HomeMy WebLinkAbout1809 . ~ ~2~z4
. ASSIGNI~ATr OF REN!'S .
.
DAVID x. LANGFTIT and LAVBRNB LAI~FITT, his vife, hereinafter termed the Ownera,
and THB INDIAN RNB~ CITRUS BANR, a Florida Banking Corporation, hereinaftar terwed ~
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the Bank:
WITNBSSBTH:
Whereas, the Ownera are indebted to 7tte Indian River Citrus Bank in the amcunt
of Twenty five Thousand and No/100 Dollara {$25,000.00) as evidenced by a promiasory
note of an e~ven date ia said amount, repayable in the am~unt of ($466.45), Four Hundred
Sixty six and 45/100 per month, AI~ID
Whereas, the O~ners are the fee simple o~mers of certain real estate situated in
the City of Fort Pierce, St. Lucie County, Florida, which real estate, together with
the buildings and impravements therean, have been leased to Southern Bell ?elephone
and Telegraph Co~apanyr, by Indenture of Leaae dated February 14,.1964 and Lease M~d-
ification under date of May 11, 1971, AND
Whereas, the said Lease Medification is for a term of Ten (10) years at an annual
rental of Ten Thousand 1~o Aundred Forty aix and 30/100 ($10,246.30), payable in equal
monthly installments of Eight Rundred Fifty three and 85/100, ($853.85) and the parties
desire that the rentals falling due under said Leaae should be asaigned to 1R8 II~IDIAN
RIVER CITRUS BANR, for the payment of said promissory note hereinbefore mentioned and
the balance thereof to be held in bank account ~~-~a~~~-,~_ Wi~ T~$
INDIAN RIVffit CITRUS BANK entitled Ft. Pierce No. ,~~A.T.T. for the payment of real
estate taaes on the property covered by said lease.. '
1. That the Owner does herebq assign the rents due and to become due under said
Lease to T8E II~IDIAN RI~1ER CITRUS BANK and doas direct said Bank, upon receipt of said
monthly rentals from the Leasee, Southern Bell Telephone Co~mpany to place the same in
'i said account and to withdraw from said account in menthly instalLoents an amount suff-
~ icient to make the payments of principal and interest due under the note hereinbefore
i described and to retain the balance in said escrow account for the p~rpose of paying
F taxea, insurance and other necessary expenses for said building.
2. The Owner does hereby agree that said Baak shall forthwith notifq the South-
ern Bell Telephone and Telegraph Company of this Asaignment and request that all pay- ~
ments of rent shall hereafter be made directly to THE INDIAN R1VER CTTRU5 BANK.
3. 1liat upon the payment in full of the promissory note hereinbefore described k
,
~ from the Owners to the Bank in the sum of Zwenty five Thousand and no/100 ($25,000.00),
~ this Assignment of Rents shall sutomstically be terminated and the rents shall thereupon
~ be reassigned to the O~mera.
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