Forfeiture of Security Deposit Clause Samples
The Forfeiture of Security Deposit clause establishes the conditions under which a tenant's security deposit may be retained by the landlord, rather than returned at the end of a lease. Typically, this clause applies if the tenant breaches the lease agreement, causes damage beyond normal wear and tear, or fails to pay rent or other charges. By clearly outlining when and why a security deposit can be forfeited, this clause protects the landlord from financial loss due to tenant misconduct and incentivizes tenants to fulfill their obligations.
POPULAR SAMPLE Copied 47 times
Forfeiture of Security Deposit. The Chandigarh Transport Undertaking shall have absolute rights and powers for forfeiture of said Security Deposit, in case of breach of any clause of this Agreement, without any prior notice and no claim whatsoever on this count shall be entertained.
Forfeiture of Security Deposit. A Renter will forfeit their Security Deposit for any breach of this contract, including but not limited to: Refund of Security Deposit will be made only after a satisfactory inspection of WYSC Sports Facility by a WYSC Management employee has been completed.
Forfeiture of Security Deposit. In case the Institute is obliged to make any recoveries on any account from the Security Deposit of the service provider, the service provider shall be obliged to make good the Security Deposit amount within a period of 10 (ten) days after the receipt of information in this regard, failing which the service provider shall have to pay an interest of 12 percent per annum for the period of delay in making good the Security Deposit.
Forfeiture of Security Deposit. In the event of damage to any landscaping, sprinkler systems, restrooms, buildings, artifacts, and/or any property contained within the Park by User, User's guests, employees, or agents, the security deposit will be applied toward the repair and/or replacement of all damages. In the event damages exceed the amount of the Security Deposit, User will be responsible to pay the balance of all remaining outstanding costs related to the repair or replacement of all damages.
Forfeiture of Security Deposit. Whenever the contract is rescinded as a whole under clause 62 (1) of these conditions, the Security Deposit already with railways under the contract shall be forfeited. However, in case the contract is rescinded in part or parts under clause 62 (1) of these conditions, the Security Deposit shall not be forfeited.
Forfeiture of Security Deposit. If the Principal/Owner has disqualified the Bidder(s) from the Tender process prior to the award of the Contract or terminated the Contract or has accrued the right to terminate the Contract according to Article 3, the Principal/Owner apart from exercising any legal rights that may have accrued to the Principal/Owner, may in its considered opinion forfeit the ▇▇▇▇▇▇▇ Money Deposit/ Bid-Security amount of the Bidder/Contractor.
Forfeiture of Security Deposit. In the event of breach of any terms or condition of Dealership agreement. NSC will forfeit the entire security deposit after giving a show cause notice in writing and thus the certificate of appointment and agreement made will be treated as cancelled.
Forfeiture of Security Deposit. Sublessee hereby acknowledges and agrees to the forfeiture of its Security Deposit for amounts past due as set forth in the Recitals, which forfeiture became effective when such amounts became past due (and therefore no interest or service fees were applied to such past due amounts).
Forfeiture of Security Deposit. Failure to comply with any of the Rules and Regulations or anything in this agreement is grounds for forfeiture of the security deposit.
Forfeiture of Security Deposit. Tenant acknowledges that Landlord is currently holding, pursuant to the terms of the Lease, a security deposit in the form of a Standby Letter of Credit in the current face amount of $60,000.00 (the "Letter of Credit Security Deposit"). As a condition precedent to the termination of the Lease, and in consideration for Landlord's agreement to the early termination of the Lease and Landlord's agreement to release Tenant from its obligations under the Lease from and after the Surrender Date, the said Security Deposit shall irrevocably be forfeited by Tenant and set over to Landlord; provided, however, that in lieu of Landlord drawing down on the Letter of Credit Security Deposit, Tenant shall pay Landlord, within five (5) business days of the Asset Sale Closing Date, the amount of $60,000.00, either in the form of a cashier's or treasurer's check or by wire transfer of immediately available federal funds. Provided that Tenant surrenders and vacates the Premises on or before the Surrender Date pursuant to the terms hereof and in the condition required by the terms of the Lease, Landlord shall return the Letter of Credit Security Deposit to Tenant in accordance with the terms of Article 6 of the Lease.