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HomeMy WebLinkAbout0840 . • ' / . . '4 ~ ~ ~ T 1 ' ~ , , ~~~30i CONDYTIONAL ASSI(iNMENT OF RENTALS THIS ASSIGNMENT, Made this ~ day oP ~ 1972 bet•,~esn FC~AT PTFRCE FIELDS PLAZA,~ int Ventur o~~ ELVIN F. SEMBLERs FRED A. BESHARA, ALBERT L. DAN(iLER and NICHOLAS F~ANO~, here3naftpr referred to as Owner, and FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF THE PALM BEACHES, having its principal place of business at 215 South Olive Avenue, West Palm Beach, Florida, 33401, hereinafter rePerred to as Firat Federal, • WITNESSETH: WHEREAS, Owner is the present owner in fee simple of property in St. Lucie County, State of Florida, more particularly described on Schedule "A" attached hereto and made a part hereof,_ and First Federal is, or is about to be, the owner and holder of a first mortgage given by Owner to secure a mortgage loan made, or about to be made, to Or?ne~ encumbering said property in the principal amount of $~~~pw,po ~ and WHEREAS, First Federal, as a condition to granting the aforesald mortgage loan, has required the execution of this Asaignment of the rentals of the mortgaged premises by Owner; NOW THEREFORE, in order further to secure the payment of the indebtedneQs of Owner to First Federal, and in consideration oT the making of the loan represented by the aforesaid mort~age and the note secured thereby, Owner does hereby sell, assign, transfer, and set over unto First Federal, and to its successors, successors in interest and assigns, all of the rents, issues and profits of the aforesaid mortgaged premises, including any leases thereof, this Assignment to become operative upon any default being made by Uwner under the terms of the aforesaid mortgage or the note secured thereby, and to remain operative so long as any default continues to exist in the matter of the making of any of the payments or the perPorr~ance of any of the covenants or undertaking set forth in the aforesaid mortgage or the note secured thereby. - 1. In furtherance of' the foregoing Assignment, Owner hereby authorizes First Federal, by its employees or a~ents, at its option, and without notice after the occurrence of a default as aforesaid, , to enter upon the mortgaged premises and to co2lect, in the name oP Owner or in its own name as assignee, the rents accrued but unpaid and in arrears at the date of such default, as well as the rents ~ thereaf~er accruing and becoming payable~during the period of the ~ continuance of the said or any other default; and to this end, Owner further agrees that he or it will facilitate in all reasonable ways Firs~ Federal's collection of said rents, and will, upon request by First Federal, execute a written notice to each tenant directing the tenant to pay rent to First Federal, but this Assignment shall become operative without the execution of any such notice. 2. Owner also hereby authorizes F3rst Federal upon such entry, at its optlon, to take over and assume the management, operation and maintenance of the said mortgaged premises and to perform all acts necessary and proper and to expend such sums out of the income of the mortgaged premises as may be needful in connection therewith, in the same manner and to the same extent as Owner theretofore might do, including the ri~ht to effect new leases, to cancel or surrender exist- ing leases, to a2ter or amend the terms of~exiating leases, to renew aooK ~~c~ - : ~ - - - ~