HomeMy WebLinkAbout1694 p~omissory note of even date herewith, in the original principai sum of
FIVE HUNDRED THOUSAND DOLLARS ($500, 000.00), together with
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interest thereon, and all other indebtedness of the said ASSIGNOR to the
BANK shall be duly paid in accordance with its tenor, and that all
considerations and covenants securing said indebtedness are truly `
coatplied with, then this Collateral Assignment shall be null and void `
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and the ASSIGNOR shall be entitled to a re-assignment of the aforesaid ~
~ p~omissor~ note an~ mortgage. ~
The ASSIGNOR warrants Lo the BANK that he is the true and lawful
owner and holder of the aforesaid p~~missory note and mortgage, free
and clear of any claims, security interest or encumbrance whatsoever,
save and except the security interest of the B~ANK created by this
Assignment, and a prior security interest in favor of the BANK creating
a certa3n collateral assign.ment of mortga.ge dated February lst, 1971,
given by the ASSIGNOR to the BANK, and recorded on February 3rd,
1971, in Official Records Book 189 at Page 2903 under Clerk's File ~
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i No. 2a4149 among the Public Records of St. Lucie County, Florida, 5
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~f securing an original principal indebtedness of $3, 000, 000. 00; and '
ASSIGNOR further warrants that he has full and lawful right to make ~
this Assignment.
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THIS COLLATERAL ASSIGNMENT OF MORTGAGE SECUREG SUCH ~
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FUTURE OR ADDITIONAL ADVANCES AS MAY BE MADE BY THE BANK ~
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AT ITS OPTION, TO THE ASSIGNOR, FOR ANY PURPOSE, PROVII?ED i
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THAT ALL SUCH ADVANCES ARE TO BE MAllE WITHIN TWENTY (20) ;
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YEARS FROM THE DATE OF THIS COLLATERAL ASSIGNMENT OF s
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~ MORTGAGE, OR WITHI~~T SUCH LESSER PERIOD OF TIME AS MAY BE
PROVIDED HEREA~'TER BY LAW AS A PREREQUISITE FOR THE ~
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SUFFICIEN~Y O~'-ACTUAL NOTICE OR RECORD NOTICE OF SUCH •~e-~
OPTIONAL FUTURE OR ADDITIONAL ADV~IVCES AS AGAIN~'T THE ~
RIGHTS OF CREnITORS OR SUBSEQUENT PURCHASERS FOR VALUABLE ~~-i
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CONSIDERATION. THE TOTAL AMOUNT OF INDEBTEDNESS SECURED
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BY THIS COLLATERAL ASSIvNiViENT OF MORT~AGE MAY DECREASE OR ~
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II`:CF.E~ ~r tT.~;.2 Tii~;E iO :'i,'.~i, BUT THE TOTAL UI~PAID BAi.~~ICt~ 5~~ ~
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