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ASSIGNMENT OF LEASES,
RENTS AND PROFITS
KNOWN ALL MEN BY THESE PRESENTS, that
WHEREAS, THE FIRST NATIONAL BANK OF CHICAGO (the "Assignee"),
a National Banking Association, with its office and mailing address at One First
National Plaza, Chicago, Illinois 60670, is the owner and holder of a promissory note
(the "Note") in the principal amount of Twelve Million Seven Hundred Thousand Dollars
(=12,700,000.00) executed by HUTCHINSON ISLAND LIMITED, INC. (the "Assignor"), a
Delaware corporation authorized to transact business in the State of Florida, with its
office and mailing address at 2400 South Ocean Drive, Ft. Pierce, Florida, which Note
is secured by a mortgage (the "Mortgage"), executed by Assignor of even date
herewith, recorded in the office of the Clerk of the Circuit Court of St. Lucie
County, Florida, contemporaneously herewith, encumbering property (the "Property")
owned by Assignor, described as:
SEE EXHIBIT A and A-1 ATTACHED HERETO
and,
WHEREAS, Assignor desires further to secure to Assignee the full and
complete performance of each of the covenants, agreements and promises contained in
the Note and Mortgage.
NOW THEREFORE, in consideration of the premises, and of the sum of Ten
Dollars (=10.00) and other good and valuable consideration paid to Assignor by
Assignee, the receipt and sufficiency of which is hereby acknowledged, Assignor does
hereby assign, transfer and set over unto Assignee, its successors and assigns, the
posse ion of the Property, and all the rents, issues and profits now or hereafter to
become due and derived from such Property, until all indebtedness evidenced by the
Note and secured by the Mortgage shall have been fully paid and satisfied or until
Assignee shall be entitled to such possession by order of Court or operation of law,
such assignment to be subject to the following terms and conditions:
1. Until default shall have occurred in the performance of any of the
agreements, covenenants and promises contained in the Note, Mortgage, or the
"Construction Loan and Project Agreement" or any other loan or security instruments
given by Assignor to Assignee as security for the indebtedness evidenced and secured
by the Note and Mortgage, Assignor may continue to retain possession of and collect
the rents, issues and profits from the Property. Upon occurrence of any such default
Assignor shall deliver to Assignee all leases of the Property, or any portion thereof.
This assignment of rents shall be an assignment of all such leases to Assignee, and
~ Assignor agrees to execute and deliver to the holder of the Note and Mortgage any
further assignment(s) necessary to perfect the transfer of such lease(s) to Assignee.
Assignee agrees to furnish duplicate originals of all leases, rental agreements, licenses
f and other documents in connection with income from the Property to Assignee
promptly upon execution and the failure of Assignee to do so shall be a default
hereunder. _
Assignor agrees that in connection with any such documents, that it will:
(e) Not permit or accept prepayment of rent or other income more than
one month in advance;
(b) hold all security deposits in a separate account and a security
interest therein is hereby granted to Assignee;
(c) not grant any concessions, foregiveness, forbearance or other relief
from the obligations to pay money without Assignee's consent;
~ (d) not terminate or reduce the term of or amount of rent or other ,
i payment due thereunder without Assignee's consent;
(e) not breach, cause or suffer a breach of any such agreement or
document.
'Ibis instn~mcnt
prepared by:
FLOYD PEARSOIr' STEWAR'r RICH1yAN
GRI•:ER & WEIL, P.A.
I~erty-Fifth Floor
()nc Bi:;:~ync i~wec
~t~nmi, Florida 33131 ~ ~ I D
P: ionP: 377-0241 Q~~ 6
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