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2. As additional socurity for the full and prompt payment of the {
indebtedness of the Construction Loan and all other indebtedness of Borrower
to Lender . and of the .performance by Borrower of its duties and obligations
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under the terms of the Loan Documents. as are now existing or may be hereafter
incurred. matured or unmatured. direct or contingent. including any extensions
or renewals thereof and substitutions therefor. the Borrower does hereby assign
transfer. grant and set over tD Lender all of Borrower's right. title and inter-
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est in and to all of the Collateral. whether such Collateral is now existing or
hereafter comes into existence during the term of this Agreement. In connection
therewith Lender shaII immediately be entitled to the possession of all Collateral.
and shall have the right ~ apply the same.. subject m the provisions of Section
718.202. F . S . (1978) regarding the disposition of Purchaser's deposits ~ and subject
to any restrictions or limitations in favor of Purchasers with respect m the use of
such Collateral as set forth in said Contracts ~ less the costs and expenses o
collection thereof (including reasonable attorneys' fees) toward the payment of
the indebtedness of the Loan then remaining unpaid. including interest and other
costs and charges accruing thereunder; provided. however. that so long as the
Borrower is not in default in the payment of any installment of prindpal or interest
or other charges due under the terms of the Loan and Loan Documents and is {
~j not in default of this Agreement and any Loan Document, then the Borrower
will be entitled to exercise Contract Rights and to collect all Proceeds and 20$
Deposits, subject however. do the terms and ccnditions of the Loan Documents
and the following provisions hereof. including. but not necessarily limited to the
release of individual condominium units from the lien. operation and effect of
the Loan Documents. and such provisions as set forth herein for the escrow of
the Proceeds and 20$ Deposits.
3. Borrower warrants that all Purchase Contracts obtained by Borrower
shall be in accordance with the requirements for "Purchase Contracts" as defined
in the Loan Documents, and that after the execution of a "Purchase Contract".
~ so long as the indebtedness of this Loan or any portion thereof zemains unpaid .
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4. Nothing contained herein shall obligate or be construed to obligate
the Lender to perborm any of the terms, covenants. or conditions contained in
any Contract or otherwise m impose any obligations upon the Lender with respect
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