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This Instrument Prepared by:
William Jay Lippman, Esq.
Wien, Lane & Malkin
249 Royal Palm Way
Palm Beach, Florida 33480 -
~ ASSIGNMENT OF RENTS AND LEASES
J
RNOW ALL•MEN BY THESE PRESENTS that RADNOR/OCEANA
SOUTH PARTNERSHIP, a Florida general partnership, having its
principal business office at 9920 N.E. Ocean Boulevard,
Hutchinson Island, Jensen Beach, Florida 33457 (hereinafter
called "Assignor"), in consideration of One Dollar and other
good and valuable consideration paid by IRVING TRUST COMPANY, '
a New York banking corporation having its principal office
at One Wall Street, New York, New-York 10015 (hereinafter
called "Assignee"), hereby conveys, transfers and assigns.
unto Assignee, its successors and assigns, all the rights,
interests •and privileges, (a) which Assignor as lessor has
and may have in the leases now existing or hereafter made
and affecting the real property described below or any part
thereof, as such leases may have been, or may from time to
time be hereafter modified, extended and renewed, with all
rents, income and profits due and becoming due therefrom,
and (b) which Assignor has and may have by virtue of any
guaranty or surety agreement with respect to the tenant's
obligations under•any of such leases, as such guarantees or
surety agreements may have been, or may from time to time
•be hereafter, modified and extended. Assignor will, on re-
quest of Assignee, execute assignments of any future leases
affecting any part of such real property and assignments of
any guarantees or surety agreements made i.n connection
therewith.
This assignment is made as additional security
for the payment of a certain note of even date herewith (the
"Note") made by Assignor to Assignee in the sum of Sixteen
Million Dollars (516,000,000) with interest, and. the perfor-
mance by Assignor of its obligations under a certain wort-
gage of even date herewith (the "Mortgage") from Assignor to
Assignee given to secure payment of the Note and covering
real property situated on Hutchinson Island, St. Lucie
County, Florida and more particularly described on Exhibit A
attached hereto and in the Mortgage (the "Property"). This
assignment shall secure the Note and Mortgage as they may
from time to time be hereafter modified, extended and re-.
newel, and shall be security for all increases, extensions,
amendments or modifications of the Note and Mortgage, and
all additional loans made hereafter, if 'any, by Assignee to
Assignor or its successors-and assigns and secured by the
Property.
The acceptance of this assignment and the
collection of rents or the payments under the leases or any
sums under the guaranties or surety agreements hereby
assigned shall not constitute a waiver of any rights of
Assignee under the terms of the Note and Mortgage. It is '
. expressly understood and agreed by the parties hereto that
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