HomeMy WebLinkAbout0704 s~uRt . 16~2 .
7'Y AGR~EMENT
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FlN/ANCIN~3 STA1"EMENT `
PBAaCS PRODUCS Debtoe~, wd BMHART QOAPORATION, d/b/a WIiSON
~c 1~OOMER FERTII.IZER (~OMPANY, Secured Party, whose ~ appear widt d~ir d~astura bebn,
a~ree as fo~lo~n: . . .
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I. Debfia hereby g~nts to Secured Party a pzpeat aec+arity iat~rest 3n the Gbl4teral dasaibed in P~ra- `
c~ea~ted or incurred p~ xt
t~o thi:~ ~~~tiu~ns ~nd indebtedneae oE Debta to Socured F~rty ~
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II. T6e Codhteral of tbis SecvrIty Ag~+eem~nt is: ( C6ec]t appropriatB ttean " AII of Debtor'S
aOP~ ~ g~+o~rn. g~rowl~g o~ planted ur to be planted within
Years from t6e 3~fie hereof, the ~oduMs af aueh a+op~ and d?e pcnoec~ds tber~eof Zhe fallo~ing
described lfvesi~odc, inc~8 P~Y, sad a11 ~~es, ~a~+e~tons, replacaneab, subatltution:, snd addit~ i
t~tO, d~ Prodn~tr of sucb. ~nd the prooe~ecis thee+eof: .
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_ . '6 r ' ' ~ ~~OR' rrfst~/1w~/~i .~L1R~ ~ ~
j~as~wa~~aaa
~$t~l - at .ptli'itliOt bD-t~dt $eq3i~tij?-~p~y .~p~~~ ~ qaY' ~p ~ulO~t- fi0 -t~ ~qt~? A~t
bY-.Debtor,. aod , ali. addi~ioos aad aooe+~aos tLe~~ ~d tbe -~rooeeci~ tbaeof; . . _ _ . . . . _ . . . _ . _ _ _ -
All Packingtwuae l~~tachinery aad Bquipment. Also, ~a].1 propeity eimilu
to that ~ ttiereinabove d~escribed Mhich may ~t any time hereafter be
acquira~ by the Debtor-or ang of thss. ~
It is ezpreaaly agreed ttiat tl~e eecurity itzterest giwn here ia sub-
~ ordinate to t~e eecurity intereat heretofore givea by Debtor to
Farmers Production Credit Association of Miani. ~
Wluich said c~ollateral is or is to be ia_ Debtaa~'s po~seasio~ o~ the following described re+tl peope~rty situate in
St. Lucie ~,,,,h,, Florida ;
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Reco~d tide bo ssid resl prvperty is in
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III. A. Debtorts Obtigation to Pay. Debtor shall pay to Secured Party: (1 j The sum of ~225.~, 000 _ 00
as evideflced by promissory note of ,l225 ~ 000 _ 00 ~
fi~irnished or to be afumished b
Secured P~~~ 8~s, war~s, cbattels and merchandis~ and interest ~e,o~n;
Y artY to aid Debfi~ in tbe b~siness of planting, and produda8
upon the lands herein descxibed. (2) All sums, including reasonable attorneys' f~ legal eipe~ses.
~a~ incurred by Secured Par~Y i4 pursuing any of his tigbts and remediea-or ip~remedying-any dqfault -
pursuant M this Security AgreemenG (3) At Secured Party's optioa, the eatire niipaid indebtedness to Secured ~
~arty, .whethe~ createc~. osr ipcusred pur}vant to ~his Securec~ A,~reement.: or o#}~wise, upon ~Debta~'s, default
under 1'ara~¢aph ~IV o~ if Secvred Party deems itself ~nsecure, s~iaD L~eoome immediately due and' payable:
De~a AddfNonol Obli" ~oria. 1 Other tban as _ ' . . 3~. .
$ pravided in Aar~agraPh VII: '(a) Debtpr.;hau
at all tim~t keep die Collatera2 et the loc~ation d~seribed ia Paragra II unl~ss notiae is givea to Sec.vred Party
in advanc~e . of and Secured Party o~nb in writing to its r to anoffier . location; _ an~. (b Debtor: aball
, not hansfer, a~te -or p~it'to be acquired 8ny interest in 'o~ a~i~t thc Collateral, '~r p~nit any charge,
~ including r~rt atd t~ce~, -to~,~ unpaid to ar by any ~rd pe.cson unlesa Se~red Pasty oonseats in advance
D~bbar.s~a~ at a~ time~~ ke~ the Collateral and the prooeeds fro~ any authorized disposition
eap~so~.
tain at his own ~te frnm tl~e propaty o~ Debtoir' oi stny othe~r ( 3) Debtor shall procure and main-
~se insurance oavering t}~e CoUateral a$ainst aIl e~cpect~ecl risks and tbose rlsks whidt Se-
~Y ~Y ~?8~~, unddr ~oHdei ~iftsfaetay to Secured Party, fwr tLe duratian of thia Seanity
A~reeaneat, snd die policies shall naa,e Sec.vred Party as bis inte~est may appear and shaIl be deposited -
e atamps required ~ Chaptes-201 F.&. have been placed on the pramissory
~nstr~sments s~cured reby,- ~ind ~3.~1` bie p~,~c~ any_additional and similar
nstrua~nts t at may be so secured. i~ 1~~
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