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ASSIGN&IENT FOR B~NSFIT ~
OF CREDITORS 3
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' THIS AGRSSHISNT, made and entered into this day ~
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ag ~ 1976, by and between The Green Gate, Inc., j
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a co poration organized and exiating under the la~?s of the State ?
of Florida, with its principal place of busineas at
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Fort Pierce, Florida, hereinafter referred to as "Debtor" and i
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. Lee Edward tduschott, an individual residing in t~e City of ~
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Fort Pierce, County of S~. I,ucie, State of Florida, hereinafter ~
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; referred to as "Assignee" . ~
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WHIItEAS, Debtor has for several years been engaged in
' the businees operating as a women's apparel shop and in the 3
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~ course of its operations has become indebted a.nd unable at ~
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this time to pay its obligations as they become due, and i
WHEREAS, at a 8hareholder•s ~deeting duly held at the
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principa 1 office of the corporation on I~ay 25, 19?6, the stock- ;
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. holders authorize and inatruct the Board of Directors and the .
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Officers of the Debtor to use all of the property in the corpor-- j
' ation for the purpose of securing its debts and pa.ying its
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debtors on an equal and prorata basis. `
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~ HHEREAS, the Board of Directors of the Debtor met on i
~ the same date thereof and after deliberation and consideration
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thereof voted to convey all of the property of the Debtor to ;
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the Assignee for the purpose of securing its creditors in the i
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manner hereinafter set forth, and ~
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WH~REAS, this Agreement and Assignment contemplates
that all property and assets of the Debtor shall be conveyed ~
to the Assi~.ee herein for the use and benefit of all the Debtor'~
creditors, holding legal and valid claim against the Debtor_at
~ this time, and according to the respective ~egal rzghts as to
security, preference or priority ~nd the handling of the property
~ by the Debtor under certain~restrictions as to the use of the
proi,erty, the payment and disposition of its earnings income,
and t~a pr~ceads fror~ any sale thereof subject to the following '
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