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~021756
COLi.ATERAL ASSIGIVt:ENT OF NOTE AND MORTGAGE
KNOW ALL MEN BY THESE PRESENTS that RICHARD G. STEBBINS, as Trustee,
(hereinafter "Assignor"), does hereby assign, set over, transfer and pledge to
HARBOR FEDERAL SAVINGS AI~ID LOAN ASSOCIATION, a corporation organized and
~ exiscing under the iaws oi the United States of America (hereinafter
"Association") that certain purchase money note in the ariginal principal sum
of $140,000.00 given by David E. Gray and Saundra F. Gray, his wife, dated May
16, 1989, and the purchase money first mortgage securing same dated May S,
1989, and recorded in Official Record Book 831, page 874, and Official Record
Book 636, page 2295, respectivel}•, of the public records of Indian River
' c~~, County and St. Lucie County, Florida, as collateral security for the repayment
of the principal sum of $138,836.00, or so much thereof as is advanced from
time to time, plus interest, owed, or to be owed, by Assignor to Association
as more fully evidenced by that certain promissory note from Harry L. Bishop,
Jr., Cody L. Bailey, and Richard G. Stebbins, dated Ju.w+a.~y 2.3 , 1990.
THIS ASSIGNMENT is made on the express condition that if Harry L, Bishop,
Jr., Cody L. Bailey and Richard G. Stebbins shall pay or cause to be paid to
~ Association, its successors or assigns, the aforesaid sum of $138,836.00, or
f so much thereof as is then advanced to them by Association, together with
~ interest thereon as provided in the promissory note on or before May 1, 1991,
~ and shall otherwise keep and maintain the covenants made in the note, and any
i other loan documents, this assignment shall be nu1Z and void, it being made
~ for the purpose of securing the pyment of such sum of $138,836.00 with
~ interest thereon as herein specified, and compliance with all other covenants.
~ The undersigned delivers herewith the evidence of the above account to
~ Association to be retained in its files while this Assignment remains in
~ effect or until it becomes absolute.
~ If there accurs an default in the
~ y payment of principal or interest due
Association under the promissory note, or any default in the paynent of any
~ other sums of money owed Association, or if any other default or breach of
,'s condition or covenant occurs and any applicable period of grace following
~ notice has expired, then this Assignment shall be deemed absolute.
~
~ IN WITNESS WHEREOF, Assignor has caused this instrument to be executed in
~ its name this ~,~day of ~-s~.~~ , 1990.
~
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Signed, Sealed and Delivered (
~
in the Presence of i
~ ,
~ C1.4::~ ~i~ v(t:i.~--J ~ (SEAL)
r- ~ Richard G. Stebbins, as Trustee
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