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Home My WebLink About97-04842 (5b..f1 qf 4- L.. ~413109~ 1/1 L, ,,,,,) '/'7- . ASSU;NMENT (W CONSTRUCnON CONTRACT THIS ASSIGNMENT OF CONSTRUCTION CONTRACTS IS DAHl> O'i/O~/'i7 BETWEEN RANDY L. COVER und DONNA F. COVER whose address 15 406 MCCULLOCH ROAD SIIIPPENSUURG. I'A 172~7 (referred 10 asellher "Borrower" or 'Assignor"); and EASTERN MORTGAGE SERVICES, INC. whose address is 26~~ Inlerplex Drive. Trevose. Pennsylvania 1'1053 (referred to as "Lender'). nlE LOAN, Bo'Tower has requesled Lender 10 ,end lhe principal amounl of One lIundred Fifty Four Thousand EighlllurdroJ 001100 Dollars ($ 1~4,glJO,OO ) (Ihe "Loan") to provide funds for Ihe conslruclion of Ihe Project on Ihe following described real propeny 1000alcd i' .:UMBERLAND " Coumy, Slalc/Commonwealth of: PA SEE ATrACHED EXHIBIT "A" The word "Project" as used In Ihe Assignmenl means Ihe conslruclion. renovalion, or olher work on the improvements located on Ihe above des~ribed real propeny. as sel fonh in the Projecl plans and specificallona approved by Lender. ASSIGNMENT, Asslsnor hereby grants. Iransfers. and usignsto Lender all of Ihe Assignor's riilhls, Iltle and imereSI in and 10 Ihe follow ins described construclion conllacls (Ihe "Conlracls"): SHAWN FREY BUILDING (I) Conslruclion COnlraCI. The conslruclion comracl belween the Assignor and CON T R ACTO R (Ihe "ComraclOr") for the co~slrucllon of Ihe ProjCCI. (2) Suoconlracls. All suocontraclS for lhe Projecl. including bUI not limited 10 Ihose described in the exhibil anached to Ihis Assignmem, logelher wilh all conslruction suocomracls hereinafler entered imo by Contractor or Assignment with respect 10 Ihe projecl. LENDER'S RIGHTS. Assignor warrants wllh respect to each Comractthal: (a) there has been no prior assisnment of Ihe ConllaCt; (b) the Conlract is a valid, enforceable agreement; (c) neither pany is in default to lhe other under Conlfact; and, (d) all covenants, conditions, and agreements have been performed as required in I.he Contract. except those nol due 10 be performed umil after the dale of this Assignmenl. Assisnor shall nol alter or amend any of the Comracts withoullhe prior wrillen consent of the Lender. Unless and umil a default shall o<<lIr under the Loan or under any of lhe Loan documents, Lender shall not exercise any of Assignor's roghlS under the Comracts; provided, however, Ihal from and afler the time of any such default, Lender immedialely shall become emitled, bUI shall nol be obllgaled, 10 esercise any righls of Assignor under t~e Comracls. Lender shall not be liable for any defaults by Assignor in the performance of Assignor's dUlies onder the Comracl5. and Assignor hereby agrees to indemnify, save barmles. and defend Lender against any and all claims. damages. liability, and loss. Including re'lSunable allorneys' fees, arising OUt of any such defaull. ASSIGNOR ACKNOWLEDGES HA VING READ ALL TIlE PROVISIONS OF TIllS ASSIGNMENT OF CONSTRUCTION CONTRACTS AND AGREES TO ITS TERMS. ('ESS ~IJ ASSIGNOR: /.-- ~,,~ -/'(~/fA) NDY l. VER 6 (h;,,';l/1 1 (#/d, D NNA F. COVER ACKNOWLEDGMENT OF ASSIGNMENT SIIAWi': FREY BUILDING CONTRACTOR ("Contraclor"), being a party to oile or more of the above dellCribed ConlraC15. including tbe primary cun<!ructiun contra", hereby acknowledges the above as.ignmenl of the COnlra,;IS and warranlS tbar there has been no prior assignmenl of the Comracls of which Contractor has notice. Conlractur hereby wa"ran15 tballhe Contracls are valid, enforceable agreemems and that, 10 Ihe best of Contractor', knol>ledge, As.signor i. nol in defauli thereunder. COnlraCIOr agree' that <a) Lender nlay enforce lh. obligalion. of lhe Conlrac" pu"uanl 10 lhe above assignmenl with Ihe same force alld effect as if enforced by As.,ignor. and (b) Lender may. but ,hall not be required to, performlhe obllialion, of Auianor. and Cunlraclor will accepl .uch performance in lieu of performance by Assignor in ,alisfaclion of Assisnor', obligalion, under the ContraclS. Conlfactor further agrees Ihal any alterations or amendment of Ihe ConlflCls will nol be effeclive unless and unlil approved in wrilina by Lender. CONT~~~~. ~~"fA~. AUlhoriled Signalure ~' ~. ~"S(I/l Daled 4/ CAf)('''MM(''''~lr'' '-, .- ~ EXHIBIT "A" ALL those certain tracts of land situate in Southampton Township, Cumberland County, Pennsylvania, bounded and described as follows: TRACT ONE: BEGINNING at a point at a right of way named R/W "A" on the hereinafter said draft of survey at line of lands of Lot 2; thence along Lot 2, North 52 degrees 34 minutes 18 seconds East 306.84 feet to an iron pin set at line of lands now or formerly of Hillary Realty company; thence along lands now or formerly of Hillary Realty company, South 39 degrees 08 minutes 23 seconds East 201.00 feet to a set iron pin at line of lands now or formerly of Donald Heefner; thence along lands now or formerly of Donald Heefner, South 36 degrees 07 minutes 52 seconds West 505.00 feet to a set iron pin at line of lands now or formerly of Donald Heefner; thence along lands now or formerly of Donald Heefner, North 48 degrees 11 minutes 52 seconds West 309.64 feet to a set concrete monument at line of Lot 4A; thence along Lot 4A, North 40 degrees East 182.16 feet to a point at the edge of R/W "A"; thence along R/W "A" by a curve to the right with a chord bearing, South 88 degrees 09 minutes 48 seconds East and having a radius of 60.00 feet and an arc length of 292.79 feet to a point; thence along the same, North 51 degrees 39 minutes 02 seconds West 93.37 feet to the point at the place of BEGINNING. CONTAINING 2.8656 acres, more or less, by draft of survey of John R. Kissinger, R.S., dated June 16, 1994, and being Lot No.3 hereon. TRACT NO.2: BEGINNING at an iron pin on the line of State Route 3002 (known as McCulloch Road) at the edge of lands now or formerly of Suders; thence along said lands, South 35 degrees East 241.96 feet to an iron pin set; thence along Lot 2 on the hereinafter said draft of survey by a curve to the right with a chord bearing, Sout.h 43 degrees 19 minutes 10 seconds East and having a radius of 125.00 feet and an arc length or 36.29 feet to a set iron pin; thence South 51 degrees 38 minutes 02 seconds East 461.49 feet to a point; thence by a curve to the right with a chord bearing of North 88 degrees 09 minutes 48 seconds East and having a radius of 60 feet and an arc length of 292.79 feet to a point; thence along Lot 3, 4, 4A and lA, North 51 degrees 38 minutes 02 seconds West 402.33 feet to a set concrete monument; thence by a curve to the left with a chord bearing, North 43 degrees 19 minutes 01 seconds West and having a radius of 125.00 feet and an arc length 50.81 feet to a sot iron pin at the line of Lot No.1; thence along Lot No.1, North 35 degrees West 227.56 feet to a .et iron pin the aforesaid public road; thence in said road, North 38 degrees 55 minutes 56 seconds East 52.03 feet to the place of BEGINNING. 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