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N/A and N/A

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Rent Deposit Deed
N/A

Contents

Page
_1 Definitions and interpretation _1.1 _1.2 _2 _3 _4 _5 Definitions Interpretation 1 1 2 2 2 2 2 When permitted Specific trigger events 2 2 2 3 3 3 3 3 3 3 3 3 3 4 Where to serve on Tenant Where to serve on Landlord When served When to refer to arbitration Selecting the arbitrator Replacement Costs Payment of award 4 4 4 4 4 4 5 5 5 5

Payment of Initial Deposit Bank Account Interest Drawings _5.1 _5.2

_6 _7

Top up money Assignment of the reversion _7.1 _7.2 _7.3 _7.4 Payment to assignee Assignee’s deed of covenant No further obligation Repayment to Tenant in absence of deed

_8 _9 _10

Assignment of the lease Payment to the Tenant Acknowledgement _10.1 _10.2 No charge Forfeiture right applies

_11

Notices _11.1 _11.2 _11.3

_12

Disputes _12.1 _12.2 _12.3 _12.4 _12.5

_13

Contracts (Rights of Third Parties) Act 1999

Rent deposit deed dated Parties 1 2 N/A (the Landlord); and N/A (the Tenant) 2006

Introduction A This Rent Deposit Deed is supplemental to a Lease dated the date hereof and made between the Landlord (1) and the Tenant (2) by which premises known as part of N/A and more particularly described in the Lease were demised to the Tenant. The term granted by the Lease remains vested in the Tenant. The reversion to the Lease remains vested in the Landlord.

B C

Operative Provisions 1. 1.1 Definitions and interpretation Definitions In this Deed the following words and expressions have the meaning specified except when expressly stated to the contrary. Bank A member of CHAPS Limited and being one of the Landlord’s bankers from time to time; the amount of money from time to time which is equal to the Initial Deposit less any Drawings plus any Interest which has not been paid to the Tenant; the amount from time to time which the Landlord has drawn against the Deposit Balance under clause 5 and which has not been paid to the Landlord by the Tenant under clause 6; £N/A (five thousand pounds); the amount of money from time to time which is equal to the sum which has been credited by the Bank as interest in respect of the Deposit Balance less any tax required by law to be deducted from that sum and which amount of money has not yet been paid to the Tenant under clause 4; the lease mentioned in background clause (A); the term granted by the Lease howsoever it ends;

Deposit Balance

Drawings

Initial Deposit Interest

Lease Rent Deposit Period

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Top Up Money

the amount of money from time to time which is equal to the Drawings of which the Landlord has given written notice to the Tenant.

1.2 1.2.1

Interpretation The definitions and provisions as to interpretation in the Lease apply in this Deed except where the context requires otherwise. The expression the Landlord includes its successors in title to the reversion to the Lease and its assigns. The expression the Tenant includes its successors in title to the term granted by the Lease. Payment of Initial Deposit The Tenant will pay the Initial Deposit to the Landlord on the date of this Deed.

1.2.2

1.2.3

2.

3.

Bank Account Following receipt the Landlord will place the Initial Deposit and any Top Up Money in an interest bearing account in its own name at the Bank.

4.

Interest The Landlord will pay Interest to the Tenant at the end of the Rent Deposit Period.

5. 5.1

Drawings When permitted The Landlord will not draw against the Deposit Balance unless it shall have given the Tenant not less than 14 days notice in writing of its intention to do so and other than to:

5.1.1

remedy any breach by the Tenant of any covenant or condition in the Lease (including without limitation any non-payment of rent or other money due under the Lease); and make good on a full indemnity basis all costs and expenses (including legal and other professional fees) properly incurred or damages suffered by the Landlord because of or incidental to any of the events specified below in clause 5.2. Specific trigger events The events for the purposes of clause 5.1 are:

5.1.2

5.2

5.2.1 5.2.2

any breach by the Tenant of any covenant or condition in the Lease; any contemplated or actual forfeiture of the term granted by the Lease even if any right of re-entry or forfeiture has been waived by the Landlord or if the Tenant has been granted relief or if forfeiture is avoided otherwise than by relief granted by the Court; Top up money

6.

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The Tenant will pay Top Up Money to the Landlord within seven days of service by the Landlord on the Tenant of written notice of Drawings. 7. 7.1 Assignment of the reversion Payment to assignee If the Landlord assigns the reversion to the Lease during the Rent Deposit Period it is irrevocably authorised by the Tenant to pay the Deposit Balance standing at that time to its assignee (so long as the remaining provisions of this clause 7 are complied with). 7.2 Assignee’s deed of covenant The assignee of the reversion to the Lease and the Tenant must have entered into and delivered a Deed of Covenant under which the assignee of the reversion to the Lease covenants with the Tenant to observe and perform the obligations of the Landlord in this Deed. 7.3 No further obligation If the Landlord assigns the reversion to the Lease and the provisions of clauses 7.1 and 7.2 have been complied with the Landlord will have no further obligation to the Tenant under this Deed. 7.4 Repayment to Tenant in absence of deed If the Landlord assigns the reversion to the Lease during the Rent Deposit Period without procuring the deed referred to in clause 7.2 the Landlord will pay the Deposit Balance then standing at the time of the assignment to the Tenant and on doing so the Landlord will have no further obligation to the Tenant under this Deed. 8. Assignment of the lease If the term granted by the Lease is lawfully assigned during the Rent Deposit Period then the Landlord will pay the Deposit Balance then standing at the time of the assignment to the Tenant within a reasonable period after the lawful assignment. 9. Payment to the Tenant The Landlord will pay the Deposit Balance to the Tenant within three months after the end of the Rent Deposit Period. 10. 10.1 Acknowledgement No charge The Tenant acknowledges that, subject to the provisions in this Deed for repayment, the Deposit Balance will be the property of the Landlord and that it will not be charged to or held in trust for the Tenant. 10.2 Forfeiture right applies

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The Tenant acknowledges that the provisions of the Lease as to forfeiture of the Lease apply to any breach of this Rent Deposit Deed as well as to any breach of the terms of the Lease. 11. 11.1 Notices Where to serve on Tenant Any notice served under this Deed by the Landlord on the Tenant shall be sufficiently served if left or sent by registered post or recorded delivery addressed to the Tenant: 11.1.1 11.1.2 11.1.3 11.1.4 at its registered office; at its last known address; at the premises demised by the Lease; or sent by facsimile to the last known facsimile number of any address mentioned in clause 11.1.1. Where to serve on Landlord Any notice served under this Deed by the Tenant on the Landlord shall be sufficiently served if left or sent by registered post or recorded delivery addressed to the Landlord at its registered office. 11.3 When served Any notice served in accordance with clause 11.1 or 11.2 shall be deemed to have been served on the receiving party at 10.00 am on the next working day after posting or transmission in accordance with clause 11.1 or after posting in accordance with clause 11.2 or at the time of delivery between the hours of 9.00 am and 5.30 pm on a working day if earlier. 12. 12.1 Disputes When to refer to arbitration If the Tenant does not agree the amount of any Top Up Money to be paid the Tenant will give its reasons for disputing the payment to the Landlord in writing before the due date of payment and the matter will be decided by a single arbitrator under the Arbitration Act 1996. 12.2 Selecting the arbitrator The arbitrator may be appointed jointly by the Landlord and Tenant but if they do not agree within twenty one days of the Tenant informing the Landlord of its disagreement to the payment mentioned in clause 12.1 then either the Landlord or the Tenant may apply to the President or other proper officer for the time being of the Law Society of England and Wales to nominate an arbitrator who will be appointed to resolve the matter by either the Landlord or the Tenant or both.

11.2

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12.3

Replacement If the arbitrator declines to act or is unable to discharge the arbitration then another may be appointed in his place.

12.4

Costs The costs of the arbitration will lie in the award of the arbitrator.

12.5

Payment of award Any sum payable by the Landlord or by the Tenant must be paid as provided in the arbitrator’s award or if there is no provision then within seven days of that award.

13.

Contracts (Rights of Third Parties) Act 1999 Nothing in this Deed is intended to confer any benefit on any person who is not a party to it.

This parties witness that this document has been executed as a deed and is delivered and takes effect on the date first stated on page 1.

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Executed as a deed by N/A acting by

) )

Director/Authorised signatory

Director/Authorised signatory /Secretary

Executed as a deed by N/A acting by

) )

Director/Authorised signatory

Director/Authorised signatory /Secretary

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