Loading...
HomeMy WebLinkAbout1059 ~ COLLIITERIIL ASSIGNHENT OF ~V ACREEM6NT OF PURCftASE AND SALE THIS ASSICNHENT, made and entered into this ~ day of October, 1973, by and bt~tween HOLLYW(~D DEVELO!'MENT COMYANY, a Florida corporation, hereinafter referred to as the "Assignor"and GENERAL ELECTRIC CREDIT CORPORATION, a New York corporation, h~~reinafter referred to as the "Assignee". W I T N E S S E T N FOR VALUE RECEIVED, the Assignor hereby grants, transfers and assigns to the Assignee a11 the right, tikle, and interest of the Assignor in and to that Ayree- ment of Purchase and Sa1e (hereinafter referred to as the "Agreement"), dated Auqus~ 25, 1972, by and between NORTH TRAIL GOLF COURSE (sic], Inc., a Florida oorporation, as Se11er, and TRAFALGAR DEVELOPERS OF FLORILIA, INC., as Buyer, the interest there- Under of TRAFALGAR DEVELOPERS OF FLORIDA, INC. having been assigned to TRAFALGAR COMMUNITY DEVELOPERS, INC., a Florida corporation, whlch, on even date herewith, assiqned its interest to the Assignor pertaininq to real property located in St. Lucie County, Florida more particularly described on Exhibit A attached hereto and made a part hereof as if fu11y set forth herein. ~~OGETHER WITH ANY AND ALL MODIFICATIONS AND AMENDMENTS TNEREOF. FOR THF. PURI'OSE OF SECURING: ONE: Payment of the indebtedness evidenced by note (incloding an~ exte~n- sions or renewals thereof) in the principal sum of SEVEN f~uNDRED FIFTY TIIOUSAND nn~loo DOLLARS ($750,000.00} made by the Assiynor on the ~/I _ day of October, I973, payable to the order of the Assiqnee and secured by a mortgage. TWO: Payme.nt of a11 other sums with interest thereon becominy due and pay- able to the Assignee under the provisions hereof or under th~~ provisions of said note and mortqage. THRE~: Performance and discharge of each aod every obligation, covenant and ayreement of Assiynor herein and in said note and mx~rtyaye contained. A. 1~0 PROTF.CT THF. SECURZTY OF T/!IS ASSIGNMENT, ASSIGNOR AGREES: i j 1. To faithfully abide by, perform and discharge each and every ot~ligation, ~ covenant and agreement of the Agreement by the Assignor to be performed, at the so]e ~ cost and ex~ense of the Assignor, to enforce or secure the performance of each and ~ every obligation, oovenant, cbndition and agreeraent of the Agreement by the Seller to ~ l~e performed; not to modify, extend or in any way alter Lhe terms of said Agreement; ~ not to waive, excuse, condone or in any manner release or discharge rhe Se1Ier there- € ~ under of or from the obligations, covenants, conditions and a_qreements by said Se11er ~ to be performed, and the Assiynor does by these•presen ts express2y release, relinqu.ish ~ and surrender unto the Assignee a11 the Assignor's right, power and authority t_o amend, ~ modify,~rin anyway alter the terms or provisions of said Aqreement, and any attempt on ~ the p~art of the Assignor to exercise any snch right without the written authority and ~ consent of the Assignee thereto being first had and obtain~~d sha11 constitute a breach ~ of the terms hereof entitliny the Assignee to declare a11 su~s secured hereby irmnediately ~ due and payable. ~ ~ 2. That the Assiynor shall not declare the Agreernent terminated nor exercise any other right available to it upon breach by the Seller, without the written authority ~ and consent of the Assignee being first had and obtained. a ~ ~ 3. At the Assignor's sole cost and expense to appc~ar .in and defend an_y ~ action or procc=eding arising under, growiny out of or in any manner connectPd with ~ the Agreement or the obliyations, duties or Iiabilities of Assiynor and Se11er t.here- - under, and to pay a11 c~osts and expenses of the Assiynee, including at.torney's fe~~s in a reasonable sum ~n any action or proceeding in which the Assignee may appear. - 4. That should the Assignor fail to make any payment or to do any act as herein provided, then the Assignee, but without obligation so to do and without notice ~ to or demand on the Assignor, and without releasinq the Assignor from any obliyation _ hereof, may make or do the same in such manner and to such extent as the Assignee may - deem necessary to protect the security hereof, including specifically, without Zimiting - its general powers, the riyht to appear in and defend any action or nroceeding purport- ~ ing to affect the security hereof or the rights or powers of the Assignee and also the right to perform and discharqe each and every obligation, covenant and agreement of the Assignor in the Agreement contained; and in exercising any such powers to pay necessary ~ ~ costs and expenses, employ connsel and incur and pay reasonable attorney's fees. ` - 1 - $l~~~~ t~~~~ - GREENE AND LAVNE, PA, ATTORNEYS AT WW, 320 N. E. ~6"' STREET, MIAM1, FLORIDA 33132 r•~ L~G >s; , r _ . . tc.~, - _ ~ - ~ ~tia~?Tn.'-_.'.` . . ' ` . . . . s„x~:~