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HomeMy WebLinkAbout1360 Page No. 2 Lease dated May 22, 1968, between EARMAN OIL CO. , INC. , a Florida corporation, as Lessor, and MARKET TRUCK STOP, INC. , a Florida corporation, as Lessee, covering the above described property, which said Lease has not been recorded. AND the Owner does authorize and empower the Mortgagee, its succes- sors and assigns, to collect the rents, issues, profits, revenues, royalties, rights and benefits as they shall become due, and does direct each and all of the tenants of the premises to pay the rents as now may be due or shall become due hereafter to the Mortgagee, its successors and assigns, upon demand for payment by the Mortgagee; its successors and. assigns. It is understood and agreed, however, that no such demand shall be made unless and until there has been a default in the payment of the indebtedness secured by the mortgage above mentioned, or default in the payment of any other sums secured by the mortgage, but the tenants shall pay the rents to the assignee upon such demand without the necessity of inquiry into the propriety of doing so, and shall be fully protected in so doing. Until such demand is made, the Owner is authorized to collect, or continue collecting, the rents, issues, profits, revenues, royalties, rights and benefits; but this privilege shall not operate to permit the collection by the Owner of any installment of rent in advance of the date prescribed in the lease or leases for its or their payment. The terms of this assignment shall be until the certain note and mort- gage (or any extension or renewal) dated July 3, 1969, made, executed and delivered by EARMAN OIL CO. , INC. , a Florida corporation to the Mortgagee, covering the above-described premises for the sum of $170,000.00, shall have been paid and satisfied fully, or until the expiration of the period of re- demption, if any, at which time this assignment is to be fully satisfied, can- celed and released, and the releasing of the mortgage shall constitute a re- lease of this assignment. This assignment is given as additional security for the performance of each and all of the obligations and covenants of the note and mortgage above ~~ 179 X1359 LAW OFfiC~ 10HN H. SUTFIEItLAND „~o s~cH. ~~~„ _ - ___, - ~p -, _, ~. ;.a'.;~~ ..::. .:sr