HomeMy WebLinkAbout0508 FOLLOWS: COI~IeNCE AT THE POINT OF INTERSECTION OF TNE EASTERLY R16HT OF WAY
LINE OF FLORIDA STATE RgAD N0. 5(U.S. 1) AND THE NOR7H LINE OF LOT 5 OF SAID
BLOqC 3; THENCE RUN S27 31'40"E. ALONG THE EASTERIY RICHT OF WAY LINE OF SAID
FLORIDA STATE ROAD N0. 5(U.S. 1), FOR A DISTANCE OF 335.27 FEET TO THE POINT OF
BE6~NNING OF THE PARCEL OF LAND HEREINAFTER TO BE DESCRIBED; THENCE CONTINUE
S27 31'40"E. ~LONG SAID EASTERLY RIGHT OF WAY LINE OF FLORIDA STATE AOAD N0. S
(U.S. i). FOR A DISTANCE OF 1~5.00 FEET TO A POINT; THENCE. AT RIGHT ANGLE TO
THE AFORESAID &OURSE. RUN N62 28'20"E. FOR A DISTANCE OF 350.00 FEET TO A POINlT;
THENCE RUN N27 31'40"w. ALONG A LINE PARALIEL TO SAID FIORIDA STATE ROAD N0. 5
(U.S. 1). FOR A DISTANCE OF 1~5.00 FEET TO A POINT; THENCE. AT RIGHT AN~LE TO
THE AFORESAID COURSE. RUN S62 28'20"W. FOR A DISTANCE OF 350.00 FEET TO THE
POINT OF BEGINNING.
The Borrower hareby assl9ns and sets over to Lender. Ita successors and
assl~ns. and any and all sales contracts and leasas ot sald p~emises now ~ade.
executed or dellvere~~ whether writtan or verbal. or to be ~ereatte~ ~ade; and
the Borrower heraby authorizes and empowers tha Lender. Its successors and
assigns to collect the sald rents. Issues. protits. revenues, royaltles. rlghts
and beneflts as they shall become due on documents Includinfl. but not Ilmited
to, tuture leases and agreements. deposlts and contracts tor sale. It is
und~rstood and agreed. however. that no such demand shall be made unless and
untll there has been a detault In the payment oT tha Indebtedness secured by the
~ nota. mort~a~e and other loan documents and securlty Instruments axecuted In
~ connectlon with the foan hareln mentloned, or detault in the payment ot any
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~ other sums secured by said Instruments, and untll such demand Is made. the
~ Borrower Is authorized to coliect or Continue colleCtinfl sald rents. lasues.
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profits, revenues. royalties, rights and beneflts; but that such privileye to
~ collect or contlnue collection, shall not operate to permit the collacting by
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~ the Borrower. his successors or assigns. ot any Instailment of rent or other
! payment In advance ot the date prescribed in sald leases or contracts tor the
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f payment thereof.
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k The term of this conditlonal assignment shall be until that certaln pro-
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~ missory nota dated January 17, 1990. and any renewals thereof, together with the
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~ mortgage and other loan documents and securlty Instruments executed and deil-
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~ vered by the Borrower In favor ot the Lender to evldence and secure loan In the
~ amount of THREE HUNDRED THOUSAND AND P!0/100 DOLLARS (E300,000.00) and encum~
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~ bering tha above property, shall have been fuily paid and satlstted, and the
~ releasing and surrendering ot said instruments shall constltute a release
hereot.
Thls conditlonai assignment Is given as addltlonal secu~ity tor the pertor-
mance of each and all of the obligatlons and covenants of the fore~atnp note and
other loan documents and security Instruments (or extenslons or renewals
thereot), and the amounts collacted hereunder~ less the expanses of collactlon~
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" eooK 674 P~cE 5~6
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