtenant under this Sublease, Sublandlord may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for "Security") which Sublandlord may become obligated by reason of Subtenant's default or breach, or for loss or damage sustained shall be held by Sublandlord as a result security for the full and faithful performance by Subtenant of Subtenant's default or breach. If the terms of this Sublease. Sublandlord so uses may use any portion part of the Security Deposit, to satisfy any default of Subtenant after the expiration of any applicable notice and grace period provided for in this Sublease or the Prime Lease, and any expenses incurred by Sublandlord arising from such default, including but not limited to reasonable legal fees and any damages or Rent deficiency. Subtenant shall, within five (5) business days after written demand by Sublandlord, restore the Security Deposit to upon demand, deposit with Sublandlord the full amount originally deposited, and Subtenant's failure to do so shall constitute a default under this Sublease. used, and/or any amount not so deposited by Subtenant, in order that Sublandlord shall not have the full Security deposit on hand at all times during the Term. In lieu of a cash deposit, Subtenant shall be permitted to deliver to Sublandlord as and for Security hereunder a clean, irrevocable and unconditional letter of credit in an amount equal to the Security required to keep be deposited by Subtenant pursuant hereto which shall comply and conform in all material respects with the form annexed hereto and made a part hereof as 4 Exhibit E and be issued by a bank reasonably acceptable to Sublandlord. If Subtenant faithfully performs all the covenants and conditions on Subtenant's part to be performed, the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublandlord assigns its interest in this Sublease, Sublandlord shall deliver to its assignee so much of the Security Deposit as is then held by Sublandlord. Within sixty (60) days after the Expiration Date, the Security Deposit, less any amount that has been or can be applied by Sublandlord as a result of any uncured default by Subtenant under this Sublease, shall be returned to Subtenant or to within thirty (30) days after the last assignee, if any, end of Subtenant's interest hereunder; provided, however, that Sublandlord may withhold from such amount a sum equal to Sublandlord's reasonable estimate of Subtenant's share of any unbilled amount of Additional Rent, and shall refund to Subtenant any excess withheld promptly following Master Landlord's reconciliation of such Additional Rent under the Master Lease, which obligations shall survive the expiration or earlier termination term of this Sublease. Subtenant waives the provisions of California Civil Code section 1950.7, and all other provisions of law now in force or that become in force after the date of execution of this Sublease to the extent they provide that Sublandlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Subtenant, or to clean the Sublease Premises. Sublandlord and Subtenant agree that Sublandlord may, in addition, claim those sums reasonably necessary to compensate Sublandlord for any other foreseeable or unforeseeable loss or damage caused by the act or omission of Subtenant or Subtenant's officers, agents, employees, independent contractors, or invitees.View More
