84000729 - Laserfiche WebLink

Browse

ASSIGNMENT OF LEASE AS COLLATERAL ~~ .---f}(}fl r 29 To secure the payment and performance of each and every debt, liability and obligation of every type and description which 2dettenbrink Farms, Inc. ("Assignor") may now or at any time hereafter owe to Norwest Sank 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 Albert Shipman as Lessor, 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 farm 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: ~U I ~ • ~ ac~.e_ ~ ~ [mot rJ 'G'~.L,1 ~~~.b-}-} Tz> 2; ,.E ~l~'to i~ Pasignor covenants and agrees that, upon the occur- rence of an Event of [;efault (as defined ir. a certain February J; , 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 attorney-in-fact with full power of sub- stitution to do, perform and exercise all rights of Assignor under the Lease and otherwise to do, perform and exercise all things which Assiynor may have undertaken thereunder. This appointment is a power coupled with an interest and is irre- vocahle IRT 4dITNESS FVHEREOF, Assignor has executed this Assign- ment this _( j_ day of February, 1984. ASSIGNOR: hIETTEN&RINK FARMS, INC. I t sty o~ u