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CONDITIONAL ASS~iNbBNT OF RBNPAL
FOR AND IN CONSIDSRATmN of th~ sue of TSN (=10.00) Dollua and
other good an~d valuabLe conaid~rations, receipt rh~erso! is h~rsby ack-
noxlsdged, as rell aa in conaideration of the aus of Ol~ IiUNDRID-TIiOUSAND
(~100,000.00) DOILARS loansd by FIRST NATIUNAL BAI~ OF P+ORT PITR(~ to
P+ORT PISRCT D~VELOPM~NT ASSOCIAT~S, LIMITSD, an Illinoie limit~d partnsr-
ahip, aaid loan being repreaented by a Promisaory Note of even dats ~
and aecured by a Mortgage Dsed eaecuted by the FIAST NATIONAL B~AI~ OF
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FORT P~RCE, as Truatee, undsr Truat Agreement dated the 17th day of
November, 1970, atxi knoMn aa Truat Number l; and in order to guarentee
pay~~aent of the moniea recited in the aaid Promisaory Note ar~d aecured
by the aaid mortgage, FIRST NATIONAL BANK OF F+ORT PI~RCT, ae Truatee,
under Trust Agreement dated the 17th d~y of November, 1970, and known
aa Truat Number 1, doea hereby asaign, convey ar~d set over unto the FIRST
NATI~ONAL BAI~ OF FORT PIERCE, ita auccesaora ar~d asaig~c~s, all rsvenuea
received on accaunt of arpr exiating or ar~y future Ninety-Nine Year Leaae
entered into ~rherein the premisea encumbered by the above referanced
mortgage are leaaed for recreational or other purposes, all sub~ect to
t the folloxing terms arid proviaiona :
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k lj The FIRST NATIONAL BAMC OF FORT PIERf~'s shall receive all
~ rentala paid on account of such Leaaea and retain them in
~ a apecial account, until a aua~ suffieient to pay the r~ext ~
~ enauing inatallment of interest of moniea due ur~der the !
~ terma of the above-referred to Note haa been accumulated; ~
~ Thereafter all eaceaa and additional suma reoeived on ~
account of the said Leasea shall be retainsd or paid over
~ to the Lesaor, and the moniea ao accu~ulated ahall be applied
~ to the gaym~ent of the said neat ensuing inatallment upon
~ its dus date. The aame proaedure ahs.ll ba folloxed Mith
reference to each aucceeding installment, i.e. after an ,
~ am~unt aulfieient to pay aame haa been accuaulated, ths
exceas shall be.payable to or retained by the Lessor. No-
~ thing herein ehall be eonstrwd ae relieving th~ mnlaer of
~ the above-recited Note from the obligation o! making pay-
~ ments in acco~dance Mith the terma ar~d tenor thereof, and
~ in the event there ahall not be aufficient su~ accu~ulated
~ pursuarit to tk~e provialone of thia agreement, ar~r addi-
~ tional aum necesasry to make 8aid payment ahall be paid
~ by the malaer of the eaid Note.
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~ - a~189 ~ 63~
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~ ~AW O~/IG[! 0/ GOLDfT[~N, /RANKLIN. GHOH~N s sGHRANK. P A. 2020 NORTN[A!T fe~~o tTR[[T. NOIITH MIAMI ~tACN. RORIOA »10!
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