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4.'DEI'AULT1l DER LOANUOC(IMRNTS. Ito Die event )(ally dcfsld( by Owner or Burrower of Pity U6ligaliun an Lcndcr,under any pronnismory note
<br /> or Instil ducu,uat, Louder.d,nll hnve the right hit cuter lite leased prcurises without notice to Owner or Borrower atoll Inks: Action necessary to p,utecl its
<br /> collateral i110 Hog, huh not 011111el lo, tic following: (a)remove All 1—snnnl toopetly or rennovnhle Uxtsuce of Uwner which are subject it, Lender's
<br /> securily interest; (h)inventory, advertise null sell upon the leased prernises Any personal pro�,eny and lixlures of Uwner which may he subject to
<br /> Lender's security interest; or (c)exercise Lender's rights ns holder of the Lease and arrange ur l m stbseyucnl Assnm
<br /> igent of the Lens. lit P third
<br /> party ACceptnble to Lcndcr Anti Elm assungJion of ire liabililies under the Lease by a U,inl party. In Um even( I.cndcr lnkcs the action dcsctibcd
<br /> above, Lendcr $loll bnve no obligation lit Owner other than for lite pnymcot of rent to Lcssur under the Lease During Ute little Lcndcr is ncnudly
<br /> toying the leased premises.
<br /> ER1111NA110N.This Agrcetucnl shall rennin in full force and effect moil Lender provides Owner with wrillen notice of tcnniuntiun.
<br /> ASSIGNMENT. Owner shall nut he entitled to na.cign any of its rights, remedies or Obligntions described in this Agrccnncnl without lie prior written
<br /> consent of Lender which Any be withheld by Lender in its sole discretion. Lender shall be entitled to assign some or all of its eights and restudies
<br /> dcsciibed in this Agreement without notice to or the prior consent of Uwner in any manner.
<br /> 7, NOUII'1CATIONANU WAIWAt. 'll,e nnodification or waiver of any of Owner's (Obligations or Lcuder's righls under this Agreement roust be
<br /> coulnined in a wriliug signed by I.ender. Lender cony perform ally of Owner's Obligations or ticiny or fail to exercise any of its righls without causing a
<br /> waiver of those (lbliga ons Or righls. A waiver on one ocession shall not coostilute a waiver on any ulhcr Occasion. Owner's obligations under this
<br /> Agreement shall not he affected if Lendcr amends, cosi,pnon,ises, exchanges, fails to exercise, impairs or releases oily of the oblignnons belonging to
<br /> ally Owner or guaratotor or any)f ill rights against any Owner,guarnntor or collateral.
<br /> SUCCESSORS ANIS ASSIGNS. This Agrecinew shnll he binding upon nod inure Io,Ihe benefit of Owner and Louder And their rexpective
<br /> lessors,assigns,tnotees,receiver,adnninkitators,personal represetnlivcs,legatees,sad Jevisccs.
<br /> N07ICES. Any notice or other cannnun,icsliun to he provided under this Agreemenl shell he in writing and sent to We pasties At tine addresses
<br /> "Mcnibed in this Agneentenl or such Other address aA Ute parlies may designate in writing(Yum lime to time by notice heremnder.
<br /> 10. SCVERADILITY.Ifany provision oflbis Agreement violates the taw or is unenfurceahle, the rest ofd,e Agteemen( shall rentnin valid.
<br /> 11. Al'I'LICAIIIA'A AW.This Agreenet shell be governed by lite laws of Ute state of the location of Ute premises. Owner consents to the jurisdiction
<br /> slid venue of any court located in such stale in the event of any legal proceeding under dais Agreement.
<br /> 11. MISCELLANEOUS. Allreferences In Owner in this Agreenenl shall include all persons signing above. lflhere is more Unan one owner, dicir
<br /> obllgslions shall be joint and several. Oliver waives any right to n jury trial Owner wily have under applicable low. Tlnis Agreement and any
<br /> related docunnents represent the complete and integrated understanding between Owner slid Lender peninining to the teens and conditions of those
<br /> _ ducuma,ts. This Agrecinenl supersedes and replaces all prior oral conversations and negotiations of the parlies slid cony not be emeuled, excepl in
<br /> writing executed by all parties..This Agrcetnenl bits Leen executed in several counlegmrls,any one of which Any be deened an Original.
<br /> 13. ADDITIONAL'1'ERAIS:
<br /> ic of Arkansas
<br /> onlyof-------.._.--------- ----
<br /> Un this[lie—_.day of —. ,before site, the undersigned
<br /> :eq personally sppeAred
<br /> wn to tine (tor satisfactorily proven) In be the person(s) whose name(s) snbsctibed to the within
<br /> untent slid scknuwledged Ibat _—.—lie __ executed the manic for die pugoses therein contnined.
<br /> tress whereof 1 hcneunto act illy lend slid official seat.
<br /> (W
<br /> Title of Officer
<br /> or Arkansas
<br /> Illy of independence
<br /> 1n this the_fr��._Jay of October, 2001 _ before lite, _ 1.Gtt.e>C.1r—� die undersigned
<br /> ger,permnally n(,f eared Lisa Palmer, Randy Palmer, Jeff D vis fi4o I�now �i� hima.lf 1)b. the members )f
<br /> c)ck}touse SOBA, L.L.C. limited liabilit Ney members
<br /> a Yand dialM ,is such .— _,being authorized
<br /> company limited__liabilit
<br /> n tit),executed the f Oeguing iustrumenl for Use purposes Ihercin Cull rte tr by signing the name or the --_—_ -.--_ 7rAF;rYR7(- as
<br /> nembers company
<br /> i witnessIpM111N11Y)no set lily hand slid official sent. --
<br /> ```, N.c�i,�.,,tet
<br /> (tl�iav#ncs�xrs: Notary Public --^ -- –
<br /> • Tideofollicer
<br /> N61- A•
<br /> ' pUBLIG i .` ACC14l''1'ANCIs Ulr f,lsSSUR
<br /> '4�•• •�`� th da of October, 2001
<br /> Ilits -4�;G•teCYlc ala _.. -....�__.....—._..__..___._�...-- ,by the underaigned its I_Mor cutler(tic Lease described heoin.
<br /> COIJ�1\
<br /> I. Le.csul�((jlfzll�lgN�unsenls to lite assignment to Leuder of Owner's intetesl as te,nnl under Use Lease And reptesents that the Lease Is currently
<br /> valid and a lo,c do seconding to,its lens and Ibe( Owner is run presa,lly in default under Vie Lease. Lessor timber apresads tial it is the owner of
<br /> he leased premises nod hila full I w•er a I authutily to enter into this Agreenet. Lessor agrees to allow Lender In occupy lie prentises and
<br /> vusenls it,a new Icuani chosen by Lender if reasonably acceptable lit I.essor.
<br /> .. Lcssur Agrees ,hat dui iug the Icon of tlue nssignnsent of Ibe Lens. by Owner 1) Lendcr no nwdilientions ur tentoinaion of the Lease will be
<br /> nuler,aken withutn tiro obtaining the written ccroseut of Lcndcr.
<br /> t the even, of Owner's wawt under Ibe Lease, Lester Agrees Ito uutify Lender ur such default in writing at festal sixty(60)Jays ptiur to laking Acliool
<br /> niva(e the Lease or enforce Ally of 1-033ar's tights under tie Lease. During this sixty-Jay period, Lendcr shell have (ie option 1)cure the default
<br /> e such unite,-lion ns tinny be necessary to prolecl Lender's security interest in the Lease and Ally peramnAl prnpeny and frxtones of(Avner which
<br /> !"ectuc any obligation of Owner to Lendcr.
<br /> t, Lessor Agrees In snbuulinnte ally lien it Any have or subsequently acquire upon any personnl properly or fixtures of Uwner which may be subject to
<br /> o)'comity interest of Lander until much lime As Ihix assignmed is Icro a atcd.
<br /> •. Lessor acknowledges tont it hms and will beuelil nes n result of the linancinl accumnnodalious extended to Owner by Lender most[ that Lendcr will rely
<br /> m Il,e acceptance.
<br /> f•,CSOR: City of Batesville LESSOR:
<br /> Jo M. Biard, Mayor --� ------ --—- –
<br />
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