Security and Damage Deposits Sample Clauses

The Security and Damage Deposits clause establishes the requirement for a tenant or lessee to provide a sum of money as a deposit to the landlord or property owner at the start of a lease or rental agreement. This deposit is typically held as security against potential damages to the property beyond normal wear and tear, unpaid rent, or other breaches of the agreement. For example, if a tenant causes significant damage to the premises or fails to pay rent, the landlord may use part or all of the deposit to cover these costs. The core function of this clause is to protect the property owner from financial loss and to incentivize the tenant to fulfill their obligations under the agreement.
Security and Damage Deposits. 1. A security and damage deposit greater than or equal to one month’s rent, shall be collected by Manager from Tenant before Tenant occupies the Premises. Such deposit shall be maintained in a savings/escrow account of the Manager or the Owner, with prior arrangement. Manager may take less than one month’s rent equivalent with Owner’s permission. 2. Security and damage deposit collected by Manager from Tenant, shall be returned to the Tenant by the Manager or the Owner when the Tenant vacates the Premises, subject to Manager’s determination, consistent with Colorado law, which requires funds be returned within thirty (30) days unless otherwise stipulated in lease, not to exceed 60 (60) days. 3. Manager shall properly account for any portion of the security deposit retained for the purpose of offsetting Owner’s expenses for unpaid rent, utilities, cleaning charges or repairs 4. In the event litigation occurs concerning security deposits, Manager shall defend same in its own name as Manager for Owner, at Owner’s expense. Manager may charge Owner a fee not to exceed $100/hour for time spent in litigation (time in court, time preparing for court, travel time to and from courthouse, etc.). 5. Should this Agreement terminate while an existing Tenant’s security deposit is in Manager’s possession, Manager shall forward that amount in full to Owner within 30 working days. As of disbursement, Manager shall have no further obligation or liability whatsoever concerning the security deposit to any person or entity; and Owner shall hold Manager harmless there from.
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Security and Damage Deposits. 1. A security and damage deposit greater than or equal to one month’s rent, shall be collected by Manager from Tenant before Tenant occupies the Premises. Such deposit shall be maintained in a trust or escrow account of the Manager or savings/escrow account of the Owner, with prior arrangement. Manager may take less than one month’s rent equivalent with Owner’s permission. 2. Security and damage deposit collected by Manager from Tenant, shall be returned to the Tenant by the Manager or the Owner when the Tenant vacates the Premises, subject to Manager’s determination, consistent with Colorado law, which requires funds be returned within thirty (30) days unless otherwise stipulated in lease, not to exceed sixty (60) days. 3. Manager shall properly account for any portion of the security deposit retained for the purpose of offsetting Owner’s expenses for unpaid rent, utilities, cleaning charges or repairs. 4. Owner acknowledges Manager’s duties under Rule 5.8 of the Colorado Real Estate Commission concerning notice to Tenants of transfer of deposits to Owner, if applicable, and disclosures, of Owner's true name and current mailing address. Pursuant to Colorado Real Estate Regulations, Manager must advise Owner and Owner acknowledges that, all monies held by Manager in bank accounts not denominated a "trust" account may be subject to offset by creditors of Manager. Provided, however, Manager agrees that it shall deposit funds received from Property operations or from Owner in Manager’s designated trust accounts. 5. Any trust account Manager maintains under this Agreement may be an interest-bearing or income producing account. Manager may retain any interest or income from such account as compensation under this Agreement. 6. In the event litigation occurs concerning security deposits, Manager shall defend same in its own name as Manager for Owner, at Owner’s expense. Manager may charge Owner a fee not to exceed $100/hour for time spent in litigation (time in court, time preparing for court, travel time to and from courthouse, etc.). 7. Should this Agreement terminate while an existing Tenant’s security deposit is in Manager’s possession, Manager shall forward that amount in full to Owner within 30 working days. As of disbursement, Manager shall have no further obligation or liability whatsoever concerning the security deposit to any person or entity; and Owner shall hold Manager harmless there from.
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Security and Damage Deposits. 1. All security and damage deposits shall be returned to the tenant by PROPERTY MANAGER when the tenant vacates the premises, subject to PROPERTY MANAGER’s determination, consistent with Illinois Law and/or municipal ordinance, whether the tenant has damaged the property in excess of ordinary wear and tear. 2. PROPERTY MANAGER shall property account for sums retained for purpose of off-setting OWNER’s expenses for unpaid rent, utilities, cleaning charges, or repairs. 3. In the event litigation shall occur concerning security deposits, PROPERTY MANAGER shall defend same in its own name as PROPERTY MANAGER for OWNER, at OWNER’s expense. Page5 4. Should PROPERTY MANAGER and OWNER disagree on the amount of security deposit PROPERTY MANAGER intends to refund to the tenant, PROPERTY MANAGER may forward the full amount, less interest, to OWNER within five (“5”) days’ notice of dispute. As of mailing, PROPERTY MANAGER shall have no further obligation or liability whatsoever concerning the security deposit to any person or entity; the OWNER shall hold PROPERTY MANAGER Harmless there from.
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Security and Damage Deposits. Broker will collect, deposit and disburse tenant’s security deposits in accordance with the terms of each tenant’s lease. Broker shall pay tenant’s interest upon such security deposits only if required by law to do so. Otherwise, any interest earned on tenant’s security deposits is to be retained by Broker as compensation for administering these funds. Broker shall comply with all applicable state and local laws concerning the responsibility for security deposits and interest.
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Related to Security and Damage Deposits

  • Damage Deposit Upon the due execution of this Agreement, Tenant shall deposit with Landlord the sum of DOLLARS ($ ) receipt of which is hereby acknowledged by Landlord, as security for any damage caused to the Premises during the term hereof. Such deposit shall be returned to Tenant, without interest, and less any set off for damages to the Premises upon the termination of this Agreement.

  • Loss and Damage Lessee shall assume and bear the risk of loss, theft and damage (including any governmental requisition, condemnation or confiscation) to the Equipment and all component parts thereof from any and every cause whatsoever, whether or not covered by insurance. No loss or damage to the Equipment or any component part thereof shall impair any obligation of Lessee under this Lease Agreement, which shall continue in full force and effect except as hereinafter expressly provided. Lessee shall repair or cause to be repaired all damage to the Equipment. In the event that all or part of the Equipment shall, as a result of any cause whatsoever, become lost, stolen, destroyed or otherwise rendered irreparably unusable or damaged (collectively, the “Loss”) then Lessee shall, within ten (10) days after the Loss, fully inform Lessor in writing of such a Loss and shall pay to Lessor the following amounts: (i) the Monthly Lease Charges (and other amounts) due and owing under this Lease Agreement, plus (ii) one-hundred (100%) percent of the original cost of the Equipment subject to the Loss if the loss occurs in the first nine months of the Initial Term, and, thereafter, the original cost of the Equipment amortized by the subsequent Monthly Lease Charges received by Lessor during the Initial Term using an amortization rate of eight hundred and ninety (890) basis points over the interest rate of the three (3) year United States Treasury Note as reported by the Federal Reserve on the Commencement Date (collectively, the sum of (i) plus (ii) shall be the “Casualty Loss Value”). Notwithstanding the proceeding, if Lessee has provided notice to terminate the applicable Lease Schedule prior to informing Lessor in writing of a Loss and such Loss is not covered by insurance proceeds pursuant to Section 13 hereof, then Lessee shall pay two (2) times the Casualty Loss Value on the Equipment subject to such Loss. Upon receipt by Lessor of the Casualty Loss Value: (i) the applicable Equipment shall be removed from the Lease Schedule; and (ii) Lessee’s obligation to pay Lease Charges associated with the applicable Equipment shall cease. Lessor may request, and Lessee shall complete, an affidavit(s) that swears out the facts supporting the Loss of any item of Equipment.

  • Liability and Damages The liability provisions of the Terms shall apply except as explicitly agreed otherwise in this DPA.

  • Limitation of Liability and Damages NEITHER CCH NOR ITS VENDORS AND LICENSORS SHALL HAVE ANY LIABILITY TO CUSTOMER OR ANY THIRD PARTY FOR ANY LOSS OF PROFITS, SALES, BUSINESS, DATA, OR OTHER INCIDENTAL, CONSEQUENTIAL, OR SPECIAL LOSS OR DAMAGE, INCLUDING EXEMPLARY AND PUNITIVE DAMAGES, OF ANY KIND OR NATURE RESULTING FROM OR ARISING OUT OF THIS AGREEMENT, THE PRODUCT, AND ANY SERVICES RENDERED HEREUNDER. EXCLUDING CCH’S OBLIGATIONS TO INDEMNIFY CUSTOMER FOR INTELLECTUAL PROPERTY INFRINGEMENT AS PROVIDED IN SECTION 16 OR CCH’S WILFULL MISCONDUCT, THE TOTAL LIABILITY OF CCH AND ITS VENDORS AND LICENSORS TO CUSTOMER OR ANY THIRD PARTY ARISING OUT OF THIS AGREEMENT, THE PRODUCT, AND ANY SERVICES RENDERED HEREUNDER FOR ANY AND ALL CLAIMS OR TYPES OF DAMAGES SHALL NOT EXCEED THE TOTAL FEES PAID OR PAYABLE HEREUNDER BY CUSTOMER DURING THE TWELVE (12) MONTHS IMMEDIATELY PRECEDING THE FIRST EVENT GIVING RISE TO LIABILITY. The allocations of liability in this Section 17 represent the agreed, bargained-for understanding of the parties and CCH’s compensation hereunder reflects such allocations. The limitation of liability and types of damages stated in the Agreement are intended by the parties to apply regardless of the form of lawsuit or claim a party may bring, whether in tort, contract or otherwise, and regardless of whether any limited remedy provided for in the Agreement fails of its essential purpose.

  • Insurance; Damage to or Destruction of Collateral (a) The Credit Parties shall, at their sole cost and expense, maintain the policies of insurance described on Disclosure Schedule 3.18 as in effect on the date hereof or otherwise in form and amounts and with deductibles as is customary for similarly situated businesses and with insurers reasonably acceptable to Agent. Agent and the Lenders confirm that the form, amounts and insurers described on Disclosure Schedule 3.18 are acceptable as of the Closing Date, and shall continue to be acceptable to Agent until not less than 30 days' prior written notice by Agent to Borrower to the contrary. Such policies of insurance (or the loss payable and additional insured endorsements delivered to Agent) shall contain provisions pursuant to which the insurer agrees to provide 30 days prior written notice to Agent in the event of any non-renewal, cancellation or amendment of any such insurance policy. If any Credit Party at any time or times hereafter shall fail to obtain or maintain any of the policies of insurance required above, or to pay all premiums relating thereto, Agent may at any time or times thereafter obtain and maintain such policies of insurance and pay such premiums and take any other action with respect thereto that Agent deems advisable. Agent shall have no obligation to obtain insurance for any Credit Party or pay any premiums therefor. By doing so, Agent shall not be deemed to have waived any Default or Event of Default arising from any Credit Party's failure to maintain such insurance or pay any premiums therefor. All sums so disbursed, including reasonable attorneys' fees, court costs and other charges related thereto, shall be payable on demand by Borrower to Agent and shall be additional Obligations hereunder secured by the Collateral. (b) Agent reserves the right at any time (but not to be exercised more than once per Fiscal Year) upon (i) any material change in any Credit Party's risk profile (including any change in the product mix maintained by any Credit Party or any laws affecting the potential liability of such Credit Party), as determined by Agent in its commercially reasonable judgment, and (ii) not less than 30 days' prior written notice to Borrower, to require additional forms and limits of insurance to, in Agent's commercially reasonable judgment, adequately protect both Agent's and Lender's interests in all or any portion of the Collateral and to ensure that each Credit Party is protected by insurance in amounts and with coverage customary for its industry. If reasonably requested by Agent, each Credit Party shall deliver to Agent from time to time a report of a reputable insurance broker, reasonably satisfactory to Agent, with respect to its insurance policies. (c) Each Credit Party shall deliver to Agent, in form and substance reasonably satisfactory to Agent, endorsements to (i) all "All Risk" and business interruption insurance naming Agent, on behalf of itself and Lenders, as lender loss payee or mortgagee (as the case may be), and (ii) all general liability and other liability policies naming Agent, on behalf of itself and Lenders, as additional insured. Each Credit Party irrevocably makes, constitutes and appoints Agent (and all officers, employees or agents designated by Agent), so long as any Event of Default has occurred and is continuing or the anticipated insurance proceeds exceed $1,000,000, as such Credit Party's true and lawful agent and attorney-in-fact for the purpose of making, settling and adjusting claims under such "All Risk" policies of insurance, endorsing the name of such Credit Party on any check or other item of payment for the proceeds of such "All Risk" policies of insurance and for making all determinations and decisions with respect to such "All Risk" policies of insurance. Agent shall have no duty to exercise any rights or powers granted to it pursuant to the foregoing power-of-attorney. Borrower shall promptly notify Agent of any loss, damage, or destruction to the Collateral in (i) Borrower shall request a Revolving Credit Advance be made to Borrower in the amount requested to be released; (ii) so long as the conditions set forth in Section 2.2 have been met, Lenders shall make such Revolving Credit Advance; and (iii) in the case of insurance proceeds applied against the Revolving Loan, the Reserve established with respect to such insurance proceeds shall be reduced by the amount of such Revolving Credit Advance. To the extent not used to replace, repair, restore or rebuild the Collateral, such insurance proceeds shall be applied in accordance with Section 1.3(c).