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~QI~LATERAL ASSIGNMENT OF ~tENTS AND L~ASES
KNOW ALL MEN BY THESE PRESENTS THAT ROSARIO J. SUCATO,
SR. and CECILE SUCATO, his wife, having a principal place of
business at 1425 S.E. Village Green Drive, Port St. Lucie,
Florida 34952 (hereinafter calletl "Assignor"), in
consideration of ONE DOLLAR ($1.00) paid by BARNETT BANK OF ST.
LUCIE COUNTY, a Florida corporation, having its principal place
of business at 900 East Prima Vista Blvd., Port St. Lucie,
Florida 34952-2334 (hereinafter called "Assignee"), hereby
conveys, transfers and assigns unto Assignee, its successors
and assigns, all the rights, interest and privileges: (a)
which Assignor as lessor has and may have in the leases now
eaisting 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, eatended
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 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
eatended. The Leases now existing and subject to this
Assignment are described in Eahibit "B" attached hereto.
Assignor will, on request of Assignee, eaecute assignments 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 made 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 FORTY TWO THOUSAND
FOUR HUNDRED AND NO/100 DOLLARS ($42,400.00) with interest, and
the performance by Assignor of its obligations under: (i) a
certain mortgage of even date herewith (the "Mortgage"} from
Assignor to Assignee given to secure payment of the Note and
covering real property situated in St. Lucie County, Florida
and described in Eahibit "A" attached hereto (the "Property"};
~ and (ii) a certain Commitment Letter concerning the Loan
I described above dated January 3, 1990; (which Note, Mortgage,
; and Commitment Letter are hereinafter collectively referred to
; as the "Loan Documents"). This Assiqnment shall secure the
~ Loan Documents as they may from time to time be hereafter
modified, extended and renewed, and shall be security for all
E increases, eatensions, 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 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 the Lease subject and subordinate
~ to the lien of the Mortgage. Assignor shall provide Assiqnee
~ copies, certified to be true and correct by Assignor, of each
E fully ezecuted 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
guaranties or surety agreements hereby assigned shall not
: constitute a waiver of any rights of Assignee under the terms
of the Loan Documents. It is eapressly understood and agreed
~ by the parties hereto that before default occurs under the
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