84000726 - Laserfiche WebLink

Browse

84 -~-fl t1 Q 726 ASSIGNMENT OF LEASE AS COLLATERAL To secure the payment and performance of each and every debt, liability and obligation of every type and descrip- tion which 4-M Agricultural Associates, Inc. ("Assignor"")-may now or at any time hereafter owe to Norwest Bank Omaha South; N.A. ("Assignee"), whether such debt, liability or obligation now exists or is hereafter created or incurred, and whether it is or may be direct or indirect, due or to become due, absolute or contingent, primary or secondary, liquidated or unliquidated, or joint, several or joint and several, Assignor hereby assigns, transfers and conveys all of its right, title and interest in and to a certain farm lease between it, as Lessee, and Arlene Mettenbrink, Gary R. Mettenbrink, John D. Mettenbrink, Lynn Mettenbrink, Carol A. York and 4-M Agricultural Associates, Inc. as Lessors, relating to the 1984 crop year (March 1, 1984 through February 28, 1985) and pertaining to the real estate described on Exhibit "A" annexed hereto and by this reference incorporated herein (which £arm lease is hereinafter referred to as the "Lease"). Assignor hereby represents and warrants that it has entered into the Lease, that the Lease is valid and subsisting, that the Lease covers the real estate described on Exhibit "A" annexed hereto and that the terms of the Lease are as follows: nt~ +'/tYM~,~ 1 ~~~yuiK~ Assignor covenants and agrees that, upon the occur- rence of an Event of Default (as defined in a certain February 1984 Loan Agreement between Assignor and Assignee) and, at the option of Assignee, upon the expiration of ten (10) days notice to Assignor, Assignee may enter upon the real estate covered by the Lease, take up, assume and exercise all rights of Assignor under the Lease and otherwise take possession of the real estate and equipment, inventory, farm products and crops located thereon without further notice or demand and without resort to judicial proceedings of any kind. For these purposes, Assignor hereby constitutes and appoints Assignee as its true and lawful attorneyinfact with full power of substitution to do, perform and exercise all rights of Assignor under the Lease and otherwise to do, perform and exercise all things which Assignor may have undertaken thereunder. This appointment is a power coupled with an interest and is irrevocable. IN WITNESS WHEREOF, Assignor has executed this Assign- ment this i~` day of February, 1984. ASSIGNOR: 4-M AGRICULTURAL ASSOCIATES, INC. Its ~ -~ ,j,~ u