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HomeMy WebLinkAbout0083 ' 499599 i°~ ASSIGNMENT OF SALES CONTRACTS THE UNDBRSIGNED, for value received, hereby grants to the TH8 FIRST NATIONAL BANK OF CHICAGO, a national banking association orgatized 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 oc 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 Seascape 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, o~r due or to become due, which relate to Seascape 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 I 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 E reimbursed by the undersigned. i i 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 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. 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. ff 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. r • In -the event of any conflict between the terms hereof -and said Loan s Agreement, the terms and conditions of said Loan Agreement shall control. 4 F 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 This instru~ ~ • - KENN~"TH J. WEIL FIAYD pEp~,pN gTEWART RICH?1i,1N GREEA & WEIL, P.A. , Twenty-FUth Floor ~ )Nadi, ~&'i131 pbooe: 877-0241 g1;~31(~ DdGE ~ '