Common use of Increase in security deposit Clause in Contracts

Increase in security deposit. Notwithstanding Section 1.01(14) or any other provision of the Existing Lease, from and after the Execution Date the Security Deposit shall be cash in the amount of Fifty-Nine Thousand Nine Hundred Fifty-One Dollars and Eighty Cents ($59,951.80). On or prior to the Execution Date, Tenant shall pay Landlord the amount required to increase the Security Deposit then to Tenant’s credit under the Existing Lease to equal such higher required amount. Landlord acknowledges that it currently holds a cash Security Deposit under the terms of the Existing Lease in the amount of Twenty-Six Thousand Dollars ($26,000). Provided that a Default by Tenant does not then exist, Landlord agrees that upon not less than ten (10) business days’ prior notice from Tenant at any time after the second anniversary of the Third Extension Commencement Date, Landlord shall apply a portion of the Security Deposit toward the next due installment of Monthly Base Rent and Rent Adjustment Deposit under the Lease; provided, however, that in no event shall the amount of the Security Deposit be reduced below Forty-Four Thousand Nine Hundred Sixty-Three Dollars and Eighty-Five Cents ($44,963.85).

Increase in security deposit. Notwithstanding Section 1.01(14) 5 of the Fourth Amendment or any other provision of the Existing Lease, from and after the Execution Date the Security Deposit shall be cash in the amount of Two Hundred Fifty-Nine Thousand Nine Five Hundred FiftySeventy-One Four Dollars and Eighty Twenty-Eight Cents ($59,951.80259,574.28). On or prior to the Execution Date, Tenant shall pay Landlord the amount required to increase the Security Deposit then to Tenant’s credit under the Existing Lease to equal such higher required amount. Landlord acknowledges that it currently holds a cash Security Deposit under the terms of the Existing Lease in the amount of TwentyFifty-Six Nine Thousand Dollars ($26,00059,000). Provided that a Default by Tenant does not then exist, Landlord agrees that upon not less than ten (10) business days’ prior notice from Tenant at any time after the second anniversary of the Third Fourth Extension Commencement Date, Landlord shall apply a portion of the Security Deposit toward the next due installment of Monthly Base Rent and Rent Adjustment Deposit under the Lease; provided, however, that in no event shall the amount of the Security Deposit be reduced below FortyOne Hundred Ninety-Four Thousand Nine Six Hundred Sixty-Three Eighty Dollars and EightySeventy-Five One Cents ($44,963.85194,680.71).