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

PAYMENT OF RENT AND SECURITY DEPOSIT AFTER DEFAULT. If Tenant fails to pay Base Rent, Tenant’s Share of Operating Expense increases, Tenant’s Share of Real Property Tax increases, parking charges or any other monetary obligation due hereunder within five (5) days of the date it is due, 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 cashiers check, and Tenant shall, upon demand, provide Landlord with an additional Security Deposit equal to three (3) months’ Base Rent. If Landlord has required Tenant to make said payments by cashiers check or to provide an additional Security Deposit, Tenant’s failure to make a payment by cashiers check or to provide an additional Security Deposit, shall be a material default hereunder.

PAYMENT OF RENT AND SECURITY DEPOSIT AFTER DEFAULT. If Tenant fails to pay Base Rent, Tenant’s Share of Operating Expense increases, Tenant’s Share of Real Property Tax increases, parking charges or any other monetary obligation due hereunder within five (5) days of following on the date it is duedue and notice has been given to Tenant in each instance, after Tenant’s third such failure to pay in any monetary obligation on the date it is duetwelve (12) month period, at Landlord’s option, all monetary obligations of Tenant hereunder shall thereafter be paid by cashiers check, and Tenant shall, upon demand, provide Landlord with an additional Security Deposit security deposit equal to three (3) months’ Base Rent. If Landlord has required Tenant to make said payments by cashiers check or to provide an additional Security Depositsecurity deposit, Tenant’s failure to make a payment by cashiers check or to provide an the additional Security Deposit, security deposit shall be a material default hereunder.