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<br /> <br />ASSIGNMENT <br /> <br /> <br />---------..--.-----..-.-- <br /> <br />"- <br /> <br />Garst Seed Company <br />Americo:ln i\gCredit Corporation <br />ag~ee as follows: <br /> <br />1. Garst Seed and American <br />Letter Agreement dated May 31, 1984, <br />ters dated Nover..bc::- 15, November 16, <br />1984 (which, along with any further <br />collectively referred to as the "Letter <br />terms of a loan from American to Garst <br /> <br />2. By this Assignment of Leases ( <br />assigns to American, as security for all of <br />fut~re indebtedness to American, all of Garst <br />interests under the instrunents (t.;:c "L..?ases") <br />attached to and ;;;ade a t:>a::-t of th::.s .:'ssic:nl'Jenc. <br />to Anerican that Exhibit A contains a true and complete <br />the existing real estate leases held by Garse Seed as <br /> <br />3. G.3..rs.tS~pti ,~{_;,........~~ "'1.::.: ~ 6"'_-::,,::::' ....-:.;:a -~.~.&~~: <br />no~ cbli<.;atec to ?~:tY any amount.s due uncier ::hc Leases toJith'_l'"'e-sBj~~t:. <br />the p!:c'pert~f cover0d by t:1G Leases ana to :7iZl~:C stIch othcr'exp~nd~:_~~~ <br />tu=:.?s as ;1merican i:1UY in its sole ciisc~c ~icn dC'2m necC!ssary /- P:ropc4:: <br />or ~~:':pedient. (\mcric~n may bt~t sh~ll :10t. ~e obligat:.~t.i to ,1dvance - <br />fU:1cS for anv 0: these ~ur;Joses and ..:In'./ ,J.1i1ount ilQ-"'-ilncec shall be <br />~:::-cated as ae:.'vances un(~er the ~'~ttcr A;r2e~aent and shall bear inte-~- <br />est as specified in the Letter Agreeme~t. <br /> <br />4. Garst Seed represents that it has ccmplicd with all <br />requirements and has made all payments in accordance with the terms <br />of all of the Leases. Garst Seed is not in default, and has not <br />received any notice of any default under any of the Leases. <br /> <br />5. Garst Seed shall not aaree to any amendment, waiver or <br />term~nation of any of the Leases unless ~~criC2n shall have given <br />prior wrlttcn eon~ent to that action, and no amendment, waiver or <br />termination will have any effect without American's prior written <br />consent. <br /> <br />-6. Upon the occurrence of any default under the Letter <br />Agreement or any other instrument executed by Garst Seed in connec- <br />t~on '.~i::h the Letter Agreement, AmericLln shall bc:'entitled to fore- <br />close its security interest under this <l5signment wnd pursue all <br />ricrhts or remedies available to it. All riqhts ~nd remedios of <br />1-.rnCl.:.lcan shall be cumuluti~......e and may be (?:.:crciscd sinGiy or <br /> <br />u <br /> <br />L <br /> <br />L <br /> <br />~ <br /> <br />I", <br /> <br /> <br />'" <br /> <br />L <br /> <br />~ <br />