Common use of UCC Security Interest Clause in Contracts

UCC Security Interest. This Lease shall also constitute a security agreement under the Uniform Commercial Code of the District, State or Commonwealth in which the Demised Premises are located. Upon the occurrence of an event of default by Tenant under this Lease, Landlord shall have the option, in addition to any other remedies provided herein or by law or at equity, to enter the Demised Premises with or without the permission of Tenant and take possession of any and all of Tenant's Property situated in or related to the Demised Premises, without liability for trespass or conversion, and to enforce the lien and security interest hereby granted in any manner provided by law. Upon Landlord's request, Tenant will execute and deliver to Landlord UCC Financing Statements to evidence the above-described lien in favor of Landlord. Landlord shall be permitted from time to time to file such statements in the appropriate City, County, District, State and/or Commonwealth offices to perfect such lien. All expenses incurred by Landlord, including attorneys' fees, to prepare and file such statements (and any extensions, renewals, assignments, transfers, releases and terminations relating thereto) shall be immediately reimbursed by Tenant upon demand. If Tenant fails to deliver such UCC Financing Statements within ten (10) working days after Landlord's request, Tenant by such failure irrevocably constitutes and appoints Landlord as its special attorney-in-fact to execute and record the statements (and any extensions, renewals, assignments, transfers, releases and terminations relating thereto), the foregoing power of attorney being coupled with an interest.

UCC Security Interest. This Lease shall also constitute a security agreement under the Uniform Commercial Code of the District, State or Commonwealth in which the Demised Premises are located. Upon the occurrence of an event of default by Tenant under this Lease, . Landlord shall have the option, in addition to any other remedies provided herein or by law or at equity, to enter the Demised Premises with or without the permission of Tenant and take possession of any and all of Tenant's ’s Property situated in or related to the Demised Premises, without liability for trespass or conversion, and to enforce the lien and security interest hereby granted in any manner provided by law. Upon Landlord's ’s request, Tenant will execute and deliver to Landlord UCC Financing Statements to evidence the above-described lien in favor of Landlord. Landlord shall be permitted from time to time to file such statements in the appropriate City, County, District, State and/or Commonwealth offices to perfect such lien. All expenses incurred by Landlord, including attorneys' ’ fees, to prepare and file such statements (and any extensions, renewals, assignments, transfers, releases and terminations relating thereto) shall be immediately reimbursed by Tenant upon demand. If Tenant fails to deliver such UCC Financing Statements within ten (10) working days after Landlord's ’s request, . Tenant by such failure irrevocably constitutes and appoints Landlord as its special attorney-in-fact to execute and record the statements (and any extensions, renewals, assignments, transfers, releases and terminations relating thereto), the foregoing power of attorney being coupled with an interest.