Common use of Mortgage; Power of Sale Clause in Contracts

Mortgage; Power of Sale. Without limiting any other remedies set forth in the Lease, in the event that a court of competent jurisdiction rules that the Lease constitutes a mortgage, deed of trust or other secured financing, then Lessor and Lessee agree that Lessee shall be deemed to have granted, pursuant to the terms of the Lease and the Lease Supplement, a Lien against the Property WITH POWER OF SALE to Xx. Xxx X. Orton, as trustee for the benefit of Lessor, and that, upon the occurrence and during the continuance of any Lease Event of Default, Lessor shall have the power and authority, to the extent provided by law, after prior notice and lapse of such time as may be required by law, to foreclose its interest (or cause such interest to be foreclosed) in all or any part of the Property in accordance with Section 51.002 of the Texas Property Code or, if applicable, any successor statute, as such statutes may be amended from time to time.