Common use of SECURITY FOR RENT Clause in Contracts

SECURITY FOR RENT. 24.1 Lessor shall have a first lien paramount to all others on every right and interest of Lessee in and to this Lease, and on any furnishings, equipment, fixtures or other tangible property of any kind belonging to Lessee and located in or about the Demised Premises. Such lien is granted for the purpose of securing the payments of rents, charges, penalties, and damages herein covenanted to be paid by Lessee, and for the purpose of securing the performance of all of Lessee's obligations under this Lease. Such lien shall be in addition to all rights to Lessor given and provided by law but shall only be exercised by Lessor after the occurrence of an Event of Default which is not cured within any applicable cure period. This Lease shall constitute a security agreement under the Uniform Commercial Code granting Lessor a security interest in any furnishings, equipment, fixtures or other tangible personal property (subject to the terms of Article 11 herein) of any kind belonging to Lessee and located in or about the Demised Premises. If required by Lessor, Lessee shall execute financing statements for filing under the Uniform Commercial Code reflecting the security interest granted under this section. Notwithstanding anything to the contrary contained in this Section 24.1, in the event all or substantially all of the Demised Premises is sublet, assigned or transferred or a controlling number of the outstanding shares in Lessee is sold, assigned or otherwise transferred (other than to Xxxxxx X. Xxxxxx or a wholly owned subsidiary of Lessee or of Lessee's parent corporation Sun Healthcare Group, Inc.) with the prior written consent of Lessor in accordance with Section 18.1 of this Lease, this Lease shall at such time constitute a security agreement under the Uniform Commercial Code granting Lessor a security interest in any accounts receivable of Lessee's successor related to the Demised Premises, and at such time, Lessee's successor shall execute a security agreement and financing statements for filing under the Uniform Commercial Code reflecting a security interest in said accounts receivable.

SECURITY FOR RENT. 24.1 Lessor shall have a first lien paramount to all others on every right and interest of Lessee in and to this Lease, and on any furnishings, equipment, fixtures or other tangible property of any kind belonging to Lessee and located in or about the Demised Premises. Such lien is granted for the purpose of securing the payments of rents, charges, penalties, and damages herein covenanted to be paid by Lessee, and for the purpose of securing the performance of all of Lessee's obligations under this Lease. Such lien shall be in addition to all rights to Lessor given and provided by law but shall only be exercised by Lessor after the occurrence of an Event of Default which is not cured within any applicable cure period. This Lease shall constitute a security agreement under the Uniform Commercial Code granting Lessor a security interest in any furnishings, equipment, fixtures fixtures, or other tangible personal property (subject to the terms of Article ARTICLE 11 herein) of any kind belonging to Lessee and located in or about the Demised Premises. If required by Lessor, Lessee shall execute financing statements for filing under the Uniform Commercial Code reflecting the security interest granted under this section. Notwithstanding anything to the contrary contained in this Section 24.1, in the event all or substantially all of the Demised Premises or the Lease is sublet, assigned or transferred transferred, or a controlling number of the outstanding shares in Lessee is sold, assigned or otherwise transferred (other than to Xxxxxx X. Xxxxxx or an entity controlled by Xxxxxx X. Xxxxxx or a wholly owned subsidiary of Lessee or of Lessee's parent corporation Sun Healthcare Group, Inc.) with the prior written consent of the Lessor in accordance with Section 18.1 of this Lease, this Lease shall at such time only constitute a security agreement under the Uniform Commercial Code granting Lessor a security interest in any accounts receivable of Lessee's successor related to the Demised Premises, Premises and at such time, Lessee's successor shall execute a security agreement and financing statements for filing under the Uniform Commercial Code reflecting a security interest in said accounts receivable.

SECURITY FOR RENT. 24.1 Lessor shall have a first lien paramount to all others (except any Mortgage/Underlying Lease made by Lessor) on every right and interest of Lessee in and to this Lease, and on any furnishings, equipment, fixtures or fixtures, accounts receivable, certificates of need, licenses, provider agreements, certifications, books, records and other tangible property of any kind belonging to Lessee and used in connection with this Lease or located in or about at the Demised Premises. Such lien is granted for the purpose of securing the payments of rentsRent, charges, penalties, and damages herein covenanted to be paid by Lessee, and for the purpose of securing the performance of all of Lessee's ’s obligations under this Lease. Such lien shall be in addition to all rights to Lessor given and provided by law but shall only be exercised by Lessor after the occurrence of an Event of Default which is not cured within any applicable cure periodlaw. This Lease shall constitute a security agreement under the Uniform Commercial Code granting Lessor a security interest in any furnishings, equipment, fixtures or fixtures, accounts receivable certificates of need, licenses, provider agreements, certifications, books, records and other tangible personal property (subject to the terms of Article 11 herein) of any kind belonging to Lessee Lessee, and located in or about the Demised Premises. If required by Lessor, Lessee shall execute such other instruments and financing statements for filing under as Lessor may request to evidence or perfect said security interest. 24.2 Notwithstanding the Uniform Commercial Code reflecting the security interest granted under foregoing provisions of Section 24.1 of this section. Notwithstanding anything Lease to the contrary contained in this Section 24.1contrary, in the event all or substantially all of the Demised Premises is sublet, assigned or transferred or a controlling number of the outstanding shares in Lessee is sold, assigned or otherwise transferred (other than to Xxxxxx X. Xxxxxx or a wholly owned subsidiary of Lessee or of Lessee's parent corporation Sun Healthcare Group, Inc.) with the prior written consent of Lessor in accordance with Section 18.1 of this Lease, this Lease shall at such time constitute a security agreement under the Uniform Commercial Code granting Lessor a hereby agrees that it will subordinate its security interest in any the accounts receivable, licenses (only to the extent necessary to collect the accounts receivable and excluding all other underlying bed operating rights), and provider agreements of Lessee to lenders of Lessee which are providing working capital to Lessee in connection with Lessee's successor related ’s operation of the Facilities (“Lessee’s Accounts Receivable Financing”). Lessor’s consent and subordination to Lessee’s Accounts Receivable Financing shall be further subject to the Demised Premises, following conditions precedent: (a) there shall exist no Event of Default under this Lease nor any event or circumstance which with the passage of time or the giving of notice or both shall constitute an Event of Default hereunder; and at such time, (b) Lessee's successor ’s Accounts Receivable Financing shall be from a bona fide third party lender; and (c) Lessee’s Accounts Receivable lender shall execute a security agreement and financing statements for filing under the Uniform Commercial Code reflecting a security interest deliver to Lessor subordination documents in said accounts receivableform and substance reasonably satisfactory to Lessor.

SECURITY FOR RENT. 24.1 Lessor 22.1 Landlord shall have a first lien paramount to all others (except any Mortgage/Underlying Lease, any lien or security interest under the A/R Credit Facility, the LG Parent Credit Facility, any other financial accommodation expressly permitted under the Lease Guaranty, any other title exception, matter or disclosure appearing in the title insurance policies obtained by Lender in connection with its acquisition of the Demised Premises, and any other lien permitted under Section 30.2) on every right and interest of Lessee Tenant in and to this Lease, and, subject to the provisions of Article 17 and the provisions of the Lease Guaranty, on any furnishings, equipment, fixtures or fixtures, accounts receivable, certificates of need, licenses, provider agreements, certifications, books, records and other tangible property of any kind belonging to Lessee Tenant and used in connection with this Lease or located in or about at the Demised Premises. Such lien is granted for the purpose of securing the payments of rentsBase Rent, charges, penalties, and damages herein covenanted to be paid by LesseeTenant, and for the purpose of securing the performance of all of Lessee's Tenant’s obligations under this Lease. Such lien shall be in addition to all rights to Lessor Landlord given and provided by law but shall only be exercised by Lessor after law. Subject to the occurrence of an Event of Default which is not cured within any applicable cure period. This foregoing, this Lease shall constitute a security agreement under the Uniform Commercial Code granting Lessor Landlord a security interest in any furnishings, equipment, fixtures or fixtures, accounts receivable, certificates of need, licenses, provider agreements, certifications, books, records and other tangible personal property (subject to the terms of Article 11 herein) of any kind belonging to Lessee Tenant, and located in or about the Demised Premises. If required by Lessor, Lessee Tenant shall execute financing statements for filing under the Uniform Commercial Code reflecting the security interest granted under this section. Notwithstanding anything to the contrary contained in this Section 24.1, in the event all or substantially all of the Demised Premises is sublet, assigned or transferred or a controlling number of the outstanding shares in Lessee is sold, assigned or otherwise transferred (such other than to Xxxxxx X. Xxxxxx or a wholly owned subsidiary of Lessee or of Lessee's parent corporation Sun Healthcare Group, Inc.) with the prior written consent of Lessor in accordance with Section 18.1 of this Lease, this Lease shall at such time constitute a security agreement under the Uniform Commercial Code granting Lessor a security interest in any accounts receivable of Lessee's successor related to the Demised Premises, and at such time, Lessee's successor shall execute a security agreement instruments and financing statements for filing as Landlord may request to evidence or perfect said security interest. As a condition to Landlord’s subordination of its lien and security interests hereunder to the lien or security interests of any lender under the Uniform Commercial Code reflecting A/R Credit Facility, the LG Parent Credit Facility or any other financial accommodation permitted under the Lease Guaranty, Tenant shall cause the applicable lender to provide to Landlord a security interest subordination and intercreditor agreement in said accounts receivableform and substance reasonably acceptable to Landlord.

SECURITY FOR RENT. 24.1 Lessor shall have a first lien paramount to all others on every right and interest of Lessee in and to this Lease, and on any furnishings, equipment, fixtures or other tangible property of any kind belonging to Lessee and located in or about the Demised Premises. Such lien is granted for the purpose of securing the payments of rents, charges, penalties, and damages herein covenanted to be paid by Lessee, and for the purpose of securing the performance of all of Lessee's obligations under this Lease. Such lien shall be in addition to all rights to Lessor given and provided by law but shall only be exercised by Lessor after the occurrence of an Event of Default which is not cured within any applicable cure period. This Lease shall constitute a security agreement under the Uniform Commercial Code granting Lessor a security interest in any furnishings, equipment, fixtures or other tangible personal property (subject to the terms of Article 11 herein) of any kind belonging to Lessee and located in or about the Demised Premises. If required by Lessor, Lessee shall execute financing statements for filing under the Uniform Commercial Code reflecting the security interest granted under this section. Notwithstanding anything to the contrary contained in this Section 24.1, in the event all or substantially all of the Demised Premises is sublet, assigned or transferred or a controlling number of the outstanding shares in Lessee is sold, assigned or otherwise transferred (other than to Xxxxxx X. Xxxxxx or a wholly owned subsidiary of Lessee or of Lessee's parent corporation Sun Healthcare Group, Inc.) with the prior written consent of Lessor in accordance with Section 18.1 of this Lease, this Lease shall at such time constitute a security agreement under the Uniform Commercial Code granting Lessor a security interest in any accounts receivable of Lessee's successor related to the Demised Premises, and at such time, Lessee's successor shall execute a security agreement and financing statements for filing under the Uniform Commercial Code reflecting a security interest in said accounts receivable.. ARTICLE XXV--INDEMNIFICATION

SECURITY FOR RENT. 24.1 Lessor 23.1 Landlord shall have a first lien paramount to all others on every right and interest of Lessee Tenant in and to this Lease, and and, except for any lien in favor of a Mortgagee, on any Tenant’s furnishings, equipment, fixtures or fixtures, accounts receivable, books and records. Tenant hereby consents to Landlord filing such financing statements and other tangible property of any kind belonging documents reasonably required to Lessee and located in or about the Demised Premisesperfect such security interest. Such lien is granted for the purpose of securing the payments of rentsBase Rent, charges, penalties, and damages herein covenanted to be paid by LesseeTenant, and for the purpose of securing the performance of all of Lessee's Tenant’s obligations under this Lease. Such lien shall be in addition to all rights to Lessor Landlord given and provided by law but shall only be exercised by Lessor after the occurrence of an Event of Default which is not cured within any applicable cure periodlaw. This Lease shall constitute a security agreement under the Uniform Commercial Code granting Lessor Landlord a security interest in any furnishings, equipment, fixtures fixtures, accounts receivable, and books and records, and Tenant shall execute such other instruments and financing statements as Landlord may request to evidence or other tangible personal property (subject perfect said security interest. 23.2 Notwithstanding the foregoing provisions of Section 23.1 of this Lease to the terms of Article 11 herein) of any kind belonging to Lessee and located in or about the Demised Premises. If required by Lessorcontrary, Lessee shall execute financing statements for filing under the Uniform Commercial Code reflecting the Landlord hereby agrees that it will subordinate its security interest granted under this section. Notwithstanding anything in Tenant’s accounts receivable to the contrary contained any secured lender of Tenant that is providing working capital to Tenant in this Section 24.1, in the event all or substantially all connection with Tenant’s operation of the Demised Premises is sublet(“Tenant’s Accounts Receivable Financing”), assigned or transferred or provided that Landlord’s consent and subordination to Tenant’s Accounts Receivable Financing shall be subject to the following conditions precedent: (a) Tenant’s Accounts Receivable Financing shall be from a controlling number bona fide third party lender; and (b) Tenant’s Accounts Receivable lender shall execute and deliver to Landlord an intercreditor and subordination agreement in form and substance reasonably satisfactory to Landlord. 23.3 Tenant shall deposit with Landlord an amount equal to two (2) months of the outstanding shares in Lessee is sold, assigned or otherwise transferred Base Rent (other than to Xxxxxx X. Xxxxxx or a wholly owned subsidiary of Lessee or of Lessee's parent corporation Sun Healthcare Group, Inc.) with the prior written consent of Lessor as increased in accordance with Section 18.1 this Section, the “Security Deposit”) as security for the faithful performance and observance by Tenant of the terms, provisions and conditions of this Lease. Such Security Deposit may be made by Tenant in 48 equal installments during the initial Lease Year, with each such installment to be paid simultaneously with each of the four installments of Base Rent to be paid during each calendar month of the initial Lease Year. On the first day of the second (2nd) Lease Year, and on the first day of each Lease Year thereafter, Tenant shall deposit with Landlord the additional amount necessary to increase the Security Deposit to an amount equal to two (2) monthly payments of Base Rent for the upcoming Lease Year and any such deposit shall become part of the Security Deposit. It is agreed that upon the occurrence of an Event of Default, Landlord may use, apply or retain the whole or any part of the Security Deposit to the extent required for the payment of any Base Rent or any other sum as to which Tenant is in default or for any sums which Landlord may expend or may be required to expend by reason of Tenant’s default in respect of any of the terms, covenants and conditions of this Lease, this Lease shall at such time constitute a security agreement under including but not limited to, any damage or deficiency in the Uniform Commercial Code granting Lessor a security interest in any accounts receivable reletting of Lessee's successor related to the Demised Premises, whether such damage or deficiency accrued before or after summary proceedings or other re-entry by Landlord. In the event Landlord uses or applies the whole or any part of the Security Deposit, Tenant shall replenish the Security Deposit to its original sum (as increased in accordance with this Section) within ten (10) days after written notice from Landlord to Tenant of the sum due. Tenant shall be in default under this Lease if the amount due is not paid within the required time period. Provided that no Event of Default exists at the expiration of this Lease, and at Tenant has paid all sums to Landlord which Tenant is required to pay prior to the expiration of this Lease and there is not otherwise any term, covenant or condition which is required to be performed by Tenant as of the expiration of this Lease (including, without limitation, any alteration or repair required pursuant to Section 11.2(c)), then any portion of the Security Deposit then remaining on deposit with Landlord shall be returned to Tenant after delivery of exclusive possession of the Demised Premises to Landlord. In the event of the sale of the Demised Premises and the purchaser’s assumption of Landlord’s obligations hereunder, Landlord shall have the right to transfer the Security Deposit to the purchaser, Landlord shall thereupon be deemed to be released by Tenant from all liability for the return of such timeSecurity Deposit, Lessee's successor and Tenant agrees to look solely to the new landlord for the return of said Security Deposit. It is agreed that the provisions hereof shall execute apply to every transfer or assignment made of the Security Deposit to a new landlord. Tenant further covenants that it will not assign or encumber the monies deposited herein as security agreement and financing statements for filing under that neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance. 23.4 Tenant hereby assigns and transfers to Landlord all right, title and interest, whether now existing or hereafter arising, in and to any and all security interests granted to Tenant pursuant to any QIPP Agreement (the Uniform Commercial Code reflecting “Assigned Collateral”). Additionally, in connection with any QIPP Transaction hereafter entered into by Tenant, Tenant shall use commercially reasonable efforts to cause each QIPP Subtenant to grant to Tenant a security interest and lien on every right and interest of such QIPP Subtenant in said accounts receivableand to its sublease of such Facility, and in and to its personal property and intangible property, to secure its obligations under its sublease. Tenant shall assign to Landlord any such security interest granted by each QIPP Subtenant to secure Tenant’s obligations under this Master Lease.