O-2002-2556 - Laserfiche WebLink

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LEASE AND RENTAL ASSIGNMENT AND SECURITY AGREEMENT STATE OF TEXAS * * KNOW ALL MEN BY THESE PRESENTS: COUNTY OF HARRIS * That the D. E. AVIATION, INC., A TEXAS BUSINESS CORPORATION of Harris County, Texas, herein called "Assignor" (whether one or more), for a valuable consideration paid by 1 st Choice Bank, South Houston, 3100 South Shaver, South Houston, Harris County, Texas, 77587, hereinafter called "Assignee", the receipt and sufficiency of which is hereby acknowledged, and for the purpose of further securing Assignee in the payment of that certain indebtedness evidenced by that one certain promissory note in the original principal sum of $637,500.00 dated May , 2002, executed by D. E. AVIATION, INC. and payable to the order of 1 st Choice Bank, South Houston, Texas, covering improvements located on property located in the City of La Porte, Harris County, Texas, described in the Lease Agreement attached and marked as Exhibit "Lease", does hereby assign and transfer unto Assignee and grant to Assignee a security interest in all leases and rental contracts which have been and may hereafter be executed covering all or any part of said property, together with all rentals and income accruing therefrom, and particularly the following described lease or leases which constitute all the leases covering said property that are now in full force and effect, to wit: The Lease Agreement Marked as Exhibit "Lease" and attached hereto. Assignor warrants, represents and agrees that: 1. Said Lease is valid and in full force and effect according to its terms; that no change, modification or amendment thereof has been made; that no prior assignment thereof has been made and that no assignment of any of the rental and income from the above described lease has been made; and that no financing statement covering said lease or leases or the property described is on file in any public office. 2. Assignor shall not, without the prior written consent of Assignee, make or agree to change, modification or amendment in or termination of the lease covering the said property, shall not exercise any option if any be in said lease to take action to forfeit the same. 3. Assignor shall (a) perform all of the obligations and duties of Lessee under the lease covered hereby; (b) promptly inform Assignee in writing of notice received from the Lessor with respect to any obligation under the lease or of any default or claimed default by any party to the lease; and (c) keep accurate books, records and accounts with respect to the lease and make them available to the Assignee at its request for examination and inspection.