- Assignment of Rents: bank who purchased from FDIC 4 cross-defaulted loans was entitled to enforce assignment of rents on the three loans secured by income-producing properties even though only the fourth loan secured by non-income producing property was in original default because, among other reasons, (1) under the cross-default provisions, a default under one loan triggered the bank’s right to assignment of rents as to properties covered by all of the cross-defaulted loans, (2) defendants demonstrated neither that there was a signed writing for a purported loan modification nor the existence of separate consideration supporting the purported modification so the bank was not bound by, and thus could not breach, any purported modification, and (3) the bank did not waive any rights by accepting post-default and acceleration payments from defendants when the bank had sent a letter to the defendants stating that the bank would accept and apply post-acceleration payments but such practice does not waive the existing default – Stearns Bank, N.A. v. Shiraz Investments, LLC, No. 8:12-cv-313-T-33TGW (M.D. Fla. Sept. 14, 2012) (granting plaintiff’s motion to enforce assignment of rents)
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