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HomeMy WebLinkAbout0269 ASSIGNMENT OF DEVELOPER' S RIGHTS ~5~329 KNOW ALL t;EN BY THESE FRESENTS: That WHEP,EAS, OUTDOOR RESORTS OF At~lERICA, INC. , a Tennessee corporation, hereinafter called "Developer", as the owner of certain lands situate, lying and being in St. Lucie County, Florida, has here- tofore submitted said lands to the condominium form of ownership in accordaxice with the laws of said state, and WHEREAS, pursuant to a certain Loan and Security Agreement between "Developer" and FIRST NATIONAL CITY BANK, a national banking association organized under the laws of the United States of America, hereinafter called "Lender", dated June 2~, 1973, "Lender" has agreed to purchase certain existing mortgages en'cumbering said lands and the improvements thereon and to modify the same by amending certain of the terms and provisions thereof and to extend the time of payment thereof, and WIiEREAS, as a condition thereof, Lender has required an assignment of all rights, privileges and benefits reserved by Developer under the terms of said Declaration of Condominium, together with all rights, privileges and benefits reserved unto Developer under the terms and provisions of those certain Articles of Incorporation of OUTDOOR RESORTS AT NETTLES ISLAND, INC., a condominium, a corporation not for profit, organized for the purpose of providing an entity for the opera- tion of OUTDbOR RESORTS AT NETTLES ISLA~vD, INC., a condominium, NOW,. THEREFORE, in consideration of the purchase by Lender of the said existing mortgages, as well as the sum of One Dollar ($1.00) and other valuable considerations paid by Lender to Developer-at or before the execution and delivery of these presents, the receipt and sufficiency of which is hereby acknowledged by Developer, Developer hereby grants, assigns, trans£ers and sets over unto Lender all of its rights, privileges and benefits reserved unto Developer under and by virtue of that certain Declaration of Condominium of OUTDOOR RESORTS AT :JETTLES ISLAND, INC., a condominium, as recorded in Offici al Records Book ~_~__lo___ , at page 2.120~ , of the public records of St. Lucie County, Flori ad , tagether with all of the rights, privileges and benefits reserved unto Developer in and by virtue of those certain Articles of Incorporation of OUTDOOR RESORTS AT NETTLES ISLAND, INC. , a condaminiur,i. * Lender, by the acceptance ot this Assignment, covenants and ' agrees to and with Developer that until a default shall occur in the performance of Developer's covenants and agreements contained in the aforesaid mortgages, the notes secured thereby, in the related loan ' documents, or in this Assignment, Ceveloper may exercise and enjoy a11 i of said rights, privileges, and benefits; but it is covenanted and agreed i by Developer, for the consideration aforesaid, that upon the happening of ` any default in the performance by Developer of any of the covenants and ; agreerients or in the making of the payments pravided for in said mortgages, ~ notes, related loan documents, or in this Assignment contained, Lender, ' at its option, may exercise and enjoy all of said righ ts, privileges and benefits reserved unto said Developer under the provisions of said ; Declaration of Condominium and Articles of Incorporation, in the same ' manner and to the sa~-ne extent as Developer might do had this Assignment not been executed. Developer further covenants and agrees to and with Lender that until said mortgage sha11 have been satisfied in its entirety, Developer will not elect to terminate its control of the condominium or take any other action inconsistent with this Assignment of Developer's rights without prior caritten approval by Lender. *including, but not limited to the riqht to receive all payments to be made to Developer thereunder, as amended. ` Thi; irss;rument was prepared by: _ • HAkRY G. ISINCAID n~R ~ KNI~;-IT, KINCA(D, POUCHER 8 HARRIS z p, ~ ~ 216 . ?.f9 1030 American Heritage Building ' Jacksonville, Floiide 32202 ~ 7 . Y . ~ 9 - _ I i ~ z ~~"~rY-~~...._ 4'e-~..,,. ~ sG . _ : . . i' . , ~ ~ _~":<'re . . s.r.