HomeMy WebLinkAbout0347
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P. U. !i_x 215U Tau.: ~, F~,.r~~~
521205
ASSIGNr'IENT OF RENTS
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THIS ASSIGNMENT, made the ,, . day of i~ ,~ ~~ ~ ,
1981, by ORANGEWOOD VILLAGE, LTD., a Florida limited partnership
(hereinafter called the "Owner"), having its ~ffice at 2120
Drew St., Suite C, Clearwater, Florida 335i5 to F~RT PIFRCF
HOUSING DEVELOPMENT CORPORATION, as a"public housing agency"
and a duly designated "instrumen~ality" of the Fort Pierce --
Housing Authority (hereinafter called the "Lender"),
W I T N E S S E T H:
WHEREAS, the Owner is the owner of certain real pro-
perty in the City of Fort Pierce, Florida, more particularly
described in Schedule "A" attached hereto and forming a part
hereof (hereinafter called the "Premises"); and
W:iEREAS, the Owner ~as applied to the Lender for a loan
in the amount of ONE MILLION EIGHT HUNDRED THIRTY THOUSAND
DOLLARS ($1,830,000.00) which loan is to be evidenced by a
promissory note (hereinafter ~alled the "Owner's Note") of
the Owner to the Lender in said amount of even date herewith,
and secured, in part, by a martgage (hereinafter called the
"Mortgage") covering the Premises given by the Owner to the
Lender of even date herewith, which is intended to be recorded
immediately prior to the recording of this Assignment; and
WHEItEAS, as a condition for obtaining said loan and as
additional and collateral security for the payment thereof,
the Owner is required to execute and deliver this Assign-
r.lent;
NOiV, THEREFORE, in consideration of and as an induce-
ment to the making of said loan by the Lender to the Qwner,
the Owner does hereby assign, transfer and set over to the
Lender all of its right, title and interest in and to any
and all leases now or hereafter affecting the Premises or
any part thereof and all amendments, modifications, ex-
tensions and renewals thereof (hereinafter called the "As-
signed Leases");
TOGETHER WITH all of the rents, issues and prafits
which may be or become due, or to which the Owner may now or
hereafter become entitled, arising or issuing out of the ,
~Assigned Leases or from or out of t,he Premises or any part
thereof; .
TO HAVE AND TO HOLD the same unto the Lender, its
successors and assigns until such time as the indebtedness
evidenced by the Owner's Note and secured by the Mortgage
has been paid in full, for the purpose of further and col-
laterally securing (a) the payment of the indebtedness
evidencec~ by the Owner's ilote and secured by the Mortgage,
t~gether with in~~rest thereon, (b) the payment of all other
sums which may become due and payable to the Lender under
the provisions of the Note, the Mortgage and any other
documents collateral thereto and (c) the performance and
observan~e of all of the other co~enants and obligations of
the Owner under the Owner's Note, the Mortgage and any other
documents collateral thereto.
~~ ~x 351 ~~~ 34~