Common use of Security for Payment of Rent Clause in Contracts

Security for Payment of Rent. Tenant hereby pledges and assigns to Landlord all the furniture, fixtures, goods and chattels of Tenant which shall or may be brought or put on the premises as security for payment of the rent. Tenant agrees that such lien may be enforced by such legal proceedings as may be necessary at the election of Landlord, provided, however, Landlord shall not have a lien which would be superior to a lien from a lending institution, supplier or leasing company, if such lending institution, supplier or leasing company has a perfected security interest in the equipment, furniture or other tangible personal property and which security interest has its origin in a transaction whereby Tenant acquired such equipment, furniture or other tangible personal property.

Security for Payment of Rent. Tenant hereby pledges and assigns to ---------------------------- Landlord all the furniture, fixtures, goods and chattels of Tenant which shall or may be brought or put on the premises as security for payment of the rent. Tenant agrees that such lien may be enforced by such legal proceedings as may be necessary at the election of Landlord, provided, however, Landlord shall not have a lien which would be superior to a lien from a lending institution, supplier or leasing company, if such lending institution, supplier or leasing company has a perfected security interest in the equipment, furniture or other tangible personal property and which security interest has its origin in a transaction whereby Tenant acquired such equipment, furniture or other tangible personal property.