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Inc., and Oceana South Association, Inc. (the "Condominium
Associations"), the Rules and Regulations for the Condomini-
s
ums and~the Oceana South Declaration of Covenants, Restric-
. {
tions and Easements. The rights, interests and privileges
hereby assigned include, but are not limited to, any right
to enter into, or to designate a firm or corporation which
will enter into, a management agreement with the Condominium
Associations, any right to rent condominium units, any right
to exercise all voting rights which may accrue to Assignor .
by virtue of the retention by it of the right to be the
owner of unsold units, and any right to use the Property for
the promotion of sales.
The Assignor will, on request of the Assignee,
execute assignments of any specific present or future
Purchase Agreements affecting .any part of the Property.
This assignment is made as additional security for
the payment of a certain Note ("Note"-) made by Assignor to
Assignee of even date herewith to evidence a loan by Assignee
it to Assignor in the amount of Sixteen Million Dollars
($16,000,000) and the disbursement of the loan is governed
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by a Construction-Loan Agreement between Assignee and
Assignor also of even date herewith. The Note is further
secured by a Mortgage ("Mortgage") given by Assignor to
Assignee of even date herewith. which is a first lien on the
Property.
Assignor hereby covenants and agrees that:-
1. Assignor shall perform all, of its obligations
under the Purchase Agreements, the Condominium Documents
and this Assignment, and Assignor shall send Assignee a
true correct and com lete co of each Purchase A reement
P PY 9
. ~ within twenty days after receipt thereof by Assignor.
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