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. 283881
ASSIGNMENT OF PROCCEDS FROM SALE
~ OF FRUIT
THIS AGREEMENT, entered i~to this ~Sr da y of % , 1974, by and j
between MAGGIE GROVES, INC., a Florida corporation, and SUN BANK OF COCOA,
N. A., a national banking association organized under the laws of the United States of
America, for and in consideration of ~10.00 and other gc~od and valuable consideration,
the receipt of which being hereby acknowledged, is as follows:
1, MAGGIE GROVES, INC. , hereby acknowledges that as of this date it
is indebted to SUN BANK OF COCOA, N.A. in the sum of ~216, 000.00, which
indebtedness was created to aid MAGGIE GROVES, INC in the business of acquiring,
cultivating, farming and growing certain citrus fruit trees along with the citrus fruit
~roduced by said trees on the real property described in paragraph two below.
2. As security for said indebtedness, MAGGIE GROVES, IlVC., hereby
grants, assigns and creates in favor of the SUN BANKOF COCOA; N.A., a first
lien upon all of the net proceeds derived from the sale of fruit produced on a certain
231.4 acxe citrus grove located in St. Lucie County, Florida, having the following
legal description, to-wit:
A tract of land lying in Township 37 South of Range 37 East in
St. Lucie County, Florida, more particularly described as
I foliows:
~ - Commencing at the southwest corner of Section 10 in Township
~ 37 South of Range 37 East in St. Lucie County, Florida, run thence
~ N. 0°25' E with the west line of said Section 10 a distance of 2.496.0
~ feet to an intersection with the center line of Bluefields Road ( a
county road) run thence S 22° 13' 30" E with said center line a
a distance of 639.68 feet to the Point of $eginning; Run thence S. 22°
13' ~30" E a distance of 515.12 feet with the center line of said Blue-
fields Road, to a point; run thence S. 35°36'50" E with said ~center
line of Bluefields Road a distance of 3, 204. 85 feet to a point which
is also an intersection with the property line of land presently owned
by Mr. Philip Inglehart; run thence S. 59°06' 10" W with said property
q line a distance of 2, 776.4 feet to a concrete monument; run thence N
35°34'S0" W a distance of 3, 508.9 feet to a concrete monument; run
thence N 54°35'50" E a distance of 2, 776.4 feet to a concrete monument;
ti= run thence N 65°28' 50" E a distance of 110.05 feet to an intersection
r
~ with the center line of Bluefields Road, which intersection is the Point
of Beginning; and containing 231.4 acres, more or less. TOGETHER
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~ with an easement granting the right to expell and drain excess surface
~ water over and across Section 15, Township 37 South, Range 37 East,
~ ar~d an easement in perpetuity for the rightof way for Bluefields Road.
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~ 3. Within fifteen days from receipt of any sale of fruit produced on the
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~ above described property, MAGGIE GROVES, INC., shall pay said net proceeds to
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