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L-708~ 168-00~0~-!lQ11
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?h~ undersi~nsd ie th~ oimer and ho2d~r of a s~curity int~st in .
- cu~taia prapu?ty of ~llin M. T~dd~r aed Elois• N. T~dd~r~ his ~~i~tu,
r~fs~crd to a~ "Borro~+er"), as is evideticed by instrusent of record ip
Official R~cords: 1~1 p~9~.~~ , Offic~ of ~t Cl~rk of tht
Ciscuit Co~rt ,St.Luci• Ceuntr~ Florids ~ g;~n to sscurs paymant of '
an indabtsdn~sa in the orfginal aum af S~0~000.00 .
IN ORDER TO INDCICE Small Business Ad~inistration (hex?~inafter
r~t~d to as "S8A" ) ~ptxicx~aacxxx~aacxxxxxxxxx x~r0itwi0~tx
~i1A~ik~ifpc~qalSAO~' ) to make and disburse a loan of 8 2~~000.00 to
Boacso+ia~. upon a~curity iucludfng that covared by the afo~ed~acribsd
s~aurity fastruo~ant, the unsiersigned covenaate aad a~raes as folloxsc
l. Th~ balance dus_to the undersignsd o~ the aforesaid ~ecwctid
ind~bt~nesa, as of this~ date~, is 50,000.00 . ~
~ Z. Th~ seaurity interest of tha und~rsf~ed in tb~ Borrowsr~a
prop~rty co~nred by the aforer~sid instrument. aa to any and all furthsr
advaoa~a by the underei,gned to Borrower (except as to necassary advanc~s for
pays~nt of tau~s, insurance and preservation of security) s6ali be subo~di~ata
and iaf~rior to t~e sacuritq interest of SBA a~i.~ ~,n s:id property.
S. Ttie undersigned shall gfve at least ten days' ~rrittea notie~ to
SBA and Bank prior tc inatftuting procaedings to forecloss or liquidate its
afolwaid s~curity iaterest. .
4. Any aQreeoent betWeen tha undersi~ded and Bo~?roxer ~fiereby
BorroMar is prohiDlted.or reatricted fz~am further encumbering fts assate is
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+rai~rsd aa to tha SaA/'~f€ loan. ~
Exscuted and delivered this ~t~ day of Ma~ 196~. t
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