HomeMy WebLinkAbout1738 ~~C~t7I`fV
'ibis Instrument preparnd t>y~
FLOYD PF.~
RSON S
IIJWART RICHMprI
GRF.I:R & ~1rLIi., P.A. ASSIGNMENT OF SALES CONTRACTS
Twrnty-Fifth Flaor
One l3i~cnyn~ Tower
Phc,:.c: 3';T-0241 THE UNDERSIGNED, for value received, hereby grants to the THE
FIRST NATIONAL BANK OF CHICAGO, a national banking association organized and
. existing under the laws of the United States of America, ("Lender"), a security interest
in and to all Deposit Receipts and Purchase and Sale Contracts for units in a proposed
condominium, all reservation deposit agreements (if any), all contract applications (if
any), all escrow agreements relating to such agreements, and all receipts for offering
circular (collectively "Condominium Purchase Contracts") heretofore or hereafter
received by the undersigned at closings or as liquidated damages or by an escrow
holder, subject in the case of such deposits to all rights of purchasers of units in and to
such deposits, in connection with the sale of condominium units in the property (the
"Project") to be known as Catamaran II, Ocean Village, Fort Pierce, St. Lucie, County,
Florida, and legally described in Exhibit A hereto to secure the payment of all
obligations of the undersigned under any promissory note (hereinafter called the
"Note") evidencing any loan or advance made by Lender to the undersigned and of all
obligations of the undersigned under that certain Construction Loan and Project
Agreement, bearing even date herewith (the "Loan Agreement"), and of all -other
obligations of the undersigned to Lender, its successors and assigns, howsoever
created, arising or evidenced, whether direct or indirect, absolute or contingent, or
now or hereafter existing, or due or to become- due, which relate to Catamaran II,
Ocean Village, Fort Pierce, St. Lucie County, Florida. All Notes and other obligations
secured hereby are herein collectively called the "Liabilities:'
Until an Event of Default is declared under the Loan Agreement, the
Lender will not exercise any of its rights under this security agreement. _
The undersigned hereby warrants and agrees: (i) duly to perform its
legal and contractual obligations under and pursuant to the Condominium Purchase
Contracts and with regard to all earnest money deposits and to maintain such
Condominium Purchase Contracts and earnest money deposits free of all liens and
claims whatsoever, other than rights of purchasers and the security interest hereunder;
and (ii) from time to time, on request of Lender to execute such financing statements
and other documents (and pay the costs of filing or recording the same as deemed
necessary by Lender) and do such other acts and things, all as Lender may request, to
establish and maintain the security interest intended to be granted hereby. Lender
may from time to time, at its option, perform any agreement of the undersigned
hereunder which the undersigned shall fail to perform and take any other action which
Lender deems necessary for the maintenance or preservation of any of the security
interests granted hereby, and the undersigned agrees to forthwith reimburse Lender
for all expenses of Lender in connection with the foregoing, together with interest
thereon at the interest rate provided in the Note from the date incurred until
reimbursed by the undersigned.
~ The undersigned agrees, in the event that an Event of Default is
declared under the Loan Agreement, within ten (10) days thereafter to deliver to
i Lender at the undersigned's expense, an original executed copy of each of the
Condominium Purchase Contracts together with all earnest money deposits held by any
of the undersigned and to pay all costs of Lender of enforcement of its rights
hereunder, including reasonable attorneys' fees and legal expenses.
e
No delay on the part of Lender in the exercise of any right or remedy
shall operate as a waiver thereof, and no single or partial exercise by Lender of any
right or remedy shall preclude other or further exercise thereof or the exercise of any
other right or remedy. If more than one party shall execute this Assignment, the term
"undersigned" shall mean all parties signing this Assignment and each of them, and. all
such parties shall be jointly and severally obligated hereunder. The neuter pronoun,
when used herein, shall include the masculine and feminine and also the plural.
When the content so requires, the singular shall include the plural and
conversely.
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In the event of any conflict between the terms hereof and said Loan
Agreement, the terms and conditions of said Loan Agreement shall control.
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Until Lender shall exercise any of its rights under this Security
Agreement, lender shall have no obligation or liability of any kind whatsoever under
the Condominium Purchase Contracts or as to any earnest money deposits and the
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