Common use of PAYMENT OF RENT AND SECURITY DEPOSIT AFTER DEFAULT Clause in Contracts

PAYMENT OF RENT AND SECURITY DEPOSIT AFTER DEFAULT. In addition to the remedies provided in section 13.1(b), if Tenant fails to pay Base Rent, Tenant’s Share of Common Area Expense or Real Property Taxes or any other monetary obligation due hereunder on the date it is due and such nonpayment results in a default (beyond any applicable notice and cure period), then after Tenant’s third failure to pay any monetary obligation on the date it is due, at Landlord’s option, all monetary obligations of Tenant hereunder shall thereafter be paid by cashier’s check, and Tenant shall, upon demand, provide Landlord with an additional security deposit equal to three (3) multiplied by the monthly Base Rent due on the date of Landlord’s demand. If Landlord has required Tenant to make said payments by cashier’s check or to provide an additional security deposit, Tenant’s failure to make a payment by cashier’s check or to provide the additional security deposit shall be a default hereunder.