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Atitii(„i'tE:dT OF
[.t:AS1:S, F.EXTS .1;;D 1.IC~~SES
SAND DOLLAR VILLAS DEVELOPMENT CORPORATION , a Flurid:i
curporation, hereinafter referred to as "Assignor", the owner oF
'the Property situat~d in the County of Dade, State of Florida,
described in rxhibit A attaciied hereto and made a part hereof (the
'"Property" which term shall inc2ude any improvements now or here-
~after thereon), for good and valuable consideration. the receipt
:~of which is hereby acknowledged, does hereby assign, transfer and
'~set over to INTERCONTINENTAL BANK , a Florida banking
corporation, its successors and assigns ("Lender"): -
~ (a) All of the Assignor's right, title and interest in and ~
~to any~leases, whether presently in existence or hereafter executed,
~~which in any manner affect or deal with the Property or any portion
':thereoE, or ar~y buildings or improvements presently situated or
hereaf[er constructed upon the Property (the "Leases");
;j ,
(b) All rent, income, revenues and profits due or received
:!presently or hereafter under the terms of any of the Leases or
;~from the Property (the "Rents"), and '
~; ,
f` (c) All licenses, permits, and other documents, if any, ~
~.necessary to conduct business at the Property (the "Licenses"). ;
~~ ~
~, This Assignment is made as additional security for the ~
,payment of the indebtedness evidenced by a promissory note of '
`even date herewith executed by Assignor in favor of the Lender in
::the principal amount o£ FOUR MILLION FIVE HUNDRED THOUSAND AND '
'`NO/100 --------($4,500,000.00 ) Dollars (the "Note"); and for ~
;the performance by the Assignor of its duties and obligations '
~;under the ter~s of the Mortgage of even date herewith which ~
°iMortgage secures the Note and encumbers the Property, and under t
,
;~the terms of such other docunents, executed in connection with the
~`waking of a Loan evidenced by the Yote (all of said documents '
'~collectively referred to as the "Loan Docuinents"). ~
`~ 1
., The Assignor warrants, covenants and agrees:
' 1. That the Lender shall itaraediately be entitled to the
~possession of all of the Leases, may immediately collect all rents,
~profits and revenues of the Property as the same beco~e due,
app2y the sar~e, less the costs and expenses of collection thereof
:~(including reasonable attorney's fees) toward the payment of the
indebtedness evidenced by the Note then remaining unpaid and may
~~inmediately take possession and make appropriate use of the
Licenses; and furthermore, the Lender shall have the right [o:
(a) raanage and operate the Yroperty or any part thereof;
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~~ : - .
(b) lease any part or parts thereof far such periods of
time, and upon such terms and conditions as the Lender may, in
its reasonable discretion, deem proper;
(c) enforce, cancel or modify any such Leases covering
the Property or any part thereof;
(d) demand, collect, sue for, attach, levy, recover,
receive, compromise and adjust, and make, execute and cleliver
recPipts and releases for al! rents, issues, profits and
revenues that may then be or may thereafter become due~ o~rin~;
or payable with respect to thc Property or any part thereof froca
any present or future lessees, tenants, subtenants or occupants
t h e r e o f; Th~S ~~„trume^t prer?; ^d by:
. R;y!i'.t~ ~U'TF.'.,.~~1. ESQ.
~ ,
af _y. .:r ~~ ,x Fa;r.^
lOO QISCZ'Ji~~ L:V~.. ~:;:~8 ~aI ~(~
Miami, Florid~ 33132 E;I~,1; ~cJU Fd~~E~~~
~~-w OFi1CE5 0~
SA~iEr, BAqNS 6 PAJON, SUITE l00 NEW WGRLO TOWER, MtnMt, F~OR:DA 33132
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