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HomeMy WebLinkAbout0952 ~ • MOON2/ASSIGNAOS~14/ 112183/4 ~~a~~~Ja~ COLLATERAL ASSIGNMENT OF AGREEMENTS OF SALE KNOW ALL MEN BY THESE PRESENTS THAT on this ~STday of November, 1983, MOONRAKER BAY, a Florida partnership ~Assignor"), havinq its principal place of business at 5455 North Federal Hiqhway, Boca Raton, Florida 33431, in considerati.on of One Dollar ($1.00) paid by SUNRISE SAVINGS AND LOAN ASSOCIATION OF FLORIDA, a Florida corporation, ("Assignee"), having its principal place of business at 6801 Lake Worth Road, Lake Worth, Florida 33463, hereby conveys, transfers and assigns unto ~ Assignee, its successors and assigns, all the right, interest and privileges with Assignor has or may have in or arising from all i and any Agreements of Sale and Reservation Agreements, now existing or hereafter made, affecting all or any portion of the premises described in Exhibit "A", attached hereto and made a part hereof, (hereinafter referred to as the "Property"), as said Agreements of Sale may have been, or may from time to time, be hereafter modified or extended, together with all deposits, sums and payments made, paid, due or becoming due therefrom (collectively the "Agreements of Sale"). Such Property and any improvements nQw or hereafter constructed thereon are hereinafter referred to as the "Premises". . ~ Assignor will, on request of Assignee, execute specific recordable assignments of any Agreements of Sale. This assignment is made as additional security for the payment of a certain promissory note created by Assignor and now held by Assignee, in the amount of ELEVEN MILLION FOUR HUNDRED TWENTY-FOUR THOUSAND DOLLARS ($11,424,000,00), and in compliance with the terms of a commitment letter dated July 26, 1983, a certain mortgage, a certain loan agreement, and a certain proceeds agreement all of even date herewith, (and all extensions or modifications thereof) with respect to the Property (hereinafter referred to as the "Note", the "Mortgage", the "Loan Agreement", the "Proceeds Agreement" and the "Commitment Letter" and collectively referred to herein as the "Loan Documents"), upon the following terms and conditions: ' 1. Assignor agrees to perform all of its obligations under ' the Agreements of Sale and under this Assignment, and Assignor ~ agrees to send Assignee a true, correct and complete copy of each i Agreement of Sale with five (5) days after receipt thereof by ' Assignor. i ~ ~ 2. Until-any default occurs under the Loan Documents this ~ Assignment shall not affect any rights of Assignor to collect the deposits, sums and payments, to retain the same, to sell all or ~ any portion of the Premises and to exercise the rights or ~ privileges under or arising from such Agreements of Sale, except ~ as Assignor may have otherwise elsewhere agreed in this ~ Assignment or in the Note, Mortgage, Proceeds Agreement, Loan ~ Agreement or other document relating to the loan. ~ ~ 3. Assignor, upon any default under the Loan Documents, ~ hereby irrevocably authorizes Assignee, at Assignee's option, ~ (a) to collect all or any deposits, sums and payments ? due or to become due under any or all_of such Agreements of Sale, (b) to exercise any or all rights and privileges under any and all such Agreements of Sale or occurring therefrom, This instrument prepared by and should be returned to: ~ ~ LAWRENCE B. PZTT, ESQUIRE A ~ Blank, Rome, Comisky & McCauley ~ Forum III, Tower B,.Suite 704 ~ 1665 Palm Beach Lakes Boulevard ~ West Palm Beach, FL 33401 z. ~ ~~~~4~7 P~~E 951 ~ Y: ~ ~ . ~ r.~ _ _