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COLLATERAL ASSIGNMENfi ~F LEA~E AGREEMENT
THIS COLLATERAL ASSIGNMENT OF LEASE AGREEMENT made this
of March, 1981, by Lucille V. Costa~ joined by
her Husband, George A. Costa ( hereinafter referred to as
"Assignor" ) to Gerald H. Gline, Receiver for George A. Costa,
et al in proceedings for Arrangement under Chapter 11 of the
Bankruptcy Act, pending in the United States Bankruptcy Court
for the District of New Jersey, as Case No, B-76-2704 ( hereinafter
referred to as "Assignee" ).
WHEREAS by Lease Agreement dated October 25, 1972, Assignor
did enter into a Ground Lease Agreement with Saint Lucie Enterprises
Inc., a Florida Corporation, which Lease Agreement was modified
pursuant to a Modified Lease Agreement dated April 8~ 1980, which
Lease Agreement, as modified, was recorded in the Public Records of
Saint Lucie County, Florida at O.R. Book 331, Page 754, and pursuant
to which the Lessee under said Lease Agreement is now Triple T Inns
of Fort Pierce, Inc., a Florida Corporation; and
WHEREAS Assignor have been Debtors in proceedings for Arrangement
under Chapter 11 of the Bankruptcy Act, pending in the United States
Bankruptcy Court for the District of New Jersey~ as Case No. B-76-2704
and which proceedings were confirmed by an Order of said Court dated
March S, 1981; and
WHEREAS notwithstanding such confirmation, a sufficient deposit
was not made for additional administrative expenses which might be
allowed in said proceedings in which the Assignee is Receiver, including
but ncr_ limited to tax liabilities which may be assessed by any Federal,
State or Local taxing authority for unpaid taxes, penalties or interest
and said Order required the Assignor herein, to assigne the aforesaid
Ground Lease as modified, to Assignee as additional collateral to
secure payment of any such additional administrative expenses which
might be allowed in said Chspted 11 proceedings.
NOW THEREFORE~ in consideration of the aforegoing, $1~.00 and
other good and valuable considerations, receipt of which is hereb~
acknowledged~ Assignor does hereby assign, convey, transfer, set over
and deliver unto Assignee, in accordance with the terms and conditions
set forth in the said Confirmation Order of the United States Bank-
ruptcy Court for the District of New Jersey, Assignor`s right, title
and interest in and to the aforesand Ground Lease as modified as
collateral security for the payment of and to save the Assignee
harmless from any and all.liabilities for administrative expenses
including bur not limited to tax liabilities which may be assessed
~ by any Federal State or Local taxing authority for unpaid taxes~
penalties or interest arising during the course of the aforesaid
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