COMMERCIAL SECURITY AGREEMENTSecurity Agreement • October 2nd, 2017 • Arts Way Manufacturing Co Inc • Farm machinery & equipment
References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item. Any item above containing "'" has been omitted due to text length limitations.
ASSIGNMENT OF RENTSAssignment of Rents • October 2nd, 2017 • Arts Way Manufacturing Co Inc • Farm machinery & equipment • Iowa
The names of all Grantors (sometimes "Grantor") can be found on page 1 of this Assignment. The names of all Grantees (sometimes "Lender") can be found on page 1 of this Assignment. The property address can be found on page 2 of this Assignment. The legal description can be found on page 1 of this Assignment.
ASSIGNMENT OF RENTSAssignment of Rents • October 2nd, 2017 • Arts Way Manufacturing Co Inc • Farm machinery & equipment • Iowa
THIS ASSIGNMENT OF RENTS dated September 28, 2017, is made and executed between Ohio Metal Working Products/Art's-Way Inc., an Ohio Corporation, whose address is 3620 Progress St. NE, Canton, OH 44705-4437 (referred to below as "Grantor") and Bank Midwest, whose address is PO Box 136, 500 6th Street, Armstrong, IA 50514 (referred to below as "Lender").
COMMERCIAL GUARANTYCommercial Guaranty • October 2nd, 2017 • Arts Way Manufacturing Co Inc • Farm machinery & equipment
CONTINUING GUARANTEE OF PAYMENT AND PERFORMANCE. For good and valuable consideration, Guarantor absolutely and unconditionally guarantees full and punctual payment and satisfaction of the Indebtedness of Borrower to Lender, and the performance and discharge of all Borrower's obligations under the Note and the Related Documents. This is a guaranty of payment and performance and not of collection, so Lender can enforce this Guaranty against Guarantor even when Lender has not exhausted Lender's remedies against anyone else obligated to pay the Indebtedness or against any collateral securing the Indebtedness, this Guaranty or any other guaranty of the Indebtedness. Guarantor will make any payments to Lender or its order, on demand, in legal tender of the United States of America, in same-day funds, without set-off or deduction or counterclaim, and will otherwise perform Borrower's obligations under the Note and Related Documents. Under this Guaranty, Guarantor's liability is unlimited and
