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COLLATERAI. ASS IGNMEN`P OF~ RE;N'PS AND L~ASF.S
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KNOW ALI~ MEN E3Y THESE PRESENTS THAT ZED COAST
CORPORATION, a Elorida corporation, t~aving a principal place of
business at Port St. Lucie, E`lcrida (hereinafter called
°Assignor"), in consideration of ONF llOLLAR ($1.00) paid by
BARNETT BANK OF ST. LUCIE COUNTY, a Florida corporation, having
its principal place of business at 900 Prima Vista Blvd., Port
St. Lucie, Florida (hereinafter called "Assignee•), hereby
conveys, transfers and assigns unto Assignee, its successors
and assigns, all the riyhts, 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 quaranty or
surety agreement with respect to the tenant's obligations under
any of such Lea~es, as such guaranties or surety agreements may
have been, or may from time to time be hereafter modified and
extended. (The Leases now existing and subjec~ to this
Assignment are described in Exhibit "B" attached hereto.]
Assignor wil~., on request of Assignee, execute assignments of
any future Leases affecting any part of such real property and
assignments of any guaranties or surety agreements made in
connection therewith.
This Assignment is made as additional security for the
payment of a certain note of even date herewith (the "Note')
made by Assignor to Assiqnee in the surn of FOUR HUNDRED
THOUSAND DOLLARS DOLLARS AND NO/100 ($400,000.00) with
interest, and the performance by Assignor of its obligations
under: (i) a certain mortgage of even date herewith (the
"Mortqage") from Assignor to Assignee given to secure payment
of the Note and covering real property situated in St. Lucie
County, Florida and described in Exhibit 'A' attached hereto
(the "Property"); (ii) a certain Commitment Letter concerning
tt~e Loan described above dated November 12, 1986; and (iii) a
certain Loan Agreement of even date herewith (which Note,
Mortgage,_ Commitmen} Letter and Loan Agreement 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 renewed, and
shall be security for a~l increases, extensions, 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 herea~ter made sha11 follow a fozm
acceptable to Lender, which shall include a provision making
the tenant's interest under the Lease subject and subordinate
to the lien of the Mortgage. Assignor shall provide Assignee
copies, certified to be true and correct by Ass-ignor, of each
fully executed lease hereaftPr 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 :,eases or any sums under the -
guaranties or surety agreements hereby assigned shall not
constitute a waiver of any rights o~ Assignee under the terms ~
of the Loan Documents. It is expressly understood and agreed ~
by the parties hereta that before default occurs under the ~
terms of the Loan Documents, Assignor shall have the right to ~
collect such rents, income and profits from the aforementioned
Leases, guaranties and surety agreements and to retain, use and
enjay the same; provided, however, that even before default
occurs no rents shall b~ collected or accepted more than one
month in advance without the prior written consent of Assignee.
e~0525 PRGE0982