HomeMy WebLinkAbout0959 until and unless Lender has received Lender's Proceed Share for
each Townhouse Unit sold prior to such date by Lender and for
each Townhouse Unit remaining unsold. Lender will agree to
release the lien of its Mortgage from the entire Property,
provided that Borrower has paid all swns required to be paid
pursuant to the_Note and the other Loan Docwnents and provided
further that on or prior to the date on which Borrower has
requested that Lender release the lien of the Mortgage from the
remainder of the Property, Borrower pays to Lender an amount
equal to the greater of: (a) EIGATY-THREE THOUSAND SIX HUNDRED
FIFTY-TWO DOLLARS AND FIFTY CENTS ($83,652.50) per Townhouse
Unit; or (b) EIGHT HUNDRED SIXTEEN THOUSAND DOLLARS ;
($816,000.00), less any amounts previously. paid to Lender as
Lender's Proceeds Share (hereafter the "Aggregate Proceeds ~
Share") .
(b) In addition to satisfying any other requirements
in connection therewith and -obtaining the prior written consent
of Lender, Borrower shall not be entitled to grant or allow any
mortgage or lien to encumber any portion of the Townhouse Units
until and unless Lender has received the Aggregate Proceeds -
Share. The granting by Borrower of any Mortgage or other lien ~
upon all or any portion of the Townhouse Units, which have not -
theretofore been released from the lien of the Mortgage by
Lender, shall be treated as an event of default hereunder and
thereupon, Lender's Aggregate Proceeds Share shall be immediately
due and payable by Borrower.
(c) In the event that Lender declares that a default
has occurred under any of the Loan Documents, Lender shall be
entitled to immediate payment of Lender's Aggregate Proceeds -
Share hereunder.
3. Security. Borrower agrees that Lender's right. to -
receive payment of the sums described herein shall be secured by
the Mortgage, Security Agreement and the other Loan Documents.
Upon a failure by Borrower to pay the sums payable by Borrower in
accordance with this agreement or the failure by Borrower to
fulfill any of its other obligations set forth herein, Lender
shall be entitled to treat such action as an event of default
under the Mortgage and the other Loan Dacuments and to exercise
all of the rights and remedies granted to Lender in the event of
a default as set forth in the Mortgage, the Security Agreement
and the other Loan Documents.
4. Covenant. Lender's right to receive the payments
described in this agreement shall be considered to be a covenant
running with the Property. Such covenant shall terminate with
respect to the Property or any portion thereof upon payment of
; the sums required to be paid hereunder and delivery to Borrower
~ by Lender of a satisfaction of Lender's mortgage encumbering the
~ Property or the portion thereof to be released from the rights
; granted to.Borrower by this Agreement.
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5. No soint Venture. Nothing contained herein shall be
~ construed as creating a joint venture, partnership, tenancy-in-
common, or joint tenancy relationship between Lender and
~ Borrower. Lender and Borrower intend the relationship created ~ '
~ under the Loan and hereunder to be that of debtor and creditor.
It is understood and agreed that so long as there is no default
; in the Note, Mortgage or other Laan Documents, Lender shall have
~ no control over the management and operation of the Property.
~ Further, Lender shall have no obligation to contribute to any
` losses which the Borrower may suffer as a result of its ownership
; and operation of the Property by virtue of this Assignment. of
f. Prof its .
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~ 6. Nature of Interest. Based on the provisions of Florida
f
; Statutes Section 687.03 4, Lender and Borrower agree that any
F property distributed or sums paid to Lender shall be excluded in
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~ - 2 - c~~1~' P~ 958
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