85001700 - Laserfiche WebLink

Browse

F 700 ASSIGNMENT OF LEASES (HALL COUNTY, NEBRASKA) Gacat Research Farms, Inc., a Nebraska corporation (" carst"), and American AgCredit Corporation, a Delaware corporation (" Amecican"), as of March 29, 1985, agree as follows: 1. Garst Seed Company, an Iowa corporation "for over"), and American have entered into a Loan Agreement dated . 1985, (which, along with any modifications or renewals, is referred to as the "Loan Agreement ") governing the terms of a loan from American to Borrower. Garst has guaranteed the obligations of Borrower pursuant to the Loan Agreement. 2. By this Assignment of Leases ( "Assignment ") , Garst assigns to American, as security for all of Garst's present or future indebtedness to American, all of Garst's rights and interests under the instruments (the "Leases ") described on Exhibit A attached to and made a part of this Assignment. Garst warrants to American that Exhibit A contains a true and complete listing of the existing leases held by Garst as lessee. 3. Garst agrees that American shall be authorized out not obligated to pay any amounts due under the Leases with respect to the property covered by the Leases and to make such other expenditures as American may in its sole discretion deem necessary, proper or expedient. American may but shall not De obligated to advance funds f or any of these purposes and any amount advanced shall be treated as advances under the Loan Agreement and shall oear interest as speci- fied in the Loan Agreement. 4. Garst represents that it has complied with all require- ments and has made all payments in accordance with the terms of all Of the Leases. Garst is not in default, and nas not received any notice of any default under any of the Leases. 5. Garst shall not agree to any amendment, waiver or ter- mination of any of the Leases unless American shall nave given prior written consent to that action, and no amendment, waiver or termina- tion will have any eirect witnout American's prior written consent. 6. Upon the occurrence of any default under the Loan Agreement or any other instrument executed by Garst in connection with the Loan Agreement, American shall be entitled to foreclose its security interest under this assignment and pursue all rights or remedies available to it. All cignts and remedies of American shall LJ