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TBIS INSTRUMENT PRBPARED BY /
AND RSTURN TO: ~
Larry B. Alexander
Jones & E'oster, P. A.
5U5 South Flaqler Drive
Suite 1100
Post Office Drawer E
West Palm 8each, FL 33402
CONDITIONAL ASSIGNMENT OF RENTS AND LEASES
JSL EQUI`PY CORP., a Florida corporation (herein
reFerred to as "Assignor"), for valuable consideration, receipt
uc wi~ic:1~ i5 tieceby acknowle3ge~, hereby a~soZ;~~c~y sn~3
irrevocably (subj~ct to the terms and conditions hereinafter ~
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Acceptance Corporation, a New Yoric corporation (herein reFerred
to as "Assignee") its successors and assigns, all of the rights
and privileyes which the Assignor, as lessor, has and may have in
the leases (and rental agreements) now existing or hereafter mad~
and atfecting the real property described on Exhibit "A" attached
hereto and made a part hereof, including, but not limited to the
following:
A. All leases (including rental agreements and
subleases) now in existence and all leases, rental agree,nents and
subleases, whicn may be made by Assignor or any managiny agent or
affiliate of Assi.gnor, for tenants leasing any of the Property,
as trie same may have been or may from time to time be, herea~ter
modified, ~xtended and renewed (herein collectively referred to
as tne "Leases" includ in~ but not 1 imited to: ~
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That ~crtain T.nzcn t~ata[~ .la~+~~.V ~ 19Ht~ ~P_C.WP_P_Il
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Assignor as Landlord and DiFeo tdotors Coro, , a Florida
cor~oration as Tenant.
~3. All rents, income, profits, security and other
tena~it de~osits and other amounts due and becoming due under said
Leases (herein collectively referred to as "Rents").
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~ C. All guaranties of the aEoresaid Leases including
F guaranties of tenant performance thereof.
~ D. All insurance proceeds, including rental loss
~ covera.~e and business interruption covera:~e as to said Leases.
~ E. All awards or proceeds from any condemnation or the
Property or any part thereof.
F. All judgments or settlements oE claims in favor of
Assignor and arising out oE said Leases in any court proceeding,
including any bankrur~tcy, reoryanization, insolvency or debtor
uroceediny or case or otherwise.
The foregoing assignment, transfer and conve~ance is
intended to be and constitutes a present assiynment, transfer and
conveyance by Assignor to Assiynee.
:3y this Assignment Assignor and Assignee agree as
follows: ~
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1. This Ass gnment is ~nade to secure the payment
of a czrtain Promissory tJote of even date herewith (and al.l
extensions or modifications thereof) made by Assiy nor in favor of
Assignee in *_ne original orincipal amount of Eight Hundred FiFty
Thousand Dollars ($F350,000.00) with interest as therein provided
(herein referred to as the "Note") and secured by a Mortgage and
Jecurity Agreement and Assignment of Rents of even date therewith
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