Res 1991-084 - Laserfiche WebLink

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ARTICLE XIV. LandJ.ord . s Lien 14.1 Lessee hereby grants to Lessor a valid first security interest upon all the goods, chattels, 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, 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 ( "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 thereof under the provisions of the UCC in force in the State of Texas. ARTICLE XV. Subordination 15.1. This Lease is subject 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 -16-