City Lien Sample Clauses

City Lien. Tenant hereby grants to City a lien upon and security interest in all fixtures, chattels and personal property of every kind now or hereafter to be placed or installed in or on the Premises, and agrees that in the event of any default on the part of Tenant City has all the rights and remedies afforded the secured party by the chapter on “Default” of the Uniform Commercial Code in the state wherein the Premises are located on the date of this Lease and may, in connection therewith, also (a) enter on the Premises to assemble and take possession of the collateral, (b) require Tenant to assemble the collateral and make its possession available to the City at the Premises, (c) enter the Premises, render the collateral, if equipment, unusable and dispose of it in a manner provided by the Uniform Commercial Code on the Premises. Tenant agrees to execute such instruments as City may request to perfect such lien, and designates also Director his attorney-in-fact for purposes of executing such documents.

City Lien. The City shall have a lien against all Property of Lessee kept on or at the Premises at any time during the Term and the Required Capital Improvements, in the aggregate amount of all Rent, damages and the sums that may at any time be owed by Lessee to the City under this Lease. The City, in the event of any default by Lessee, may foreclose the lien. In that event, Lessee shall be obligated for all court costs and reasonable attorney(s) fee(s). 1) On the date the Loan is obtained by Lessee, the City’s lien against all Property and the Required Capital Improvements will automatically subordinate (without the need for further memorialization) to Commercial Bank, a Tennessee banking corporation (“Lender”) as collateral to secure repayment of the loan (and associated obligations) (“Loan”) that the Lender is making to Lessee for the purpose of financing the Required Capital Improvements. The total amount of such Loan shall not exceed $30,000,000 or the cost of the Required Capital Improvements, whichever is less and excluding any amount required to be held in an escrow account pursuant to an escrow agreement between Lessee and the Lender. In the event that a termination fee is owed pursuant to paragraph 14, the amount of the termination fee will be reduced by the amount in the escrow account. The Loan will initially be for a term of four years and six months amortized over three hundred (300) months (the maturity date of such initial term shall be the “Loan Expiration Date”) and in the form of a traditional construction loan. Lessee will only pay interest on the outstanding balance on the Loan for the first thirty-six (36) months and thereafter Lessee will be responsible for paying principal and interest on the outstanding balance on the Loan during this initial term. Lessee may request draws from the Lender to cover its costs and expenses for the Required Capital Improvements. The amount of the draws dispersed to Lessee from the Lender shall not exceed the actual costs for the Required Capital Improvements at the Premises. Provided the City and Lessee enter into a new lease in accordance with the requirements set forth in subparagraph 5.B by the Loan Expiration Date, the Loan will be extended for another term of four years and six months amortized over three hundred (300) months from the date the Loan was originally obtained (i.e., the Loan obtain pursuant to this Lease). Lessee will be responsible for paying principal and interest on the outstanding balance on...