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ASSIGNMENT OF LEASES AND RENTS
<br />jI'HIS ASSIGNMENT OF LEASES AND RENTS ("Assignment") is entered into as of
<br />the 5 day of September, 2017 by and between Sebastian Corners Retail Center, LLC, 426 S.E.
<br />6th Street, Dania Beach, Florida 33004, a Florida Limited Liability Company, ("Seller") and
<br />Indian River County, 1801 27th Street, Vero Beach, FL 32960, a political subdivision of the
<br />State of Florida (the "County"):
<br />RECITALS
<br />WHEREAS, on July 18, 2017, Seller and County entered into an Agreement to Purchase
<br />and Sell Real Estate (the "Agreement") for the property located at 1919-1931 US Highway 1,
<br />Sebastian FL 32958 (the "Property") to serve as office space for the County's northern offices;
<br />and
<br />WHEREAS, Seller currently holds leases on the Property for the following tenants:
<br />Mattress Firm, Inc. #52123, Prime Communications, L.P., a Texas limited partnership, A & R
<br />Cuban Hospitality, Inc. a Florida corporation, Sally Beauty Supply, LLC, and Dollar Tree Stores,
<br />Inc.; and
<br />WHEREAS, it is the intent of the Seller and the County that the Tenants will continue to
<br />lease the Property on the same terms as those set forth in their various Existing Lease
<br />Agreements (Leases) except for Dollar Tree, whose lease expired on September 1, 2017 and is
<br />not renewing its lease; and
<br />WHEREAS, as part of the Agreement, the Seller will assign all of its right, title and
<br />interest in the Leases to the County on the same terms as those set forth in the Leases, including
<br />Dollar Tree, whose lease expired on September 1, 2017 and is not renewing its lease but the
<br />County may need to enforce the terms of the lease if Dollar Tree is a hold over tenant or if the
<br />County needs to enforce other sections of the lease against Dollar Tree.
<br />NOW THEREFORE, in consideration of the mutual undertakings herein and other good
<br />and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the
<br />parties agree, as follows:
<br />1. Recitals. The above recitals are true and correct and are incorporated herein.
<br />2. Effective Date. Commencing on September 5, 2017, upon closing of the Agreement,
<br />Seller hereby assigns all of its right, title and interest in the Leases, including the right to
<br />receipt of rents, to the County on the same terms as those set forth in the Leases.
<br />3. Coordination and Cooperation for September Payments. Three of the Tenants who
<br />will be affected by this Assignment have their headquarters in Texas, which has been
<br />drastically impacted by flooding caused by Hurricane/Tropical Storm Harvey. Even
<br />though the best efforts have been used to notify the Tenants of the sale of the Property,
<br />the Parties acknowledge that it may be weeks until flooded areas of Texas recover and
<br />are able to conduct business. Seller agrees to contact the County should Seller receive
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