Security Deposit Contract Clauses (918)

Security Deposit. Upon execution of this Lease, Tenant shall pay to Landlord the amount of the security deposit set forth in the Basic Lease Information as the "Security Deposit" under this Lease. The Security Deposit shall be held by Landlord as security for the performance by Tenant of all its obligations under this Lease. If Tenant fails to pay any Rent due hereunder, or otherwise commits a default with respect to any provision of this Lease, Landlord may use, apply or retain all or any portion of the Security... Deposit for the payment of any such Rent or for the payment of any other amounts expended or incurred by Landlord by reason of Tenant's default, or to compensate Landlord for any loss or damage which Landlord may incur thereby. Tenant waives (a) California Civil Code Section 1950.7 and any and all other laws, rules and regulations applicable to security deposits in the commercial context ("Security Deposit Laws"), and (b) 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 herein, the Security Deposit may be retained and applied by Landlord (1) to offset rent or additional rent which is unpaid either before or after termination of this Lease; (2) against other damages suffered by Landlord before or after termination of this Lease or to otherwise restore the Premises to a clean and safe condition, reasonable wear and tear excepted; and (3) those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the act or omission of Tenant or any officer, employee, agent or invitee of Tenant, whether arising before or after. Exercise by Landlord of its rights hereunder shall not constitute a waiver of, or relieve Tenant from any liability for, any default. If all or any portion of the Security Deposit is used or applied by Landlord for such purposes, Tenant shall within ten (10) days after written demand therefor deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its full amount. If Tenant performs all of Tenant's obligations hereunder, the Security Deposit, or so much thereof as has not been used or applied by Landlord as permitted herein, shall be returned, without interest, to Tenant (or, at Landlord's option, to the last assignee, if any, of Tenant's interest under this Lease) within thirty (30) days after the later of (i) the date of expiration or earlier termination of this Lease, or (ii) vacation of the Premises by Tenant if the Premises has been left in the condition specified by this Lease. Upon termination of the original Landlord's (or any successor owner's) interest in the Premises, the original Landlord (or such successor) shall be released from further liability with respect to the Security Deposit upon the original Landlord's (or such successor's) delivery of Security Deposit to the successor landlord and compliance with California Civil Code Section 1950.7(d), or successor statute. 43 27. Waiver. Failure of Landlord to declare a default by Tenant upon occurrence thereof, or delay in taking any action in connection therewith, shall not waive such default, but Landlord shall have the right to declare such default at any time after its occurrence. To be effective, a waiver of any provision of this Lease, or any default, shall be in writing and signed by the waiving party. Any waiver hereunder shall not be deemed a waiver of subsequent performance of any such provision or subsequent defaults. The subsequent acceptance of Rent hereunder, or endorsement of any check by Landlord, shall not be deemed to constitute an accord and satisfaction or a waiver of any preceding default by Tenant, except as to the particular Rent so accepted, regardless of Landlord's knowledge of the preceding default at the time of acceptance of the Rent. No course of conduct between Landlord and Tenant, and no acceptance of the keys to or possession of the Premises by Landlord before the Expiration Date shall constitute a waiver of any provision of this Lease or of any default, or operate as a surrender of this Lease. View More

Security Deposit. Based on the new rentable square footage of the Premises set forth in this Amendment, the amount of the Security Deposit, as set forth above, will be $161,670.54, increasing the current Security Deposit, which is $120,371.97, by $41,298.57. Therefore, concurrently with the execution and delivery of this Amendment, Tenant shall pay to Landlord the sum of $41,298.57, the additional incremental amount of the Security Deposit, or such greater amount as is necessary to cause the Security Deposit held... by Landlord to equal $161,670.54. First Amendment to Lease North Slope One, LLC / Purple Innovation, LLC -4- 12. Enforceability. Each Party represents and warrants that: (a) such Party was duly formed and is validly existing and in good standing under the laws of the state of its formation; (b) such Party has the requisite power and authority under all applicable laws and its governing documents to execute, deliver and perform its obligations under this Amendment; (c) the individual executing this Amendment on behalf of such Party has full power and authority under such Party's governing documents to execute and deliver this Amendment in the name of, and on behalf of, such Party and to cause such Party to perform its obligations under this Amendment; (d) this Amendment has been duly authorized, executed and delivered by such Party; and (e) this Amendment is the legal, valid and binding obligation of such Party, and is enforceable against such Party in accordance with its terms. View More

Security Deposit. The rights and obligations of Sublessor and Sublessee asto said Security Deposit shall be as set forth In Paragraph 5 of the Master Lease (as modified by Paragraph 7.3 of this Sublease).

Security Deposit. Notwithstanding anything in the Lease to the contrary, the Security Deposit held by Lessor pursuant to the Lease, as amended hereby, shall equal Seventy-One Thousand Three Hundred Ninety-Six and No/100 Dollars ($71,396.00). Lessor and Lessee acknowledge that, in accordance with Paragraph 5 of the Lease, Lessee has previously delivered the sum of Fifty Thousand and 00/100 Dollars ($50,000.00) (the "Existing Security Deposit") to Lessor as security for the faithful performance by Lessee of the ter...ms, covenants and conditions of the Lease. Concurrently with Lessee's execution of this Third Amendment, Lessee shall deposit with Lessor an amount equal to Twenty-One Thousand Three Hundred Ninety-Six and No/100 Dollars ($21,396.00) to be held by Lessor as a part of the Security Deposit. To the extent that the total amount held by Lessor at any time as security for the Lease, as hereby amended, is less than Twenty-One Thousand Three Hundred Ninety-Six and No/100 Dollars ($21,396.00) , Tenant shall pay the difference to Landlord within ten (10) days following Tenant's receipt of notice thereof from Landlord. View More

Security Deposit. At the time of signing this Lease, Tenant shall deposit with Landlord the Security Deposit to be retained by Landlord as cash security for the faithful performance and observance by Tenant of the provisions of this Lease. Tenant shall not be entitled to any interest on the Security Deposit. Landlord shall have the right to commingle the Security Deposit with its other funds. Landlord may use the whole or any part of the Security Deposit for the payment of any amount as to which Tenant is in defa...ult or to compensate Landlord for any loss or damage it may suffer by reason of Tenant's default under this Lease. If Landlord uses all or any portion of the Security Deposit as herein provided, within ten (10) days after demand, Tenant shall pay Landlord cash in an amount equal to that portion of the Security Deposit used by Landlord. If Tenant complies fully and faithfully with all of the provisions of this Lease, the Security Deposit shall be returned to Tenant after the Expiration Date and surrender of the Premises to Landlord. View More

Security Deposit. 11.1 Landlord and Tenant acknowledge and agree that Landlord is currently holding $65,548.00 as the Security Deposit under the Lease. Simultaneously with Tenant's execution of this First Amendment, Tenant shall remit to Landlord, by check or wire transfer of immediately available funds, $467,331.00 (the "Additional Security Deposit") to be held as additional security for Tenant's performance of its obligations set forth in the Lease; it being agreed that upon Landlord's receipt of 7 the Addition...al Security Deposit, the total amount of the Security Deposit held by Landlord shall be $532,879.00. 11.2 Notwithstanding the foregoing, provided that (1) Tenant shall not be in an Event of Default beyond any applicable notice and cure period on any Reduction Date (as hereinafter defined), and (2) Tenant shall have a Tangible Net Worth (as hereinafter defined) on each Reduction Date at least equal to or greater than ninety-five percent (95%) of the Tangible Net Worth reflected on Tenant's Q42018 financial statements (as evidenced by Tenant's then current financial statements), then at the written request of Tenant, the Security Deposit shall be reduced to (a) $456,753.33 at the end of Month 28 of the Term (as extended by this First Amendment) (the "First Reduction Date"), (b) $380,627.66 at the end of Month 40 of the Term (the "Second Reduction Date"), and (c) $304,501.99 at the end of Month 52 of the Term (the "Third Reduction Date"), and Landlord shall return the applicable portion of the Security Deposit to Tenant within thirty (30) days after receipt of Tenant's written request therefor. As used herein, the First Reduction Date, Second Reduction Date, and Third Reduction Date shall each be known as a "Reduction Date." Tenant acknowledges and agrees that in the event (i) Tenant shall be in an Event of Default beyond any applicable notice and cure period on any Reduction Date, or (ii) Tenant shall not have a Tangible Net Worth on each Reduction Date at least equal to or greater than ninety-five percent (95%) of the Tangible Net Worth reflected on Tenant's Q42018 financial statements, the Security Deposit then in effect shall remain in place (without reduction) for the balance of the Term of the Lease. As used herein, "Tangible Net Worth" shall mean total assets minus intangible assets (including goodwill, patents, trademarks and copyrights) and total liabilities, all as calculated in accordance with generally accepted accounting principles consistently applied. View More

Security Deposit. 3.1Security Deposit. 3.3Payment of Security Deposit. 3.4Application of Security Deposit.