Res 1992-092 - Laserfiche WebLink

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property which Lessee may have or own upon the Leased Premises at any time or times during the term of this Lease except for aircraft and artifacts, to secure all rents and other sums due or to become due Lessor hereunder, any and all exemption laws being hereby expressly waived in favor of such security interest; and it is agreed that such express 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 thereto. In connection with the security interest herein granted Lessor, it is agreed that in the event of default by Lessee hereunder, 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 (IIUCC") with respect to any and all such property, including, without limitation, the right to take and retain possession of any or all such 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 thereof under the provisions of the UCC in force in the State of Texas. ARTICLE XV. Subordination 15.1. This Lease is subject to and subordinate to any mortgage, deed of trust or other lien which may now or hereafter encumber the Leased Premises and to all renewals, modifications, consolidations, replacements and extensions thereof. 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 hereby constitutes and appoints Lessor the Lessee's attorney-in-fact to execute any such certificate or, instrument for and on behalf of Lessee. In the event of the enforcement by the trus tee or the beneficiary under any mortgage or deed of trust of the remedies provided for by law or by a mortgage or deed 0 f 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. AR"l"ICLE XVI. Operation of the Airport 16.1. Les sor reserves the right to operate the Airport in accordance with, and this Lease is subordinate to, the Lessor's obligations to the Federal or State Government 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 hereto, then this Lease shall terminate and the parties hereto shall have no further obligations hereunder. 16.2. It is specifically understood and agreed that nothing contained herein 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, his agents and employees, will not discriminate in any manner prohibited by Federal Aviation Regulations. Lessee further agrees to comply with such enforcement procedures as might be required by the United States of America. 16.3. Lessor reserves the right to take any action it considers necessary to protect the aerial approaches of the Airport against obstructions; and to limit the Lessee from erecting or permitting to be erected any building or structure on the Airport and on the demised premises that would limit the -9-