This monastery is situated on the tip of the peninsula, picturesquely located within the town fortresses. It was founded in 1494 for Franciscan nuns by the Princess of Modruška, Mande Budrišić from the family Žirov, as a vow after she fled from Lika from the Turkish invasion.

The monastery church is the oldest building in that complex, erected in the 14th century, of which a rectangular sanctuary with a cross-ribbed vault was preserved. The sanctuary contains a wooden altar with an elaborate sitting figure of St. Anthony the Hermit. It is the work of Venetian woodcarvers' workshops, dating from the second half of the 15th century. The representations of St. Theodore and St. Christopher on the planks on the left and right are linked to the workshop Vivarini from Murano. On the northern and southern wall there are beautiful manneristic wooden altars with paintings, amongst which the southern one is a valuable work of the early 17th century that represents St. Joachim and Anna. Marin, a nobleman of the famous noble family Bizza from Rab who was also the archbishop of Rab and a peculiar late humanistic figure, was buried in the church and his gravestone is preserved. Valuable works of the Gothic woodcarving art are preserved in this monastery along with a painting of the town from the 17th century. There is also a Latin prose manuscript in Croatian "Žića svetih otaca" (Lives of the Holy Fathers) from the second half of the 14th century, which is considered to be the oldest of its kind in Croatia.

Around the monastery, which is now a town park with a monumental sculpture of St. Marin, there are barely recognizable remnants of a few minor medieval chapels. There is also a preserved, although desacralized and structurally defaced, Romanesque church of St. Catherine. Some researchers believe that in the remnants of the buildings under the monastery there were workshops of a great caster of bronze tools. John the Baptist of Rab. These were in place before he left to Dubrovnik where in the first half of the 16th century he became famous for his work on a number of significant bells and cannons.