Common use of Deposit and Payment Clause in Contracts

Deposit and Payment. 5.1 Within 2 days after execution hereof, Party B shall pay to Party A a deposit equal to three months’ rent, totaling RMB763,762.50 (in words: Renminbi seven hundred sixty-three thousand and seven hundred sixty-two point five), as the guarantee for Party B to abide by and perform all of its obligations hereunder and all the provisions herein. 5.2 If Party B does not breaches any provision herein within the lease term and has paid in full all the rent, management fee and other payable fees, Party A shall refund the deposit to Party B without interest within 30 days after the end of the lease term. 5.3 Within the lease term, if Party B fails to pay Party A and/or management organization any rent, management fee or any other fee or late fee by the specified time, or if Party B breaches this Contract, Party A shall have the right to deduct from the deposit an amount equal to the overdue rent or fee or to the amount of loss sustained by Party A without giving Party B any prior notice. Party B shall, within 15 days after Party A raises its written request, supplement the deposit by the deducted amount. If Party B fails to supplement the deposit within the time specified above, Party A shall have the right to immediately terminate this Contract and repossess the House, while Party B shall compensate Party A for all the resulting losses sustained by Party A. 5.4 Unless agreed by Party A in writing, Party B shall not use the deposit to offset any rent, management fee or any other money payable by Party B to Party A. 5.5 Party A shall provide Party B with a valid invoice of an amount equal to the rent paid by Party B.