LANDLORD'S SECURITY INTEREST. The parties intend that if an Event of Default occurs under this Lease, Landlord will control Tenant’s Personal Property and the Intangible Property so that Landlord or its designee or nominee can operate or re-let the Premises intact for their Primary Intended Use. Accordingly, to implement such intention, and for the purpose of securing the payment and performance obligations of Tenant hereunder, Landlord and Tenant agree as follows: 16.7.1 Tenant, as debtor, hereby grants to Landlord, as secured party, a security interest in, and an express contractual lien upon, all of Tenant’s right, title and interest in and to Tenant’s Personal Property, and all of Tenant’s right, title and interest in and to the Impound Account established pursuant to Section 4.4 above (collectively, the “Collateral”). This Lease constitutes a security agreement covering all such Collateral. The security interest granted to Landlord with respect to Tenant’s Personal Property in this subsection is intended by Landlord and Tenant to be subordinate to any security interest granted in connection with the financing or leasing of all or any portion of the Tenant’s Personal Property or in connection with any accounts receivable financing so long as the lessor or financier of such Tenant’s Personal Property or accounts receivable agrees to give Landlord written notice of any default by Tenant under the terms of such lease or financing arrangement, to give Landlord a reasonable time following such notice to cure any such default and consents to Landlord’s written assumption of such lease or financing arrangement upon Landlord’s curing of any such defaults. 16.7.2 Tenant hereby authorizes Landlord to file such financing statements, continuation statements and other documents as may be necessary or desirable to perfect or continue the perfection of Landlord’s security interest in the Collateral. In addition, if required by Landlord at any time during the Term, Tenant shall execute and deliver to Landlord, in form reasonably satisfactory to Landlord, additional security agreements, financing statements, fixture filings and such other documents as Landlord may reasonably require to perfect or continue the perfection of Landlord’s security interest in the Collateral. In the event Tenant fails to execute any financing statement or other documents for the perfection or continuation of Landlord’s security interest, Tenant hereby appoints Landlord as its true and lawful attorney-in-fact to execute any such documents on its behalf, which power of attorney shall be irrevocable and is deemed to be coupled with an interest. 16.7.3 Tenant will give Landlord at least thirty (30) days’ prior written notice of any change in Tenant’s name, identity, jurisdiction of organization or corporate structure. With respect to any such change, Tenant will promptly execute and deliver such instruments, documents and notices and take such actions, as Landlord deems necessary or desirable to create, perfect and protect the security interests of Landlord in the Collateral. 16.7.4 Upon the occurrence of an Event of Default, Landlord shall be entitled to exercise any and all rights or remedies available to a secured party under the Uniform Commercial Code, or available to a lessor under the laws of the State, with respect to Tenant’s Personal Property and the Intangible Property, including the right to sell the same at public or private sale.
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Samples: Lease (Global Medical REIT Inc.), Purchase Agreement (Global Medical REIT Inc.)
LANDLORD'S SECURITY INTEREST. The parties intend that if an Event (1) As security for the Tenant's performance of Default occurs its obligations under this Lease, Landlord will control Tenant’s Personal Property and the Intangible Property so that Landlord or its designee or nominee can operate or re-let the Premises intact for their Primary Intended Use. Accordingly, including but not limited to implement such intention, and for the purpose of securing the payment of Rent and performance obligations of GST, the Tenant hereunder, Landlord and Tenant agree as follows:
16.7.1 Tenant, as debtor, hereby grants to Landlordthe Landlord by way of security interest, as secured partymortgage, pledge, charge, assignment and hypothec a continuing security interest in, (the "Security Interest") in the Tenant's present and an express contractual lien upon, all of Tenant’s right, title and interest in and to Tenant’s Personal Property, future undertaking and all of Tenant’s rightits present and after acquired personal property and assets including without limitation the assets described in Schedule "0" attached hereto and forming part hereof and all goods (including inventory), title trade fixtures and interest other personal property of the Tenant located from time to time on the Leased Premises and any Leasehold Improvements which the Tenant effects on or in and to respect of the Impound Account established pursuant to Section 4.4 above Leased Premises (collectively, collectively the “"Collateral”"). This Lease constitutes a security agreement covering all such Collateral. The security interest granted Tenant may however, prior to Landlord with respect to Tenant’s Personal Property in this subsection is intended by Landlord and Tenant to be subordinate to any security interest granted in connection with the financing or leasing of all or any portion of the Tenant’s Personal Property or in connection with any accounts receivable financing so long as the lessor or financier of such Tenant’s Personal Property or accounts receivable agrees to give Landlord written notice of any default by Tenant under the terms of such lease or financing arrangement, to give Landlord a reasonable time following such notice to cure any such default and consents to Landlord’s written assumption of such lease or financing arrangement upon Landlord’s curing of any such defaults.
16.7.2 Tenant hereby authorizes Landlord to file such financing statements, continuation statements and other documents as may be necessary or desirable to perfect or continue the perfection of Landlord’s security interest in the Collateral. In addition, if required by Landlord at any time during the Term, Tenant shall execute and deliver to Landlord, in form reasonably satisfactory to Landlord, additional security agreements, financing statements, fixture filings and such other documents as Landlord may reasonably require to perfect or continue the perfection of Landlord’s security interest in the Collateral. In the event Tenant fails to execute any financing statement or other documents for the perfection or continuation of Landlord’s security interest, Tenant hereby appoints Landlord as its true and lawful attorney-in-fact to execute any such documents on its behalf, which power of attorney shall be irrevocable and is deemed to be coupled with an interest.
16.7.3 Tenant will give Landlord at least thirty (30) days’ prior written notice of any change in Tenant’s name, identity, jurisdiction of organization or corporate structure. With respect to any such change, Tenant will promptly execute and deliver such instruments, documents and notices and take such actions, as Landlord deems necessary or desirable to create, perfect and protect the security interests of Landlord in the Collateral.
16.7.4 Upon the occurrence of an Event of Default, sell or dispose of its inventory to its customers, in the ordinary course of business, in accordance with the terms and conditions of this Lease, without the consent of the Landlord. The Tenant will promptly execute additional documents and will provide additional information required by the Landlord from time to time in connection with the Security Interest. The Tenant authorizes the Landlord to file a financing statement and any other form of document required in connection with the Security Interest to perfect, protect or preserve its Security Interest. The Landlord's Security Interest is in addition to and not in lieu of its right of distress.
(2) The Landlord may enforce its Security Interest upon the occurrence of an Event of Default in the manner outlined in Schedule "G" attached hereto and forming part hereof or in any other manner available at law or in equity.
(3) The grant of the Security Interest shall be entitled to exercise not effect or result in a merger of any and all rights or remedies available interests of any party hereto.
(4) To the extent permitted by law, the Tenant hereby waives its right to receive a secured party under copy of any financing statement, financing change statement or verification statement relating to the Uniform Commercial Code, or available Security Interest.
(5) The Landlord and the Tenant acknowledge that they have not agreed to a lessor under postpone the laws time for attachment of the State, Security Interest with respect to Tenant’s Personal Property existing Collateral, and that the Intangible Property, including Security Interest shall attach to after acquired Collateral as soon as the right to sell the same at public or private saleDebtor has rights in such Collateral.
Appears in 1 contract
Samples: Lease Extension and Amending Agreement (Nevada Geothermal Power Inc)
LANDLORD'S SECURITY INTEREST. The parties intend that if an Event As additional security for the faithful performance and observance by Tenant of Default occurs under all of the terms, provisions and conditions of this Lease, Landlord will control Tenant’s Personal Property and the Intangible Property so that Landlord or its designee or nominee can operate or re-let the Premises intact for their Primary Intended Use. Accordingly, to implement such intention, and for the purpose of securing the payment and performance obligations of Tenant hereunder, Landlord and Tenant agree as follows:
16.7.1 Tenant, as debtor, hereby grants to Landlord, as secured party, and creates on behalf of Landlord a security interest in, and an express contractual lien upon, in all of Tenant’s rightequipment, title fixtures, decorations, alterations, furniture, machinery, installations, additions and improvement in the Premises. The security interest herein granted and any security interest of the Landlord granted by statute shall be subordinate, solely as to furniture, trade fixtures and other personalty, to any purchase money security interest given by Tenant in and to Tenant’s Personal Property, and all connection with the financing of Tenant’s right, title and interest the purchase of the item of personalty in and to the Impound Account established pursuant to Section 4.4 above (collectively, the “Collateral”)question. This Lease constitutes a security agreement covering all under the Pennsylvania Uniform Commercial Code. Tenant agrees from time to time to execute and deliver such Collateral. The security agreements and financing statements as Landlord shall reasonably require to evidence and/or perfect the lien of the security interest granted to Landlord with respect to Tenantherein, within five (5) days of Landlord’s Personal Property in this subsection is intended by Landlord and Tenant to be subordinate to any security interest granted in connection with request therefor. Upon the financing or leasing of all or any portion of the Tenant’s Personal Property or in connection with any accounts receivable financing so long as the lessor or financier of such Tenant’s Personal Property or accounts receivable agrees to give Landlord written notice occurrence of any default hereunder by Tenant, beyond applicable notice and cure periods, Landlord may, at its option, foreclose on said security and apply the proceeds of the sale of the property covered thereby for the payment of all rent owing under this Lease or any other sum owing by Tenant under the terms of such lease Article 10 above, including, but not limited to any damages or financing arrangementdeficiencies resulting from any reletting of the Premises, to give Landlord a reasonable time following such notice to cure any such default whether said damage or deficiency accrued before or after summary proceedings or other re-entry by Landlord. Tenant covenants that it shall keep and consents to Landlord’s written assumption of such lease or financing arrangement upon Landlord’s curing of any such defaults.
16.7.2 Tenant hereby authorizes Landlord to file such financing statementsmaintain all fixtures, continuation statements machinery, equipment, furnishings and other documents as may be necessary personalty at the Premises, whether or desirable to perfect or continue not the perfection property of LandlordTenant, in good, substantial and efficient operating condition (including replacement of same when necessary) at Tenant’s security interest in the Collateral. In additionsole cost and expense, if required by Landlord at any time all times during the Term, Tenant shall execute and deliver to Landlord, in form reasonably satisfactory to Landlord, additional security agreements, financing statements, fixture filings and such other documents as Landlord may reasonably require to perfect or continue the perfection term of Landlord’s security interest in the Collateral. In the event Tenant fails to execute any financing statement or other documents for the perfection or continuation of Landlord’s security interest, Tenant hereby appoints Landlord as its true and lawful attorney-in-fact to execute any such documents on its behalf, which power of attorney shall be irrevocable and is deemed to be coupled with an interestthis Lease.
16.7.3 Tenant will give Landlord at least thirty (30) days’ prior written notice of any change in Tenant’s name, identity, jurisdiction of organization or corporate structure. With respect to any such change, Tenant will promptly execute and deliver such instruments, documents and notices and take such actions, as Landlord deems necessary or desirable to create, perfect and protect the security interests of Landlord in the Collateral.
16.7.4 Upon the occurrence of an Event of Default, Landlord shall be entitled to exercise any and all rights or remedies available to a secured party under the Uniform Commercial Code, or available to a lessor under the laws of the State, with respect to Tenant’s Personal Property and the Intangible Property, including the right to sell the same at public or private sale.
Appears in 1 contract
LANDLORD'S SECURITY INTEREST. The parties intend that if an Event of Default occurs under this LeaseIn addition to the statutory Landlord's Lien, Landlord will control Tenant’s Personal Property shall have at all times a valid security interest to secure payment of Rent and other sums of money becoming due hereunder from Tenant and to secure payment of any damages or losses which Landlord may suffer by reason of the Intangible Property so that Landlord breach by Tenant of any covenant, agreement or its designee or nominee can operate or re-let the Premises intact for their Primary Intended Use. Accordinglycondition contained herein, to implement such intentionupon all goods, wares, equipment, fixtures, furniture, improvements and for the purpose of securing the payment and performance obligations other tangible personal property of Tenant hereunderpresently, Landlord and Tenant agree as follows:
16.7.1 Tenantor which may hereafter be, as debtor, hereby grants to Landlord, as secured party, a security interest in, and an express contractual lien upon, all of Tenant’s right, title and interest in and to Tenant’s Personal Propertysituated on the Demised Premises, and all proceeds therefrom, and such property shall not be removed without the consent of Tenant’s right, title Landlord until all arrearages in Rent as well as any and interest in and to the Impound Account established pursuant to Section 4.4 above (collectively, the “Collateral”). This Lease constitutes a security agreement covering all such Collateral. The security interest granted ail other sums of money then due to Landlord or to become due to Landlord hereunder shall first have been paid and discharged and all the covenants, agreements and conditions hereof have been fully complied with respect to and performed by Tenant’s Personal Property in this subsection is intended by Landlord and Tenant to be subordinate to any security interest granted in connection with the financing or leasing of all or any portion of the Tenant’s Personal Property or in connection with any accounts receivable financing so long as the lessor or financier of such Tenant’s Personal Property or accounts receivable agrees to give Landlord written notice of any default by Tenant under the terms of such lease or financing arrangement, to give Landlord a reasonable time following such notice to cure any such default and consents to Landlord’s written assumption of such lease or financing arrangement upon Landlord’s curing of any such defaults.
16.7.2 Tenant hereby authorizes Landlord to file such financing statements, continuation statements and other documents as may be necessary or desirable to perfect or continue the perfection of Landlord’s security interest in the Collateral. In addition, if required by Landlord at any time during the Term, Tenant shall execute and deliver to Landlord, in form reasonably satisfactory to Landlord, additional security agreements, financing statements, fixture filings and such other documents as Landlord may reasonably require to perfect or continue the perfection of Landlord’s security interest in the Collateral. In the event Tenant fails to execute any financing statement or other documents for the perfection or continuation of Landlord’s security interest, Tenant hereby appoints Landlord as its true and lawful attorney-in-fact to execute any such documents on its behalf, which power of attorney shall be irrevocable and is deemed to be coupled with an interest.
16.7.3 Tenant will give Landlord at least thirty (30) days’ prior written notice of any change in Tenant’s name, identity, jurisdiction of organization or corporate structure. With respect to any such change, Tenant will promptly execute and deliver such instruments, documents and notices and take such actions, as Landlord deems necessary or desirable to create, perfect and protect the security interests of Landlord in the Collateral.
16.7.4 Upon the occurrence of an Event event of Defaultdefault by Tenant, Landlord shall be entitled may, in addition to exercise any other remedies provided, enter upon the Demised Premises and take possession of any and all rights goods, wares, equipment, fixtures, furniture, improvements and other tangible personal property of Tenant situated on the Demised Premises, without liability for trespass or remedies available to a secured party under the Uniform Commercial Codeconversion, or available to a lessor under the laws of the State, with respect to Tenant’s Personal Property and the Intangible Property, including the right to sell the same at public or private sale, with or without having such property at the sale, after giving Tenant reasonable notice of the time and place of any public sale or of the time after which any private sale is to be made, at which sale Landlord or its assigns may purchase unless otherwise prohibited by law. Unless otherwise provided by law, and without intending to exclude any other manner of giving Tenant reasonable notice, the requirement of reasonable notice shall be met if such notice is given in the manner prescribed in this Lease at least seven (7) days before the time of sale. Any sale made pursuant to the provision of this paragraph shall be deemed to have been a public sale conducted in a commercially reasonable manner if held in the above-described premises or where the property is located after the time, and place and method of sale and a general description of the types of property to be sold have been advertised in a daily newspaper published in the county in which the property is located for five (5) consecutive days before the date of the sale. The proceeds from any such disposition, less any and all expenses connected with the taking of possession, holding and selling of the property (including reasonable attorney's fees and legal expenses), shall be applied as a credit against the indebtedness secured by the security interest granted in this paragraph. Any surplus shall be paid to Tenant or as otherwise required by law; Tenant shall pay any deficiencies forthwith. Upon request by Landlord, Tenant agrees to execute and deliver to Landlord a financing statement in form sufficient to perfect the security interest of Landlord in the aforementioned property and proceeds thereof under the provision of the Uniform Commercial Code (or corresponding state statute or statutes) in force in the state in which the property is located, as well as any other state the laws of which Landlord may at any time consider to be applicable.
Appears in 1 contract
LANDLORD'S SECURITY INTEREST. The parties intend that if an Event of Default occurs under this Lease, Landlord will control Tenant’s Personal Property and the Intangible Property so that Landlord or its designee or nominee can operate or re-let the Premises intact for their Primary Intended Use. Accordingly, to implement such intention, and for the purpose of securing the payment and performance obligations of Tenant hereunder, Landlord and Tenant agree as follows:
16.7.1 Tenant, as debtor, hereby grants to Landlord, as secured party, a security interest in, and an express contractual lien upon, all of Tenant’s right, title and interest in and to (a) Tenant’s Personal Property and in and to the Intangible Property and any and all products, rents, proceeds and profits thereof in which Tenant now owns or hereafter acquires an interest or right, including any leased Tenant’s Personal Property, and further including the property and interests in property described on Exhibit C hereto (except to the extent such items constitute Landlord’s Personal Property), and (b) all of Tenant’s right, title and interest in and to the Impound Account established pursuant to Section 4.4 above Seller Note (collectively, the “Collateral”). This Lease constitutes a security agreement covering all such CollateralTenant’s Personal Property and the Intangible Property. The security interest granted to Landlord with respect to Tenant’s Personal Property in this subsection Subsection is intended by Landlord and Tenant to be subordinate to any security interest granted in connection with the financing or leasing of all or any portion of the Tenant’s Personal Property or in connection with any accounts receivable financing so long as the lessor or financier of such Tenant’s Personal Property or accounts receivable agrees to give Landlord written notice of any default by Tenant under the terms of such lease or financing arrangement, to give Landlord a reasonable time following such notice to cure any such default and consents to Landlord’s written assumption of such lease or financing arrangement upon Landlord’s curing of any such defaults.
16.7.2 Tenant hereby authorizes Landlord to file such financing statements, continuation statements and other documents as may be necessary or desirable to perfect or continue the perfection of Landlord’s security interest in the Collateral. In addition, if required by Landlord at any time during the Term, (Tenant shall execute and deliver to Landlord, in form reasonably satisfactory to Landlord, additional security agreements, financing statements, fixture filings and such other documents as Landlord may reasonably require to perfect or continue the perfection of Landlord’s security interest in the Collateral. In the event Tenant fails to execute any financing statement or other documents for the perfection or continuation of Landlord’s security interest, Tenant hereby appoints Landlord as its true and lawful attorney-in-fact to execute any such documents on its behalf, which power of attorney shall be irrevocable and is deemed to be coupled with an interest.
16.7.3 Tenant will give Landlord at least thirty (30) days’ prior written notice of any change in Tenant’s name, identity, jurisdiction of organization or corporate structure. With respect to any such change, Tenant will promptly execute and deliver such instruments, documents and notices and take such actions, as Landlord deems necessary or desirable to create, perfect and protect the security interests of Landlord in the Collateral.
16.7.4 Upon the occurrence of an Event of Default, Landlord shall be entitled to exercise any and all rights or remedies available to a secured party under the Uniform Commercial Code, or available to a lessor under the laws of the State, with respect to Tenant’s Personal Property and the Intangible Property, including the right to sell the same at public or private sale.
16.7.5 Tenant shall deposit the Seller Note with Landlord as further security for this Lease. At any time after December 31, 2021 that AIU is not a subtenant paying rent at least equal to the AIU December 2021 Rent, Tenant will have the right to draw upon the Seller Note in monthly increments equal to the AIU December 2021 Rent, until the AIU space is re-subleased to a tenant at least as creditworthy as AIU for at least five (5) years at a rent at least equal to the AIU December 2021 Rent. If an Event of Default by Tenant occurs, Landlord shall have the right to make draws under the Seller Note upon the terms set forth above.
Appears in 1 contract
Samples: Lease (Global Medical REIT Inc.)
LANDLORD'S SECURITY INTEREST. The parties parities intend that if an Event of Default occurs under this Lease, Landlord Lessor will control Tenant’s Lessee's Personal Property and the Intangible Property so that Landlord Lessor or its designee or nominee can operate or re-let the Premises Leased Property intact for their its Primary Intended Use; provided, however, that Lessor acknowledges and agrees that its right or its nominee's right to operate the Leased Property for its Primary Intended Use is subject to any requirements which may be imposed by New York law with respect to securing a license to operate the Leased Property. Accordingly, to implement such intention, and for the purpose of securing the payment and performance obligations of Tenant Lessee hereunder, Landlord Lessor and Tenant Lessee agree as follows:"
16.7.1 TenantSection 16.10.1 of the Lease is hereby amended to read in full as follows:
16.10.1 Lessee, as debtor, hereby grants to LandlordLessor, as secured party, a security interest in, and an express contractual lien upon, upon all of Tenant’s Lessee's right, title and interest in and to Tenant’s Lessee's Personal Property, Property and all of Tenant’s right, title and interest in and to the Impound Account established pursuant Intangible Property and any and all products, proceeds, rents and profits thereof in which Lessee now owns or hereafter acquires an interest or right, including any leased Lessee's Personal Property; provided, however, that no security interest in any license to Section 4.4 above (collectivelyoperate the Facility is granted hereby to the extent such a security interest is prohibited by law; provided, further, that Lessor and Lessee acknowledge that as of the “Collateral”)date of the execution of this Lease such a security interest is in fact prohibited by New York State law. This Lease constitutes a security agreement covering all such CollateralLessee's Personal Property and the Intangible Property. The security interest granted to Landlord Lessor with respect to Tenant’s Lessee's Personal Property in this subsection Section 16.10 is intended by Landlord Lessor and Tenant Lessee to be subordinate to any security interest granted in connection with the financing or leasing of all or any portion of the Tenant’s Lessee's Personal Property or in connection with any accounts receivable financing so long as Lessee uses its best efforts to secure an agreement in Lessor's favor that the lessor or financier of such Tenant’s Lessee's Personal Property or accounts receivable agrees to give Landlord Lessor written notice of any default by Tenant Lessee under the terms of such lease or financing arrangement, to give Landlord Lessor a reasonable time following such notice to cure any such default and consents to Landlord’s Lessor's written assumption of such lease or financing arrangement upon Landlord’s Lessor's curing of any such defaults.
16.7.2 Tenant hereby authorizes Landlord to file such financing statements, continuation statements . This security agreement and other documents as may be necessary or desirable to perfect or continue the perfection of Landlord’s security interest in created herein shall survive the Collateraltermination, but not the expiration, of this Lease until such time as Lessor has been fully compensated for all damages resulting from such termination. In addition, if required by Landlord at any time during the Term, Tenant shall execute and deliver to Landlord, in form reasonably satisfactory to Landlord, additional security agreements, financing statements, fixture filings and such other documents as Landlord may reasonably require to perfect or continue the perfection of Landlord’s security interest in the Collateral. In the event Tenant fails to execute any financing statement or other documents for the perfection or continuation of Landlord’s security interest, Tenant hereby appoints Landlord as its true and lawful attorney-in-fact to execute any such documents on its behalf, which power of attorney shall be irrevocable and is deemed to be coupled with an interest.
16.7.3 Tenant will give Landlord at least thirty (30) days’ prior written notice of any change in Tenant’s name, identity, jurisdiction of organization or corporate structure. With respect to any such change, Tenant will promptly execute and deliver such instruments, documents and notices and take such actions, as Landlord deems necessary or desirable to create, perfect and protect the security interests of Landlord in the Collateral.
16.7.4 Upon the occurrence of an Event of Default, Landlord shall be entitled to exercise any and all rights or remedies available to a secured party under the Uniform Commercial Code, or available to a lessor under the laws of the State, with respect to Tenant’s Personal Property and the Intangible Property, including the right to sell the same at public or private sale."
Appears in 1 contract
Samples: Lease (Emeritus Corp\wa\)
LANDLORD'S SECURITY INTEREST. The parties intend that if an Event (1) As security for the Tenant's performance of Default occurs its obligations under this Lease, Landlord will control Tenant’s Personal Property and the Intangible Property so that Landlord or its designee or nominee can operate or re-let the Premises intact for their Primary Intended Use. Accordingly, including but not limited to implement such intention, and for the purpose of securing the payment of Rent and performance obligations of GST, the Tenant hereunder, Landlord and Tenant agree as follows:
16.7.1 Tenant, as debtor, hereby grants to Landlordthe Landlord by way of security interest, as secured partymortgage, pledge, charge, assignment and hypothec a continuing security interest in, (the "Security Interest") in the Tenant's present and an express contractual lien upon, all of Tenant’s right, title and interest in and to Tenant’s Personal Property, future undertaking and all of Tenant’s rightits present and after acquired personal property and assets including without limitation the assets described in Schedule "G" attached hereto and forming part hereof and all goods (including inventory), title trade fixtures and interest other personal property of the Tenant located from time to time on the Leased Premises and any Leasehold Improvements which the Tenant effects on or in and to respect of the Impound Account established pursuant to Section 4.4 above Leased Premises (collectively, collectively the “"Collateral”"). This Lease constitutes a security agreement covering all such Collateral. The security interest granted Tenant may however, prior to Landlord with respect to Tenant’s Personal Property in this subsection is intended by Landlord and Tenant to be subordinate to any security interest granted in connection with the financing or leasing of all or any portion of the Tenant’s Personal Property or in connection with any accounts receivable financing so long as the lessor or financier of such Tenant’s Personal Property or accounts receivable agrees to give Landlord written notice of any default by Tenant under the terms of such lease or financing arrangement, to give Landlord a reasonable time following such notice to cure any such default and consents to Landlord’s written assumption of such lease or financing arrangement upon Landlord’s curing of any such defaults.
16.7.2 Tenant hereby authorizes Landlord to file such financing statements, continuation statements and other documents as may be necessary or desirable to perfect or continue the perfection of Landlord’s security interest in the Collateral. In addition, if required by Landlord at any time during the Term, Tenant shall execute and deliver to Landlord, in form reasonably satisfactory to Landlord, additional security agreements, financing statements, fixture filings and such other documents as Landlord may reasonably require to perfect or continue the perfection of Landlord’s security interest in the Collateral. In the event Tenant fails to execute any financing statement or other documents for the perfection or continuation of Landlord’s security interest, Tenant hereby appoints Landlord as its true and lawful attorney-in-fact to execute any such documents on its behalf, which power of attorney shall be irrevocable and is deemed to be coupled with an interest.
16.7.3 Tenant will give Landlord at least thirty (30) days’ prior written notice of any change in Tenant’s name, identity, jurisdiction of organization or corporate structure. With respect to any such change, Tenant will promptly execute and deliver such instruments, documents and notices and take such actions, as Landlord deems necessary or desirable to create, perfect and protect the security interests of Landlord in the Collateral.
16.7.4 Upon the occurrence of an Event of Default, sell or dispose of its inventory to its customers, in the ordinary course of business, in accordance with the terms and conditions of this Lease, without the consent of the Landlord. The Tenant will promptly execute additional documents and will provide additional information required by the Landlord from time to time in connection with the Security Interest. The Tenant authorizes the Landlord to file a financing statement and any other form of document required in connection with the Security Interest to perfect, protect or preserve its Security Interest. The Landlord's Security Interest is in addition to and not in lieu of its right of distress.
(2) The Landlord may enforce its Security Interest upon the occurrence of an Event of Default in the manner outlined in Schedule "G" attached hereto and forming part hereof or in any other manner available at law or in equity.
(3) The grant of the Security Interest shall be entitled to exercise not effect or result in a merger of any and all rights or remedies available interests of any party hereto.
(4) To the extent permitted by law, the Tenant hereby waives its right to receive a secured party under copy of any financing statement, financing change statement or verification statement relating to the Uniform Commercial Code, or available Security Interest.
(5) The Landlord and the Tenant acknowledge that they have not agreed to a lessor under postpone the laws time for attachment of the State, Security Interest with respect to Tenant’s Personal Property existing Collateral, and that the Intangible Property, including Security Interest shall attach to after acquired Collateral as soon as the right to sell the same at public or private saledebtor has rights in such Collateral.
Appears in 1 contract
Samples: Sublease Agreement (Strategy International Insurance Group Inc)
LANDLORD'S SECURITY INTEREST. The parties intend that if an Event (1) As security for the Tenants performance of Default occurs its obligations under this Lease, including but not limited to the payment of Rent and GST, the Tenant grants to the Landlord will control by way of security interest, mortgage, pledge, charge, assignment and hypothec a continuing security interest (the “Security Interest”) in the Tenant’s Personal Property present and the Intangible Property so that Landlord or its designee or nominee can operate or re-let the Premises intact for their Primary Intended Use. Accordingly, to implement such intention, and for the purpose of securing the payment and performance obligations of Tenant hereunder, Landlord and Tenant agree as follows:
16.7.1 Tenant, as debtor, hereby grants to Landlord, as secured party, a security interest in, and an express contractual lien upon, all of Tenant’s right, title and interest in and to Tenant’s Personal Property, future undertaking and all of Tenant’s rightits present and after acquired personal property and assets including without limitation the assets described in Schedule G attached hereto and forming part hereof and all goods (including inventory), title trade fixtures and interest other personal property of the Tenant located from time to time on the Leased Premises and any Leasehold Improvements which the Tenant effects on or in and to respect of the Impound Account established pursuant to Section 4.4 above Leased Premises (collectively, collectively the “Collateral”). This Lease constitutes a security agreement covering all such Collateral. The security interest granted Tenant may however, prior to Landlord with respect to Tenant’s Personal Property in this subsection is intended by Landlord and Tenant to be subordinate to any security interest granted in connection with the financing or leasing of all or any portion of the Tenant’s Personal Property or in connection with any accounts receivable financing so long as the lessor or financier of such Tenant’s Personal Property or accounts receivable agrees to give Landlord written notice of any default by Tenant under the terms of such lease or financing arrangement, to give Landlord a reasonable time following such notice to cure any such default and consents to Landlord’s written assumption of such lease or financing arrangement upon Landlord’s curing of any such defaults.
16.7.2 Tenant hereby authorizes Landlord to file such financing statements, continuation statements and other documents as may be necessary or desirable to perfect or continue the perfection of Landlord’s security interest in the Collateral. In addition, if required by Landlord at any time during the Term, Tenant shall execute and deliver to Landlord, in form reasonably satisfactory to Landlord, additional security agreements, financing statements, fixture filings and such other documents as Landlord may reasonably require to perfect or continue the perfection of Landlord’s security interest in the Collateral. In the event Tenant fails to execute any financing statement or other documents for the perfection or continuation of Landlord’s security interest, Tenant hereby appoints Landlord as its true and lawful attorney-in-fact to execute any such documents on its behalf, which power of attorney shall be irrevocable and is deemed to be coupled with an interest.
16.7.3 Tenant will give Landlord at least thirty (30) days’ prior written notice of any change in Tenant’s name, identity, jurisdiction of organization or corporate structure. With respect to any such change, Tenant will promptly execute and deliver such instruments, documents and notices and take such actions, as Landlord deems necessary or desirable to create, perfect and protect the security interests of Landlord in the Collateral.
16.7.4 Upon the occurrence of an Event of Default, sell, or dispose of its inventory to its customers in the ordinary course of business, in accordance with the terms and conditions of this Lease, without the consent of the Landlord. The Tenant will promptly execute additional documents and will provide additional information required by the Landlord from time to time in connection with the Security Interest. The Tenant authorizes the Landlord to file a financing statement and any other form of document required in connection with the Security interest to perfect, protect or preserve its Security Interest. The Landlord’s Security Interest is in addition to and not in lieu of its right of distress.
(2) The Landlord may enforce its Security Interest upon the occurrence of an Event of Default in the manner outlined in Schedule G attached hereto and forming part hereof or in any other manner available at law or in equity.
(3) The grant of the Security Interest shall be entitled to exercise not effect or result in a merger of any and all rights or remedies available interests of any party hereto.
(4) To the extent permitted by law, the Tenant hereby waives its right to receive a secured party under copy of any financing statement, financing change statement or verification statement relating to the Uniform Commercial Code, or available Security Interest.
(5) The Landlord and the Tenant acknowledge that they have not agreed to a lessor under postpone the laws time for attachment of the State, Security Interest with respect to Tenant’s Personal Property existing Collateral, and that the Intangible Property, including Security Interest shall attach to after acquired Collateral as soon as the right to sell the same at public or private saledebtor has rights in such Collateral.
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Samples: Lease Agreement (Telvent Git S A)
LANDLORD'S SECURITY INTEREST. The parties intend that if an Event (1) As security for the Tenant's performance of Default occurs its obligations under this Lease, Landlord will control Tenant’s Personal Property and the Intangible Property so that Landlord or its designee or nominee can operate or re-let the Premises intact for their Primary Intended Use. Accordingly, including but not limited to implement such intention, and for the purpose of securing the payment of Rent and performance obligations of GST, the Tenant hereunder, Landlord and Tenant agree as follows:
16.7.1 Tenant, as debtor, hereby grants to Landlordthe Landlord by way of security interest, as secured partymortgage, pledge, charge, assignment and hypothec a continuing security interest in, (the "Security Interest") in the Tenant's present and an express contractual lien upon, all of Tenant’s right, title and interest in and to Tenant’s Personal Property, future undertaking and all of Tenant’s rightits present and after acquired personal property and assets including without limitation the assets described in Schedule G attached hereto and forming part hereof and all goods (including inventory), title trade fixtures and interest in MORGUARD February 2005 - Net Office, Multi-Tenant (General Application) other personal property of the Tenant located from time to time on the Leased Premises and to any Leasehold Improvements which the Impound Account established pursuant to Section 4.4 above Tenant effects on or In respect of the Leased Premises (collectively, collectively the “"Collateral”"). This Lease constitutes a security agreement covering all such Collateral. The security interest granted Tenant may however, prior to Landlord with respect to Tenant’s Personal Property in this subsection is intended by Landlord and Tenant to be subordinate to any security interest granted in connection with the financing or leasing of all or any portion of the Tenant’s Personal Property or in connection with any accounts receivable financing so long as the lessor or financier of such Tenant’s Personal Property or accounts receivable agrees to give Landlord written notice of any default by Tenant under the terms of such lease or financing arrangement, to give Landlord a reasonable time following such notice to cure any such default and consents to Landlord’s written assumption of such lease or financing arrangement upon Landlord’s curing of any such defaults.
16.7.2 Tenant hereby authorizes Landlord to file such financing statements, continuation statements and other documents as may be necessary or desirable to perfect or continue the perfection of Landlord’s security interest in the Collateral. In addition, if required by Landlord at any time during the Term, Tenant shall execute and deliver to Landlord, in form reasonably satisfactory to Landlord, additional security agreements, financing statements, fixture filings and such other documents as Landlord may reasonably require to perfect or continue the perfection of Landlord’s security interest in the Collateral. In the event Tenant fails to execute any financing statement or other documents for the perfection or continuation of Landlord’s security interest, Tenant hereby appoints Landlord as its true and lawful attorney-in-fact to execute any such documents on its behalf, which power of attorney shall be irrevocable and is deemed to be coupled with an interest.
16.7.3 Tenant will give Landlord at least thirty (30) days’ prior written notice of any change in Tenant’s name, identity, jurisdiction of organization or corporate structure. With respect to any such change, Tenant will promptly execute and deliver such instruments, documents and notices and take such actions, as Landlord deems necessary or desirable to create, perfect and protect the security interests of Landlord in the Collateral.
16.7.4 Upon the occurrence of an Event of Default, sell or dispose of its inventory to its customers in the ordinary course of business, in accordance with the terms and conditions of this Lease, without the consent of the Landlord. The Tenant will promptly execute additional documents and will provide additional information required by the Landlord from time to time in connection with the Security Interest. The Tenant authorizes the Landlord to file a financing statement and any other form of document required in connection with the Security Interest to perfect, protect or preserve its Security Interest. The Landlord's Security Interest is in addition to and not in lieu of its right of distress.
(2) The Landlord may enforce its Security Interest upon the occurrence of an Event of Default in the manner outlined in Schedule G attached hereto and forming part hereof or in any other manner available at law or in equity.
(3) The grant of the Security Interest shall be entitled to exercise not effect or result In a merger of any and all rights or remedies available interests of any party hereto.
(4) To the extent permitted by law, the Tenant hereby waives its right to receive a secured party under copy of any financing statement, financing change statement or verification statement relating to the Uniform Commercial Code, or available Security Interest.
(5) The Landlord and the Tenant acknowledge that they have not agreed to a lessor under postpone the laws time for attachment of the State, Security Interest with respect to Tenant’s Personal Property existing Collateral, and that the Intangible Property, including Security Interest shall attach to after acquired Collateral as soon as the right to sell the same at public or private saledebtor has rights in such Collateral.
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LANDLORD'S SECURITY INTEREST. The parties intend that if an Event (1) As security for the Tenant's performance of Default occurs its obligations under this Lease, Landlord will control Tenant’s Personal Property and the Intangible Property so that Landlord or its designee or nominee can operate or re-let the Premises intact for their Primary Intended Use. Accordingly, including but not limited to implement such intention, and for the purpose of securing the payment of Rent and performance obligations of GST, the Tenant hereunder, Landlord and Tenant agree as follows:
16.7.1 Tenant, as debtor, hereby grants to Landlordthe Landlord by way of security interest, as secured partymortgage, pledge, charge, assignment and hypothec a continuing security interest in, (the "Security Interest") in the Tenant's present and an express contractual lien upon, all of Tenant’s right, title and interest in and to Tenant’s Personal Property, future undertaking and all of Tenant’s rightits present and after acquired personal property and assets including without limitation the assets described in Schedule G attached hereto and forming part hereof and all goods (including inventory), title trade fixtures and interest other personal property of the Tenant located from time to time on the Leased Premises and any Leasehold Improvements which the Tenant effects on or in and to respect of the Impound Account established pursuant to Section 4.4 above Leased Premises (collectively, collectively the “"Collateral”). This Lease constitutes a security agreement covering all such Collateral") . The security interest granted Tenant may, however prior to Landlord with respect to Tenant’s Personal Property in this subsection is intended by Landlord and Tenant to be subordinate to any security interest granted in connection with the financing or leasing of all or any portion of the Tenant’s Personal Property or in connection with any accounts receivable financing so long as the lessor or financier of such Tenant’s Personal Property or accounts receivable agrees to give Landlord written notice of any default by Tenant under the terms of such lease or financing arrangement, to give Landlord a reasonable time following such notice to cure any such default and consents to Landlord’s written assumption of such lease or financing arrangement upon Landlord’s curing of any such defaults.
16.7.2 Tenant hereby authorizes Landlord to file such financing statements, continuation statements and other documents as may be necessary or desirable to perfect or continue the perfection of Landlord’s security interest in the Collateral. In addition, if required by Landlord at any time during the Term, Tenant shall execute and deliver to Landlord, in form reasonably satisfactory to Landlord, additional security agreements, financing statements, fixture filings and such other documents as Landlord may reasonably require to perfect or continue the perfection of Landlord’s security interest in the Collateral. In the event Tenant fails to execute any financing statement or other documents for the perfection or continuation of Landlord’s security interest, Tenant hereby appoints Landlord as its true and lawful attorney-in-fact to execute any such documents on its behalf, which power of attorney shall be irrevocable and is deemed to be coupled with an interest.
16.7.3 Tenant will give Landlord at least thirty (30) days’ prior written notice of any change in Tenant’s name, identity, jurisdiction of organization or corporate structure. With respect to any such change, Tenant will promptly execute and deliver such instruments, documents and notices and take such actions, as Landlord deems necessary or desirable to create, perfect and protect the security interests of Landlord in the Collateral.
16.7.4 Upon the occurrence of an Event of Default, sell or dispose of its inventory to its customers in the ordinary course of business, in accordance with the terms and conditions of this Lease, without the consent of the Landlord. The Tenant will promptly execute additional documents and will provide additional information required by the Landlord from time to time in connection with the Security Interest. The Tenant authorizes the Landlord to file a financing statement and any other form of document required in connection with the Security Interest to perfect, protect or preserve its Security Interest. The Landlord's Security interest is in addition to and not in lieu of its right of distress.
(2) The Landlord may enforce its Security Interest upon the occurrence of an Event of Default in the manner outlined in Schedule G attached hereto and forming part hereof or in any other manner available at law or in equity.
(3) The grant of the Security interest shall be entitled to exercise not effect or result in a merger of any and all rights or remedies available interests of any party hereto.
(4) To the extent permitted by law, the Tenant hereby waives its right to receive a secured party under copy of any financing statement, financing change statement or verification statement relating to the Uniform Commercial Code, or available Security Interest.
(5) The Landlord and the Tenant acknowledge that they have not agreed to a lessor under postpone the laws time for attachment of the State, Security Interest with respect to Tenant’s Personal Property existing Collateral, and that the Intangible Property, including Security Interest shall attach to after acquired Collateral as soon as the right to sell the same at public or private saleDebtor has rights in such Collateral.
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LANDLORD'S SECURITY INTEREST. The parties intend that if an Event of Default occurs under this LeaseIn addition to the statutory Landlord's Lien, Landlord will control Tenant’s Personal Property shall have at all times a valid security interest to secure payment of Rent and other sums of money becoming due hereunder from Tenant and to secure payment of any damages or losses which Landlord may suffer by reason of the Intangible Property so that Landlord breach by Tenant of any covenant, agreement or its designee or nominee can operate or re-let the Premises intact for their Primary Intended Use. Accordinglycondition contained herein, to implement such intentionupon all goods, wares, equipment, fixtures, furniture, improvements and for the purpose of securing the payment and performance obligations other tangible personal property of Tenant hereunderpresently, Landlord and Tenant agree as follows:
16.7.1 Tenantor which may hereafter be, as debtor, hereby grants to Landlord, as secured party, a security interest in, and an express contractual lien upon, all of Tenant’s right, title and interest in and to Tenant’s Personal Propertysituated on the Demised Premises, and all proceeds therefrom, and such property shall not be removed without the consent of Tenant’s right, title Landlord until all arrearages in Rent as well as any and interest in and to the Impound Account established pursuant to Section 4.4 above (collectively, the “Collateral”). This Lease constitutes a security agreement covering all such Collateral. The security interest granted other sums of money then due to Landlord or to become due to Landlord hereunder shall first have been paid and discharged and ail the covenants, agreements and conditions hereof have been fully complied with respect to and performed by Tenant’s Personal Property in this subsection is intended by Landlord and Tenant to be subordinate to any security interest granted in connection with the financing or leasing of all or any portion of the Tenant’s Personal Property or in connection with any accounts receivable financing so long as the lessor or financier of such Tenant’s Personal Property or accounts receivable agrees to give Landlord written notice of any default by Tenant under the terms of such lease or financing arrangement, to give Landlord a reasonable time following such notice to cure any such default and consents to Landlord’s written assumption of such lease or financing arrangement upon Landlord’s curing of any such defaults.
16.7.2 Tenant hereby authorizes Landlord to file such financing statements, continuation statements and other documents as may be necessary or desirable to perfect or continue the perfection of Landlord’s security interest in the Collateral. In addition, if required by Landlord at any time during the Term, Tenant shall execute and deliver to Landlord, in form reasonably satisfactory to Landlord, additional security agreements, financing statements, fixture filings and such other documents as Landlord may reasonably require to perfect or continue the perfection of Landlord’s security interest in the Collateral. In the event Tenant fails to execute any financing statement or other documents for the perfection or continuation of Landlord’s security interest, Tenant hereby appoints Landlord as its true and lawful attorney-in-fact to execute any such documents on its behalf, which power of attorney shall be irrevocable and is deemed to be coupled with an interest.
16.7.3 Tenant will give Landlord at least thirty (30) days’ prior written notice of any change in Tenant’s name, identity, jurisdiction of organization or corporate structure. With respect to any such change, Tenant will promptly execute and deliver such instruments, documents and notices and take such actions, as Landlord deems necessary or desirable to create, perfect and protect the security interests of Landlord in the Collateral.
16.7.4 Upon the occurrence of an Event event of Defaultdefault by Tenant, Landlord shall be entitled may, in addition to exercise any other remedies provided, enter upon the Demised Premises and take possession of any and all rights goods, wares, equipment, fixtures, furniture, improvements and other tangible personal property of Tenant situated on the Demised Premises, without liability for trespass or remedies available to a secured party under the Uniform Commercial Codeconversion, or available to a lessor under the laws of the State, with respect to Tenant’s Personal Property and the Intangible Property, including the right to sell the same at public or private sale, with or without having such property at the sale, after giving Tenant reasonable notice of the time and place of any public sale or of the time after which any private sale is to be made, at which sale Landlord or its assigns may purchase unless otherwise prohibited by law. Unless otherwise provided by law, and without intending to exclude any other manner of giving Tenant reasonable notice, the requirement of reasonable notice shall be met if such notice is given in the manner prescribed in this Lease at least seven (7) days before the time of sale. Any sale made pursuant to the provision of this paragraph shall be deemed to have been a public sale conducted in a commercially reasonable manner if held in the above-described premises or where the property is located after the time, and place and method of sale and a general description of the types of property to be sold have been advertised in a daily newspaper published in the county in which the property is located for five (5) consecutive days before the date of the sale. The proceeds from any such disposition, less any and all expenses connected with the taking of possession, holding and selling of the property (including reasonable attorney's fees and legal expenses), shall be applied as a credit against the indebtedness secured by the security interest granted in this paragraph. Any surplus shall be paid to Tenant or as otherwise required by law; Tenant shall pay any deficiencies forthwith. Upon request by Landlord, Tenant agrees to execute and deliver to Landlord a financing statement in form sufficient to perfect the security interest of Landlord in the aforementioned property and proceeds thereof under the provision of the Uniform Commercial Code (or corresponding state statute or statutes) in force in the state in which the property is located, as well as any other state the laws of which Landlord may at any time consider to be applicable.
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LANDLORD'S SECURITY INTEREST. The parties intend that if an Event of Default occurs under this Lease, Landlord Lessor will control Tenant’s Lessee's Personal Property and the Intangible Property so that Landlord Lessor or its designee or nominee can operate or re-let the Premises Leased Property intact for their its Primary Intended Use. Accordingly, to implement such intention, and for the purpose of securing the payment and performance obligations of Tenant Lessee hereunder, Landlord Lessor and Tenant Lessee agree as follows:
16.7.1 Tenant16.10.1 Lessee, as debtor, hereby grants to LandlordLessor, as secured party, a security interest in, and an express contractual lien upon, upon all of Tenant’s Lessee's right, title and interest in and to Tenant’s Lessee's Personal Property, Property and all of Tenant’s right, title and interest in and to the Impound Account established pursuant to Section 4.4 above (collectivelyIntangible Property and any and all-products, the “Collateral”)proceeds, rents and profits thereof in which Lessee now owns or hereafter acquires an interest or right, including any leased Lessee's Personal Property. This Lease constitutes a security agreement covering all such CollateralLessee's Personal Property and the Intangible Property. The security interest granted to Landlord Lessor with respect to Tenant’s Lessee's Personal Property in this subsection Section 16.10 is intended by Landlord Lessor and Tenant Lessee to be subordinate to any security interest granted in connection with the financing or leasing of all or any portion of the Tenant’s Lessee's Personal Property or in connection with any accounts receivable financing so long as Lessee uses its best efforts to secure an agreement in Lessor's favor that the lessor or financier of such Tenant’s Lessee's Personal Property or accounts receivable agrees to give Landlord Lessor written notice of any default by Tenant Lessee under the terms of such lease or financing arrangement, to give Landlord Lessor a reasonable time following such notice to cure any such default and consents to Landlord’s Lessor's written assumption of such lease or financing arrangement upon Landlord’s Lessor's curing of any such defaults. This security agreement and the security interest created herein shall survive the termination, but not the expiration, of this Lease until such time as Lessor has been fully compensated for all damages resulting from such termination.
16.7.2 Tenant hereby authorizes Landlord to file such financing statements, continuation statements and other documents as may be necessary or desirable to perfect or continue the perfection of Landlord’s security interest in the Collateral. In addition, if 16.10.2 If required by Landlord Lessor at any time during the Term, Tenant Lessee shall execute and deliver to LandlordLessor, in form reasonably satisfactory to LandlordLessor, additional security agreements, financing statements, fixture filings and such other documents as Landlord Lessor may reasonably require to perfect or continue the perfection of Landlord’s Lessor's security interest in Lessee's Personal Property and the CollateralIntangible Property and any and all products and proceeds thereof now owned or hereinafter acquired by Lessee. In the event Tenant Lessee fails to execute any financing statement or other documents for the perfection or continuation of Landlord’s Lessor's security interest, Tenant Lessee hereby appoints Landlord Lessor as its true and lawful attorney-in-in- fact to execute any such documents on its behalf, which power of attorney shall be irrevocable and is deemed to be coupled with an interest.
16.7.3 Tenant will give Landlord at least thirty (30) days’ prior written notice of any change in Tenant’s name, identity, jurisdiction of organization or corporate structure. With respect to any such change, Tenant will promptly execute and deliver such instruments, documents and notices and take such actions, as Landlord deems necessary or desirable to create, perfect and protect the security interests of Landlord in the Collateral.
16.7.4 16.10.3 Upon the occurrence of an Event of Default, Landlord Lessor shall be entitled to exercise any and all rights or remedies available to a secured party under the Uniform Commercial Code, or available to a lessor under the laws of the State, with respect to Tenant’s Lessee's Personal Property and the Intangible Property, including the right to sell the same at public or private sale.
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Samples: Lease Agreement (Emeritus Corp\wa\)
LANDLORD'S SECURITY INTEREST. The parties intend that if an Event of Default occurs under this Lease, Landlord will control Tenant’s Personal Property and the Intangible Property so that Landlord or its designee or nominee can operate or re-let the Premises intact for their Primary Intended Use. Accordingly, to implement such intention, and for the purpose of securing the payment and performance obligations of Tenant hereunder, Landlord and Tenant agree as follows:
16.7.1 Tenant, as debtor, hereby grants to Landlord, as secured party, a security interest in, and an express contractual lien upon, all of Tenant’s right, title and interest in and to Tenant’s Personal Property and in and to the Intangible Property and any and all products, rents, proceeds and profits thereof in which Tenant now owns or hereafter acquires an interest or right, including any leased Tenant’s Personal Property, and further including the property and interests in property described on Exhibit C hereto (except to the extent such items constitute Landlord’s Personal Property), and all of Tenant’s right, title and interest in and to the Impound Account impound account established pursuant to Section 4.4 above and the Replacement Reserve Fund (collectively, the “Collateral”). This Lease constitutes a security agreement covering all such CollateralTenant’s Personal Property and the Intangible Property. The security interest granted to Landlord with respect to Tenant’s Personal Property in this subsection Subsection is intended by Landlord and Tenant to be subordinate to any security interest granted in connection with the financing or leasing of all or any portion of the Tenant’s Personal Property or in connection with any accounts receivable financing so long as the lessor or financier of such Tenant’s Personal Property or accounts receivable agrees to give Landlord written notice of any default by Tenant under the terms of such lease or financing arrangement, to give Landlord a reasonable time following such notice to cure any such default and consents to Landlord’s written assumption of such lease or financing arrangement upon Landlord’s curing of any such defaults.
16.7.2 Tenant hereby authorizes Landlord to file such financing statements, continuation statements and other documents as may be necessary or desirable to perfect or continue the perfection of Landlord’s security interest in the Collateral. In addition, if required by Landlord at any time during the Term, Tenant shall execute and deliver to Landlord, in form reasonably satisfactory to Landlord, additional security agreements, financing statements, fixture filings and such other documents as Landlord may reasonably require to perfect or continue the perfection of Landlord’s security interest in the Collateral. In the event Tenant fails to execute any financing statement or other documents for the perfection or continuation of Landlord’s security interest, Tenant hereby appoints Landlord as its true and lawful attorney-in-fact to execute any such documents on its behalf, which power of attorney shall be irrevocable and is deemed to be coupled with an interest.
16.7.3 Tenant will give Landlord at least thirty (30) days’ prior written notice of any change in Tenant’s name, identity, jurisdiction of organization or corporate structure. With respect to any such change, Tenant will promptly execute and deliver such instruments, documents and notices and take such actions, as Landlord deems necessary or desirable to create, perfect and protect the security interests of Landlord in the Collateral.
16.7.4 Upon the occurrence of an Event of Default, Landlord shall be entitled to exercise any and all rights or remedies available to a secured party under the Uniform Commercial Code, or available to a lessor under the laws of the State, with respect to Tenant’s Personal Property and the Intangible Property, including the right to sell the same at public or private sale.
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LANDLORD'S SECURITY INTEREST. The parties intend that if Upon an Event of Default, in addition to any lien for rent available to the Landlord, the Landlord shall have, and the Tenant hereby grants to the Landlord, a continuing security interest securing all rent and other sums of money becoming due hereunder from the Tenant, upon all of the Tenant's accounts receivable, inventory, equipment and all other personal property located on the Demised Premises (“Collateral”), none of which may be removed from the Demised Premises without the Landlord's express, written consent so long as any rent or other such sums from time to time owed to the Landlord hereunder remain unpaid or another uncured Event of Default occurs under has occurred. Provided Tenant is not in default of this Lease, Landlord will control Tenant’s Personal Property and the Intangible Property so that Landlord or its designee or nominee can operate or re-let the Premises intact for their Primary Intended Use. Accordingly, to implement such intention, and for the purpose of securing the payment and performance obligations of Tenant hereunder, Landlord and Tenant agree as follows:
16.7.1 Tenant, as debtor, hereby grants to Landlord, as secured party, a security interest in, and an express contractual lien upon, all of Tenant’s right, title and interest in and to Tenant’s Personal Property, and all of Tenant’s right, title and interest in and to the Impound Account established pursuant to Section 4.4 above (collectively, the “Collateral”). This Lease constitutes a security agreement covering all such Collateral. The security interest granted to Landlord with respect to Tenant’s Personal Property in this subsection is intended by Landlord and Tenant to be subordinate to any security interest granted in connection with the financing or leasing of all or any portion of the Tenant’s Personal Property or in connection with any accounts receivable financing so long as the lessor or financier of such Tenant’s Personal Property or accounts receivable agrees to give Landlord written notice of any default by Tenant under the terms of such lease or financing arrangement, to give Landlord a reasonable time following such notice to cure any such default and consents to Landlord’s written assumption of such lease or financing arrangement upon Landlord’s curing of any such defaults.
16.7.2 Tenant hereby authorizes Landlord to file such financing statements, continuation statements and other documents as may be necessary or desirable to perfect or continue the perfection of Landlord’s subordinate its security interest in the Collateral. In additionCollateral to the lien of purchase money lenders and any institution providing financing, if required by Landlord at any time during subject to such lenders’ agreement to remove the Collateral prior to the expiration or earlier termination of the Term, Tenant shall execute to repair any damaged caused thereby to the Demised Premises, and deliver other commercially reasonable terms and provisions. Subject to Landlordthe aforesaid subordination, in form reasonably satisfactory to Landlord, additional security agreements, financing statements, fixture filings and such other documents as Landlord may reasonably require to perfect or continue the perfection of Landlord’s security interest in the Collateral. In the event Tenant fails to execute any financing statement or other documents for the perfection or continuation of Landlord’s security interest, Tenant hereby appoints Landlord as its true and lawful attorney-in-fact to execute any such documents on its behalf, which power of attorney shall be irrevocable and is deemed to be coupled with an interest.
16.7.3 Tenant will give Landlord at least thirty (30) days’ prior written notice of any change in Tenant’s name, identity, jurisdiction of organization or corporate structure. With respect to any such change, Tenant will promptly execute and deliver such instruments, documents and notices and take such actions, as Landlord deems necessary or desirable to create, perfect and protect the security interests of Landlord in the Collateral.
16.7.4 Upon the occurrence of an Event of or Default, the Landlord shall be entitled have, in addition to exercise any other remedies provided herein or by law, all of the rights and all rights or remedies available afforded to a secured party parties under the provisions of the Uniform Commercial Code, or available as codified in Pennsylvania (hereinafter referred to a lessor under as the laws of the State, with respect to Tenant’s Personal Property and the Intangible Property“Code”), including by way of example rather than of limitation (a) the right to sell the same Tenant's said property at public or private salesale upon ten (10) days' notice to the Tenant, and (b) the right to take possession of such property without resort to judicial process in accordance with the Code. The Tenant shall, on its receipt of a written request therefore from the Landlord, execute such financing statements and other instruments as are necessary or desirable, in the Landlord's judgment, to perfect such security interest. Landlord may file on Tenant’s behalf financing statements and amendments thereto in such form as may be reasonably acceptable to Landlord to cover collateral described in this Lease and proceeds thereof.
Appears in 1 contract
LANDLORD'S SECURITY INTEREST. The parties intend that if an Event of Default occurs under this Lease, Landlord will control Tenant’s Personal Property and the Intangible Property so that Landlord or its designee or nominee can operate or re-let the Premises intact for their Primary Intended Use. Accordingly, to implement such intention, and for For the purpose of securing the payment and performance of Lessee’s obligations of Tenant hereunderunder this Lease, Landlord and Tenant agree as follows:
16.7.1 TenantLessee, as debtor, hereby grants to LandlordLessor, as secured party, a security interest in, in and an express contractual lien upon, all of TenantLessee’s right, title and interest in and to TenantLessee’s Personal Property, Property and all of Tenant’s right, title and interest in and to the Impound Account established pursuant to Section 4.4 above (collectivelyIntangible Property and any and all products and proceeds thereof, the “Collateral”)in which Lessee now owns or hereafter acquires an interest or right, including any leased Lessee’s Personal Property. This Lease constitutes a security agreement covering all such CollateralLessee’s Personal Property and the Intangible Property. The security interest granted to Landlord with respect to Tenant’s Personal Property Lessor in this subsection Section 6.3 is intended by Landlord Lessor and Tenant Lessee to be subordinate to any security interest granted in connection with the financing or leasing of all or any portion of the TenantLessee’s Personal Property or in connection with to any accounts receivable financing working capital lender of Lessee so long as (i) the lessor or financier of such TenantLessee’s Personal Property or accounts receivable agrees to give Landlord Lessor written notice of any default by Tenant Lessee under the terms of such lease or financing arrangement, to give Landlord Lessor a reasonable time following such notice to cure any such default and consents to Landlordconsent to Lessor’s written assumption of such lease or financing arrangement upon LandlordLessor’s curing of any such defaults.
16.7.2 Tenant hereby authorizes Landlord defaults thereunder or (ii) Lessor and Lessee’s working capital lender execute an intercreditor agreement reasonably acceptable to file such financing statements, continuation statements Lessor. This security agreement and other documents as may be necessary or desirable to perfect or continue the perfection of Landlord’s security interest in created herein shall survive the Collateral. In addition, termination of this Lease if required by Landlord at any time during the Term, Tenant shall execute and deliver to Landlord, in form reasonably satisfactory to Landlord, additional security agreements, financing statements, fixture filings and such other documents as Landlord may reasonably require to perfect or continue the perfection of Landlord’s security interest in the Collateral. In the event Tenant fails to execute any financing statement or other documents for the perfection or continuation of Landlord’s security interest, Tenant hereby appoints Landlord as its true and lawful attorney-in-fact to execute any such documents on its behalf, which power of attorney shall be irrevocable and is deemed to be coupled with an interest.
16.7.3 Tenant will give Landlord at least thirty (30) days’ prior written notice of any change in Tenant’s name, identity, jurisdiction of organization or corporate structure. With respect to any such change, Tenant will promptly execute and deliver such instruments, documents and notices and take such actions, as Landlord deems necessary or desirable to create, perfect and protect the security interests of Landlord in the Collateral.
16.7.4 Upon termination results from the occurrence of an Event of Default, Landlord shall be entitled to exercise any and all rights or remedies available to a secured party under otherwise the Uniform Commercial Code, or available to a lessor under the laws of the State, with respect to Tenant’s Personal Property security agreement and the Intangible Property, including security interest herein shall automatically terminate upon the right to sell the same at public expiration or private salesooner termination of this Lease.
Appears in 1 contract
Samples: Lease Agreement (With Option to Purchase) (Advocat Inc)
LANDLORD'S SECURITY INTEREST. The parties intend that if an Event As additional security for the faithful performance and observance by Tenant of Default occurs under all of the terms, provisions and conditions of this Lease, Landlord will control Tenant’s Personal Property and the Intangible Property so that Landlord or its designee or nominee can operate or re-let the Premises intact for their Primary Intended Use. Accordingly, to implement such intention, and for the purpose of securing the payment and performance obligations of Tenant hereunder, Landlord and Tenant agree as follows:
16.7.1 Tenant, as debtor, hereby grants to Landlord, as secured party, and creates on behalf of Landlord a security interest in, and an express contractual lien upon, in all of Tenant’s rightequipment, title and interest in and to Tenant’s Personal Propertyfixtures, decorations, alterations, furniture, machinery, installations, additions, and all improvements in the Premises. The security interest herein granted and any security interest of Tenant’s rightLandlord granted by statute shall be subordinate, title solely as to furniture, trade fixtures and other personalty, to any purchase money security interest given by Tenant in and to connection with the Impound Account established pursuant to Section 4.4 above (collectively, financing of the “Collateral”)purchase of the item of personalty in question. This Lease constitutes a security agreement covering all under the Pennsylvania Uniform Commercial Code. Tenant agrees from time to time to execute and deliver such Collateral. The security agreements and financing statements as Landlord shall reasonably require to evidence and/or perfect the lien of the security interest granted to herein, within five (5) days of Landlord’s request therefor. Upon the occurrence of any of the events enumerated in Section 17.1, above, Landlord with respect to Tenant’s Personal Property in this subsection is intended by Landlord may, at its option, foreclose on said security and Tenant to be subordinate to any security interest granted in connection with apply the financing or leasing proceeds of the sale of the property covered thereby for the payment of all rent owing under this Lease or any portion of the Tenant’s Personal Property or in connection with any accounts receivable financing so long as the lessor or financier of such Tenant’s Personal Property or accounts receivable agrees to give Landlord written notice of any default other sum owing by Tenant under the terms of such lease Section 17, above, including but not limited to any damages or financing arrangementdeficiencies resulting from any reletting of the Premises, to give Landlord a reasonable time following such notice to cure any such default whether said damage or deficiency accrued before or after summary proceedings or other reentry by Landlord. Tenant covenants that it shall keep and consents to Landlord’s written assumption of such lease or financing arrangement upon Landlord’s curing of any such defaults.
16.7.2 Tenant hereby authorizes Landlord to file such financing statementsmaintain all fixtures, continuation statements machinery, equipment, furnishings and other documents as may be necessary personalty at the Premises, whether or desirable to perfect or continue not the perfection property of LandlordTenant, in good, substantial and efficient operating condition (including replacement of same when necessary) at Tenant’s security interest in the Collateral. In additionsole cost and expense, if required by Landlord at any time all times during the Term, Tenant shall execute and deliver to Landlord, in form reasonably satisfactory to Landlord, additional security agreements, financing statements, fixture filings and such other documents as Landlord may reasonably require to perfect or continue the perfection Term of Landlord’s security interest in the Collateral. In the event Tenant fails to execute any financing statement or other documents for the perfection or continuation of Landlord’s security interest, Tenant hereby appoints Landlord as its true and lawful attorney-in-fact to execute any such documents on its behalf, which power of attorney shall be irrevocable and is deemed to be coupled with an interestthis Lease.
16.7.3 Tenant will give Landlord at least thirty (30) days’ prior written notice of any change in Tenant’s name, identity, jurisdiction of organization or corporate structure. With respect to any such change, Tenant will promptly execute and deliver such instruments, documents and notices and take such actions, as Landlord deems necessary or desirable to create, perfect and protect the security interests of Landlord in the Collateral.
16.7.4 Upon the occurrence of an Event of Default, Landlord shall be entitled to exercise any and all rights or remedies available to a secured party under the Uniform Commercial Code, or available to a lessor under the laws of the State, with respect to Tenant’s Personal Property and the Intangible Property, including the right to sell the same at public or private sale.
Appears in 1 contract
Samples: Office Lease (Active Network Inc)
LANDLORD'S SECURITY INTEREST. The parties intend that if an Event A. Landlord shall have, at all times, a valid security interest to secure payment of Default occurs all rentals and other sums of money becoming due under this Lease from Tenant, and to secure payment of any damages or loss Landlord may suffer by reason of breach by Tenant of any covenant, agreement or condition contained in this Lease, Landlord will control Tenant’s Personal Property and the Intangible Property so that Landlord or its designee or nominee can operate or re-let the Premises intact for their Primary Intended Use. Accordingly, to implement such intention, and for the purpose of securing the payment and performance obligations of Tenant hereunder, Landlord and Tenant agree as follows:
16.7.1 Tenant, as debtor, hereby grants to Landlord, as secured party, a security interest in, and an express contractual lien upon, upon all of Tenant’s right's furniture, title fixtures and interest equipment which may be brought upon or placed in and to Tenant’s Personal Propertythe Demised Premises, until all arrears in rent and all sums of money then due Landlord under this Agreement have been paid and discharged and all covenants, agreements and conditions or this Lease have been fully complied with and performed by Tenant’s right, title and interest in and to the Impound Account established pursuant to Section 4.4 above (collectively, the “Collateral”). This Lease constitutes a security agreement covering all such Collateral. The security interest granted to Landlord with respect to Tenant’s Personal Property in this subsection is intended by Landlord and Tenant to be subordinate to any security interest granted in connection with the financing or leasing of all or any portion of the Tenant’s Personal Property or in connection with any accounts receivable financing so long as the lessor or financier of such Tenant’s Personal Property or accounts receivable agrees to give Landlord written notice of any default by Tenant under the terms of such lease or financing arrangement, to give Landlord a reasonable time following such notice to cure any such default and consents to Landlord’s written assumption of such lease or financing arrangement upon Landlord’s curing of any such defaults.
16.7.2 Tenant hereby authorizes Landlord to file such financing statements, continuation statements and other documents as may be necessary or desirable to perfect or continue the perfection of Landlord’s security interest in the Collateral. In addition, if required by Landlord at any time during the Term, Tenant shall execute and deliver to Landlord, in form reasonably satisfactory to Landlord, additional security agreements, financing statements, fixture filings and such other documents as Landlord may reasonably require to perfect or continue the perfection of Landlord’s security interest in the Collateral. In the event Tenant fails to execute any financing statement or other documents for the perfection or continuation of Landlord’s security interest, Tenant hereby appoints Landlord as its true and lawful attorney-in-fact to execute any such documents on its behalf, which power of attorney shall be irrevocable and is deemed to be coupled with an interest.
16.7.3 Tenant will give Landlord at least thirty (30) days’ prior written notice of any change in Tenant’s name, identity, jurisdiction of organization or corporate structure. With respect to any such change, Tenant will promptly execute and deliver such instruments, documents and notices and take such actions, as Landlord deems necessary or desirable to create, perfect and protect the security interests of Landlord in the Collateral.
16.7.4 B. Upon the occurrence of an Event event of Defaultdefault by Tenant, Landlord shall be entitled may, in addition to exercise any other remedies provided in this Lease or by law, after giving reasonable notice of the intent to take possession and giving an opportunity for a hearing on the issue, enter upon the Demised Premises and take possession of any and all rights furniture, fixtures, equipment and other personal property of Tenant situated in the Demised Premises, without liability for trespass or remedies available to a secured party under the Uniform Commercial Codeconversion, or available to a lessor under the laws of the State, with respect to Tenant’s Personal Property and the Intangible Property, including the right to sell the same at public or private sale, with or without having such property at the sale, after giving Tenant reasonable notice of the time and place of any public sale or of the time after which any private sale is to be made. Landlord or its assigns may purchase any items to be sold at such sale unless prohibited from doing so by law.
C. Unless otherwise provided by law, and without intending to exclude any other manner of giving Tenant reasonable notice, the requirement of reasonable notice shall be met if such notice is given at least fifteen (15) days before the time of sale.
D. The proceeds of any disposition, less any and all expense connected with the taking of possession, holding, and selling of the property, including reasonable attorney's fees, shall be applied as a credit against the indebtedness secured by the security interest granted in this provision. Any surplus shall be paid to Tenant or as otherwise required by law and Tenant shall pay any deficiencies immediately.
E. Upon request by Landlord, which request may be made at any time during the term of this Lease, Tenant agrees to execute and deliver a financing statement in form sufficient to perfect the security interest of Landlord in the aforementioned property and proceeds under the provisions of the New Jersey Uniform Commercial Code.
F. The security interest granted above shall be in addition and supplementary to the statutory liens for rent.
G. Notwithstanding anything herein to the contrary, Tenant shall have the right to remove Tenant's goods and chattels from the Demised Premises from time to time, subject to any other provisions of this Lease with respect to such removal and provided that Tenant is not then in default of any of Tenant's obligations under this Lease.
Appears in 1 contract
LANDLORD'S SECURITY INTEREST. The parties intend that if an Event of Default occurs under this LeaseIn addition to Landlord’s statutory Landlord's lien and any lien provided by common law, Landlord will control shall have at all times a valid security interest to secure payment of all Rent and other sums of money becoming due hereunder from Tenant’s Personal Property and the Intangible Property so that Landlord or its designee or nominee can operate or re-let the Premises intact for their Primary Intended Use. Accordingly, to implement such intention, and for to secure payment of any damages or loss which Landlord may suffer by reason of the purpose breach by Tenant of securing the payment any covenant, agreement or condition contained herein, upon all goods, wares, equipment, fixtures, furniture, improvements and performance obligations other personal property of Tenant hereunderpresently, Landlord and Tenant agree as follows:
16.7.1 Tenantor which may hereafter be, as debtor, hereby grants to Landlord, as secured party, a security interest in, and an express contractual lien upon, all of Tenant’s right, title and interest in and to Tenant’s Personal Propertysituated on the Premises, and all proceeds therefrom, and such property shall not be removed without the consent of Tenant’s right, title Landlord until all arrearages in Rent as well as any and interest in and to the Impound Account established pursuant to Section 4.4 above (collectively, the “Collateral”). This Lease constitutes a security agreement covering all such Collateral. The security interest granted other sums of money then due to Landlord or to become due to Landlord hereunder shall first have been paid and discharged and all the covenants, agreements and conditions hereof have been fully complied with respect to and performed by Tenant’s Personal Property in this subsection is intended by Landlord and Tenant to be subordinate to any security interest granted in connection with the financing or leasing of all or any portion of the Tenant’s Personal Property or in connection with any accounts receivable financing so long as the lessor or financier of such Tenant’s Personal Property or accounts receivable agrees to give Landlord written notice of any default by Tenant under the terms of such lease or financing arrangement, to give Landlord a reasonable time following such notice to cure any such default and consents to Landlord’s written assumption of such lease or financing arrangement upon Landlord’s curing of any such defaults.
16.7.2 Tenant hereby authorizes Landlord to file such financing statements, continuation statements and other documents as may be necessary or desirable to perfect or continue the perfection of Landlord’s security interest in the Collateral. In addition, if required by Landlord at any time during the Term, Tenant shall execute and deliver to Landlord, in form reasonably satisfactory to Landlord, additional security agreements, financing statements, fixture filings and such other documents as Landlord may reasonably require to perfect or continue the perfection of Landlord’s security interest in the Collateral. In the event Tenant fails to execute any financing statement or other documents for the perfection or continuation of Landlord’s security interest, Tenant hereby appoints Landlord as its true and lawful attorney-in-fact to execute any such documents on its behalf, which power of attorney shall be irrevocable and is deemed to be coupled with an interest.
16.7.3 Tenant will give Landlord at least thirty (30) days’ prior written notice of any change in Tenant’s name, identity, jurisdiction of organization or corporate structure. With respect to any such change, Tenant will promptly execute and deliver such instruments, documents and notices and take such actions, as Landlord deems necessary or desirable to create, perfect and protect the security interests of Landlord in the Collateral.
16.7.4 Upon the occurrence of an Event event of Defaultdefault by Tenant, Landlord shall be entitled may, in addition to exercise any other remedies provided herein, enter upon the Premises and take possession of any and all rights goods, wares, equipment, fixtures, furniture, improvements and other personal property of Tenant situated on the Premises, without liability for trespass or remedies available to a secured party under the Uniform Commercial Codeconversion, or available to a lessor under the laws of the State, with respect to Tenant’s Personal Property and the Intangible Property, including the right to sell the same at public or private sale., with or without having such property at the sale, after giving Tenant reasonable notice of the time and place of any public sale or of the time after which any private sale is to be made, at which sale the Landlord or its assigns may purchase unless otherwise prohibited by law. Unless otherwise provided by law, and without intending to exclude any other manner of giving Tenant reasonable notice, the requirement of reasonable notice shall be met if such notice is given in the manner prescribed in this lease at least five (5) days before the time of sale. Any sale made pursuant to the provisions of this Section shall be deemed to have been a public sale conducted in a commercially reasonable manner if held in the Premises or where the property is located after the time, place and method of sale and a general description of the types of property to be sold have been advertised in a daily newspaper published in the county in which the property is located, for five
Appears in 1 contract
Samples: Retail Lease Agreement
LANDLORD'S SECURITY INTEREST. The parties intend that if an Event As additional security for the faithful performance and observance by Tenant of Default occurs under all of the terms, provisions and conditions of this Lease, Landlord will control Tenant’s Personal Property and the Intangible Property so that Landlord or its designee or nominee can operate or re-let the Premises intact for their Primary Intended Use. Accordingly, to implement such intention, and for the purpose of securing the payment and performance obligations of Tenant hereunder, Landlord and Tenant agree as follows:
16.7.1 Tenant, as debtor, hereby grants to Landlord, as secured party, and creates on behalf of Landlord a security interest in, and an express contractual lien upon, in all of Tenant’s right's equipment, title and interest in and to Tenant’s Personal Propertyfixtures, decorations, alterations, furniture, machinery, installations, additions, and all improvements in the Premises. The security interest herein granted and any security interest of Tenant’s rightLandlord granted by statute shall be subordinate, title solely as to furniture, trade fixtures and other personalty, to any purchase money security interest given by Tenant in and to connection with the Impound Account established pursuant to Section 4.4 above (collectively, financing of the “Collateral”)purchase of the item of personalty in question. This Lease constitutes a security agreement covering all under the Pennsylvania Uniform Commercial Code. Tenant agrees from time to time to execute and deliver such Collateral. The security agreements and financing statements as Landlord shall reasonably require to evidence and/or perfect the lien of the security interest granted to herein, within five (5) days of Landlord's request therefor. Upon the occurrence of any of the events enumerated in Section 17.1, above, Landlord with respect to Tenant’s Personal Property in this subsection is intended by Landlord may, at its option, foreclose on said security and Tenant to be subordinate to any security interest granted in connection with apply the financing or leasing proceeds of the sale of the property covered thereby for the payment of all rent owing under this Lease or any portion of the Tenant’s Personal Property or in connection with any accounts receivable financing so long as the lessor or financier of such Tenant’s Personal Property or accounts receivable agrees to give Landlord written notice of any default other sum owing by Tenant under the terms of such lease Section 17, above, including but not limited to any damages or financing arrangementdeficiencies resulting from any reletting of the Premises, to give Landlord a reasonable time following such notice to cure any such default whether said damage or deficiency accrued before or after summary proceedings or other reentry by Landlord. Tenant covenants that it shall keep and consents to Landlord’s written assumption of such lease or financing arrangement upon Landlord’s curing of any such defaults.
16.7.2 Tenant hereby authorizes Landlord to file such financing statementsmaintain all fixtures, continuation statements machinery, equipment, furnishings and other documents as may be necessary personalty at the Premises, whether or desirable to perfect or continue not the perfection property of Landlord’s security interest Tenant, in the Collateral. In additiongood, if required by Landlord substantial and efficient operating condition (including replacement of same when necessary) at any time Tenant's sole cost and expense, at all times during the Term, Tenant shall execute and deliver to Landlord, in form reasonably satisfactory to Landlord, additional security agreements, financing statements, fixture filings and such other documents as Landlord may reasonably require to perfect or continue the perfection term of Landlord’s security interest in the Collateral. In the event Tenant fails to execute any financing statement or other documents for the perfection or continuation of Landlord’s security interest, Tenant hereby appoints Landlord as its true and lawful attorney-in-fact to execute any such documents on its behalf, which power of attorney shall be irrevocable and is deemed to be coupled with an interestthis Lease.
16.7.3 Tenant will give Landlord at least thirty (30) days’ prior written notice of any change in Tenant’s name, identity, jurisdiction of organization or corporate structure. With respect to any such change, Tenant will promptly execute and deliver such instruments, documents and notices and take such actions, as Landlord deems necessary or desirable to create, perfect and protect the security interests of Landlord in the Collateral.
16.7.4 Upon the occurrence of an Event of Default, Landlord shall be entitled to exercise any and all rights or remedies available to a secured party under the Uniform Commercial Code, or available to a lessor under the laws of the State, with respect to Tenant’s Personal Property and the Intangible Property, including the right to sell the same at public or private sale.
Appears in 1 contract
Samples: Office Lease (Quality Systems Inc)
