HomeMy WebLinkAbout0999 U1-L31I34~1
~f Assignee stating that Assignor has not fully satisfied all
obligations to Assignee, shall be and constitute conclusive
evidence of the validity, effectiveness and continuing force of
this Aasignment, and any person may and is hereby authorized to
rely thereon. Assignoz hereby authorizes and directs all Lessees
named irt said Leases that upon receipt from Assignee of written
notice of any default by Assignor in any of the covenanta o€ the
Note or other agreements executed in connection with any loans or
extensions of credit from Assignee to Assignor, or that a default
exists under this Assignment, to pay over to Assignee all rents,
income and profits arising and accruing under said Leases, or ;
from the premises described therein, and to continue so to do ;
until otherwise notified by Assignee. ~
3. Assigrior hereby constitutes and appoinfis Assignee, its
true and lawful and irrevocable attorney-in-fact, to demand, ~
receive an@ enforce payment and to give receipts, releases,
satis~actions for, and to sue for all monies payable to Assignor,
and this may be done e~ither in the name of Assignor or in the
name of Assignee with the same force and effect as Assignor could
do if the assignment had not been made. Assignor also hereby
authorizes Assignee upon its default in payment of the Note or
any other agreements between the parties, to take over and assume ~
such management, op~ration and maintenance of the leased premises
as may be required by the Leases, and to perform all acts
necessary an8 proper, and to expend such sums out of the income
of the Leases as may be needed in connection therewith, in ~he
same manner and to the same extent as Assignor theretofore might
do, including the right to effect new Leases, to alter or amend
the terms of existing E,eases, or to renew any existing Leases.
Assignor hereby releases all claims against Assignee arising out
of the management, operation ana maintenance af the leased
premises excepting the liability of Assignee to apply the monies
collected, after payment of all expenses and fees.
Assignee, upon taking over and assuming the management, `
operation and maintenance of any or all of the leased premises,
shall, after payment of a11 proper charges and expenses including
reasonable compensation to such managing personnel as it shall
select and employ, after the accumulation of reserve to meet any
taxes, assessments, fire and liability insurance, credit the net
amount of income received by Assignee from the leased premises by
vit~tue of this Agreement to any amounks due and owing to Assignee
by Assignor, but the manner of the application of such net income ;
and what items shall be credited shall be determined in the sole
discretion of Assignee. Assignee shall not be accountable for
more monies that it actually receives an~ collects from the
leased premi.ses, nor shall it be liable for laches or for failure '
to collect rents, profits, royalties and benefits. '
4. Upon occurrence of a default by Assignor in payment of
the Note ar a default by Assignor under any other agreement
entered into by them with Assignee, Assigr.2e shall have and may
exercise, with respect to the Leases, any and all rights and
remedies of a Secured Party under the Uniform Commercial Code and
any and all rights and remedies available to it under any other
applicable Iaw; any Notice of Sale or disposition or other
intended action by Assignee, with respect to any Leases, sent to
Assignor by Certified Mail, return receipt requested, at the last
address for Assignor by Assignee's records, at least five (S)
days prior to such action, as determined f~rom date of refusal or
delivery, shall constitute reasonable notice to Assignor;
Assignor shall promptly pay all costs of Assignee for enforcement
of rights hereunder, including reasonable attorney's fees and
legal expenses.
5. Assignor agrees as follows: ~
a. Assignor will not agree to, consent to, or permit any
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FEE. KOBLEGARD. TEEL & KENNEY, P. A.
ATTORNEYS AT LAW
P05T OFFtCS BOX 1000
FORT PIERC[, FLORIDA ~3454 QO~ e~{ ~
T[~[~HOH[ (30S) 481-`5020 ~ r u Vt7t7
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