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be personally liable for interest or principal or for any
obligations evidenced by the Promissory Note and/or secured by ~
the Lakeview mortgage and the Oceanview mortgage as modified by
the Modification and Extension of Mortgage and Collateral
Mortgage.
14. As additional security for the Lakeview Mortgage.
and Oceanview Mortgage, respectively, Bankers shall receive an
assignment of all contract rights, warranties, licenses,
architectural plans and specifications, all consented to by the
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general contractor and architect or other parties to the
contract, if necessary, which assignment shall expressly
provide that the contractor or supplier of goods or services
shall agree to complete their work in accordance with the
contract should Bankers foreclose its mortgage lien or acquire
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title to same itself or by its nominee by deed in lieu of r
foreclosure. In addition, subject only to the rights of the
holders of prior mortgages Bankers shall receive an assignment ~
of proceeds from-all unit sales which assignments shall all be
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~ secured by appropriate Uniform Commercial Code Financing
Statements. Bankers agrees that the foregoing assignments may
~ be subordinate to any prior assignments of such right in favor
of lenders with a mortgage lien prior to the lien of its
~ mortgages for the particular stage.
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t 8342 P~EiT75
M[RlNON,fAWr[R,.JONNlTON, OUNWOOr i COL[, 1600 lOUTN[A!T ~IRlT NATIONAL LANK •YILDINO, MIAMI, rlOR10A 3~1~1
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