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ASSIGNMENT OF LEASES, RENTS, AND PROFITS
THIS ASSIGNMENT, made this qTM day of March ,19? 9 , by
Seminole Springs, Inc . ,hereinafter called "Assignor", in favor of
Pennamco, Inc . hereinafter called "Assignee,"
~YITNESSETH:
FOR VALUE RECEIVED, Assignor does hereby SELL, ASSIGN, TRANSFER, SET OVER and
DELIVER, unto the Assignee, its successors and assigns, all leases written or oral, and all agreements for use
or occupancy of any portion of the premises together with buildings and improvements thereof, hereinafter
called "said premises" situate in St . Lucie County, Florida
and more particularly described in the attached Schedule A, ,
TOGETHER with any and all extensions and renewals thereof and any and aD further leases, lettings
or agreements (including subleases thereof and tenancies following attornment) upon or covering use or
occupancy of all or any part of the said premises (all such leases, agreements, subleases and tenancies
heretofore mentioned are hereinafter collectively included in the designation "said leases").
TOGETHER with any and all guarantees of lessee's performance under any of said leases, and
TOGETHER with the immediate and continuing right to collect and receive all of the rents, income,
receipts, revenues, issues and profits now due or which may become due or to which Assignor may now or
shall hereafter (including the period of redemption, if any) become entitled or may demand or claim,
arising or issuing from or out of the said leases or from or out of the said premises or any part thereof,
including but not by way of li.~nitation: (a) minimum rents, additional rents, percentage rents, pazking
maintenance, tax and insurance contributions, deficiency rents and liquidated damages following default,
the premium payable by any lessee upon the exercies of a cancellation privilege originally provided in any
said lease, and any rights and claims of any kind which Assignor may have against any lessee under such
leases or any subtenants or occupants of said premises (sometimes hereinafter collectively referred to as
`rents'); (b) payment for loss or damage, and rebate, refund or return of any premium, now or Hereafter
paid or payable under any policy of insurance covering the whole or any part of the premises (sometimes
hereinafter referred to as `losses or rebates'); (c) sum or sums now due or hereafter to become due by
reason of any taking of the whole or any part of the premises for public purposes, by right of eminent
domain or otherwise, or by reason of any claim now or hereafter existing against any and all parties
whomsoever for compensation for real or alleged harm or damage done to or in connection with the -
premises (sometimes hereinafter referred to as `damages'); and (d) abatement, rebate, refund or return,
whether now or hereafter payable, of the whole or any part of any tax, assessment or other charge levied or
assessed upon the whole or any part of the premises or furnishings whether heretofore or hereafter levied or
assessed or that has been or hereafter is paid (sometimes hereinafter referred to as `abatements').
s SUBJECT, however, to a license hereby gianted by Assignee to Assignor, but limited as hereinafter
I provided, to collect and receive all of the said rents.
TO HAVE AND TO HOLD the same unto Assignee, its successors and Assigns forever, or for such
i shorter period as hereinafter may be indicated.
FOR THE PURPOSE OF SECURING the payment of the indebtedness evidenced by that certain Note
dated March ~ , 19? 9 , in the principal sum of Two Million and no/100--------
Dollazs 2, 000, 000. )made by Assignor payable
to the order of Pennamco, Inc . and presently held by Assignee, including any extensions
and renewals thereof and any note or notes supplemental thereto, as well as the payment, observance,
performance and discharge of all other obligations, covenants, conditions and warranties contained in all
instruments securing repayment of said Note and bearing even date therewith, and in any extensions,
a supplements and consolidations thereof, covering the said premises, and securing the said Note (hereinafter
r collectively called "Loan Documents").
x Assignor irrevocably constitutes and appoints Assignee as its lawful attorney in its name and stead: (a)
to collect any and all of the said rents, losses or rebates, damages and/or abatements; (b) to use such -
measures, legal or equitable, as in irs discretion may be deemed necessary or appropriate to enforce the
payment of said rents, losses or rebates, damages, abatements and/or any security given in connection
therewith; (c) to secure and maintain the use and/or possession of the premises and/or any part of either;
(d) to fill any and all vacancies and to rent, lease and/or let the premises and/or any part thereof at its
discretion; (d) to order, purchase, cancel, modify, amend and/or in any and all ways control and deal with 'I
any and all policies of insurance of any and all kinds now or hereafter on or in connection with the whole
or any part of the premises at its discretion and to adjust any loss or damage thereunder and/or to bring suit
at law or in equity therefore and to execute and/or render any and all instruments deemed by Assignee to
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