Common use of Securing Deposit Clause in Contracts

Securing Deposit. Tenant shall deposit with Landlord $9,000.00 security deposit as follows; on the signing of this lease the sum of $6,000, upon completion of construction, $3,000.00 additional security is not dependent upon completion of cosmetic touches, including painting. Deposit will not accrue interest. Deposit is security for the performance of Tenant obligations under this lease, including without limitation the surrender of possession of the premises to Landlord as herein provided. If landlord applies any part of the deposit to cure any default of Tenant, Tenant shall on demand deposit with Landlord the amount so applied so that Landlord shall have the full deposit amount at all times during the term of this lease Option to renew. Provided that Tenant is not in default in the performance of this lease, Tenant shall have the option to renew the lease for an additional term of thirty six months commencing at the expiration of the initial lease term. All of the terms and conditions of the lease shall apply during the renewal term except that he monthly rent shall be the sum of $3400 plus a cost of living increase (based on CPI) + $1600 to reflect increases in taxes, utilities and garbage of 1995 base year using 1995 as the base year, for 1996 (and base year of 1996 for 1997 rent). Should taxes or any significant expensable service increase substantially more than the cost of living Elite will be assessed 20% of the increase over and above the CPI. The option shall be exercise by written notice given to Landlord not less than 90 days prior to the expiration of the initial lease term. If notice is not given in the manner provided herein within the time specified, this option shall expire.