Res 1999-109 - Laserfiche WebLink

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VOL .213 PAGE 485 secure all rents and other sums due or to become due to the Lessor. The Lessee expressly waives all exemption laws in favor of this security interest; and it is agreed that this express security interest shall be in addition to, and not as a waiver of or substitute for any statutory or other liens of the Lessor. In connection with this security interest, it is agreed that in the event of a breach or default by the Lessee, the Lessor shall be entitled to exercise all rights and remedies provided to a secured party after default under the Uniform Commercial Code ("UCC"), as adopted and amended in Texas, with respect to all such property, including, without limitation, the right to take and retain possession of the property and to sell it at public or private sale, or to use it in any other manner authorized or provided in the UCC. Upon request by the Lessor, the Lessee agrees to execute and deliver UCC Financing Statements to the Lessor as the Lessor deems necessary to perfect the Lessor's security interest in the property, and proceeds thereof under the provisions of the UCC. Article 13. Lessee's Mortgage of Leasehold Interest 13.01. The Lessor grants permission to the Lessee for the mortgaging of the Lessee's leasehold interest in the Leased Premises for the sole purpose of obtaining funding for permanent improvements to the Leased Premises. The Lessee will provide written notification to the Lessor of each such mortgage within ten days after it is executed. The Lessor agrees that any lien in its favor arising under this Lease as to any such improvements will be subordinate to the lien of the mortgagee under each such mortgage. This clause is self operative and no further instrument of subordination need be required by any mortgagee of the Lessee. The mortgaging by the Lessee of its leasehold interest for any other purpose, however, shall require the advance written approval of the Lessor. Article 14. Operation of the Airport; Lessor's Access to Leased Premises 14.01. The Lessor reserves the right to operate the Airport in accordance with, and this Lease is subordinate to, the Lessor's obligations to the Federal and State governments under any of the agreements for which aid for development of the Airport was or will be granted. If these obligations unreasonably restrict the Lessee's use of the Leased Premises, then the Lessee may terminate this Lease, and the parties will have no further obligations. 14.02. It is specifically understood and agreed that this Lease does not grant or authorize an exclusive right for conducting any aeronautical activity which is unlawfully discriminatory. The Lessee specifically agrees not to discriminate in its use of the Leased Premises in any manner prohibited by Federal Aviation Administration Regulations. The Lessee further agrees to comply with any nondiscrimination enforcement procedures required by the Federal government. COSM Form 1/99 10