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OOLI,ATBRAL AS3_IGi~~IENT OF RBNTS AND LF.ASES ~
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KNOW ALL MEN BY THESE PRESENTS THAT , LAWFt~iv'CE A. PENDER a~d ANNE I
PENDER, his wif~ ~f 608 Ixoria Avenue, Fort Pierce, Florida (hereinafter ~
~ called "Assignor"), in consideration of ONE DOLLAR ($1.00) paid and ~
COMMUNITY SAVINGS F.A., having its principal place of business at Post
, Office Box 10673, Riviera Beach, Florida 33408 (hereinafter called
"Assignee"), hereby conveys, transfers and assigns unto Assignee, its
successors and assigns, all the rights, interests 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 guaranty or surety I
' agreement with respect to the tenant's obligations under any of such ~
Leases, as such guaranties or surety agreements may have been, or may from ~
time to time be hereafter modified and extended. Assignor will, on request
~ of Assignee, execute assignments of any future Leases affecting any part of ~
such real property and assignments of any part of such real property and ~
assignments of any guaranties or surety agreements made in connection ~
therewith. }
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This Assignment is made as additional security for the payment of ~
certain note and mortgage of even date herewith (collectively the "Note") j
made by Assignor to Assignee in the sum of ONE MILLION SIX HUNDRED TWELVE ~
THOUSAND FIVE HUNDRED AND NO/100THS DOLLARS ($1,612,500.00) with interest,
and the performance by Assignor of its obligations under: (i) a certain f
mortgage of even date herewith (herein called the "Mortqage") from Assignor i
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"); (which Note, and Mortgage are hereinafter, ,
together with the loan commitment letter and all loan closing documents, 1
. collectively referred to as the "Loan Documents"). This Assignment shall I
secure the Loan Documents as they may from time to time be hereafter ~
modified, extended and renewed, and shall be security for all increases,
extensions, amendments or modification of the Loan Documents, and all
additional loans made hereafter, if any, by Assignee to Assignor or its
successor and assigns ar.d secured by the Property, upon the following terms !
and conditions:
1. All leases hereafter made shall follow a form acceptable to {
~ Lender, which shall include a provision making the tenant's interest under C
. the Lease subject and subordinate to the lien of the Mortgage. Assignor ~
shall, upon request, provide Assignee copies, certified to be true and ;
correct by Assignor, of each fully executed lease currently in effect ~
within ten (10) days of the date hereof and hereafter made and affecting `
the property within ten days after the commencement of the initial term of ~
the Lease. Assignor• will cause any existing leases containing
subordination clauses to be amended, if necessary, to protect the rights ~
qranted Lender by this Section. Assignor will also, upon request, provide ~
a quarterly leasing status report to Assignee sett~ng forth it's current i
and prospective leases and all vacancies. E
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2. The acceptance of this Assigrunent and the collection of rents or i
the payments under the leases or any sums under the quaranties or surety i
agreements hereby assigned shall not constitute a waiver of any rights of ~
Assignee under the terms of the Loan Documents. It is expressly understood ;
and agreed by the parties hereto that before default oc~urs under the terms i
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 enjoy the same; provided, however, !
that even before default occurs no rents shall be collected or accepted
~y more than on~ month in advance without the prior written consent of i
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Assignee. '
ROBERT A BURSON • ~
ATIORNEV AT UW ~
67 SOUTH iEDERAt HiGNWAY I
SIUARL F~ORtOA 3499~ 1 "
i305!286~t616 '
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