Laserfiche WebLink
Lessee. Any failure by the Lessor to enforce a remedy upon an event of default shall not be deemed <br />to constitute a waiver of the default or of the Lessor's right to insist on strict compliance with this <br />Lease. <br />15.05. If it becomes necessary for the Lessor or Airport Manager to employ an attorney to enforce or <br />defend any of the Lessor's or Airport Manager's rights or remedies because of any breach or default <br />by the Lessee under this Lease, the Lessee agrees to pay all reasonable attorney's fees incurred by <br />the Lessor or Airport Manager, within thirty (30) days of the Lessor's issuance of a statement for <br />the fees to the Lessee. <br />ARTICLE 16: LESSOR'S LIEN <br />16.01. The Lessee grants to the Lessor a valid first security interest upon all of the Lessee's goods, chattels, <br />furniture, trade fixtures, inventory and other property upon the Leased Premises to secure all rents <br />and other sums due or to become due to the Lessor. The Lessee expressly waives all exemption <br />laws in favor of this security interest; and it is agreed that this express security interest shall be in <br />addition to, and not as a waiver of or substitute for any statutory or other liens of the Lessor. In <br />connection with this security interest, it is agreed that in the event of a breach or default by the <br />Lessee, the Lessor may exercise all rights and remedies provided to a secured party after default <br />under the Uniform Commercial Code ("UCC"), as adopted and amended in Texas, with respect to <br />all such property, including, without limitation, the right to take and retain possession of the <br />property and to sell it at public or private sale, or to use it in any other manner authorized or <br />provided in the UCC. Upon request by the Lessor, the Lessee agrees to execute and deliver UCC <br />Financing Statements to the Lessor from time to time as the Lessor deems necessary to perfect the <br />Lessor's security interest in the property, and proceeds thereof under the provisions of the UCC. <br />ARTICLE 17: LESSEE'S MORTGAGE OF LEASEHOLD INTEREST <br />17.01. The Lessor grants permission to the Lessee for the mortgaging of the Lessee's leasehold interest in <br />the Leased Premises for the sole purpose of obtaining funding for pennanent improvements to the <br />Leased Premises. The Lessee will provide written notification to the Lessor of each such mortgage <br />within ten (10) days after it is executed. The Lessor agrees that any lien in its favor arising under <br />this Lease as to the Leased Premises will be subordinate to the lien of the mortgagee under each <br />such mortgage. This clause is self -operative and no further instrument of subordination need be <br />required by any mortgagee of the Lessee. The mortgaging by the Lessee of its leasehold interest <br />for any other purpose, however, shall require the advance written approval of the Lessor. In no <br />event, however, shall any lien be asserted against the underlying fee simple interest of Lessor <br />in the Leased Premises. <br />Page 18 of 21 <br />