Common use of Application of Security Clause in Contracts

Application of Security. The Landlord may apply all or part of the Security to unpaid rent or any other unpaid sum due hereunder, or to cure other defaults of Tenant. If the Landlord uses any part of the Security, Tenant shall restore the Security to its then-currently required amount within fifteen (15) days after the receipt of the Landlord’s written request to do so. The retention or application of such Security by the Landlord pursuant to this subparagraph does not constitute a limitation on or waiver of the Landlord’s right to seek further remedy under law or equity.

Application of Security. The Landlord may apply all or part of the Security to unpaid rent or any other unpaid sum due hereunder, or to cure other defaults of Tenant. If the Landlord uses any part of the Security, Tenant shall restore the Security to its then-then- currently required amount within fifteen (15) days after the receipt of the Landlord’s written request to do so. The retention or application of such Security by the Landlord pursuant to this subparagraph does not constitute a limitation on or waiver of the Landlord’s right to seek further remedy under law or equity.