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r . ~4 _ 006509 ASSIGNMENT OF LEASES Garst Seed Company Limited Partnership ("GarstSeed~},an{l A.'Ilericnn AgCredit Corporation ("American"), as of November 19;XSJ84',; agree as follow3: 1. Garst Seed and American have entered into aResta.'t:~/,i Letter Agreement dated May 31, 1984, as amended and clarified in,let..i ters dated November 15, November 16, November 19 and,' Novemher2.0, 1984 (which, along with any further modifications or renewals, are cOllectively referred to as the "Letter Agreement") governihgthe terms of a loan from American to Garst Seed. 2. By this Assignment of Leases ("Assignment"), Garst~t.le.d assigns to American, as security for all of Garst Seed's present or future indebtedness to American, all of Garst Seed's rights and interests under the instruments (the "Leases") described on Exhibit: A attached to and made a part or this Assignment. Garst Seed warrants to American that Exhibit A contains a true and complete listing of the existing real estate leases held by Garst Seed as lessee. ., r"-,..."'t. s~~= .:l;;n:",,,, 'c:-.ui.. ,:u""'L.l..'.....:n ::;rw.ii be autfior~zed but not obligated to ?ay any amounts due under the Leases with respecttc:l the property covered by the Leases and to wake such other expendi~ tures as American may in its sole discreticn deem necessary, proper or expedient. American Inay but shall not be obligated to advance funds for any of these purposes and :my .::iInount advanced shall be treated as advances under the Letter Agreement and shall bear inter- est as specified in the Letter Agreement. 4. Garst Seed represents that it has complied with all requirements and has maJe all payments in accordance with the terms of all of the Leases. Garst Seed is not in default, and has not received any notice of any default under any of the Leases. 5. Garst Seed shall not agree to any amendment, waiver or termination of any of the Ledses unless American shall have given prior written consent to that Clc~ion, and no amendment, waiver or termination will have any effect without American's prior written consent. 6. Upon the occurrence or any default under the Letter Agreement or any other instrument e;.:ecuted by Garst Seed in connec- tion with the Letter Agreement, American shall be' entitled to fore- close its security interest under this assignment and pursue all rights or remedies available to it. All rights and remedies of American shall be cumulative and may be exercised singly or L L L u ..J I -1