Common use of Sublessee Property Clause in Contracts

Sublessee Property. At Sublessee’s sole discretion, Sublessee shall obtain and install all items of furniture, fixtures, supplies and equipment not included as Sublessor Personal Property as shall be necessary or reasonably appropriate to operate the Facility in compliance with this Sublease (“Sublessee Personal Property”, which collectively with the “Sublessee Intangible Property” shall be referred to herein as “Sublessee Property”), and all Sublessee Property shall remain Sublessee’s sole property at all times, including upon termination of this Sublease. As used herein, “Sublessee Intangible Property” means all the following at any time owned by Sublessee 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 Sublessee’s use of any portion of the Premises, including licensed Medicaid beds (if applicable). Subject to Sublessee’s working capital lender’s liens and the intercreditor agreement required by such working capital lender with respect thereto, Sublessor shall have a security interest in and to the Sublessee Property, which security interest Sublessor shall have the right to assign to a Facility Mortgagee in Sublessor’s sole discretion. Sublessor will agree to subordinate its lien and security interest with respect to Sublessee’s accounts receivable to any third party lender providing to Sublessee 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, on commercially reasonable terms reasonably acceptable to Sublessor. The terms and conditions of any working capital line of credit obtained by Sublessee after the Execution Date must be approved by Sublessor and Facility Mortgagee, which approval shall not be unreasonably withheld, conditioned or delayed so long as the line of credit terms and conditions are customary for loans in the senior living industry and are commercially reasonable.

Sublessee Property. At Sublessee’s sole discretion, Sublessee shall obtain and install all items of furniture, fixtures, supplies and equipment not included as Sublessor Personal Property as shall be necessary or reasonably appropriate to operate the Facility in compliance with this Sublease (“Sublessee Personal Property”, which collectively with the “Sublessee Intangible Property” shall be referred to herein as “Sublessee Property”), and all Sublessee Property shall remain Sublessee’s sole property at all times, including upon termination of this Sublease. As used herein, “Sublessee Intangible Property” means all the following at any time owned by Sublessee 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 Sublessee’s use of any portion of the Premises, including SUBLEASE AGREEMENT GREENFIELD (Hearth & Care) (Rolf 11-30-18) FINAL CLEAN.docx licensed Medicaid beds (if applicable). Subject to Sublessee’s working capital lender’s liens and the intercreditor agreement required by such working capital lender with respect thereto, Sublessor shall have a security interest in and to the Sublessee Property, which security interest Sublessor shall have the right to assign to a Facility Mortgagee in Sublessor’s sole discretion. Sublessor will agree to subordinate its lien and security interest with respect to Sublessee’s accounts receivable to any third party lender providing to Sublessee 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, on commercially reasonable terms reasonably acceptable to Sublessor. The terms and conditions of any working capital line of credit obtained by Sublessee after the Execution Date must be approved by Sublessor and Facility Mortgagee, which approval shall not be unreasonably withheld, conditioned or delayed so long as the line of credit terms and conditions are customary for loans in the senior living industry and are commercially reasonable.