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MOON2/ASSIGNR&Ll13/11218315
~ 63~Z852
COLLATERAL ASSIGNMENT OF RENTS AND LEASES
KNOW ALL MEN BY THESE PRESENTS THAT MOONRAKER BAY, a Florida
partnership, having a principal place of business at 5455 North
Federal Highway, Boca Raton, Florida 33431 (hereinafter called
"Assignor"), in consideration of ONE DOLLAR ($1.00~ paid by
SUNRISE SAVINGS AND LOAN ASSOCIATION OF FLORIDA, a Florida
corporation, having its principal place of business at 6801 Lake
~ Worth Road, Lake Worth, Florida 33463 (hereinafter called
"Assignee"), hereby conveys, transfers and assigns unto Assignee,
its saccessors and assigns, all the rights, interest and
privileges: (a) which Assignor as lessor has and may have in the
leases now existing or hereafter made and affecting the real
property described below or any part thereof, as such leases may
have been, or may from time to time be hereafter modified,
extended and renewed, with all rents, income and profits due and
becoming due therefrom (collectively the "Leases"); and (b) which
Assignor has and may have by virtue of any guaranty or surety
agreement with respect to the tenant's obligations under any of
such leases, as such guaranties or surety agreements may have
been, or may from time to time be hereafter modified and
extended. Assignor will, on request of Assignee, execute
assignments of any future leases affecting any part of such real
property and assignments.of any guaranties or surety agreements
made in connection therewith.
This Assignment is made as additional security for the
_ payment of a certain note of even date herewith (the "Note") made
by Assignor to Assignee in the sum of ELEVEN MILLION FOUR HUNDRED
TWENTY-FOUR THOUSAND DOLLARS ($11,424,000.04) with interest, and
the performance by Assignor of its obligations under: (i) a
certain mortgage of even date herewith (the "Mortgage") from
Assignor to Assignee given to secure payment of the Note and
covering real property situated in St. Lucie County, Florida and
described in Exhibit °A" attached hereto (the "Property"); (ii) a
certain Proceeds Agreement o~ even date herewith; iiii) a certain
i Commitment Letter concerning the Loan described above dated July
26, 1983; and (iv) a certain Loan Agreement of even date herewith
(which Note, Mortgage, Proceeds Agreement, Commitment Lette~ and
Loan Agreement are hereinafter collectively referred to as the
i "Loan Documents"). This Assignment shall secure the Loan
l Documents as they may from time to time be hereafter modified,
; extended and renewed, and shall be security for all increases,
E extensions, amendments or modifications of the Loan Documents,
and all additional loans made hereafter, if any, by Assignee to
~ Assignor or its successors and assigns and secured by the
~ Property, upon the following terms and conditions:
~ - 1. The acceptance of this Assignment and the collection of
rents or the payments under the Leases or any sums under the
i guaranties or surety aqreements hereby assigned, shall not f
~ canstitute a waiver of any rights of Assignee under the terms of
~ the Loan Documents. Zt is expressly understood and agreed by the
~ parties hezeto that before default occurs under-the terms of the
~ Loan Documents, Assignor shall have the right to collect such
$ rents, income and profits from the. aforementioned leases,
6 guaranties and surety agreements and to retain, use and enjoy the
~ same; provided, however, that even before deEault occurs no rents
shall be collected or accepted more then one month in advance
` without the prior written consent of Assignee.
;
` This instrument prepared by and should be returned to:
' LAWRENCE B. PITT, ESQUIRE
Blank, Rome, Comisky & McCauley
Forum III, Tower B, Suite 704
1665 Palm Beach Lakes.Boulevard
: West Palm Beach, FL 33401
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