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. FEDBRAL SAVINGS AND LDAN ASSOCIATION OF INDIAN RIVER COUNTY, its
successors and aesigns, upon demand for payment thereof by said Corporation,
ite eucceasors and assigns. It is understood and agreed, however, that no such
demand shall be made unlese and utitil there has been a default in the payment of
the indebtedness secured by the mortgage herein mentioned, or default in the
payment of any other sums secured by eaid mortgage, and until such demand is
made the parry of the first part is authorized to collect, or continue collecting
said rents, iasues, profita, revenues, royalties, rights and benefits, but that
such privilege to collect or continue oollecting, as aforesaid by the party of the
first part shall not c~erate to permit the collection by the said party of the firat
part, his heire, executors, adminiatrators or assigns, of any installment of rent
in advance of the date prescribed in said lease or leases for the payment thereof.
The term of this assignment shall be until the oertain note and mortgage,
(or any extension or renewal thereo~ dated June 5, 1968 , ~
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made, executed and delivered by Cody L. Bailey and Carolyn A. Bailey, hia wife;
Stephen A. Misik, Jr. and Frances C. Misik, lus wife and Richard G. Stebbins and
p~tricia i.. Stiebbins~ his wife
to FIRST FEDERAL SAVIl+TGS AND LQAN ASSaCIATION OF INDIAN RIVER
COt1NTY, oovering the above deacribed premises for the sum of ~ 126, 000. 00
shall have been fully paid and satisfied, or until the expiration of the period of
~ redemption, if any, at which times this assignment is to be fully satisfied,
c.3ncelled and released, and the releasing of said mortgage shall constitute a
release hereof.
1~is assignment is given as additional security for the perform3nce of
each ~nd all of the obligations and covenants of the note and mortgage above des-
cribed (or any extension or renewal thereof), and the amounis collected hereunder
less the expenses of collection, if any, ehall be applied on account of taxes and
assessmenta on said re~l estate, insurance premiums and delinquencies of
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principal and interest thereunder.
It is expressly covenanted and agreed by the und~eraig~ned pGrty of the first
part, assignor, that at the time of the execution and delivery of this asaignment
there has been no ~nticip3tion or prepayment of any rents by any of the tenants
occupying the ab~ve described praperty or by any of the lesse~s in any of the
above deseribed leases,
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