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HomeMy WebLinkAbout0998 01-23173451 ~ ~ ' 6"~/ 6~"~'?' 3 CbLLATERAL ASSIGNMENT OF LEASES, RENTS AND PROFITS THIS AGREEMENT made this 10th day of October A.D., 1984 by and between ~T. LUCIB INTERSECTION, INC., a Flori~la Corporation, (hereinafter re~ferred to as "Assignor'), and HARBOR FEDERAL SAVINGS AND LOAN ASSOCIATION, a corporation organized and exiating u~der the laws of the United States af America, (hereinaft~r referred to as "Assiqnee•). W I T N B S S E T H: ~ , ~ WHEREAS, Assignee has agreed to make a loan and advance to ~ Assignor to be evidenced by a promissory note ("Note") of even date herewith in the principal amount of $2,300,00O.OOf and WH~REAS, Assignor is the owner of the real property lying and being situate in St. Lucie County, Florida, which is described on Exhibit "A" attached hereto, hereinafter referred to as the "Property", and Assignor has simultaneously herewith executed a Mortgage and Security Agreement in favor of Assignee, granting to Assignee a first and valid mortgage in said property; and WHEREAS, as additional security for payment of the Note, and ~ any renewals, extensions or modifications thereof, Assignee has ~ requested Assignor to assign Assignor's interest in all present and future Leases reZative to said Property. ~ ; NOW, THEREFORE, in order to secure Assignor's obligations, it is agreed between the parties as follows: 1. Assignor does hereby sell, transfer and assign to ~ Assignee, its successors and assigns, aII of the right, ti_tIe and ; interest of Assignor in and to the rents, issnes, profits, ~ royalties, rights and benefits from the Property and to that end ~ Assignor herebyassigns and sets over unto the Assignee, its , successors, and assigns, all Leases of said premises now made, executed or delivered, whether written or verbal, any such written Leases now existing being listed on Exhibit "B" hereto, 2. Assignor does hereby authorize and empower Assignee, its successors and assigns, to collect all rents, issues, profits, revenues, royalties, rights and benefits as they shall become due, and does hereby direct the Lessees under the aforedescribed Leases to pay such rents as they may now be due and payable, or as shall hereinafter become du~ and payable to Assignee in - reduction of principal and interest payments on the Note. Upon full payment of said Note, this Assignment will terminate. It is understood and agreed however, that no such demand shali be made by Assignee unless and until there has been a defauit by Assignor in the payment' of the Note herein mentioned, or default in the terms and provisions of this Agreement, or any other agreements , or security instruments entered into between the parties, and until such demand is made Assignor is authorized to collect, or ; continue collecting said rents, issues, profits, revenues, royalties, rights and benefits; but that such privilege to ~ collect, or continue collecting, as aforesaid, by Assignor, shall c not operate to permit the collection by Assignor, its successors ' ~ or assigns, of any irxstallment of rent in advance of the date prescribed in said Leases for the payment thereof. ~ ~ ~ Assignor covenants and agrees that the affidavit, certificate, letter or written statement of any officer or agent PREPARED BY: SCOTT M. RENNEY, ESQ. 401-A S. Indian River Dr. Ft. Pierce, FL 33450 FEE. KOBLEGARb. TEEL 8c KENNEY. P. A. ATTOANEYS AT LAW PObT OFFICE BOX 1000 ~ e~~ ~~G~ ~ FORT PI[RG[, FLORIDA »464 aooy 3 T[tt?MON[ 13051 46t•5020 ~ . . _ 3'C ~ ` C °1 , ""~i~.i'n'~-y,-~y .w Y .-:,~~re-:.. ~a~i+"~'~~~~~C~S~~~Y§. Y.~~r`'~ `~Sn,Y4i. a~~~twi~~'i ~ .