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HomeMy WebLinkAbout0938 M • . ~ 1 ASSIGNMENT OF RENTS, LEASES, ~CONTRACTS, ACCOUNTS RECEIVABLE, ACCOUNTS AND DEPOSIT ACCOUNTS THIS ASSIGIdMENT OF RENTS, LEASES, CONTRACTS, ACCOUNTS FiECE1VA8LE, ACCOUNTS AND DEPOSIT ACCOUNTS (the "Assignment") is executed this 23rd day of April , 19 35 , by ,Tanes ?t. illiarton and Sherrv L. [?harton, his wife (the "Borrower"), in favor pf FLORIDA FEDERAL SAVINGS AND LOAN ASSOCIATION, a corporation organized and existing under the laws of ihe United States of America (the "Lender"), and is made in reference to the following facts: (A) Contemporaneousiy with the execution and delivery of this Assignment, the Lender is maki~g disbursement to or for the account of the Borrower of certain proceeds of a mortgage loan in the amount of tlinetv Five ::~otisand and n~/1~~ ---------------------------------------------------------~OLLARS ~5,0~~.00 which is evidenced and secured by that certain note (the "Note") and mortgage (the "Mortgage") each of even date herewith, and wh+ch Martgage encumbers that certain real property described in Exhibit "A" ariached hereto and by this reference made a part hereof (the "Property"); and (B) The {oan is further secured by certain other instruments and all of such inst~uments of security and the Note and Mortgage shall be referred to collectively herein as the "Documents"; and (C) The Borrower has agreed to and does execute this Assignment as a part of the loan transaction. NOW, THEREFORE, the Borrower covenants and agrees to and with the Lender as follows: 1. Recitels. The statements contained in the recitals of fact set forth above (the "Recitals") are true and correct and the Recitals by this reference are made a part of this Agreement. 2. Lende~'s Security. As additional cotlateraf and security for the payment of the indebiednes~ under the Note and for the performance of each and every of the covenants and agreements contained.jn the Documents and herein, the Borrower sells, assigns, transfers, sets over and delivers unto the Lender and agra~s to and does hereby grant to the Lender a first security interest in and to the following: (a) all present and future rents, issues, profits and income f~om the Property, and each and every part and parcel thereof, and also all present and future right, title and interest of the Borrower under and by virtue of each and every franchise, license, permit, lease, con e`ct fof~d@~1 o~uWlj~se and sals agreement ("purchase agreemenY'), or any other document or contractual right, wr~en o~ verbal, covering any part ar parcef of tha Property, whether now or hereafter made, and any and ail amendments to or modifications, extensions or renewals thereot and al{ proceeds thereof; (b) all present and future rents, issues, profits, income, accounts, accounts receivable and the proceeds thereof of any business activity conducted by Borrower on or through the use of the Property; (c) all bank accounts and deposit accounts into which any of the proceeds of the foregoing are deposited; and (d) proceeds of all the foregoing. Borrower hereby warrants that there are no contracts for deed, purchase agreements, mortgages or leases affecting the Property as of the day and year first above written nor shall there be any in existence on the date ~ of recordatian of the Mortgage and other instruments of security except for those set forth in that certain Affidavit executed . by Borrower on even date herewith. Borrower further warrants ihat it has not executed nor will it execute at any time during the 1t~rm of the aforesaid loan any other assignments or instruments encumbering the items described above. 's. Application of Procee+ds. The Lender shail have the right to and may receive the rents, issues, profits and income from the Property, including all rents payable under any lease hereby assigned, for apptication toward the reduction of the indebtedness under the Note only ii and in the event the Borrower defa~lts in, breaches or fai{s to perform any one or more of the covenants and agreements contained in either (a) this Assignment, or (b) the Documents and such is nat cured within the applicable curative period, if any, specified in the Mortgage. In the event of Borrowe~'s default, breach or failure to perform which is not cured within the curative period as aforesaid, and the exercise by the Lender of its right to receive such rents, issues, profits and income, the amounts so received prior to foreciosure sale, less all costs, fees ard expenses of collection, including reasonable attorneys' fees, shall be applied toward the reduction of the indebtedness ` urder the Note. However, the exercise by the Lender of its right to receive such rents, issues, profits and income, shall nat prevent the Lender firom exercising any of its rights under the Documents, including i4s right to foreclose the Mortgage, ~ nor any of its other rights under this Assignment, and in addition the Lender shall have and may exercise from time to 6 time any and all rights and remedies of a secured party under the Uniform Commercia! Code of the State of Florida and ; any and all other rights and remedies available to it under any other applicable law, including but not limited to, the right $ to foreclose this Assignment, the Mortgage, and a~y other instrument of security for the Note in the same proceedings. ~ 4. Future Contracts, Advance Receipts and Deposits. The Borrower will not in the future and during the cdntinuance ~ of the lien of the Mortgage and this Assignment, or while any of the indebtedness under the Note remains unpaid, (a) ? enter into any agreement or contract or any amendment, modification, extension or renewal thereof for franchise, license, ~ permit, lease, purchase agreement or any other document or contractual right covering any part or parcel of the Property, i or (b) accept security or guaranty payments or deposits from tessees or tenants or accapt advance payments of rent trom ~ lessees or tenants without first obtaining the written consent of the Lender. But the Borrower may accept rental payments c or security deposits in advance for a period of up to but not mQre than one month. If any tessee or tenant shall make ~ securit or uaran a ments or ~s sits or a rental for more than one month in ad~ance, neither such security or ~ Y 9 tYR Y Po ~ P Y ` guaranry payment, deposit or advance rental payment shall be binding upon the Lender and if the Lender shall elect, ~ as herein provided, to receive the rents, issues, profits and income, or in the event of foreclosure of the Mortgage, such lessee or tenant shall have no right by reason or o~ account of any such security or guaranty payment, deposit or advance rental payment to remain on the Property or any part thereof or to a refund by the Lender of any such security or guaranty payment, deposit or advance rentaf payment. 5. Proceeds of lnsurance Ciaims. Notwithstanding any express or implied obligation of the Sorrower or the 6orrower's predecessor in title under any lease to rebuild or repair any +mprovement or structure on any part of the Property in the event of damage or destruction by fire or other casualty, the Lender shall be entitled in the event of any such damage or destruction by fire or other casualry to apply the proceeds of the hazard insurance payable with respect to such fire or other casualty in accordance with the terms and provisions af the Mortgage. In no event shali the Lender have any F 9bligat~on to the Borrower or to any lessee or tenant to apply the hazard insurance proceeds to any repair, restoration ° or rebuitding of the Property or any part thereof or improvements thereon. ~ ..;o,~ ..az U(,`!k ~N(' E ~ v - - . ~ .