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5~:1;~06
ASSIGNMENT AND PLEDGE OF HOUSING ASSISTANCE PAYMENTS
THIS ASSIGNMEIvT AND PLEDGE, OF HOUSING ASSISTANCE
PAYMENTS made this _ j:_tt day of ~'~~( •,, 4~~!~ , 19.~,i., by
ORANGEWOOD VILLAGE, LTD., a Florida limited partnership,
(hereinafter called the "Owner" or "Borrower") having its office
at 2120 Drew St., Suite C., Clearwater, Florida 33515 to
FORT PIERCE HOUSING DEVELOPMENT CORPORATION (hereinafter
called the "Issuer" or "Lender"), a Florida non-profit
corporation having its office at c/o Ernon N. Sidaway, III,
Esq., P.O. Box 3388, Fort Pierce, Florida 33450 acting as a
"public housing agency" and a duly designated "instrumentality"
of the Fort Pierce Housing Authority (hereinafter called the
"Authority").
W I T N E S S E T H:
WHEREAS, the Owner has acquired certain real property
in the City of Fort Pie.rce Florida; and
WHEREAS, the Owner intends to construct on said property
a low-income housing project {the "Project"); and
WHEREAS, in accordance with the provisions of Section 8
of the United States Housing Act of 1937, as amended (the
"U.S. Housing Act"), the United States of America, acting
through the D~partment of Housing and Urban Development
("HUD"), and the Fort Pierce Housing Authority have entered
or will enter into a certain Annual Contributions Contract,
dated (the "ACC"), pursuant to which HUD
agrees to make annual contributions to the Authority on
behalf of the Project; and
WHEREAS, the Authority and the Owner have executed and
delivered or will execute and deliver, a certain Agreement
to Enter into Housing Assistance Payments Contract, (the
"HAP Agreement"), pursuant to which, upon acceptable com-
pletion of the Project, the Authority and the Owner will
execute and deliver a certain Housiny Assistance Payments
Contrac~ (the "HAP Contract"), and
WHEREAS, under the terms of the HAP Contract, the
Authori~y will make housing assistance payments ("HAP Payments")
to the Owner to enable persons of low income, including
families and eiderly, handicapped and disabled persons, who
qualify for assistance under Section 8 of the U.S. Housing
Act ("Eligible Tenants") to rent dwelling units in the
Project ("Dwelling Units"); anu
WHEREAS, the Owner has applied to the Issuer., a Florida
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and a duly designa~ed "instrumentality" of the Authority
within the meaning but only for the purposes o€ Section
11(b) of the U.S. Housing Act and the regulations issued by
HiJD thereunder, 24 CFR Part 811, for a loan (the "Loan'') in
the amount of $1,830,000.00 to finance the cost of constructing
the Project; and •
WHEREAS, the loan is to be secured, in part, by a
mortgage (hereinafter called the "Mortgage") covering the
Premises given by the Owner to the Issuer of even date
herewith, which is intended to be recorded immediately prior
to the recording of tnis Assignment; and
WHEREAS, as a con~ition for obtaining said loan a*~d as
additional and collateral security for the payment thereof,
~C~X~ FAGE ~~