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COLLATERAL ASSIGNMENT OF RENTS AND LEAS~S ~
RNOW ALL MSN BY THBST PRESBNTS THAT FRLDERICR M. WSSSELi
having a principal• place of business at 2421 North Federal
Highway, Fort Pierce, Florida ~hezeinafter called "Aasi.gnar"),
in considexation of ONB DOLLAR (~1.00~ paid by BARNETT BANR OF
ST. LUCIB COUNTY, a Florida corporation~ having its principal
place of business at 900 East Prima Vista Boulevard, Port S~.
Lucie, Florida (hereinafter called "Assiqnee"). hereby conveys,
transfers and assigns unto Assiqnee, i~s successors and
~ assigns, all the rights, interest and priviTegea: (A) which
Assignor as lessor haa and may have in the leases now existing
or hereaf~er made and affecting tbe 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
ther~from (collectively the "Leases'~)s and (b) which Assignor
has and may have by virtue of any guaranty or surety agreement
with xespect to the tenant's obligations under any of such
Leases, as 8uch guaranties or surety agreement~ may 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,~ Asaignor will, on
request of Assignee, execute assignmenta 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 macle as additional security for the
payment of a certain note of even date herewith (the "Note")
made by Assignor to Assignee in the sum of Fifty Thousand .
Dollars ($54,000..00) with interest, and the performance by
Assignor of its obligations under: (i) a certain fiortgage of
even date herewith (the "Mortgage") from Assignor to Assignee
given to secure payment of the Nate and coverinq real property
situated in St. Lucie County, Florida and described in Exhibit
"A" attached hereto (the "Property")f (ii) a certain
Commitment Letter concerning the Loan described above
dated October 2 1987 = and { iii ) a certain Loan
Agreement o even ate erew~t (which Note, Mortgage,
Commitment 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, extencled and renewed, and
shall be security for ail.i~ncreases, 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 ~he
~ following terms and conditions;
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1. All Leases he1Ceafter made shall follow a form
aeceptable 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 ~ha21 provide As~ignee
c~pies, certified to be true and correct by Assignor, of each ~
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 ~
~ guaxanties or surety agreements hereby assigned shall not
~ constitute a waiver of any rights of Assignee unaer the terms
of ~he Loan Documents. It is expressl.y understood and 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 profits from the aforementior~ed
Leases, guaranties and surety agreements and to retain,.use ancl
enjoy the samej provided, however, that even before default
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