HomeMy WebLinkAbout2022 THIS INSTRUMENT ~'1t.°, 4':%F \~?'L tiY /
43938 JEFFREY i`r1 ~t;~iE ' '
ATTOt~NEY AT t%.':Y
2222 PChC:(: i.',t i iii ':t.:!'%.
CORAL Gti!'t t t r.. ~ . t ;
ASSIGNMENT OF RENTS
KNOW ALL MEN BY THESE PRESENTS, that Whereas, GENERAL
ELECTRIC CREDIT CORPORATION, a New York corporation
hereinafter called "Assignee", is the owner of the bond or note In the principal
amount of TWO MILLION SIX HUNDRED SEVENTY-SEVEN THOUSAND DOLLARS
2 , 677 , 000.00) executed by HOLIDAY PINES , a Florida General Partnership ,
and secured by a mortgage, deed of trust or security deed dated
and recorded in the Office of the Recorder of Deeds of St . Lucie County,
State of Florida oa the Ili day of.,Art~.,gRY 19 "p)
in Book .30~ Page x200 of property now owned by
HOLIDAY PINES, a Florida General Partnership,
hereinafter called "Assignor", aad described as follows:
ATTACHED HERETO AND INCORPORATED HEREIN
AS EXHIBIT "A"
And Whereas, Assignor desires further to secure to Assignee the full
and complete performance of each of the covenants, agreements and promises
contained in the bond or note and mortgage, deed of trust or security deed above
referred to;
NOW THEREFORE, in consideration of the premises and of the sum of _
One Dollar and other good and valuable consideration 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 the possession of the
mortgaged property above described ("the property'7, subject to any existing
leases thereof, and of all the rents, issues and profits now due or to become due
and derived from the 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 follow-
ing terms and conditions:
1.Unti1 default of performance of any of the agreements, covenants and
promises in the bond or note and mortgage, deed of trust or security deed, Assignor
j ~ may continue to collect the rents, issues and profits from the property. Upon
occurrence of such a default Assignor shall deliver to Assignee all leases of the
property, or any portion thereof. This assignment of rents shall be an assignment
of all such leases to Assignee and Assignor wilt execute any further assignment
necessary to perfect the transfer of such leases to Assignee.
i ~ 2. All sums collected and received by Assignee out of the rents, issues
and profits of the property shall first be supplied by it to the payment of: the costs
of collection thereof, the costs of management, repairs and upkeep of the property,
including the purchase of such additional furniture and equipment as the Assignee
in its sole discretion may deem necessary for the maintenance of a proper rental
value of the property; all taxes, assessments, premiums for public liability
insurance and insurance premiums payable by the mortgagor or grantor as provid-
ed in the mortgage or deed of trust described above and any taxes imposed upon
_ or collectible from Assignee under any federal or state law or any law or ordinance
enacted by any political subdivision thereof, or any supplements or amendments
thereto, provided however, that such tax shall be based upon the employment by
H~ Assignee of persons necessary to the operation of the property under this assignment.
Second, the balance, if any, which shall be known as the net income ,shall be
applied toward the reduction of the mortgage indebtedness and interest accrued
9
thereon. Provided, however, that no credit shall be given by Assignee for any
sum or sums received from the rents, issues and profits of the property until
~e the money collected is actually received at Assignee's Home Office and no credits
9 .
ras rr,, ) 11
~t;,~r t~V~ ~ ~01
s
e~
TU1~N[1~. MtN OAICK. OUIL/ORD. OOLD~T[IN • MCOONALO. ATT01~N[V~ AT LAW. CORAL OA~L~S. ILOQtOA