Res 2002-184 - Laserfiche WebLink

Home Browse Search

4. In the event of any default by Borrower in the performance of any of the obligations of his note to Assignee evidencing the aforesaid loan, any renewal, substitution, or extension thereof, or any other agreement made in connection therewith, including his agreement herein, then, Assignee, at its option, may without notice using such force as may be necessary, enter said leased premises and do anyone or more of the following: a. Remove all property of Borrower therefrom that is hypothecated as collateral for its aforementioned loa b. Sell the property referred to in Paragraph 4a on said premises; c. Transfer and assign said lease and Borrower's rights therein to parties satisfactory to Assignee and Lessor, and upon Assignment, the obligations of said lease shall be binding on said transferee. In the event Assignee shall only undertake the options provided in Paragraphs 4a or 4b, it shall have no obligation other than payment of rent accruing during the period of its possession of the premises. In the event Assignee shall make transfer of said lease as provided in Paragraph 4c, Assignee will cure all defaults in said lease, and its sole other obligation shall be the payment of rent which accrued prior to the transfer of said lease. 5. None of the property required to be hypothecated as collateral for the aforesaid loan constitutes fixtures or real property. B. Lessor agrees to, and does hereby subordinate any lien it may now or hereinafter have on the property of Borrower, that is now or hereafter, security for the aforesaid loan, to Assignee's lien or liens on said property and to Assignee's rights herein. C. Lessor hereby represents and warrants that title to said leased premises is held by it in fee simple and that it has full power and authority to enter into this agreement. D. This agreement shall be binding upon and inure to the benefit of the personal representatives, successors and assigns of the parties hereto. .. (j; .. Witn",s om b""ds ""d seals thi~- day Of~CY- ~2 ' 200C), LESSEE STATE OF TEXAS COUNTY OF Berry Aviation, Inc. BEFORE ME, the undersigned, a Notary Public in and for said County and State, on this day personally appeared Harry M. Berry, III, President/Secretary known to me to be the person(s) and officer(s) whose name(s) are subscribed to the foregoing instrument and acknowledged to me that the same was the act of the said Berry Aviation, Inc., a corporation, and that they executed the same as the act of such corporation for the purposes and consideration therein expressed and in the capacity therein stated. ~: /-6G~~ A~.oW- Harry M. Be ,III, PreSident/Secretary ND SEAL OF OFFICE, THIS ,20ll2.A.D. ary Public in and for tf~ County, State of Texas My Commission Expires: JANIE RODRIGUEZ Notary Public, State of Texas My Commission Expires OCT. 26, 2005 Page 2