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HomeMy WebLinkAbout2771 . / - • 46'148 3 ~ ASSIGNMENT OF LEASES, RENTS, AND PROFITS THIS ASSIGNMENT, made this ~ day of November ,197 9 , by Island Village of Hutchinson Island Development Corporation Pennamco, Inc. ,hereinafter calle7 "Assignor", in favor of hereinafter called "Assignee," WITNESSETH: 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 all 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 aU 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 limitation: (a) minimum rents, additional rents, percentage rents, parking 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 acid 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 hazm 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'). SUBJECT, however, to a license here!?y granted by Assignee to Assignor, but limited as hereinafter provided, to collect and receive all of the said rents. s TO HAVE AND TO HOLD the same unto Assignee, its successors and Assigns forever, or for such shorter period as hereinafter may be indicated. FOR THE PURPOSE OF SECURING the payment of the indebtedness evidenced by that certain Note dated November'~t0 ,19?9 , in the principal sum of One Million Three Hundred Sixty Five Thousand and no/100-------- Dollars ($l, 365, 000. )made by Assignor payable ~ to the order of Pennamco, Inc. and presently held by Assignee, including any extensions i 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, supplements and consolidations thereof, covering the said premises, and securing the said Note (hereinafter collectively called "Loan Documents"). z 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 its discretion may be deemed necessary or appropriate to enforce the 3 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 5ll any and all vacancies and to rent, lease and/or let the premises andJor any part thereof at its discretion; (d) to order, purchase, cancel, modify, amend and/or in any and all ways control and deal with any and all policies of insurance of shy 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 k at law or in equity therefore and to execute and/or render any and all instruments deemed by Assignee to BO~K~~ P1~GE~ IU7