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ASSIGNMENT OF CONTRACTS. PROC8ED8. AND DEPOSITS '
AND PLBDGB AND ESCROW AGREEMENT
THIS AGRBBMBNT, made this ,t!'~day of August. 1979. between OCEAN
TOWERS DEVELOPMENT CORPORATION. a Florida corporation, (hereinafter called
"Mortgagor" or "Borrower") and MBLLON BANK. N.A., a national banking association.
(hereinafter called "Mortgagee" or "Lender") ,
The Lender agreed ~ and will make a construction loan in the amount of
=8.889.700.00 (the "Construction Loan" or "Loan") , said Loan being evidenced bX
a Promissory Note dated August •t~ .1978. in the amount of the Loan and secured,
by Mortgage and Security Agreement dated August~9, 1979. Sled August 3d, 179,
under Clerk's File Number ~ 56 $~~f the Public Records of St . Lude County . FYo~ida
a Construction Loan Agreement between Borrower and Lender (dated August .t9 ,
1979) and certain other loan documents and security instruments (the Promissory
Note, Mortgage, Construction Loan Agreement and all of the other security instruments
and loan documents being referred to collectively as the "Loan Documents") .
The Borrower has agreed that all deposits made on account of the purchase
price of individual condominium units in the Ocean Towers Condominium project
by individual purchasers thereof will be placed in an escrow account at Lender's
Pittsburgh, Pennsylvania office; that said deposits are subject to the terms,
conditions, and limitations as set forth herein, and that said deposits are and
shall be held as and for additional security for the Loan and for Borrower's
performance of its duties and obligations under the terms and conditions of the
Loan Documents .
NOW, THBRBFORB, in consideration of the foregoing premises and of the
mutual covenants hereinafter contained, the Borrower and Lender hereby agree
as follows:
1. De$nitions:
~ (a) The farm "Contract" or "Purchase Contract" or "Sales Contract"
as used herein shall refer to all contracts, de sit recei is or other
Po P
agreements. written or oral, now in existence or which may hereafter
come into existence, which provide for the sale by Borrower do any
JOHN ~
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