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ASSIGNMENT OF RENTS AND LEASES
THIS ASSIGNMENT, made this 26 day of September,
1978 ~ by ISLAND PARTNERS, INC. , a Florida corporation
hereinafter referred to
~ ~ as Assignor, to FIRST FEDERAL SAVINGS & LOAN ASSOCIATION OF
MARTIN COUNTY, hereinafter referred to as Assignee.
WHEREAS the Assignor is the owner in fee of the
premises hereinafter described, and has requested the Assignee
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- to loan to the Assignor the sum of ONE MILLION FIVE HUNDRED
THOUSAND DOLLARS ($1,500,000.00) and whereas the Assignee
has refused to Ioan the Assignor such sum unless the Assignor,
in addition to executing its note for the sum of ONE MILLION
FIVE HUNDRED THOUSAND DOLLARS ($1,500.000.00) and executing
and delivering its inortgage to secure the payment of. such
note, in like amount, also executes and delivers this Assignment
of Rents and Leases as additional collateral for the repayment
of such note in the amount of ONE MILLION FIVE HUNDREn THOUSAND
~ DOLLARS ($1,500,000.00);
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I NOW, THEREFORE, in consideration of the premises
~ and~of other good and valuable consideration pa~id by the Assignee
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~ to the Assignor, receipt whereof is hereby acknowledged,-and
in order to better secure the payment of the Assignor of the
I principal of such note and.mortgage, together with the principal ~
~ of any other obligation of the Assignor held by the Assignee,
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~ with interest, now due or hereafter to become due thereon,
and all the premiums of insurance on the policies which the
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~ Assignee has in effect and may affect under the terms of the ~
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~ mortgage and of all the taxes, assessments, water rates, and
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~ meter charges which may now be due and unpaid, or which may hereaf er
~ become due a d a charge ag~inst or a lien upon the premises
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a~;DERSON, QUNGEY
& HERSHEV,.PA with interest, and penalties thereon, and the interest of
ATT011MEYf AT ~AN .
!t5t EAfT OCEAN {LYO. .
~CiS1 Oii1CE ~O7( 2N ~
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SFVIIRT. fIOAIOA 31~M ~j ~
~ ~~~OK~i ~ P~IGE
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