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516061
ASSIGNFfENT OF LESSOR'S INTEREST IN LEASES
THIS ASSIGNMENT, made this 3rd cla~r of February, 1981, by W.C.
WIGGINS, JR. (hereinafter referred to as "Borrower") to CONTIr7G;;-
TAL ILLINOIS NATIONAL BANK AND TRUST COMPANY OF CtiICAGO, a national
banking association organized and existing under the laws of thP
Unite~ States of America (herein called "Lender").
W I T rI E S S E T H:
FOR VALIIE RFCEIVED, Borrower herehy grants, transfers and as-
si~ns to Lenc~er, its successor and assigns, all of the right, title
and interest of Borrower in and to that certain Lease or those cer-
tain Leases, with mod~ification, if any, described in Schedule A
hereof, covering premises (herein called "Premises") described in
Schedule "B" attached hereto, together with an~- extension of any
thereof and any guarantees of the ohligations under any thereo~
(each of saicl leases being hereinafter collectively referrec3 to a~
the "Lease"), for the purpose of securing (a) payment of a12 sur,~
now or at any time hereafter due Lender and secured by a certain
i•lortgage and Security Aqreement (herein called "Security Instrument")
-nade by Borrower to Lender of even ~ate herewith to secure a Promis-
sory vote in the principal sum of $3,500,000.00 (hereinafer referred
to as tl~e "Note") and to be recorded in the Public Records of St.
Lucie County, Florida, together with any renewals or extensions
thereof an~ any future advances made thereunder to the extent per-
mitted by the Security Instrument, and (b) the perforr~ance ana c?is-
charge'oi each obligation, covenant and agreement of Borrower cvn-
taine~ herein or containe~3 in the Security Instrume~~t or the ~iote.
Lenc~er agrees that:
, A. So long as there shall exist no "Event of nefault" (as
l~ereinafter defined) on the part of Borrower, Borrower shall have
the riyht t~ collect, but not.more than thirty (30) days prior t{~
accrual, all rents, issues and profits from the Pre:nises an~ to
retain, use and en~oy the same free of any claim of Len~er.
E3. Upon the payment in full of all indebtedness secure:~ here-
b~, as evidenced by the recording or filing of an instrunent of sat-
isfaction or full release of the Security Instrument witl--out t}ie re-
cording of another Security Instrument in favor of Lender affecting
the Premises, this Assignment shall becoma arn3 be void an.a of no
effect.
E3orrower warrants that:
(a) There is no other assignment of any o: its rights under
the Lease to any other person. '
(b) I3orrower has done no act nor omitted to do any act which
might p~event Lender from, or limit Lender in, acting under any oi
the provisons herein.
(c) Borrower has not accepted a payrient of rent under the Lease
for more than thirt~+ (30) days in advance of its due date.
(d) To the knowledge of Borrower, there is no default by.any
lessee unrier the terms of the Lease.
This instrument was prepared by Luther C. Curtis, Cofer, Beaucham~,
Hawes & Brown, Suite 200, Peachtree & Broad Building, Atlanta, Geor-
gia 30043.
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