§ 16. Contractual lien.

Licensee hereby grants a contractual lien to the City upon all personal property belonging to licensee which licensee places in or upon the above described City property as a possessory pledge to secure the timely performance by licensee of all of its obligations hereunder, and, in the event of default by licensee, the City is and shall be empowered and authorized to seize and hold all the personal property belonging to licensee on the above described premises to secure such performance, to sell same at public or private sale and to apply the proceeds thereof first to pay the expenses of the sale, and to pay all amounts due the City hereunder, holding the balance remaining, if any, subject to licensee's order. A copy of this franchise shall be the only warrant required.