Res 1997-107 - Laserfiche WebLink

Home Browse Search

7bfl ARTICLE 14. Landlord's Lien 14.1 Lessee grants to Lessor a valid first security interest upon all the goods, chattel, furniture, trade fIXtures and property which Lessee may have or own upon the Leased Premises at any time or times during the term of this Lease, as well as upon the proceeds of any insurance accruing to Lessee by reason of any destruction of or damage to any such property, to secure all rents and other sums due or to become due Lessor, and all exception laws being expressly waived in favor of such security interest shall not be construed as a waiver of any statutory or other liens given or which may be given to Lessor but shall be in addition. In connection with the security interest granted Lessor, it is agreed that in the event of default by Lessee, Lessor shall have and be entitled to exercise all right and remedies provided or granted to a secured party after default under the Uniform Commercial Code ("UCC") with respect to any and all such property, including, without limitation, the right to take and retain possession of any or all property and to sell or otherwise utilize same at public or private sale or in any other manner authorized or provided in the UCC. Upon request by Lessor, Lessee agrees to execute and deliver to Lessor from time to time UCC Financing Statements as Lessor may deem necessary to perfect the security interest of Lessor in the aforementioned property and proceeds under the provisions of the UCC in force in the State of Texas. ARTICLE 15. Subordination 15.1 This lease is subject and subordinate to any mortgage, deed of trust or other lien which may encumber the Leased Premises and to all renewals, modifications, consolidations, replacements and extensions. This clause shall be self operative and no further instrument of subordination need be required by any mortgagee. In confirmation of such subordination, however, Lessee shall, at Lessor's request, execute promptly any appropriate certificate or instrument that Lessor may request. Lessee constitutes and appoints Lessor as Lessee's attomey-in-fact to execute any certificate or instrument for an behalf of Lessee. In the event of the enforcement by the trustee or the beneficiary under any mortgage or deed of trust of the remedies provided for by law or by a mortgage or deed of trust, Lessee will, upon request of any person or parties succeeding to the interest of Lessor as a result of the enforcement, automatically become the Lessee of the successor-in-interest without change in the items or other provisions of this Lease. ARTICLE 16. Operation of the Airport 16.1 Lessor reserves the right to operator the Airport in accordance with the obligations to the Federal or State govemment under any of the agreements for which aid for development was granted; however, if operation restricts the operation of Lessee on the demised premises, appropriate rental reductions shall be negotiated. In the event that appropriate rental reductions cannot be negotiated between the parties, then this Lease shall terminate and the parties shall have no further obligations. 16.2 It is specifically understood and agreed that nothing contained shall be construed as a granting or authorizing the granting of an exclusive right for exercising an aeronautical activity which is discriminatory, and Lessee specifically agrees to operate a non-discriminatory operation. Lessee, its officers, agents and employees, will not discriminate in any manner 9