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ASSIGNMENT OF RENTS AND j
AGREEMENT NOT TO SELL OR ENCUMBER REAL PROPERTY
In consideration and as security for a loan made by First
National Bank of Fort Pierce, (hereinafter called "Lender"),
which loan was made for the improvement of real property described
below .and is evidenced by a promissory note given~by GERMANY
HAMMOCK GROVES COMPANY, a Florida corporation, in favor of Lender,
dated May 9, 1980, in the amount of One Hundred Thousand & 00/100
($100,000.00.) Dollars, the undersigned corporation, by its proper
officer t~iereunto duly authorized, (hereinafter called "Borrower"),
hereby covenants and agrees with Lender as follows:
1. The real property referred to herein is located in
St. Lucie County, Florida, and is described as follows:
The SW 1/4 of the NE 1/4; the NW 1/4~of the SE 1/4; that
part~of the SW 1/4 of the SE 1/4 and of-the South 1/2
of the SW 1/4 lying North of the following described line:
Begin 30 feet East of the SW corner of Section 32;
.thence run NE along the centerline of canal to
~ point 66 feet North of the SE corner of Section 32;
and the South 162.70 feet of the North 1/2 of the NW 1/4; all
of.the above lying and being in Section 32, Township 36
South, Range 38 East, St. Lucie County; Florida, LESS AND
EXCEPT the West 100 feet for road right-of-way.
2. Borrower hereby assigns to Lender all moneys due or to
become due to Borrower as rental or otherwise for or on account
of such real property reserving unto Borrower the right to collect
and retain an. such moneys prior to Borrower's det~~ilt under the
terms of the ~oan described above;
3. Borrower will not create or permit any lien or any
encumbrance (other, than those presently existing) to exist on
'i said real property and will not transfer, sell, assign or in any
manner dispose of said real property or any interest therein without
~ the prior written consent of Lender;
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4. I;ender is hereby authorized and permitted to cause this
instrument to be recorded at such time and in such places as Lender
at its option may elect. -
5. This agreement is expressly intended for the benefit and
protection of Lender and all subsequent holders of the note
described above. Borrower warrants and represents that~Borrower
owns the above-described real property.
6. This agreement shall remain in full force and effect until
the loan described above shall have been paid in full.
EXECUTED this 9th day of May, 1980.
GERMANY HAMMOCK GROVES COMPANY, a
~ th prese a of: Florida corporation
. By ~ N
Its President
ilhPj.C
Attest : -~"'a",~,~„~,.... ;:i
Its Secretary , c.~'~;,
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