Common use of Personal Property Lien Clause in Contracts

Personal Property Lien. As material consideration for ▇▇▇▇▇▇▇▇'s entering into this Lease, Tenant hereby grants to Landlord a security interest for all amounts due from Tenant under this Lease upon all personal property of Tenant located on or about the Premises. Any such property shall not be removed (except in the ordinary course of Tenant's business) without the prior written consent of Landlord, until such time as all amounts due to Landlord under this Lese shall have been paid in full. Upon the occurrence of any Event of Default by Tenant hereunder, Landlord shall have the option, in addition to any other rights or remedies it may have, to enter the Premises and take possession of any such personal property of Tenant and to sell the same at public or private sale in accordance with applicable provisions of the California Uniform Commercial Code, at which sale Landlord or its assigns may purchase such property and apply the proceeds, less expenses of taking possession and sale, as a credit against any sums due by Tenant to Landlord hereunder. Any surplus remaining after such sale shall be paid to Tenant. Simultaneously with the execution of this Lease, or at such other time as Landlord may request, Tenant shall execute a UCC-1 Financing Statement in form suitable for filing with the California Secretary of State (or such other filing offices as Landlord may deem appropriate).