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HomeMy WebLinkAbout0682 This 1lssignment is made solely f~r $ie purpose of giving additional. security for the payment of that certain promissory note, ~ dated June 9th, 1972, in the amount of Three Hune~red Thousand Dollars ' ($300,000.) from Ft. Pierce Construetion CoYp. to Frederick Z. Pearson and D. J. He11er, as tenants in common. In the event of default in the perfo~nance of the tenr?s and conditions of said promissory note, Assignor hereby authorizes Assignee, at their option, to enter and take possession of the property described ~ under the ebove described leases and to manage and operate same, to collect a11 and any rents accruing therefrom, to let or relet said premises or any part thereof, evict.tenants, bring or defend any suits in connection with the premises in Assigi~or's or Assignee's names, make repairs as Assignee may deem appropriate, and perform such other acts in-connection with the management and operation of said lease premises as Assignee in their direction may deem proper. ~ It is understood and agreed that t h e above leases have been secondarily assigned to the FIRST WISCONSIN NATIONAL BANK OF MILWAUKEE. Said assignments to the First Wisconsin National Bank of Milwaukee are subject and inferior to this collateral assignment. ; ; ~ The acceptance of this assignment and collection of rents or ~ ~ payments under the leases hereby assigned shall not constitute a waiver ~ of any rights of the Assignee under the terns of the above referenced promissory note or any mortgage securing said indebtedness. All sums collected by Assignee under fihe terms of this assignment shall apply to the amounts due uiider the above desc~ibed promissory note and mortgage secured thereby and.upon payment of said promissory note, this assignment shall tenninate and Assignee shall have no rights whatsoever in said assigned leases. . . ~ ~ IlV WITNESS WHEREOF, the parties hereto have set forth•~heii• ' hands and seals this 9th day of June, 1972. . - - y WITNF~ ES : ASSIGNOR : - ~ ~ \ ` ~ • - 'i , ' ` 7 ? c~?.~ FT. PIERCE CTI ~ CORP. t i ~ By ' . e er, resi ent ~ f i ~ ~ Attest ~ • i ugene . ie, ecretary 60RK PAGf ~ ~ ~ _ ~ _ _ .