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THOUSAND DOLLARS ($2U0~ 000), and all principal and interest due
thereunder;
TO HAVE AND TO HOLD unto the said BANK, its successors and ~
aasigns torever; PROVIDED HOWEVER, that in the event that the
indebtednes~ of the ASSIGNOR to the BANK that is evidenced by a -
promissory note of even date herewith, in the original priacipal sum of ~
THREE MILLION DOLLARS ($3, 000, 000), together with interest thereon,
and all other indebtedness of the said ASSIGNOR to the BANK shall be
duly paid in accardance with its tenor, and that all considerations and
covenants securing said indebtedness are trulq camplied with, then this
Collateral Assignment shall be null and void and the ASSIGNOR shall be
entitled to a re-assignment of the aforesaid promissory note and ~
mortgage.
The ASSIGNOR ~varrants to the BANK that he is the true and law-
tul owner and holder of the aforesaid promissory note and mortgage, free
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and clear of any claims, security interest ar encumbrances whatsoever,
sa.ve and except the security interest of the BANK created by this
Assignment, and that ASSIGNOR has full and la.wful right to make this
Assignment. -
The ASSIGNOR covenants and agrees that alI monies due under the
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aforesaid promissory note and mortgage, whether by way of .principal,
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~ ~ interest or otherwise, are hereby assigned to the BANK and, at the option
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` of the BANK, shall be paid directly to the BANK an~ be applied to the
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indebtedness of the ASSIGNOR to the BANK as hereinabove described, ~
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E until such time as said indebtedness, including prfncipal, interest and ~
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any costs incurred by the BANK in the premises, ahall have been paid in ;
full . ,
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