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HomeMy WebLinkAbout6A(6)Isource Bunk DISCLAIMER AND WAIVER OF INTEREST (Real Estate) Document Date: March 31, 2011 LEPEEP OF SOUTH BEND, INC. ( "Customer'? has entered into a Loan and Security Agreement (the "Agreement ") dated March 31, 2011 with 1st Source Bank (`Bank"). Pursuant to the Agreement, Customer has granted to Banks lien and security interest under the Uniform Commercial Code in certain "Collateral" asset forth in Exhibit A, some or all of which Collateral may from time to time be located upon the real property described on Exhibit B (the "Premises "). 1. Bank proposes to make from time to time one or more loans or to otherwise extend credit to Customer, on the condition that Bank will have a security interest in the Collateral that has priority over and is senior to any claim now or hereafter asserted by any other party in or against the Collateral. 2. THE SOUTH BEND REDEVELOPMENT COMMISSION ("Interest Holder ") holds an hrterest in the Premises, as owner, lessor, mortgagee, other lienholder, or in some other capacity. 3. To induce Bank from time to time to make a loan or loans or otherwise extend credit to Customer, notwithstanding any claim presently or hereafter existing in Interest Holder's favor as to any property of Customer, Interest Holder hereby waives and disclaims any slid all liens, claims, demands, rights or interests which Interest Holder may now have or may hereafter acquire in, on or to the Collateral, including, without limitation, the right to levy, distrain, take possession of or sell for unpaid rent. The Collateral shall at all times be personal property, and not an accession or addition to or fixture on the Premises, regardless of the fact thatit may be installed on or in any manner attached to the Premises, and Interest Holder shall acquire no title to or interest in the Collateral byvir ue of any installation or attachment. The filing of any document as a fixture fi ling rn' similar filing shall not operate to negate any provisions of this Agreement, nor shall this Agreementbe construed in any manner to change the provision that the Collateral is to be personal property. 4. Interest Holder hereby consents to the liens and security interests on the Collateral heretofore or hereafter created in favor of Bank. 5. Bank may, at no expense to Interest Holder, enter onto the Premises at any time and inspect and /or take possession of, sever or remove the Collateral or anypart thereof acrd Bank may sell, transfer or otherwise dispose of the Collateral upon severance and /or removal free and clear of all liens, claims, demands, rights, or interests of Interest Holder. Bank may occupy the Premises for the purpose of controlling the Collateral, preparing it for sale, or any other legal purpose for a period not to exceed thirty (30) days from the time of written notice to Bank to vacate the Premises, and Bank shall pay to the owner of the Premises a reasonable suns for rent during this thirty (30) day period or any portion or extension. Bank agrees to repair any damage caused by any severance and /or removal of the Collateral to the extent reasonably necessary to restore the Premises to its condition immediately prior to such removal. 6. Interest Holder agrees not to take any action to tenninate the right ofCustomer to occupy the Premises or to have the Collateral located on the Premises Without thirty (30) days prior written notice to Bank. 7. Interest Holder hereby agrees that any claim of Interest Holder with respect to the Collateral shall be subject, junior and subordinate in all respects to any Claim now or hereafter held by Bank with respect to the Collateral to the extent of the total indebtedness of Customer to Bank, and that interest Holder will not commence any action or proceeding of any kind whatsoever to enforce any claim of Interest Holder with respect to the Collateral as long as Bank has any Claim with respect to the Collateral 8. The provisions of this agreement shall be binding on any party to whom Interest Holder assigns or transfers any interest in the Premises or claim of Interest Holder, Interest Holder agrees to notify any proposed assignee or transferee of the existence and terms of this agreement, prior to transferring any interest in the Premises or claim against the Collateral to such party. 9. This agreement shall remain in force as long as Bank has any interest in the Collateral. 10. A fax or other electronic reproduction of this Agreement with Interest Holder's signature shall be as effective and valid as if such pagebore Interest Holder's original signature. This Agreement may be executed and delivered via fax or other electronic means. INTEREST HOLDER: THE SOUTH BEND REDEVELOPMENT COMMISSION ibob@*W-Nm� President Disclaimer and Waiver of Interest -- Real Estate 1 -1 -2008 Page t of 2 EXHIBIT A Description of Bank Collateral All assets of Customer, including: All accounts (including rights to payment of money arising from the license, sale, lease or assignment of property, health- care - insurance receivables, credit card receivables and lottery winnings), contract rights, general intangibles (including paymentintangibles, software, all insurance refund and all other insurance claims and proceeds, tax refund claims, patents, patentapplications, trademarks, trademark applications, trade names, copyrights, copyrights applications, right to sue and recover for past infringement of patents, trademarks and copyrights, customer lists, goodwill, licenses and permits necessary for operation of the business of Borrower), instruments (including promissory notes), chattel paper (including tangible chattel paper and electronic chattel paper), invoices, contracts, claims, leases, agreements, books and records, policies or certificates ofinsurance, deposits, deposit accounts, documents, documents oftitle, chores in action, inventory, investmentproperty, letter -of- credit rights and letters of credit, supporting obligations, and all rights arising from the sale of accounts, paymentintangibles or promissorynotes, in thre case of each of the foregoing whether now owned or existing or hereafter acquired or arising; All equipment, machinery, motor vehicles, furniture and all other goods and personal property and interests in goods and personal property, and all fixtures, in the case of each of the foregoing, whether now owned or existing or hereafter acquired or arising; Together with all additions, accessions and accessories to, substitutions for, and replacements, products and proceeds of, all of the foregoing, including, without limitation, proceeds of insurance (collectively, the " CollateraP'), EXHIBIT B Legal Description of Real Estate The "Premises" referred to in this Disclaimer and Waiver of Interest is located in the County of St. Joseph, State of Indiana, and described as follows; 127 South Michigan Street, South Bend, Indiana 46601 Disclaimer and Waiver of Interest - Real Estate 1.1 -2008 Page 2 of 2