Common use of Tenant Property Clause in Contracts

Tenant Property. Tenant shall obtain and install all items of furniture, fixtures, supplies and equipment not included as Landlord Personal Property as shall be necessary or reasonably appropriate to operate the Facility in compliance with this Lease (“Tenant Personal Property”, which collectively with the “Tenant Intangible Property” shall be referred to herein as “Tenant Property”.) As used herein, “Tenant Intangible Property” means all the following at any time owned by Tenant 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 Tenant’s use of any portion of the Premises, including licensed Medicaid beds (if applicable). Except as may be allowed under common law, Landlord shall have no lien or security interest in or to the Tenant Property, and any such common law lien or security interest of Landlord shall be automatically subordinate to the lien and security interest of any third party lender providing to Tenant a working capital line of credit for financing the Tenant Property (a “Tenant Financing”), whether such Tenant Financing exists as of the Commencement Date or future Tenant Financing, and no further instrument of subordination shall be required. Notwithstanding and in addition to the foregoing, with respect to a Tenant Financing, Landlord and Prime Landlord agree, at Tenant’s request, to execute such instruments as are reasonably requested by Tenant or Tenant’s lender providing the Tenant Financing to evidence Landlord’s and/or Prime Landlord’s waiver of any statutory landlord’s lien or similar lien, or other security interest on the Tenant Property.

Tenant Property. Tenant shall obtain and install all items of furniture, fixtures, supplies and equipment not included as Landlord Personal Property as shall be necessary or reasonably appropriate to operate the Facility Facilities in compliance with this Lease (“Tenant Personal Property”, which collectively with the “Tenant Intangible Property” shall be referred to herein as “Tenant Property”.) As used herein, “Tenant Intangible Property” means all the following at any time owned by Tenant 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 Tenant’s use of any portion of the Premises, including licensed Medicaid beds (if applicable). Except as may be allowed under common law, Landlord shall have no lien or security interest in or to the Tenant Intangible Property, and any such common law lien or security interest of Landlord shall be automatically subordinate to the lien and security interest of any third party lender providing to Tenant a working capital line of credit for financing the Tenant Property (a “Tenant Financing”)credit, whether such Tenant Financing working capital line of credit exists as of the Commencement Date or future Tenant Financingworking capital lines of credit, and no further instrument of subordination shall be required. Notwithstanding and in addition to the foregoing, with respect to a Tenant Financing, Landlord and Prime Landlord agree, at Tenant’s request, to execute such instruments as are reasonably requested by Tenant or Tenant’s lender providing the Tenant Financing to evidence Landlord’s and/or Prime Landlord’s waiver of any statutory landlord’s lien or similar lien, or other security interest on the Tenant Property.HNZW/