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COLLATERAL ASSIGNMENT OF RENTS AND LEASES
KNOW AI,L MEN BY TNESE PRESENTS THAT LAKE INDUSTRIAL CORP., a
Florida corp~ration, having its principal place of business at
2601 Industrial Avenue ~3, Fort Pierce, Florida 33450,
(hereinafter called "Assignor"), in consideration of ONE DOLLAR
($1.00) paid by SOUTHEAST BANK, N.A., having its principal place
of business at 300 Southeast Sixth Street, Fort Pierce, Florida
33450 (hereinafter called "pssignee"), hereby conveys, transfers
and assigns unto Assignee, its successors and assiqns, all the
rights, interest and privileges: (a) which Assignor as lessor
has and may have in the leases now existing or hereafter made and
affecting the real property described below or any part thereof,
as such leases may have been, or may from time to time be
hereafter modified, extended and renewed, with all rents, income
and profits due and becoming due therefrom (collectively the
"Leases"); and (b) which Assignor has and may have by virtue of
- any guarantee or surety agreement with respect to the ~~nant's
obligations under any of such Leases, as such guaranties or
surety agreements ma,~ have been, or may from time to time be
hereafter modified and extended. The Leases now existing and
subject to this Assignment are described in Exhibit "B" attached
hereto. Assignor will, on request of Assignee, execute
assignments of any future Leases affecting any part of such real
property and assignments of any guarantees or surety agreements
made in connection therewith.
This Assignment is made as additional security for the
payment df a certain note of even date herewith (the "Note) made
by Assignor ta Assignee in the sum of ONE HUNDRED FIFTY TH~USAND
DOLLARS ($150,000.00), with interest, and the performance by
Assignar of-its obligations under: (i) a certain mortgage of
even date herewith (the "Mortgage") from Assignor to Assignee
given to secure payment of the Note and coverinq real property
situated in St. Lucie County, Florida and described in Exhibit
"A" attached hereto (the "Property")' and (ii) a certain
Commitment Letter concerning the Loan described above dated
' aS~' , 1986; (which Note, Mortgage, and Commitment
Letter are hereinafter collectively referred to as the "Loan
Documents"). This Assignment shall secure the Loan Documents as
they may from time to time be hereafter modified, extended and
i renewed, and shall be security for all increases, extensi.ons,
~ amendments or modifications of the Loan Documents, and all
~ additional loans made hereafter, if any, by Assignee to Assignor
` or its successors and assigns and secured by the Property, upon
~ the following terms and conditions:
~ 1. All Leases hereafter made shall follow a form
acceptable to Lender, which shall include a provision making the
tenant's interest under the Lease subjec~ and subordinate to the
lien of the Mortgage. Assignor sha11 provide Assignee fully
executed lease hereafter made and affecting the property within
ten days after the commencement of the initial term of the Lease.
2. The acceptance of this Assignment and the collection of
rents or the payments under the Leases or any sums under the
guaranties or surety agreements hereby assigned shall not
constitute a waiver of any rights of Assignee under the terms of
the Loan Documents. It is expressly understood a~d agreed by the
parties hereto that before default occurs under the terms of the
Loan Documents, Assignor shall have the right to collect such~
rents, income and prcfits from the aforementioned 7jeases,
guaranties and surety agreements and to retain, use and enjoy the
same.
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LAW OPPICES OF S O~ ~~,~BBp~~I~3INIA AYBNUE, SUITS 104-SII?I SANH BLAO., PT. PIEBCE~ 1'LOHIDA ~3460 (306~ 46b-E330
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