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HomeMy WebLinkAbout0641 ~ ~ o~o6~s ~4U9569 ASSIGNMENT OF LEASES, RENTS AND PROFITS RNOW ALL MEN BY THESE PRESENTS, that whereas CONTINENTAL BANK, a Pennsylvania bankinq corporation (herein- after called "Assignee"), is the owner of a promissory note in the principal amount of SEVEN MILLION DOLLARS ($7,000,000.00) executed by RADNOR/OCEANA PARTNERSHIP, a partnership created and ex~sting under ~he laws of ~he State c~f Flor~d~ (he~~~n- after called "Assignor"), which note is secured by a mortgage executed by Assignor of even date herewith, recorded in the office of the Clerk of the Circuit Court of St. Lucie County, Florida, contemporaneously herewith, and mortgaging property described as follows: LEGAL DESCRIPTION CONTAINED ON EXHIBIT "A" ATTACHED HERETO AND MADE A PART HEREOF WHEREAS, Assignor desires further to secure to Assignee the full and complete performance of each of the covenants, agreements and promises contained in the note and mortgage above referred to; NOW, THEREFORE, in consideration of the premises and of the sum of ONE DOLLAR (51.00) and other good and valuable considerations to Assignor in hand paid by Assignee, the receipt and sufficiency of which are hereby acknowledged, Assignor does hereby assign, transfer and set over unto Assignee, its successors and assigns, the possession of the mortgaged property above ! described and all the rents, issues and profits now due or to ~ become due and derived from such property, until the obligation ! above referred to shall have been fully paid and satisfied or ; until Assignee shall be entitled to such possession by order of ! Court or operation of law, such assignment to be subject to the ~ following terms and conditions: ~ 1. Until default shall have occurred in the full and ~ complete performance of any of the agreements, covenants and promises contained in the note and mortgage, Assignor may ~ continue to collect the rents, issues and profits from the above F property. Upon oc currence of any such default Assignor shall ~ deliver to Assignee all leases of the premises above described, or any portion thereof and all agreements of sale relative to ~ the above property. This assignment of rents shall be an ~ assignment of all such leases to Assignee and of all agreements ~ of sale and Assignor will execute any further assignments necessary ~ to perfect the transfer of such leases and agreements of sale to ~ Assignee. ~ ~ ~ 2. All sums collected and received by Assignee out of the rents, issues and orofits of such property shall first : ~ z ~ ~ This instrur.2ent preFared by: ~ Blank,~ Rome, Klaus & Comisky ~z Suite 1260, First Federal Building ~ One Southeast Third Avenue ~ ~ Miami, Florida 33131 y ~ ::~~~290 641 ~ y., ~ _ _ . _ - - - _ ; ~ ~ ~~~s;~ ~ c%' ~Y'~ ~ ~ ~ ~ ""~~'n.-s ~ ~.w a~.~ `'4? y~~ - -~'x . . ~ .