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Home My WebLink About1001 1022180 , I:r, t,r ~ - Ui,t ~~t 1)i.~~?~ ~J~l F:c ~ - - `t l uc~•: ~,~~;n'~ ~ THIS ZNSTRUMENT PREPARED BY , ' AND RE'I'UFtN TO t),,; I.,~ S__~_-- - t'~ctr ;,t c'ir:~,;t l. PATRICK A. RICE Ini I.~~ S_----- t~• -----1 ' l P.O. BOX 3010 I);~ut. C'I:rk TEQUESTA FL 33469 " , ti ! t _ ~ ' 1 ' _ i__ ....;~i-,.~=..:. . . . ~ , . COLLATDiAL ASSlGNMEM' OF COMRAClS. LE/ISES 11l~ A(~iEDuEPJT'S Macla ~s of th'ss 19th day ot ,lanuary,1390 by BRUCE C. SCFiiLLiNG and PAULETTE M. SCHILLING, his wife, having an address ot: 587 N.E. Soli~da C~de, Port St. lude, Fbrirla. 3d.983, ('BoROwer'}, to JUPITER TE~UESTA NATIONAL BANK, a corporation organized and existi~g u~der the Wws of lhe United Stetes of America, with•its pr~ppal office at 250 Tequesla Orive. Tequesta, Flo+ida 33468, ('Lender'); REC(T/LLS A. Whereas, Borrower has e~cecuted and delivered to Lereder a certain Promissory Note in the principal amount oi =143,200.00 ('The Note'), secured by a Mottgage ('The Mortgage'), with respect to the ~eal p~openy and improvements ot BoROwer bcated in the Co~nty of St. Lucie, Floride, described as foNows: PARCEL #t: Lot 40. Blodc 1592, POaT ST. LUCIE SECTION TWEHTY-THREE, acca~dirig to the Plat thereot as recorded in Plat Book 13, at Pages 29, 29A through 29D, ot the PubNc Records of St. Lucie County, Flarida. PARCEL i2: Lot 41, Blodc 1592, PORT ST. LUCIE SECTION TWENTY-THREE, eccording to the Ptat ihereof as recwded in Ptat Book 13, at Pages 29. 29A through 29D, oi the PubGc Records of St. Lucie Counry, Floride. hereinafter reterred to as (the 'Mortgaged Property'). B. WHEREAS, As addiCronat security for the Note and the obligations o1 Assignor thereunder, BoROwer has exewted and delivered to Lender this CoYaateral Assignment oi Contracts, Lsases and Agreemenis. The Note and Mortgege and ap retated ban documents are collectively referred to as 'Loan ~ocum~nts'. NOW, THEREFORE, in consideration oi Lender making the {oan evidenced by the Note, Boaower does hereby transfe~, assign, deliver and g?ant a security interest to Lender in aN oi the right, tiUe and interest ot Borrower in and to the tolowing (which shal hereinafter be ooNectively reterred to as 'Additional CoNaterai'): (1) Leases: aN leases, subleases, te~andes and any other ag~eements, whether written or orsl, now or hereafter e~osting with respect to any portiw~ or port~s oi the Mortgaged premses. together with any renewals or extensions or any egreements in substitution theretor aN oi which are hereinafter coYectively reierred to as the 'Assigned leases' (2) Rer?ts: aA rents end other payments oi every kind due or payable and to become due or peyable to Borrower by virtue of the Assigned Leases, or otherwise due or payeble and to become due or payable to Borrower as the resuK oi any use, possession or occupancy of any portion or portions of the Mortgaged Prerrises, and (3) Guarantees: a1 right, tide and interest of Assignor in and to any and a/ guaranties ot the Assigned Leases. (4j Permits and Licenses: All perrrtits, icenses, approvels, certificates and agreements with or from a1 boerds, agenaes, departme~nts, govemmentsl or otherwise, relatiny drectly or indi?ecriy to the ovmership, use, operation and maintenance of the Property, or the oonstrudion of developn?ent improvem~?ts on the Property, whether heretoiore or hereeRer issued or executed, togett~~ rvith al Letters of Cfed~t, Certficates ot Deposit, 8onds or other agreements securing or guaranteeing payment or performance thereunder (coYectively the 'Permits`). Said boards, agencies, departments, gcrvemmentai or olherwise are hereinafter oo~ectiveiy reterred to as 'Govemmental Authorities'. (5) Contracts: AN contrads, subcontracts, agreements, utiNry agreemer~ts, agreements with protessk,nats, service agreernents, wananties and purchase orders wh~ch have heretotore been or witl here~nafter be exearted by or on behalt of Borrower, or which have been assigned to Borrawer, in connection with ihe use, operation and mamtenance of the Propeity, or the construction oi ; 'Improvements on the Property together with any deposits, tees or advence payments thereunder (collecti+rely, ihe 'ConVa~ts'). The parties with whom or to whom such ConUacts have been or are given ere h~xeanafter cotlectively reterred to as the ~ 'Contractors'. (6) Sales Agreements: M ConUacts and agreemenis which have heretofore been or w~l hereafter be execuied ; by or on behaH oi Borrower in connection with the sale of any unit, iot or aM or any portion of the Property, and, without firtrting the ! foregoing, any depcsit monies coUected in connection thefewith (coYectively, !he 'Sales Agreements'). The parties with whom or to whom the Sales Agreem¢~ts have bee~ a sre given are hereinafter cok~ctively reterred to ss the "Purchasers'. (n Insurance t Agreements: AA contracts, poiaes and agreements which have heretofae been or wi her~fter be executed by or on beheM oi ! Borrower in connection with any insurance covering al or any portion of the Property and/or the Improverr?ents and/or Borrower's operations in connection th~ewith (coYectively, the 'Insurance Agreements'). The parties with wfiom or to whom the {nsurance Agreements have been or are given ere hereinaiter coNectively refeRed to as the 'Insurance Companies'. ; TO HAVE AND TO HOLD the same unto Lender, its successors and assigns, tor the ¢urpose ot seairing (1) payment ot the hote together with the interest thereon; (2) payrnent of a1 other sums with interest thereon, to become due and payable to Lender t hereunder, undei the Mortgage, or under any other insWment securing the Nate; (3) pe~fom~snce and d~scharge of each and every ~ obigation, covenant and a~eement of Borrower contained herein, or in the Note and Mortgage or other obtigstion of Bocrower to Lender; and (4) payment oi any other ob~gation of Borrower to Lender now or he~eeRer, the faregaing coilectively reierred to as ~ 'The Ob~getion'. i This instrument is deNvered and ecceQted upon the foNow~g terms and conditions: i ~ 1, gomovra's t3oe~tse to Ope?ste ~ no Def~rk So long as Borrower is not in defauR in the pertom~ance of the Ob6gations, ° (hereinafter reierred to as an 'Event oi Detauit'). Borrower shaN have a Gcense to rr~nage and operate the MoRgaged Piremises and ~ to collect, rQC,eive and apply for its own eccount aN rents, issues and profits accruing by virtue oi the Additional CoMeterel, and to execute and de6vet pra~iy recespts ar~d ecquittances theretor. ~ 2. Notice of pete~t to Ler~der, Barower shaN notily the Lender irtxned'~ately of any defauRs or claimed defautts, esserted with respect to the Barower under or aga~est any ot the Additiona{ Cotlaieral. ~ 3. Lenders Risthls h Eve~t d Delauk. ~ 3.1 Irtrn2diately upon the occuRence of any Event of Defautt, the Ncense shaq cease and detemrne, and in such eve~t, in add'nion to any other remedies ot Lender, upon notice irom Lender to each {essee of any Assigned Lease, aN rentaF:s th~eafter payable to Borrower shaN be paid to Lender. Additionady. Lendev may. with or without entry upon the Property at its option, elect to exerdse any and aN of Borrower's righta and remedies under the Additional CoNateral, without eny interference or objection from Borrower, and Borrower shaA cooperate in causing the Govemmeniel Authorities. ConVactors. Purchasers. lessees end Inaurence Compenies to comply with a1 the terms and conditio~s of tne AddiBos?al cdlateral, and Lender mey take over and enjoy the benefits ` ot the P~rnits, ConVacts, Seles Agreements. Leases and Insurance Agreements, exercise Borrowei s rights under the Additional CoUateral, and pertom~ aN acts in the sarne menner and to the seme ercte~t as Borrower might do. In connection with any snd aN oi the foregoing powers, and withoui irniting the same. Le~der may effect new Pecmits, Ca?tracts. Sa~ea Agreementa, tesaes and Insurence Agreements, cancel or surrender exisGng Pemvts, Contr~cta. Seles Agreements. Leases and Insurance Agreements. alter and amend .he tertns ot and renew existing Penrwts, ConVacts, Setes Agreernents, Leases and Insurance Agreernenta, and make concessions to Govemmental Authorities, Contractcxs, Purctsasers, lessees and Insurance Companiea. Borsower sgrees to nofity, at Le~der's request, ap Govemmental Authorities, Cantractors, Purchasers, Lessees and Insurance Companies of thia essl~ment. Borrower hereby rel~ses any and aN daims which it has or rrdght have against Lender erising art of such ection or aciions by Lender. 6GGK ~~J r;~GE.~,.OQ~ x : - ~ ~