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CONDITIONAL ASSIGNMENT OF RENTS
KNOW ALL MEN 8Y THESE PRESENTS:
That D. J. TZIMHNATOS and SOPHIB S. TZIMBNATOS, his wife ~
hereinafter ca a Ass gnor , n cons eration o t e sum of
One Dollar "($1.00) and other good and valuable considerations, •
the receipt of which is hereby acknowledged, does hereby sell, "
assign, transfer and set over unto FIRST AMERICAN BANK OF NORTH
PALM BEACH, a Florida banking corporation, hereinafter called
"Assignee", its successors and assigns, all of the rents, issues
and profits. now due to Assignor and which may hereafter become -
due to Assignor under or by virtue of any lease or sub-lease,
whether written or verbal, or any letting, or sub-letting or
agreement for the use of occupancy of any part of the premises
located upon the property described on the attached Exhibit "A"
to which the Assignor is entitled. This assignment includes
rents, issues and profits now or hereafter due by virtue of .
the said leases or sub-leases, if any.
This agreement is made as additional security for the
• payment by Assignor of a principal note dated December 20,
1978 , in the sum of • Seven Hundred Sixty ousan an
no/100 ------_~~____~~~~Dollars 760.000.00 , wit
fnterest as stipu~atec~ therein, execute an elivered by
said Assignor to said Assignee, and as additional security
for the full and faithful performance by the said Assignor
of all the terms and conditions of a certain mortgage dated
December 20, 1978 executed and delivered by the Assignor
to t e Assignee to secure the payment of the principal note
and covering the premises described in Exhibit "A".
Assignor agrees that this assignment shall cover all future
leases, whether written or verbal, or any letting of, or any
agreement for the use. or occupancy of any part of said premises.
Assignor further agrees that it will not assign the
rent or any part of the rent of said premises, nor collect
.rents thereunder for a period further in advance than 30 days,
except the last month rent; without the written_ consent of
the Assignee, nor do any other act whereby the lien o~ the
j aforesaid mortgage may in the opinion of the Assignee be
impaired in value or quality.-
Assignor-further agrees that this assignment shall remain
in full force and effect so long as the principal note remains
unpaid and that it may be enforced by the Assignee, its successors
and assigns, or the holder of said note. ,
"It is the intention of the Assignor to create a present
assignment of all the rents, issues and profits now due or which
may hereafter become due under or by virtue of any lease, whether
written or verbal, or any letting of, or agreement for the
use of or occupancy of any part of the premises hereinabove
described, but inasmuch as this assignment is made as additional
security for the payment of the principal note hereinabove set •
forth, it is agreed that the assignee's right to collect said
rental shall be conditioned upon the existence of default in ~
-the payment of said principal note according to its terms
or in the performance of the terms and conditions of the
mortgage executed and delivered by the Assignor to secure the
~ payment of said principal note.
In the event of any such default referred to in the preceding
paragraph hereof, Assignor does hereby authorize and empower the
Assignee, its successors and assigns, or the holder of the
principal note, to collect all of the rents, issues and profits
now due or which may hereafter become due under or by virtue
of any lease, whether written or verbal, or any letting of, or
agreement for the use or occupancy of, any part of said premises
r, P ~ ~nGE ~W
bGi~c eiUV
"
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