HomeMy WebLinkAbout0978 ~ 3~~o Z 2327y333
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COLLATBRAL ASSIGNMENT OF LBASES, RENTS AND PROFITS
THIS AGREEM@lT, made this 30th day of June , A.D., 1987, by and
between HARBOUR RIDGE, LTD., a Florida Limited Partnership, (hereinafter
referred to as "Assignor"), and HARBOR FEDERAL SAVINGS AND L4AN ASSOCIATION, a
corporation organized and existing under the laws of the United States of
America, (hereinafter referred to as "Assignee"). -
WITNESSETH:
WHEREAS, Assignee has agreed to make a loan and advance to Aseignor as
evidenced by a promissory note ("Note") of even date herewith in the principal
amount of $1,824,0OO.OQ; and
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WHEREAS, Assignor is the owner of the real property lying and being
situate in St. Lucie County, Florida, which is described on Exhibit "A"
attached hereto, hereinafter referred to as the "Property", and Assignor has
simultaneously herewith executed a Mortgage and Security Agreement in favor of
Assignee, granting to Assignee a valid mortgage on eaid property; and
` WkIEREA5, as additional securit~y fvr 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.
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~ 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
succ:essors and assigns, a11 of the right, title and interest of Assignor in
and to the rents, issaes, profits, revenuea, royalties, rights and benefits
from the Property and to that end Assignor hereby assigns and sets over unto
+ the Assignee, its su~ccessors, and assigns, all Leases of said premises now
! made, executed or delivered, whether written or verbal, or to be hereafter
s. made, be the same written or verbal, any such written Leases now existing
= being listed on Exhibit "B" hereto.
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: 2. Assignor does hereby authorize and empower Assignee, its successors
t and assigns, to collect a1Z reats, 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 '
deanand shall be made by Assignee unless and until tttere has been a default by
~ Assignor in the payment of the Note herein mentioned, or default in the terms
and provisions of this Agreement, or any other agreements or security ~
inetruments entered into between the parties, and any applicable period of
grace shall have expired; and until such demand is made Assignor is autharized
to collect, or continue collecting said rents, issues, profits, revenues,
~ 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 fn said Lesses 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 Lesses that
upon receigt from Assignee of written notice of any default by Assignor in any
of the covenants of the Note or other agreements executed in connection with
any loans or extensions of credit from Assignee to Asaignor, or that a default
~ exists under thia Assignment, to pay over to Assignee all rents,income and
;
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6a~~~4~ F~;:t 478
FEE~ BRYAN, KOBLE(3ARD S FARRELL, P. A.
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