HomeMy WebLinkAbout0376 ASSIGNMBPT OF BORIISBS~ RBATAL3
AND ROYALTIBS UI~DBR OIL ARD (~A3 LSASB 165f 42 3
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~~~AT, WSSRSI~.S the undersig ned, Joseph 3trazzulla and 8elen Strazzulla,
hi.s w e~ John 3trazzulla a~nd l~ancy Str~zzulla, hie ~rife~ Frank
~ Strazzulla and Louiee Strazzulla, his w3fej Philip
Strazzulla & Ann 3tra7zulla, hia wifet Dominic Strazzulla & Sarah J. *
hereinafter called owner. has executed a note payable to the order of The Travelers Inaurance Company. a Con-
necticut Corporation with its home oR4ce in Harttord. Connerticut. hereinafter called Company~ in the amount
of s600, 000. 00 dated Jat~uary 10,1966r and aecw~ed by a mortgage or deed of trust, hereinafter
called mortgage. of the same date, made by owner and oovering the following deacxibed lands located in the
Councy oi Palm Beach and State of Florida .
Coun~Y o~ St . Lucie
(See attached for full legal description.)
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*Strazzulla, his wife,
And Whereas, said land is now subject to the following described oil and gas lease(s): (Include date, name
and address o[ lessee, primary ternz and book and page for each lease and any assignment)
Oil Lease held by Amerada Oil Corporation dated February 27, 1965, +
recorded in O. R. Book 1212, page 487, Public Records of Palm Beach
County, Florida.
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And Whereas, owner is witling to assign to the company all bonuses. rents and royalties accruing under said
oil and gas leases upon the further provisions hereinafter ~et out;
Row Therefore, in consideration of the premi~es and the sum of =1.00. receipt of which is hereby acknowl-
edged, owner hereby assigns to the company all the bonu~es~ rents and rnyalties under said oil and gas leases,
provided, however, that so long as all of the pe~+~visions of said note and mortgaa are faithfuUy performed, owner
may receive from lessee for owner's own use, such bonuses, rents and royalties. But it is oamer's intention that
company may receive such bonuses, rents and royalties upon a default in the performance of the pr~visions of
said note and mortgage. Upon receipt of this assignment by le.gsee with a notice in writing from the rnmpany
that such default has oocurred, the lessee shall pay to the company at a place designated in the nqtrte; a11 such
bonuses~ rents or royalties then due or thereafter to become due under the terms of the lease. • Payments re-
ceived by the company may be applied to any portion of the indebtedness of the note or mortgage as the company
may elect.
The word "owner" shall mean the undersigned, whether one or more, anci the heirs, devisees, personat
representatives and assigns of owner. The word "company" shall mean The Travelers Insurance Canpany and
successors and assigns.
This assignment is to terminate and become null and void upon the release of mortgage.
In Witness Whereof, owner has executed ihis instrument this 25th day of Januaz'y ~ 1968 .
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