{"id":41888,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/assignment-of-leases-rents-and-profits-the-publishing-co-of.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"assignment-of-leases-rents-and-profits-the-publishing-co-of","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/land\/assignment-of-leases-rents-and-profits-the-publishing-co-of.html","title":{"rendered":"Assignment of Leases, Rents, and Profits &#8211; The Publishing Co. of North America Inc. and First Union National Bank of Florida"},"content":{"rendered":"<pre>\n\nPrepared By &amp; Return To:\nCasey Cavanaugh, Esquire\nLOWNDES, DROSDICK, DOSTER, KANTOR\n&amp; REED, P.A.\n215 North Eola Drive\nOrlando, Florida 32802\n\n\n                    ASSIGNMENT OF LEASES, RENTS, AND PROFITS\n\n\n         THIS ASSIGNMENT is executed and delivered on December 30, 1996 by THE\nPUBLISHING COMPANY OF NORTH AMERICA, INC., a Florida corporation, whose address\nis 186 North Industrial Park Blvd., Lake Helen, Florida 32744 (hereinafter\nreferred to as 'Borrower'), to and in favor of FIRST UNION NATIONAL BANK OF\nFLORIDA, a national banking association, organized and existing under the laws\nof the United States of America, whose address is 800 North Magnolia Avenue,\nOrlando, Florida 32803, (hereinafter referred to as the 'Lender');\n\n                              W I T N E S S E T H:\n\n         WHEREAS, Borrower is the present owner in fee simple of certain real\nproperty (hereinafter referred to as the 'Mortgaged Property') located in\nVolusia County, Florida, more particularly described as follows:\n\nSEE EXHIBIT 'A' ATTACHED HERETO\n\nand\n\n         WHEREAS, Lender is the owner and holder of a first mortgage\n(hereinafter referred to as the 'Mortgage') encumbering the Mortgaged Property,\nwhich Mortgage secures the payment of a REAL ESTATE BALLOON PROMISSORY NOTE\n(hereinafter referred to as the 'Note') of even date herewith in the amount of\nEIGHT HUNDRED THOUSAND AND NO\/100 DOLLARS ($800,000.00) made by Borrower to and\nin favor of Lender; and\n\n         WHEREAS, Lender, as a condition to making the aforesaid mortgage loan\nand to obtain additional security therefor, has required the execution of this\nassignment of the leases, rents, income and profits of the Mortgaged Property by\nBorrower.\n\n         NOW THEREFORE, in order further to secure the payment of the\nindebtedness of Borrower to Lender, and in consideration of the loan represented\nby the Mortgage and the Note secured thereby, and in further consideration of\nthe sum of TEN AND NO\/100 DOLLARS ($10.00) in hand paid by Lender to Borrower,\nthe receipt and sufficiency of which is hereby acknowledged, Borrower does\nhereby sell, assign, transfer and set over unto Lender all of the leases, rents,\nissues, profits, and income of, from or pertaining to the Mortgaged Property.\nThis Assignment shall include any and all leases or rental agreements that may\nnow be in effect, as well as any future or additional leases or rental\nagreements, and any renewals or extensions of such leases or rental agreements,\nthat may be entered into by Borrower for \n\n                           73\n\n\nthe lease or rental of the Mortgaged Property, or any part thereof, and Borrower\nhereby agrees to execute and deliver such other and further assignments of said\nleases or rental agreements as Lender may from time to time require.\n\n         PROVIDED ALWAYS, however, that if the Borrower shall pay unto the\nLender the indebtedness evidenced and represented by the Note, and if the\nBorrower shall duly, promptly and fully perform, discharge, execute, effect,\ncomplete and comply with and abide by each and every one of the stipulations,\nagreements, conditions and covenants of the Note, the Mortgage and all other\ndocuments and instruments executed as further evidence of or as security for\nindebtedness secured hereby, then this Assignment and the estates and interests\nhereby granted and created shall cease, terminate and be null and void.\n\n1.       In furtherance of the foregoing Assignment, Borrower:\n\n         a. Represents and warrants that it is the owner in fee simple of the\nMortgaged Property and has good title to the leases, rents, income, issues and\nproperty hereby assigned and good right to assign the same, and that no other\nperson, firm, or corporation has any right, title, or interest therein; that it\nhas not previously sold, assigned, transferred, mortgaged, or pledged said\nrents, issues, profits, income, and leases of the Mortgaged Property; and that\npayment of any of the same has not otherwise been anticipated, waived, released,\ndiscounted, set off or otherwise discharged or compromised.\n\n         b. Agrees and warrants that the terms of any and all leases will not be\namended, altered, modified, or changed, in any manner whatsoever, nor will they\nbe surrendered or cancelled, nor will any proceedings for dispossession or\neviction of any lessee be instituted by Borrower without the prior written\nconsent of Lender.\n\n         c. Agrees and warrants that no request will be made of any lessee to\npay any rent, and no rent will be accepted, in advance of the dates upon which\nsuch rent becomes due and payable under the terms of any and all leases, it\nbeing agreed between Borrower and Lender that rent shall be paid as provided in\nsaid leases and not otherwise.\n\n         d. Authorizes Lender, by its employees or agents, at its option, after\nthe occurrence of a default under the Note or any other document securing same\nor executed in connection therewith, to enter upon the Mortgaged Property and to\ncollect, in the name of Borrower, as its lawful attorney, or in its own name as\nassignee, any rents or other income or profits accrued but unpaid and\/or in\narrears at the date of such default, as well as the rents, income or profits\nthereafter accruing and becoming payable during the period of the continuance of\nthe said default or any other default; and to this end, Borrower further agrees\nthat it will facilitate, in all reasonable ways, Lender's collection of said\nrents, income or profits and will, upon request by Lender, execute a written\nnotice to each tenant, occupant, or licensee, directing said tenant, occupant,\nor licensee to pay directly to Lender all income, rents and profits; provided,\nhowever, that Lender may notify said tenant, occupant or licensee of the\neffectiveness of this Assignment without giving notice to Borrower or requesting\nBorrower to give such notice or join in such notice.\n\n         e. Authorizes Lender, upon such entry, at its option, to take over and\nassume the \n\n                               74\n\n\nmanagement, operation and maintenance of the Mortgaged Property and to perform \nall acts necessary and proper and to expend such sums out of the income of the \nMortgaged Property as may be needful in connection therewith, in the same manner\nand to the same extent as Borrower theretofore might do. Borrower hereby \nreleases all claims against Lender arising out of such management, operation \nand maintenance, excepting the liability of Lender to account as hereinafter\nset forth.\n\n         f. Agrees to execute, upon the request of the Lender, any and all\ninstruments requested by the Lender to carry these presents into effect or to\naccomplish any other purpose deemed by the Lender to be necessary or appropriate\nin connection with these presents.\n\n         g. Agrees and acknowledges that this Assignment shall in no way operate\nto prevent Lender from pursuing any remedy which it now or hereafter may have\nbecause of any breach of the terms and conditions of the aforesaid Note,\nMortgage, or any document or instrument incorporated therein or executed in\nconjunction therewith, or the extension thereof.\n\n2. The Lender shall, after payment of all proper charges and expenses, including\nreasonable compensation to any Managing Agent as it shall select and employ, and\nafter the accumulation of a reserve to meet taxes, assessments, water rents, and\nfire and liability insurance in requisite amounts, credit the net amount of\nincome received by it from the Mortgaged Property, by virtue of this Assignment,\nto any amounts due and owing to it by Borrower under the terms of the Mortgage\nand the Note, but the manner of the application of such net income and what\nitems shall be credited shall be determined in the sole discretion of Lender.\nLender shall make a reasonable effort to collect rents, income and profits\nreserving, however, within its own discretion, the right to determine the method\nof collection and the extent to which enforcement of collection of delinquent\nrents, income and profits shall be prosecuted.\n\n3. In the event, however, that Borrower shall, with the consent of Lender,\nreinstate the mortgage loan completely in good standing, having complied with\nall the terms, covenants and conditions of the Mortgage and the Note, then, the\nLender, within one (1) month after demand in writing, shall redeliver possession\nof the Mortgaged Property to Borrower, who shall remain in possession unless and\nuntil another default occurs, at which time Lender may, at its option, again\ntake possession of the Mortgaged Property under authority of this instrument.\n\n4. This  Assignment  shall remain in full force and effect as long as the \nmortgage debt to Lender  remains  unpaid in\nwhole or in part.\n\n5. The provisions of this instrument shall be binding upon Borrower and its\nsuccessors and assigns, and upon Lender and its successors and assigns. The\ncreation of rights and powers under this Assignment in favor of, or available\nto, Lender shall, in no way whatsoever, be construed to impose concomitant\nduties or obligations of Lender in favor of the Borrower or Borrower's tenants\nexcept as expressly set forth herein.\n\n6. It is understood and agreed that a complete release or satisfaction of the\naforesaid Mortgage shall operate as a complete release or satisfaction of all\nLender's rights and interest hereunder, and that satisfaction of said Mortgage\nshall operate to satisfy this Assignment.\n\n                          75\n\n\n         IN WITNESS WHEREOF, Borrower has caused this Assignment to be executed\non the day and year first above written.\n\nSigned, sealed and delivered\nin the presence of:                      THE PUBLISHING COMPANY OF NORTH \n                                         AMERICA,  INC.,  a Florida corporation\n\n\n\/s\/ Casey Cavanaugh                      By:  \/s\/ Peter S. Balise\n---------------------------              -----------------------------\nName: Casey Cavanaugh                    PETER S. BALISE, President\n\n\/s\/ Bonnie B. Coller\n---------------------------\nName:  Bonnie B. Coller                                              'BORROWER'\n\nBorrower's Address:  186 North Industrial Park Blvd., Lake Helen, Florida 32744\n\n                        76\n\n\nSTATE OF FLORIDA\nCOUNTY OF ORANGE\n\n         The foregoing instrument was acknowledged before me on December 30,\n1996 by PETER S. BALISE as President of THE PUBLISHING COMPANY OF NORTH AMERICA,\nINC., a Florida corporation, on behalf of the corporation. He is personally\nknown to me or produced _____________________________________ as identification\nand did not take an oath.\n\n                                           \/s\/ Casey Cavanaugh\n                                           -------------------------------\n                                           NOTARY SIGNATURE\n\n                                           Casey M. Cavanaugh\n                                           -------------------------------\n                                           PRINTED NOTARY SIGNATURE\n                                           NOTARY PUBLIC, STATE OF FLORIDA\n                                           Commission Number:  CC480064\n                                           My Commission Expires:  July 12, 1999\n\n                                77\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[9279],"corporate_contracts_industries":[9415],"corporate_contracts_types":[9587,9579],"class_list":["post-41888","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-wachovia-corp","corporate_contracts_industries-financial__banks","corporate_contracts_types-land__fl","corporate_contracts_types-land"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/41888","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=41888"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=41888"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=41888"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=41888"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}