Tenant's Security Deposit Not Credited to Unpaid Rent

Facts: A real estate company rented a corner store and partial basement of a building for a 10-year lease term. The tenant paid $42,000 as a security deposit. Two guarantors also signed separate written guaranty agreements, guaranteeing full performance of the terms of the lease, including rent payment. Shortly after it moved into the space, the tenant breached the lease agreement by failing to pay its monthly rent as well as its additional rent. Consequently, the tenant was evicted from the premises but still owed rent and additional rent.

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