Res 1997-185 - Laserfiche WebLink

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default by Tenant, landlord may, in addition to any other remedies provided herein, enter upon the Demised Premises and take possession of any and all goods, wares, equipment, fixtures, furniture, improvements and other personal property of Tenant situated on the premises, without liability for trespass or conversion, and sell the same at public or private sale, with or without having such property at the sale, after giving Tenant reasonable notice of the time and place of any public sale or of the time after which any private sale is to be made, at which sale the landlord or Its assigns may purchase unless otherwise prohibited by law. Unless otherwise provided by law, and without Intending to exclude any other manner of giving Tenant reasonable notice, the requirement of reasonable notice shall be met if such notice Is given in the manner prescribed In this lease at least seven days before the time of sale. Any sale made pursuant to the provision of this paragraph shall be deemed to have been a public sale conducted In commercially reasonable manner if held In the above-described premises or where the property Is located after the time, place and method of sale and a general description of the types of property to be sold have been advertised In a dally newspaper published in the county in which the property Is located, for five consecutive days before the date of the sale. The proceeds from any such disposition, less any and all expenses connected with the taking of possession, holding and seillng of the property (Including reasonable attorney's fees and legal expenses), shall be applied as a credit against the Indebtedness secured by the security interest granted In this paragraph. Any surplus shall be paid to Tenant or as otherwise required by law; the Tenant shall pay any deficiencies forthwith. Upon the request by landlord, Tenant agrees to execute and deliver to landlord a financing statement In form sufficient to perfect the security interest of landlord in the aforementioned property and proceeds thereof under the provision of the Uniform Commercial Code (or corresponding. state statute or statutes) in force in the state in which the property is located, as well as any other state the laws of which landlord may at any time consider to be applicable. ARTICLE XX. HOLDING OVER 20.1 In the event Tenant remains in possession of the Demised Premises after the expiration of this lease and without the executloh of a new lease, it shall be deemed to be occupying said premises as a tenant from month to month at a rental equal to the rental (Including any percentage rental) herein provided plus fifty per cent of such amount and otherwise subject to all the conditions, provisions and obligations of this lease insofar as the same are applicable to a month to month tenancy. ARTICLE XXI. SUBORDINATION 21.1 Tenant accepts this lease subject and subordinate to any mortgage, deed of trust or other lien presently existing or hereafter placed upon the Demised Premises or the Shopping Center as a whole, and to any renewals and extensions thereof. Tenant agrees that any such mortgagee shall have the right at any time to subordinate such mortgage, deed of trust or other lien relative to the rights of the mortgagee with respect to proceeds arising from an eminent domain taking (including a voluntary conveyance by landlord) and/or arising from insurance payable by reason of damage to or destruction of the Demised Premises shall be prior and superior to any contrary provisions contained in this instrument with respect to the payment of usage thereof. landlord is hereby irrevocably vested with full power and authority to subordinate this lease to any mortgage, deed of trust, or other lien hereafter placed upon the Demised Premises or the Shopping Center as a whole, and Tenant agrees upon demand to execute such further instruments subordinating this lease as landlord may request; provided, however, that upon Tenant's written request and notice to landlord, landlord shall use good faith efforts to obtain from any such mortgagee a written agreement that the rights of Tenant shall remain in full force and effect during the term of this lease so long as Tenant shall continue to recognize and perform all of the covenants and conditions of this lease. 21.2 At any time when the holder of an outstanding mortgage, deed of trust or other lien covering landlord's interest in the Demised Premises has given Tenant written notice of its interest in this lease, Tenant may not exercise any remedies for default by landlord hereunder unless and until the holder of the indebtedness secured by such mortgage, deed of trust or other lien shall have received written iNITIAL.. /¿ fnsixnia Relmi (jrollp. I/le, ~ , ..., or - ~ I