HomeMy WebLinkAbout0629 the aforementioned obligations, as more fully described in the
l~orebearance and Modification Agreement dated the day of
, 197 and the obligations under the original Promissor
Note, the e~ssignors hereby assign and hereby grant and give a
security interest to the Assignee, its successors and assigns, of
all of Assignors' right, title and interest in the proceeds to
be derived from the condemnation award herein described, subject
to the "Prior Claims".
3. The Assignors hereby represent, except as set
forth above, there are no other assignments, liens, or encum- i
brances of their interests in the subject condemnation award. Th
Assignors covenant and agree to deliver to the Assignee any and
all documents, including, but not limited to, Uniform Commercial
Code Financing Statements, as may be necessary to effectuate the
purposes hereof.
4. Pending the receipt of any funds by or on be-
half of Assignors, this agreement shall constitute an agreement
creating a security interest for purpose of additional collateral
security for the benefit of Assignee.
S. Upon the receipt of funds by or on behalf of
Assignors from said condemnation award, net of the "Prior Claims"
Assignors or their agents, servants, attorneys, or designees,
shall forthwith pay to Assignee said sums, to be applied first
against any obligations then remaining due and owing under the
Forebearance and Modification Agreement and then applied to the
obligations due under the original Promissory Note.
6. The Assignors covenant that the award of the
condemnation from the condemnation proceedings shall be delivered
to their attorneys, Lehman & tdasserman, P.A., in order to effec-
tuate satisfaction and payment of the "Prior Claims", as well as
t
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