EXHIBIT 10.10
THIS INSTRUMENT PREPARED BY
AND TO BE RETURNED TO:
Xxxx X. Xxxx, Esquire
Xxxx, Mead, Spielvogel, Xxxxxxx & Xxxx
0000 Xxxxxxx Xxxx, Xxxxx 000
Xxxxxxxxx, Xxxxxxx 00000
(000) 000-0000
ASSIGNMENT OF LOAN DOCUMENTS
This Assignment of Loan Documents is made and entered into effective as of
the 4th day of November, 1997, by XXXXXXX BANK, N.A. (hereinafter referred to as
"Assignor"), with an office located at 000 Xxxxx Xxxxx Xxxxxx, Xxxxxxxxxxxx,
Xxxxxxx 00000, to and for the benefit of THE HUNTINGTON NATIONAL BANK, its
successors and assigns, with an office located at 000 X. Xxxxxxx Xxxxxx,
Xxxxxxxxx, Xxxxxxx 00000.
A. Assignor is the holder of those certain loan documents as set forth in
Exhibit "A" which is attached hereto and by this reference made a part hereof
("Loan Documents"). The defined terms used in Exhibit "A" are hereby
incorporated by reference.
B. Assignor desires to assign and transfer, and THE HUNTINGTON NATIONAL
BANK desires to accept the Loan Documents, all as more particularly hereinafter
set forth.
NOW, THEREFORE, in consideration of the sum of Ten and No/100 Dollars
($10.00) and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, it is agreed as follows:
Assignment of Loan Documents. Assignor hereby grants, bargains, sells,
assigns, transfers and sets over and unto THE HUNTINGTON NATIONAL BANK, its
successors and assigns, WITHOUT RECOURSE, all of the Loan Documents, together
with all obligations described therein and/or secured thereby and all monies due
and/or to become due or pursuant thereto.
IN WITNESS WHEREOF, Assignor has caused this Assignment of Loan Documents
to be executed effective as of the date first set forth above.
Signed, sealed and delivered
in the presence of: XXXXXXX BANK, N.A.
By: /s/ Xxxxx X. Xxxxx
/s/ Xxxxx X. Xxxxxxx Xxxxx X. Xxxxx
Xxxxx X. Xxxxxxx Special Assets Officer
(Print Name) (Print Name/Title)
/s/ Xxxxxxx X. Xxxxxx
Xxxxxxx X. Xxxxxx
(Print Name)
EXHIBIT "A"
1. Promissory Note in the amount of $2,400,000.00 from Xxxxxx Industries,
Inc., a Florida corporation, to Xxxxxxx Bank, N.A., a national banking
association, dated September 30, 1996;
2. Mortgage and Security Agreement between Xxxxxx Industries, Inc., a Florida
corporation, as Borrower, and Xxxxxxx Bank, N.A., a national banking
association, as Lender, dated September 30, 1996, and recorded in Official
Records Book 3609, Page 0715, Public Records of Brevard County, Florida;
3. Assignment of Leases, Rents and Profits between Xxxxxx Industries, Inc., as
Owner, and Xxxxxxx Bank, N.A., as Mortgagee, recorded in Official Records
Book 3609, Page 0737, Public Records of Brevard County, Florida.
4. Mortgage Modification Agreement between Xxxxxx Industries, Inc., a Florida
corporation, as Mortgagor, and Xxxxxxx Bank, N.A., a national banking
association, as Mortgagee, dated October 25, 1996, and recorded in Official
Records Book 3617, Page 1805, Public Records of Brevard County, Florida;
5. Second Modification to Mortgage and Security Agreement and Partial Release
of Personal Property Agreement between Smart Choice Automotive Group, Inc.,
a Florida corporation, successor by merger to Xxxxxx Industries, Inc., as
Borrower, and Xxxxxxx Bank, N.A., a national banking association, as
Lender, dated September 15, 1997, and recorded in Official Records Book
3711, Page 4702, Public Records of Brevard County, Florida;
6. Commonwealth Land Title Insurance Company Loan Policy No. F02-166424 and
all endorsements thereto;
7. Survey prepared by Xxxx Xxxx Associates dated September 19, 1996, W.O.
97193;
8. Survey prepared by Xxxx X. Xxxxxx Land Survey, Inc. dated September 25,
1996, Project #96-09-61; and
9. Any and all other instruments or documents evidencing or securing the
indebtedness represented by the promissory notes described in item 1.
above.
