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Document Preview Assignment of Rents and Leases |
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Title: |
Assignment of Rents and Leases |
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Date: |
2004 |
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Price: |
$40 |
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ID: |
#426459 |
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ASSIGNMENT OF RENTS AND LEASES
THIS ASSIGNMENT OF RENTS AND LEASES (this Assignment) is made this 29th day of June 2004 between SHOPSMITH, INC., an Ohio corporation (Assignor), and THE PROVIDENT BANK (Assignee).
| A. | On even date herewith, Assignor has made and delivered its promontory note in the amount of Two Million and 00/100 Dollars ($2,000,000.00) (the Note), payable to the order of Assignee. |
| B. | This Assignment is executed and delivered as security for the payment of the Note, including all extensions and renewals thereof and for the performance by Assignor of the terms, covenants and conditions contained in the mortgage given by Assignor to Assignee, on even date herewith (the Mortgage). |
NOW THEREFORE, in consideration of and as an inducement for the making of the loan evidenced by the Note, Assignor assigns, transfers and sets over to Assignee all of the right, title and interest of Assignor in and to all existing and future leases affecting all or any part of the real property (the Property) situate in the Montgomery County, Ohio being more particularly described on Exhibit A attached to this Assignment and made a part hereof and all modifications, renewals and extensions of those leases and all guarantees, if any, of the lessees obligations under those leases (the leases and guarantees, modifications, renewals and extensions being collectively referred to as the Leases), and, further, all of the right, title and interest of Assignor in and to all rents, income and profits arising from the use and occupancy of the Property (those rents, income and profits, including but not limited to those arising from the Leases, being collectively referred to as the Rents).
THIS ASSIGNMENT is a present and irrevocable assignment and is made for the purpose of securing the Note, the Mortgage, this Assignment, and any security agreements, guaranties, or other instruments of security executed now or in the future by Assignor for the purpose of further evidencing or securing all or part of the indebtedness evidenced by the Note, and payment of all sums advanced by assignee hereunder or under any of the Loan documents, as hereinafter defined, together with interest thereon at the Interest Rate or, if applicable, the Default Rate, each as defined in the Note (collectively, the Secured obligations). The Note, the Mortgage, this Assignment, and all such additional instruments are collectively referred to as the Loan Documents.
THIS ASSIGNMENT is made on the following additional terms, covenants and conditions:
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