Laserfiche WebLink
ASSIGNMENT OF LEASE BY LESSEE <br />WHEN RECORDED RETURN TO: 1 ST SOURCE BANK <br />Commercial Loan Services <br />P. 0. Box 1602 <br />South Bend, Indiana 46634 <br />LEPEEP OF SOUTH BEND, INC. ( "Customer") has entered into a Loan and Security Agreement (the "Security Agreement") dated March 3l, 2011 <br />with 1 st Source Bank ( "Bank "). Pursuant to the Security Agreement, Customer has granted to Bank a lien and security interest under the Uniform <br />Commercial Code in certain "Collateral" as defined in the Security Agreement, This Assignment of Lease constitutes an amendment to and apart of <br />the Security Agreement, and shall be subject and governed in all respects accordingly. <br />I . Customer hereby grants and assigns to Bank all of Customer's right, title and interest, and confirms that it has granted Bank a security interest, in and <br />to the .leases described on attached Exhibit A together with all future leases relating to all or any portion of the property described therein, and all <br />schedules and amendments to the leases and together with all licenses, permits, agreements and contracts relating to the property or any portion of it <br />subject to those leases (together, the "Lease "), for the purpose of securing the payment of all monetary and non - monetary obligations of Customer <br />under the Security Agreement, <br />2. Unless and until an event of default occurs and Bank exercises its rights as described in the following paragraph, Customer may continue to have <br />and exercise all rights as lessee under the Lease. Customer shall not, without Bank's prior written consent, modify the terns or provisions of the <br />Lease. <br />3. Upon and after any default by Customer under the terms of the Security Agreement, Bank shall have (and Customer hereby irrevocably grants to <br />Bank) full power and authority, either in its own name or in the name of Customer, to take possession of the property subject to the Lease and <br />exercise any or all rights of Customer under the Lease, and to take all legal or other proceedings which' Customer could have taken but for this <br />Assignment. However, Customer shall remain liable to observe and perform all of the covenants and obligations under the Lease and Bank shall <br />not be required or liable to perform any of the obligations of Customer under the Lease. <br />4. Customer indemnifies and holds harmless the Bank, its successors and assigns from any liabilities, losses, costs and expenses (including legal <br />fees) arising from the Lessee's defenses, counter claims or offsets based on any actual failure on Customer's part to fulfill its obligations to the <br />lessor arising under the Lease or otherwise. <br />5. Customer warrants that: (a) Customer has full right, power and authority to execute this Assignment; (b) the Lease is genuine and enforceable; (c) the Lease is the <br />only lease of the subject property and is and will continue to be free from defenses and offsets; (d) except for this Assignment, the Lease has not been otherwise <br />assigned or encumbered, nor will it be, so long as this Assignmentis in effect; (e) all statements contained in the Lease are true and correct; (f) the Lease transaction <br />conforms to all applicable laws and regulations; (g) the Lease and this Assignment are effective against all persons; (h) if filing or record i ng is required or permitted by <br />law, the Lease or a Memorandumof the Lease has been so filed orrecorded as to be effective against all persons; (i) no consent or approval of any third party which <br />has not been obtained in writing and delivered to Bank is required in connection with this Assignment. <br />Executed on March 31, 2011. CUSTOMER: LEPEEP OF SOUTH BEND, INC. <br />1st Source Ba y: a �j <br />By: v <br />By: Margaret E. D n, President <br />Ryan Fenste I awr, A�Gist;ntVle President <br />Assignment of Lease — Lessee 2 -10 -2008 Pape 1 of 3 <br />