Security Clause Example with 5 Variations from Business Contracts
This page contains Security 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. Concurrently with Tenant's execution of this Lease, Tenant shall deposit with Landlord the sum of $50,000 Dollars which sum (the "Security Deposit") shall be held by Landlord as security for the faithful performance of all of the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the term hereof. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due h...ereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all or any part of the Security Deposit for the payment of rental or any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of the Security Deposit is so used or applied, 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 original amount and Tenant's failure to do so shall be a material breach of this Lease. Landlord shall not be required to keep any deposit under this Section separate from Landlord's general funds, and Tenant shall not be entitled to interest thereon. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, shall be returned to Tenant or, at Landlord's option, to the last assignee of Tenant's interest hereunder, at the expiration of the term of this Lease and after Tenant has vacated the Premises. In the event of termination of Landlord's interest in this Lease, Landlord shall transfer all of the security deposit then held by Landlord under this Section to Landlord's successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereof. Tenant waives to the fullest extent permitted by law the provisions of California Civil Code Section 1950.7, and all other provisions of laws now in force or that become in force after the date of execution of this Lease, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy default in the payment of Rent, to repair damage caused by Tenant, or to clean the Premises. Landlord and Tenant agree that Landlord may, in addition, claim those sums reasonably necessary to compensate Landlord for any other foreseeable or unforeseeable loss or damage caused by the act or omission of Tenant or any of Tenant's agents or invitees, including but not limited to future Rent to the extent recoverable from Tenant under applicable laws.View More
Variations of a "Security" Clause from Business Contracts
Security. Concurrently 21.1 Financial Statements. Tenant shall furnish to Landlord, on or before the 90th day following the end of each fiscal year, the unaudited financial statements of Tenant and of any Guarantor for the preceding fiscal year (consisting of a balance sheet and a profit and loss statement) each prepared by a certified public accountant in accordance with Tenant's generally accepted accounting principles (or other method approved by Landlord) consistently applied. 21.2 Deposit. (a) On or ...before August 1, 2017, Tenant shall deliver to Landlord a letter of credit in the amount specified in the summary of Basic Lease Terms preceding this Lease and in the form and otherwise in compliance with Exhibit F, the provisions of which are incorporated herein. If Landlord does not receive the letter of credit on or before August 31, 2017, then Tenant shall pay to Landlord an additional sum equal to $500.00 per day from and including August 31, 2017 to and including the date the letter of credit is delivered. By their execution of this Lease, Landlord and Tenant confirm that such late charge represents a fair and reasonable estimate of the administrative and other costs that Landlord will incur by reason of any such late delivery, that the late charge is in addition to any and all remedies available to Landlord, and that the assessment and/or collection of the late charge shall not be deemed a waiver by Landlord of such failure or of any other default under this Lease. (b) The following provisions of this Section 21.2 apply to any cash drawn from the letter of credit that Landlord elects to hold as a cash deposit with Landlord the sum of $50,000 Dollars which sum (the "Security Deposit") shall be held by Landlord as security for the faithful performance of all of the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the term hereof. Deposit"). (c) If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to may use, apply or retain all or any part portion of the Security Deposit for the payment of rental or any other amount sum to which Landlord may spend or become obligated to spend by reason of Tenant's default default, or to compensate Landlord for any other loss or damage which that Landlord may suffer by reason of Tenant's default. thereby. If Landlord so uses or applies all or any portion of the Security Deposit is so used or applied, Deposit, Tenant shall, within ten (10) days after -36- written demand therefor, therefor from Landlord, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original the full amount and stated in this Section 21.2. If Tenant performs all of Tenant's failure to do obligations hereunder, Landlord shall return the Security Deposit (or so shall be a material breach much thereof as has not theretofore been applied by Landlord as permitted under this Section 21.2) within thirty (30) days following the date of this Lease. expiration of the Lease Term or the date on which Tenant has vacated the Premises. Landlord shall not be required to keep any deposit under this Section the Security Deposit separate from Landlord's its general funds, and Tenant shall not be entitled to interest thereon. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, on the Security Deposit, or any balance thereof, Deposit. Landlord shall be returned entitled to Tenant or, at Landlord's option, deliver the funds constituting the Security Deposit hereunder to the last assignee of Tenant's interest hereunder, at the expiration of the term of this Lease and after Tenant has vacated the Premises. In the event of termination any purchaser of Landlord's interest in this Lease, the Premises, whether by sale, foreclosure, deed in lieu of foreclosure, or otherwise, and upon such delivery, Landlord shall be discharged from any further liability with respect to the Security Deposit. If Landlord transfers this Lease (as part of a transfer all of the security deposit Project or otherwise), then held by Landlord under this Section to Landlord's successor in interest, whereupon Tenant agrees to release Landlord from shall be relieved of all liability for the return of such deposit to Tenant arising or the accounting thereof. Tenant waives to the fullest extent permitted by law the provisions of California Civil Code Section 1950.7, and all other provisions of laws now in force or that become in force accruing after the date of execution such transfer, provided the Security Deposit is transferred to said transferee. Tenant shall look solely to the transferee for return of this Lease, which provide that any Security Deposit. Tenant hereby grants Landlord may claim from a security deposit only those sums reasonably necessary to remedy default interest in the payment of Rent, to repair damage caused by Tenant, or to clean the Premises. Landlord and Tenant agree that Landlord may, in addition, claim those sums reasonably necessary to compensate Landlord for any other foreseeable or unforeseeable loss or damage caused by the act or omission of Tenant or any of Tenant's agents or invitees, including but not limited to future Rent to the extent recoverable from Tenant under applicable laws. Security Deposit. 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Security. Concurrently Tenant shall deposit with Landlord, upon Tenant's execution of this Lease, Tenant shall the security deposit specified in Paragraph N of the Basic Lease Provisions ("Security Deposit") with Landlord the sum of $50,000 Dollars which sum (the "Security Deposit") shall be held by Landlord as security for the full and faithful performance by Tenant of all of the terms, covenants, every term and conditions covenant of this Lease to be kept and performed by Tenant during Lease. In the ter...m hereof. If event Tenant defaults with respect to in the performance of any provision of its obligations hereunder, or otherwise breaches this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to may use, apply apply, or retain all or any part portion of the Security Deposit for the payment of rental or any other amount which due Landlord may spend or become obligated to spend by reason of Tenant's default or to reimburse or compensate Landlord for any other liability, cost, expense, loss or damage (including attorneys' fees) which Landlord may shall suffer or incur by reason of Tenant's default. thereof. If Landlord uses or applies all or any portion of the Security Deposit is so used or applied, Deposit, Tenant shall, within ten (10) days after written demand therefor, request therefore deposit cash monies with Landlord in an amount sufficient to restore the Security Deposit to its original the full amount and Tenant's failure to do so shall be a material breach required by this Lease. Upon the expiration or earlier termination of this Lease. Lease and performance of all of Tenant's obligations hereunder, Landlord shall not be required return the Security Deposit or any balance thereof to keep any deposit under this Section separate from Landlord's general funds, and Tenant. Tenant shall not be entitled to any interest thereon. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, on the Security Deposit, or any balance thereof, and Landlord shall be returned entitled to Tenant or, at Landlord's option, to commingle the last assignee of Tenant's interest hereunder, at the expiration Security Deposit with its general funds. No part of the term of this Lease and after Security Deposit shall be considered to be held in trust, to bear interest for its use, or to be a prepayment for any-monies to be paid by Tenant has vacated the Premises. In the event of termination of Landlord's interest in this Lease, Landlord shall transfer all of the security deposit then held by Landlord under this Section to Landlord's successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereof. Tenant waives to the fullest extent permitted by law the provisions of California Civil Code Section 1950.7, and all other provisions of laws now in force or that become in force after the date of execution of this Lease, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy default in the payment of Rent, to repair damage caused by Tenant, or to clean the Premises. Landlord and Tenant agree that Landlord may, in addition, claim those sums reasonably necessary to compensate Landlord for any other foreseeable or unforeseeable loss or damage caused by the act or omission of Tenant or any of Tenant's agents or invitees, including but not limited to future Rent to the extent recoverable from Tenant under applicable laws. Lease. View More
Security. Concurrently 21.1 Financial Statements. Tenant shall furnish to Landlord, on or before the 90th day following the end of each fiscal year, the financial statements of Tenant and of any Guarantor for the preceding fiscal year (consisting of a balance sheet and a profit and loss statement) each prepared by a certified public accountant in accordance with generally accepted accounting principles (or other method approved by Landlord) consistently applied. However, Tenant is not required to furnish ...such statements if and so long as Tenant is a public company whose financial statements are readily available online. -41- 21.2 Deposit. Contemporaneously with Tenant's execution and delivery of this Lease, Tenant shall deposit with Landlord the sum of $50,000 Dollars which sum (the "Security Deposit") shall amount specified in the Basic Lease Terms preceding this Lease, such amount to be held by Landlord during the Lease Term as security for the faithful Tenant's performance of all its obligations hereunder. In the alternative, Tenant may deliver a Letter of Credit in such amount and in compliance with the terms, covenants, and conditions provisions of this Lease to be kept and performed by Tenant during the term hereof. If Tenant defaults with respect Exhibit G. The following provisions apply to any provision cash Security Deposit and any proceeds of this Lease, including, without limitation, a Letter of Credit, which shall be deemed the provisions relating to the payment Security Deposit. If an Event of rental and other sums due hereunder, Default occurs, Landlord shall have the right, but shall not be required, to may use, apply or retain all or any part portion of the Security Deposit for the payment of rental or any other amount sum to which Landlord may spend or become obligated to spend by reason of Tenant's default default, or to compensate Landlord for any other loss or damage which that Landlord may suffer by reason of Tenant's default. thereby. If Landlord so uses or applies all or any portion of the Security Deposit is so used or applied, Deposit, Tenant shall, within ten (10) days after written demand therefor, therefor from Landlord, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original the full amount stated in the Basic Lease Terms, and Tenant's failure to do so shall be a material breach constitute an Event of Default under this Lease. If, but only if, no Event of Default shall have occurred hereunder (after giving effect to any applicable cure period) and Tenant is not a debtor in a bankruptcy proceeding, then following written request by Tenant for each reduction, Landlord will reduce the amount of the Security Deposit by 10% of its original amount on the date that is the 95th day following the final day of the 24th full calendar month following the Commencement Date of the Lease, and by the same amount on the same date of each calendar year thereafter until the amount declines to 50% of its original amount; the amount of the Security Deposit shall not be further reduced. If Tenant performs all of Tenant's obligations hereunder, Landlord shall return the Security Deposit (or so much thereof as has not theretofore been applied by Landlord as permitted under this Section 21.2) within sixty (60) days following the date of expiration of the Lease Term or the date on which Tenant has vacated the Premises. Landlord shall not be required to keep any deposit under this Section the Security Deposit separate from Landlord's its general funds, and Tenant shall not be entitled to interest thereon. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, on the Security Deposit, or Deposit. Landlord shall deliver the funds constituting the Security Deposit hereunder to any balance thereof, shall be returned to Tenant or, at Landlord's option, to the last assignee of Tenant's interest hereunder, at the expiration of the term of this Lease and after Tenant has vacated the Premises. In the event of termination purchaser of Landlord's interest in this Lease, the Premises, whether by sale, foreclosure, deed in lieu of foreclosure, or otherwise, and upon such delivery, Landlord shall transfer all of the security deposit then held by Landlord under this Section to Landlord's successor in interest, whereupon Tenant agrees to release Landlord be discharged from all any further liability for the return of such deposit or the accounting thereof. Tenant waives with respect to the fullest extent permitted by law Security Deposit. Tenant hereby waives the provisions of California Civil Code Section 1950.7, and all other provisions of laws any law, now or hereafter in force or that become in force after the date of execution of this Lease, effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy default defaults in the payment of Rent, rent, to repair damage caused by Tenant, Tenant or to clean the Premises. Landlord and Tenant agree Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Section 21.2 above and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable loss or damage unforeseeable, caused by the act acts or omission omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenant's agents Tenant. If Landlord transfers this Lease (as part of a transfer of the Project or invitees, including but not limited otherwise), then Landlord shall be relieved of all liability to future Rent Tenant arising or accruing after the date of such transfer, provided the Security Deposit is transferred to said transferee. Tenant shall look solely to the extent recoverable from transferee for return of any Security Deposit. Tenant under applicable laws. hereby grants Landlord a security interest in the Security Deposit. View More
Security. Concurrently 21.1 Financial Statements. Tenant shall furnish to Landlord, on or before the 90th day following the end of each fiscal year, the financial statements of Tenant and of any Guarantor for the preceding fiscal year (consisting of a balance sheet and a profit and loss statement) each prepared by a certified public accountant in accordance with generally accepted accounting principles (or other method approved by Landlord) consistently applied. Tenant shall furnish to 36 Landlord interim... financial statements within thirty (30) days following the end of each of Tenant's fiscal quarters. Notwithstanding the foregoing, if and so long as Tenant is a public company whose financial statements are readily available to Landlord without charge, Tenant shall not be obligated to provide financial statements under this Section. 21.2 Deposit. Contemporaneously with Tenant's execution and delivery of this Lease, Tenant shall deposit with Landlord the sum of $50,000 Dollars which sum (the "Security Deposit") shall amount specified in the Basic Lease Terms preceding this Lease, such amount to be held by Landlord during the Lease Term as security for the faithful Tenant's performance of all its obligations hereunder. If an Event of the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the term hereof. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Default shall occur, Landlord shall have the right, but shall not be required, to may use, apply or retain all or any part portion of the Security Deposit for the payment of rental such obligation or default, or for the payment of any other amount sum to which Landlord may spend or become obligated to spend by reason of Tenant's default default, or to compensate Landlord for any other loss or damage which that Landlord may suffer by reason of Tenant's default. thereby. If Landlord so uses or applies all or any portion of the Security Deposit is so used or applied, Deposit, Tenant shall, within ten (10) days after written demand therefor, therefor from Landlord, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original the full amount stated in this Section 21.2, and Tenant's failure to do so shall be a material breach constitute an Event of Default under this Lease. If Tenant performs all of Tenant's obligations hereunder, Landlord shall return the Security Deposit (or so much thereof as has not theretofore been applied by Landlord as permitted under this Section 21.2) within sixty (60) days following the date of expiration of the Lease Term or the date on which Tenant has vacated the Premises. Landlord shall not be required to keep any deposit under this Section the Security Deposit separate from Landlord's its general funds, and Tenant shall not be entitled to interest thereon. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, on the Security Deposit, or any balance thereof, Deposit. Landlord shall be returned entitled to Tenant or, at Landlord's option, deliver the funds constituting the Security Deposit hereunder to the last assignee of Tenant's interest hereunder, at the expiration of the term of this Lease and after Tenant has vacated the Premises. In the event of termination any purchaser of Landlord's interest in this Lease, the Premises, whether by sale, foreclosure, deed in lieu of foreclosure, or otherwise, and upon such delivery, Landlord shall transfer all of the security deposit then held by Landlord under this Section to Landlord's successor in interest, whereupon Tenant agrees to release Landlord be discharged from all any further liability for the return of such deposit or the accounting thereof. Tenant waives with respect to the fullest extent permitted by law Security Deposit. Tenant hereby waives the provisions of California Civil Code Section 1950.7, and all other provisions of laws any law, now or hereafter in force or that become in force after the date of execution of this Lease, effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy default defaults in the payment of Rent, rent, to repair damage caused by Tenant, Tenant or to clean the Premises. Landlord and Tenant agree Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Section 21.2 above and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable loss or damage unforeseeable, caused by the act acts or omission omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenant's agents Tenant. If Landlord transfers this Lease (as part of a transfer of the Project or invitees, including but not limited otherwise), then Landlord shall be relieved of all liability to future Rent Tenant arising or accruing after the date of such transfer, including, without limitation, the return of the Security Deposit, provided the Security Deposit is transferred to said transferee. Tenant shall look solely to the extent recoverable from transferee for return of any Security Deposit. Tenant under applicable laws. hereby grants Landlord a security interest in the Security Deposit. View More
Security. Concurrently with Tenant's execution of this Lease, Tenant shall deposit with Landlord the sum of $50,000 One Hundred Seventy-Five Thousand and No/100 Dollars ($175,000.00), which sum (the "Security Deposit") shall be held by Landlord as security for the faithful performance of all of the terms, covenants, covenants and conditions of this Lease to be kept and performed by Tenant during the term hereof. On or before the Direct Term Commencement Date, Tenant shall deposit with Landlord an addition...al sum of One Hundred Seventy-Five Thousand and No/100 Dollars ($175,000.00), which sum shall be added to and held as part of the Security Deposit (in the then aggregate amount of $350,000.00). If Tenant defaults (beyond any applicable -57- notice and cure period) with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all or any part of the Security Deposit for the payment of rental or any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of the Security Deposit is so used or applied, 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 original amount and Tenant's failure to do so shall be a material breach of this Lease. Landlord shall not be required to keep any deposit under this Section separate from Landlord's general funds, and Tenant shall not be entitled to interest thereon. If Provided that no uncured event of default by Tenant fully and faithfully performs every provision of then exists under this Lease to be performed by it, Lease, the Security Deposit, or any balance thereof, shall be returned to Tenant or, at Landlord's option, to the last assignee of Tenant's interest hereunder, at the expiration of hereunder (unless different instructions have been presented to Landlord in a writing signed by both Tenant and such assignee), in no event more than thirty (30) days after (i) the term of this Lease and after has expired or terminated, (ii) Tenant has vacated the Premises. Property and surrendered possession of the Premises to Landlord, and (iii) Tenant has fully performed its obligations under or arising out of this Lease, including, without limitation, (A) obtaining any signoffs, releases, closure letters and other required actions or documents from any applicable governmental authorities and completing any other applicable decommissioning, site closure or other procedures required by any applicable governmental authorities as a result of or in connection with Tenant's use and occupancy of the Premises (including, but not limited to, as a result of any use or storage of radioactive or other hazardous materials on or about the Premises by Tenant) and delivering written evidence of such compliance to Landlord, and (B) in the case of a termination of this Lease following a default by Tenant, paying future rent damages recoverable under applicable law as a result of such default. Tenant expressly and voluntarily waives any and all provisions of and benefits under California Civil Code Section 1950.7 to the extent such provisions could otherwise be interpreted or applied to require a repayment of any portion of Tenant's Security Deposit prior to the time specified in the immediately preceding sentence. In the event of termination of Landlord's interest in this Lease, Lease by assignment or otherwise, Landlord shall transfer all of the security deposit deposits then held by Landlord under this Section to Landlord's successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereof. Tenant waives to the fullest extent permitted by law the provisions of California Civil Code Section 1950.7, and all other provisions of laws now in force or that become in force after the date of execution of this Lease, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy default in the payment of Rent, to repair damage caused by Tenant, or to clean the Premises. Landlord and Tenant agree that Landlord may, in addition, claim those sums reasonably necessary to compensate Landlord for any other foreseeable or unforeseeable loss or damage caused by the act or omission of Tenant or any of Tenant's agents or invitees, including but not limited to future Rent to the extent recoverable from Tenant under applicable laws.View More
