HomeMy WebLinkAbout6A(5)ASSIGNMENT OF LEASE BY LESSEE
WHEN RECORDED RETURN TO: 1 ST SOURCE BANK
Commercial Loan Services
P. 0. Box 1602
South Bend, Indiana 46634
LEPEEP OF SOUTH BEND, INC. ( "Customer") has entered into a Loan and Security Agreement (the "Security Agreement") dated March 3l, 2011
with 1 st Source Bank ( "Bank "). Pursuant to the Security Agreement, Customer has granted to Bank a lien and security interest under the Uniform
Commercial Code in certain "Collateral" as defined in the Security Agreement, This Assignment of Lease constitutes an amendment to and apart of
the Security Agreement, and shall be subject and governed in all respects accordingly.
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
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
schedules and amendments to the leases and together with all licenses, permits, agreements and contracts relating to the property or any portion of it
subject to those leases (together, the "Lease "), for the purpose of securing the payment of all monetary and non - monetary obligations of Customer
under the Security Agreement,
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
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
Lease.
3. Upon and after any default by Customer under the terms of the Security Agreement, Bank shall have (and Customer hereby irrevocably grants to
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
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
Assignment. However, Customer shall remain liable to observe and perform all of the covenants and obligations under the Lease and Bank shall
not be required or liable to perform any of the obligations of Customer under the Lease.
4. Customer indemnifies and holds harmless the Bank, its successors and assigns from any liabilities, losses, costs and expenses (including legal
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
lessor arising under the Lease or otherwise.
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
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
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
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
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
has not been obtained in writing and delivered to Bank is required in connection with this Assignment.
Executed on March 31, 2011. CUSTOMER: LEPEEP OF SOUTH BEND, INC.
1st Source Ba y: a �j
By: v
By: Margaret E. D n, President
Ryan Fenste I awr, A�Gist;ntVle President
Assignment of Lease — Lessee 2 -10 -2008 Pape 1 of 3
STATE OF )
)SS-.
COUNTY OF )
The foregoing Assignment was acknowledged before me this day of
LEPEEP OF SOUTH BEND, INC., an Indiana Corporation, on behalf of the Corporation.
[SEAL]
(Signature)
(Print Name)
Res. Of
My Commission Expires:
by Margaret E. Dalton, President of
Notary Public
County,
CONSENT
The undersigned lessor hereby consents to the assignment by LEPEEP OF SOUTH BEND, INC. ( "Customer") to I st Source Bank of Customer's
interest as lessee in the lease between the undersigned and Customer dated October 20, 2000.
Dated this day of
LESSOR:
THE SOUTH BEND REDEVELOPMENT COMMISSION
By:
Name:
Title:
I affirm, under the penalties for perjury, that I have taken reasonable care to redact each Social Security number in this document, unless required by law,
Jennifer Ramirez, Assistant Vice President.
This instrument prepared by Jennifer Ramirez, Assistant Vice President, on behalf of 1st Source Bank,100 N. Michigan Street, South Bend, Indiana 46601
Assignment of Lease — Lessee 2- 10.2008 Page 2 of 3
EXHIBIT A
LEASE DESCRIPTION
THIS AGREEMENT, made and entered into this 20th day of October, 2000, by and between THE SOUTH BEND REDEVELOPMENT
COMMISSION, 1200 County-City Building, South Bend, IN 46601, hereinafter referred to as "Landlord ", and LE PEEP OF SOUTH BEND, INC.,
an Indiana corporation, hereinafter referred to as "Tenant ",
LEGAL DESCRIPTION
127 South Michigan Street, South Bend, Indiana 46601
Assignment of Lease -- Lessee 2 -10 -2008 Page 3 of 3