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RE3/1$
at the rate payable upon deEault under the Note, shall become ~
part of the debt secured by this Agreement. ~
11. Assignee shall not be deemed to be an agent, partner or
joint venturer of eitner Assignor or any other person, and
nothing herein contained shall be construed to impose any
liability upon Assignee by reason of the assignment granted
hereby.
12. When the content so requires, the use of the singular
herein shall include the plural and conversely, and the use of
any gender herein shall include all genders.
13. This Assignment shall be governed by and construed in
accordance with the laws of the State of Florida. When~~~~
possible, each,provision of this Assignment shall be interpreted
in such manner as to be effective and valid under applicable law;
but if any provision of this Ass~gnment shall be prohibited by or
be invalid under applicable law, such provision shall be
ineffective to the extent of such prohibition or invalidity,
without invalidating the remainder of such provisions or the _
remaining provisions of this Assiqnment.
14. This Assignment cannot be modified or terminated
or~lly .
15. Notices required hereunder shall be by registered or
certified mail or hand delivered, addressed as follaws:
To Borrower: -
LAKE INDUSTRIAL CORP.
2601 Industrial Avenue #3
Fort Pierce, FL 33450
To Lender:
SOUTHEAST BANK, N.A.
300 Southeast Sixth Street
Fort Pierce, FL 33450
or to such other adaieas specified in writing by one party to the
other in accordance therewith.
16. Unless otherwise defined herein, terms are used herein
with the same meanings as defined in the Note. In the event of
any conflict between the terms hereof and the Note, the terms and
; conditions of the Note shall control.
I
17. The full performance of all the Loan Documents and the
duly recorded satisfactian or release of the Property described
, in the Mortgage sha~l render this Assiqnment automatically void
with respect to the Property or portion thereof described in any
such satisfaction o= release.
~ 1$. The net proceeds collected by Assignee, after
reimbursement of expenses incurred by Assignee under the terms of
this instrument, shall be applied in reduction of the entire
indebtedness from time to time outstanding and secured by the
Mortgage. ~
19. This Assignment applies to and binds the parties hereto
and their respective heirs, administrators, executors, successors
and assigns, as well as any subsequent owner of the Property
described herein and any assignee of the Mortgage referred to
herein.
I.AN.OlPICES OP 5NE$D ~ KES ~$~,J~P~Z7~ V~Q~?~V~jij~jS, SUIT$ 104-3UN HANH SLDCi.,Ti. PIBHCE~TLOBIDA 3a460 (306~ 466-p3p
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