Common use of Lessee Property Clause in Contracts

Lessee Property. Lessee shall obtain and install all items of furniture, fixtures, supplies and equipment not included as Lessor Personal Property as shall be necessary or reasonably appropriate to operate the Facility in compliance with this Lease (“Lessee Personal Property”, which collectively with the “Lessee Intangible Property” shall be referred to herein as “Lessee Property”.) As used herein, “Lessee Intangible Property” means all the following at any time owned by Lessee in connection with its use of any portion of the Premises: Medicare, Medicaid and other accounts and proceeds thereof; rents, profits, income or revenue derived from such operation or use; all documents, chattel paper, instruments, contract rights (including contracts with residents, employees and third-party payors), deposit accounts, general intangibles and chooses in action; refunds of any Taxes or Other Charges for periods of time during the Term; and licenses and permits necessary or desirable for Lessee’s use of any portion of the Premises, including licensed Medicaid beds (if applicable). Except as may be allowed under common law, Lessor shall have no lien or security interest in or to the Lessee Intangible Property, and any such common law lien or security interest of Lessor shall be subordinate to the lien and security interest of any third party lender providing to Lessee a working capital line of credit, whether such working capital line of credit exists as of the Commencement Date or future working capital lines of credit, and no further instrument of subordination shall be required. Notwithstanding the foregoing, Lessor does hereby subordinate any and all lien rights which Lessor may now have or hereinafter acquire (whether provided under this Lease, applicable statutes, common law, or otherwise) in all furniture, fixtures, equipment, chattels, inventory, and other personal property of Lessee which may be located in the Premises (including, without limitation, all accounts receivable of Lessee), to all lien rights, and security interests which may be held by any seller, lessor, or lending institution which (i) provides financing to Lessee secured by any of such items, or (ii) provides such items or the funds to purchase or lease the same. This subordination provision is hereby declared by Lessor and Lessee to be self-operative and no further instrument shall be required to effect such subordination of Lessor's lien rights; provided, however, that Lessor shall promptly execute any and all documentation which may be reasonably requested to confirm the subordination of Lessor's lien rights in relation to said items.

Lessee Property. Lessee shall obtain and install all items of furniture, fixtures, supplies and equipment not included as Lessor Personal Property as shall be necessary or reasonably appropriate to operate the Facility in compliance with this Lease (“Lessee Personal Property”, which collectively with the “Lessee Intangible Property” shall be referred to herein as “Lessee Property”.) As used herein, “Lessee Intangible Property” means all the following at any time owned by Lessee in connection with its use of any portion of the Premises: Medicare, Medicaid and other accounts and proceeds thereof; rents, profits, income or revenue derived from such operation or use; all documents, chattel paper, instruments, contract rights (including contracts with residents, employees and third-party payors), deposit accounts, general intangibles and chooses in action; refunds of any Taxes or Other Charges for periods of time during the Term; and licenses and permits necessary or desirable for Lessee’s use of any portion of the Premises, including licensed Medicaid beds (if applicable). Except as may be allowed under common law, Lessor shall have no lien or a security interest in or and to the Lessee Intangible Property, and any such common law lien or which security interest of Lessor shall be have the right to assign to a Facility Mortgagee in Lessor’s sole discretion. Lessor will agree to subordinate to the its lien and security interest of with respect to Lessee’s accounts receivable to any third party lender providing to Lessee a working capital line of credit, whether such working capital line of credit exists as of the Commencement Date or future working capital lines of credit, and no further instrument of subordination on commercially reasonable terms reasonably acceptable to Lessor. If required by Facility Mortgagee, Lessee will cause its working capital lender to enter into a mutually agreeable intercreditor agreement. In such an event, Lessee shall be required. Notwithstanding the foregoing, Lessor does hereby subordinate any and all lien rights which Lessor may now have or hereinafter acquire (whether provided under this Lease, applicable statutes, common law, or otherwise) in all furniture, fixtures, equipment, chattels, inventory, and other personal property of Lessee which may be located in the Premises (including, without limitation, all accounts receivable of Lessee), to all lien rights, and security interests which may be held by any seller, lessor, or lending institution which (i) provides financing to Lessee secured by any of such items, or (ii) provides such items or the funds to purchase or lease the same. This subordination provision is hereby declared by Lessor and Lessee to be self-operative and no further instrument shall be required to effect such subordination of Lessor's lien rights; provided, however, that Lessor shall promptly execute any and all documentation which enter into deposit account control agreements as may be reasonably requested required by Lessor, subject to confirm the subordination of Lessor's lien rights in relation any intercreditor requirements agreed to said itemsby Facility Mortgagee and Lessee’s working capital lender.