HomeMy WebLinkAbout0984 23'153139
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COLLATERAL ASSIGNMENT OF LEASES, RENTS AND PROFITS U
- THIS AGREEMENT, made this 30th day of ~cember , A.D., 1986, by and !
between WWH CORPORATION, a Florida corporation, (hereinafter referred to as f
"Assignor"), and HARBOR FEDERAL SAVINGS AND LOAN ASS~JCIATION, a corporation ~
organized and existing under the laws of the United States of America,
(hereinafter referred to as "Assignee").
WITNESSETH: `
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WHEREAS, Assignee has agreed to make a loan and advance to Assignor as
evidenced by a promissory note ("Note") of even date herewith in the principal
amount of $219,000.00; and
WHEREAS, Assignor is the owner of the real property lying and being
situate in St. Lucie County, Florida, which as:
Lot 12, Block 6, a r~plat of Lots 2 through 19 of Block 6, AIRPORT
INDUSTRIAL PARK UNIT ONE, according to the plat thereof, as recorded ~
in Plat Book 20, Page 3, of the Public Records of St. Lucie County, +
Florida
hereinafter referred to as the "Property", and Assignor has simultaneously
herewith executed a Mortgage and Security Agreement in favor of Assignee,
granting t~ Assignee a valid mortgage on said property; and
WHEREAS, as additional security for payment of the Note, and any renew-
als, extensions or modifications thereof, Assignee has requested Assignor to
assign Assignor's interest in all present and future Leases relative to said
Property.
NOW, THEREFORE, in order to secure Assignor's obligations, it is agreed
between the parties as follows:
1. Assignor does hereby sell, transfer and assign to Assignee, its
successors and assigns, all of the right, title and interest of Assignor in
and to the rents, issues, profits, revenues, royalties, rights and benefits
from the Property and to that end Assignor hereby assigns and sets over unto
the Assignee, its successors, and assigns, all Leases of said premises now
made, executed or delivered, whether written or verbal, or to be hereafter
made, be the same written or verbal, any such written Leases now existing
~ being listed on Exhibit "A" hereto.
2. Assignor does hereby authorize and empower Assignee, its successors
and assigns, to collect all rents, issues, profits, revenues, royalties,
rights and benefits as they shall become due, and does hereby direct the
Lessees under the aforedescribed Leases to pay, upon written demand by
Assignee, such rents as they may now be due and payable, or as shall ~
hereinafter become due and payable to Assignee in reduction of principal and
interest payments on the Note. Upon full payment of said Note, this
Assignment shall terminate. It is understood and agreed however, that no such
demand shall be made by Assignee unless and until there has been a default by
Assignor in the payment of the Note herein~mentioned, ar default in the terms
and provisions of this Agreement, or any other agreements or security
instruments entered into between the parties, and any applicable period of
grace shall have expired; and until such demand is made Assignor is authorized ;
to collect, or continue collecting said rents, issues, profits, revenues, q
royalties, rights and benefits; but that such privilege to collect, or ~
continue collecting, as aforesaid, by Assignor, shall not operate to permit ~
the collection by Assignor, its successors or assigns, of any installment of
rent in advance of the date prescribed in said Leases for the payment thereof.
Assignor covenants and agrees that the affidavit, certificate, letter
or written statement of any officer or agent of 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 Assignment, and any person may and is hereby authorized to rely thereon.
Assignor hereby authorizes and directs all Lessees named in said Leases that
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eKQ 5 2 6 O FEE, BRYAN S~ KOBLEC3ARD, P. A.
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