Common use of Guarantees and Securities Clause in Contracts

Guarantees and Securities. 19.1. In order to ensure the Lessee fulfills its obligations as stated in this Agreement, the Lessee will present to the Lessor at the time of signing this Agreement and as a condition for the Lessee entering the Leased Property, an autonomous and unconditional bank guarantee from an Israeli bank, in the amount of Rental Fees and management fees for 4 months plus legal VAT. The guarantee amount will be linked to the consumer price index based on the base index as defined in this Agreement. The guarantee will be extended by the Lessee at least 30 days before the end of the Lease Period. If the Lessee breaches any fundamental obligation applicable to it according to this Agreement and as a result, the Lessor suffers financial damage, the Lessor may contact the bank and demand payment of the amount of the damage caused, and this only after it has given the Lessee written notice in accordance with this Agreement, of its intention to do so with the details of the breach and the possibility to correct the breach within 14 days of receiving notice from the Lessor. 19.2. The Lessee declares and undertakes that it is aware that provision of the aforementioned guarantee does not constitute a waiver and/or infringement of any right of the Lessor, including, and without prejudice to the generality of the foregoing, its right to any other remedy granted to it under this Agreement or under any law. 19.3. 60 days after the end of the Lease Period and on the condition that the Lessee has vacated the Leased Property and paid all the payments applicable to it according to this Agreement, the Lessor will return the guarantee in its entirety and if its realization is not required.