Common use of Rent and Security Deposit Clause in Contracts

Rent and Security Deposit. a. Lessee shall pay Lessor rent as for the leased premises the sum of per month through December 31 of the year of this Lease and then effective January 1 of each succeeding year, the rent shall be increased by 3% per year, so long as this Lease is in effect. b. Rent shall be due and payable on the first day of each month and if not paid within fifteen days of the due date, Lessee shall pay a late charge of ten percent (10%) of the monthly rental amount. If Lessee becomes delinquent in the payment of the rent for more than thirty (30) days, or violates any of the terms of the Agreement, the same shall be deemed a breach of this agreement and Lessor, at its option, may terminate this Agreement and upon notice to Lessee, Lessee shall promptly remove the aircraft and all other items located in the leased hangar. If Lessee fails to comply with the aforementioned notice within five (5) days from date of the notice, Lessor shall cause all contents in the leased hangar, including any aircraft to be removed at Lessee’s expense. c. Lessee shall pay Lessor a security deposit equal to one month’s rent upon execution of this agreement.

Rent and Security Deposit. a. Lessee shall pay Lessor rent as for the leased premises the sum of $425 per month through December 31 of the year of this Lease and then effective January 1 of each succeeding year, the rent shall be increased by 3% per year, so long as this Lease is in effect. b. Rent shall be due and payable on the first day of each month and if not paid within fifteen days of the due date, Lessee shall pay a late charge of ten percent (10%) of the monthly rental amount. If Lessee becomes delinquent in the payment of the rent for more than thirty (30) days, or violates any of the terms of the Agreement, the same shall be deemed a breach of this agreement and Lessor, at its option, may terminate this Agreement and upon notice to Lessee, Lessee shall promptly remove the aircraft and all other items located in the leased hangar. If Lessee fails to comply with the aforementioned notice within five (5) days from date of the notice, Lessor shall cause all contents in the leased hangar, including any aircraft to be removed at Lessee’s expense. c. Lessee shall pay Lessor a security deposit equal to one month’s rent upon execution of this agreement.