Common use of Landlord’s Lien/Security Interest Clause in Contracts

Landlord’s Lien/Security Interest. Landlord is not granted, nor does Landlord retain, any lien or security interest in the assets of Tenant now or hereinafter placed in or upon the Premises and, notwithstanding anything to the contrary in this Lease, Landlord hereby waives any lien or security interest in Tenant’s inventory, equipment, trade fixtures (including exercise equipment), furnishings, accounts and any other property of Tenant at the Premises that Landlord might otherwise have at law or in equity. Upon Txxxxx’s request, Lxxxxxxx shall execute Txxxxx’s lender’s or prospective lender’s commercially reasonable form of Landlord’s waiver and consent to remove collateral or subordination agreement; provided such form shall be subject to reasonable comments and revisions provided by Landlord. To the extent that Landlord and any such Tenant’s lender have not entered into such a waiver and consent, Landlord hereby agrees that any Tenant lender shall have the right to access the Premises to possess or repossess collateral granted by Tenant on Tenant’s property located at the Premises, provided that such lender executes and delivers to Landlord a commercially reasonable indemnification agreement and satisfies Landlord’s commercially reasonable insurance requirements.

Landlord’s Lien/Security Interest. Tenant hereby grants Landlord is not granteda security interest, nor does Landlord retainand this Lease constitutes a security agreement, any lien within the meaning of and pursuant to the Uniform Commercial Code of the state in which the Premises are situated as to all of Tenant's property situate in, or security interest upon, or used in connection with the Premises (except merchandise sold in the assets ordinary course of Tenant now or hereinafter placed in or upon business) (collectively, the Premises and"Collateral") as security for all of Tenant's obligations hereunder, notwithstanding anything including without limitation, the obligation to pay rent. Such personalty thus encumbered includes specifically all trade and other fixtures for the contrary in purpose of this Lease, Landlord hereby waives any lien or security interest in Tenant’s Paragraph 38 and inventory, equipment, trade fixtures (including exercise equipment), furnishingscontract rights, accounts receivable and any other property the proceeds thereof. In order to perfect such security interest simultaneously with the execution of this Lease, Tenant shall execute two (2) original financing statements in the form attached hereto as EXHIBIT B and Landlord may file the same at Tenant's expense at the Premises that state and county Uniform Commercial Code filing offices. Tenant further agrees to execute such other financing statements as reasonably requested by Landlord might otherwise have at law or to further secure Landlord's interest under this Paragraph 38 as often as Landlord in equity. Upon Txxxxx’s request, Lxxxxxxx its discretion shall execute Txxxxx’s lender’s or prospective lender’s commercially reasonable form require; and Tenant hereby irrevocably appoints Landlord its agent for the purpose of Landlord’s waiver executing and consent to remove collateral or subordination agreement; provided filing such form shall be subject to reasonable comments and revisions provided by Landlord. To the extent that Landlord and any such Tenant’s lender have not entered into such a waiver and consent, Landlord hereby agrees that any Tenant lender shall have the right to access the Premises to possess or repossess collateral granted by Tenant financing statements on Tenant’s property located at the Premises's behalf as Landlord shall deem necessary. NOTWITHSTANDING THE FOREGOING, provided that such lender executes and delivers to Landlord a commercially reasonable indemnification agreement and satisfies Landlord’s commercially reasonable insurance requirementsLANDLORD HEREBY SUBORDINATES THE STATUTORY LIEN, AS WELL AS THE SECURITY INTEREST GRANTED TO IT UNDER THIS PARAGRAPH 38, TO ALL LOANS MADE BY A THIRD PARTY IN THE COLLATERAL, AND LANDLORD SHALL, AT TENANT'S EXPENSE, EXECUTE SUCH DOCUMENTATION TO EVIDENCE SUCH SUBORDINATION AS THE OWNER OF ANY THIRD PARTY LENDER UNDER ANY SUCH LOAN MAY REASONABLY REQUEST.

Landlord’s Lien/Security Interest. Tenant hereby grants Landlord is not granteda security interest, nor does Landlord retainand this Lease constitutes a security agreement, any lien within the meaning of and pursuant to the Uniform Commercial Code of the state in which the Premises are situated as to all of Tenant’s property situate in, or security interest upon, or used in connection with the Premises (except merchandise sold in the assets ordinary course of Tenant now or hereinafter placed in or upon business) (collectively, the Premises and, notwithstanding anything to the contrary in this Lease, Landlord hereby waives any lien or “Collateral”) as security interest in for all of Tenant’s obligations hereunder, including without limitation, the obligation to pay rent. Such personalty thus encumbered includes specifically all trade and other fixtures for the purpose of this Paragraph 38 and inventory, equipment, trade fixtures (including exercise equipment), furnishingscontract rights, accounts receivable and any other property of the proceeds thereof. Tenant at the Premises that hereby irrevocably authorizes Landlord might otherwise have at law or in equity. Upon Txxxxx’s request, Lxxxxxxx shall execute Txxxxx’s lender’s or prospective lender’s commercially reasonable form of and/or Landlord’s waiver and consent agent to remove collateral or subordination agreement; provided file such form Uniform Commercial Code filings as Landlord deems appropriate in order to perfect such security interest. Tenant further agrees to execute such other financing statements as reasonably requested by Landlord to further secure Landlord’s interest under this Paragraph 38 as often as Landlord in its discretion shall be subject to reasonable comments and revisions provided by Landlordrequire. To Notwithstanding the extent that Landlord and any such Tenant’s lender have not entered into such a waiver and consentforegoing, Landlord hereby agrees that subordinates the statutory lien, as well as the security interest granted to it under this Paragraph 38 to investment bonds offered to third party investors or any Tenant commercial lender shall have where the right Collateral is required to access the Premises to possess secure a new loan or repossess collateral granted by Tenant on refinance of an existing loan and Landlord shall, at Tenant’s property located at expense, execute such documentation to evidence such subordination as the Premises, provided that owner of any such lender executes and delivers to Landlord a commercially reasonable indemnification agreement and satisfies Landlord’s commercially reasonable insurance requirementspurchase money security interest may reasonably request.

Landlord’s Lien/Security Interest. Tenant hereby grants Landlord a security interest, and this Lease constitutes a security agreement, within the meaning of and pursuant to the Uniform Commercial Code of the state in which the Premises are situated as to all of Tenant’s property situated in, or upon, or used in connection with the Premises (except merchandise sold in the ordinary course of business) (collectively, the “Collateral”) as security for all of Tenant’s obligations hereunder, including the obligation to pay rent. Such personalty thus encumbered includes specifically all trade and other fixtures for the purpose of this Section 37 and inventory, equipment, contract rights, accounts receivable and the proceeds thereof. To the extent the UCC requires Landlord to give to Tenant notice of any act or event and such notice cannot be validly waived before a default occurs, then five-days’ prior written notice thereof shall be reasonable notice of the act or event. In order to perfect such security interest, Landlord may file any financing statement or other instrument necessary at the state and county Uniform Commercial Code filing offices. Tenant grants to Landlord a limited power of attorney solely to execute and file any financing statement or other instrument necessary to perfect Landlord’s security interest under this Section 37, which power is not granted, nor does coupled with an interest and is irrevocable during the Term. Landlord retain, any lien or may also file a copy of this Lease as a financing statement to perfect its security interest in the assets Collateral. Within ten days following written request therefor, Tenant shall execute financing statements to be filed of Tenant now or hereinafter placed in or upon the Premises and, notwithstanding anything record to the contrary in this Lease, Landlord hereby waives any lien or perfect Landlord’s security interest in Tenant’s inventory, equipment, trade fixtures (including exercise equipment), furnishings, accounts and any other property of Tenant at the Premises that Landlord might otherwise have at law or in equity. Upon Txxxxx’s request, Lxxxxxxx shall execute Txxxxx’s lender’s or prospective lender’s commercially reasonable form of Landlord’s waiver and consent to remove collateral or subordination agreement; provided such form shall be subject to reasonable comments and revisions provided by Landlord. To the extent that Landlord and any such Tenant’s lender have not entered into such a waiver and consent, Landlord hereby agrees that any Tenant lender shall have the right to access the Premises to possess or repossess collateral granted by Tenant on Tenant’s property located at the Premises, provided that such lender executes and delivers to Landlord a commercially reasonable indemnification agreement and satisfies Landlord’s commercially reasonable insurance requirementsCollateral.

Landlord’s Lien/Security Interest. Tenant hereby grants Landlord is not granteda security inter mmercial f the Lease constitutes a security agreement, nor does Landlord retainwithin the meaning of and pursuant to the Uniform Com 1!, any lien 714 state in which the Premises are situated as to all of Tenant's property situate in, or security interest u , r d pon or use in connection with the Premises (except merchandise sold in the assets ordinary course of Tenant now or hereinafter placed in or upon buss) xx security for all of Tenant's obligations hereunder, including, without limitation, the Premises and, notwithstanding anything obligati n to pay rent. Such personalty thus encumbered includes to specifically all trade and other fixm~es s for the contrary in purpose of this Lease, Landlord hereby waives any lien or security interest in Tenant’s Paragraph and inventory, equipment, trade fixtures (including exercise equipment), furnishingscontract rights, accounts receivable and any other property of the proceeds thereof. in order to perfect such security interest, Tenant shall execute such financing st file the same at Tenant's expense at the Premises that state and county Uniform Commercial Code filing tatements and OFFIOFTEN AS Landlord might otherwise have at law or IN ITS DISCRETIO SHALL REQUIRE. mid TENANT HEREBY IRREVOCABLY APPOINTS LANDLORD ITS AGENT for the PULP- of executing mid filing SUCH financing statements on Tenant's BEHALF as Landlord deem NECESSARY Nothing contained in equity. Upon Txxxxx’s request, Lxxxxxxx shall execute Txxxxx’s lender’s or prospective lender’s commercially reasonable form of Landlord’s waiver and consent to remove collateral or subordination agreement; provided such form this Lease shall be construed as a consent on the part of Lessor to subject the e estate of Lessor to reasonable comments and revisions provided by Landlord. To liability under the extent Flo xxxxxxx xxxerstood that Landlord and any such Tenant’s lender have not entered into such a waiver and consent, Landlord hereby agrees that any Tenant lender the Lessor's estate shall have the right to access the Premises to possess or repossess collateral granted by Tenant on Tenant’s property located at the Premises, provided that such lender executes and delivers to Landlord a commercially reasonable indemnification agreement and satisfies Landlord’s commercially reasonable insurance requirements.not