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Sortow~r wiU d~tosd w~ CoU+aral aqainst tlu clauas aa.i d~m~ads ot all p~rsooa at asY tis~ ctaisiuq I!N uM or asY iska._. •Acrciu.
5. No Fiaaacioq Sutemeat wwciaq asY Collat~:d or aaY proca~ds Uar~ol is on GI~ is aar publie oftio~: Dortowr autlorises Sec~rw 1 rtlr
a til~. in iurisdic~ioos whW~ tt~i~ autAo~isuioa vW b~ qivw ~tt~c~. a}laasc;nq Sut~s~at e~9ad on11 by tL~ SKVnd PactY de~n~bioq tA~ Cob
lauzal ia tA~ aam~ mai?n~ as N i~ d~acriDcd Da~ls: aa3 hos ticn~ a tim~ a1 th~ t~uost ot S~.vr~d Partr. ~s~cuM ae~ or eor~ Fie~ndsq Suua~au
a~d sueA ahsr documa?es (and p~~ tM ooa ol filiaq os r~cacdiaq tb~ sam~ ia all publie oflicys d~d a~c~awrt or d~skaDb b~ sb~ Secuiod
Party) and do sueA aAK acb ud ~hioqs. sU u ~h~ Secuc~d PartY mar r~qu~st a esubtiab ~sd maiuta~ a~alid s~cwity fst~~wt in :1~ wUateral
itr~ ol all ah~r iNos aud claims whatw~vK) b sxw~ th~ paYment d tl?~ liab~iuea. iadudiaq. ~rithoul lim:wlios. d~posit ~rith S~a?nd ParAY awY ou-
titieatss d tiW iaswb2~ wi~L nspacl a an~ ot tD~ Collat~ral aad aoutioa t!?~raoa d ~ks a~curitr faM~wl d~usd~t.
6. Batornr will eot (a? p~rmit snY li~as os a~curity inter~ses oth~t th~a S~cvr~d Puty's NcwitY isNtwl b a1t:xA w snY d 1D~ Colist~ral:
(b) permit aar N ~h~ Co1laNril b b~ 1~~id upon us3er tho ~qal p+oceu: (d ssU. aanaior. leu~. oc o1h~~rW dispw~ al aay of th~ Coltau~~l o[ a++~
iat~rest tl?~r~in. or otlu so a d0. witLoul 1D~ prior ~rritlra coas~At ol 5ecured Party: ld) psrmit anYtAinq 1o b~ das~ tb~1 sar ispiir th~ ~alu~ d anr
ot th~ CoUaNral or ~:~cvr0r ia»od~d b b~ atbrdad br this aqrstmem: or permit tL~ Collaeuai b b~ or aoos~ ~ 6:tut~ (a~d 'u i~ ~spresslY
oo~uunt~d. warranted aod ~qce~d. tLat U~~ Co1laNral. and ~~ery put tl?enot. rA~th~r atfi~d b anr ~t ot aot. ~DaU b~ aed r~oai~ personal
ProP~rt1'). o~ b b~c~ase an acc~uioa w aMr goods or psopenr. ~
~J. BOtJOM~f MUI (aI u~II HmM k~~}1 1~ COIIiIftil IOtYf11d I!1 im04D{f AOl Ifi~ ~Lan W~ tull iosuraW~ valu~ t6~wi. aqaLW los~. dam~g~. ~Deh. aad
sueh ahet ~Csb as S~cured Party sat nquin in aucL companies u?d unda sucA polici~s and ie sueh brs. aad !o~ sw.l~ p~riods. as ahap b~ satistac~ory
b S~eur~d PutY. and eaeh suc6 poliel sbaU p~o~id~. bY N~w Yort Sqndard ot Uaion Staadud ~ndotsw~s4 1Da1 bss 11?MUad~ aed P~~s Wr~
~hareunder sAall 6~ paraW~ b S~cund Part~ n its inn~at ma~ appear (and Setured Partr wY ~pp1~ asr pcocwd~ d suc6 tasurana r6icb mar b~
»c~ired br S~cvnd Partp bward pa~~at ot t6~ Itabiliti~s. what'a~r dw ot aol dw. ia aacl ad~s W applicatios as S~cund PutY au~ dNe~iae) snd
~ach wch polic7 saaU provid~ lor 10 d~Yi ~rtitbn mtnisum canc~ltaoos sotip w Sacvr~d Part~: aad ~acD ar]. polieT aAall. U S~cund Partr w~squests.
~ b~ d~posited with S~tund PaAy: and S~cvrd Partt ar aet a~ atbrn~t lor ootrow~r in obuinioq. adjnsUeq. MhBuq. aed casoNlinq wcb iosurasc~ and
iadorsing ant dwfes: (W ~t all tiw~ ![Mp 1D~ Collaural [n~ lrom asY ad~~ Wa s~e~uitY tr?t~r~st oe ~aeumD~a~ aal is qood ad~r and npair aad will
aot ~rtsM ot d~shoT U?~ CdAMral at asr patl 1~no1. .
@. Horrwnr will aol uN U+~ Co2laNral or p~imit 1La sacn~ b b~ u~l to ~ioiation d aar sbtuN or ordinaatr: and S~.und PartY a~a~
uamins aad LupM tD~ Ccllat~ral at anY tim~. wh~n~ bcat~d. (bJ Horww~t ~rill Wr P~P~1 ~rh~a dw aU qa+s asd aw~ar.~ab upoa y~~ Co4
Iu~ral oe lor ib us~ or op~ratloa or upaa ~ aqn~m~a~ or upon aer aoa oc aaw or o~h~r ~ai~Lq ~~W~aeieq t~ BaDUitlw. or aar d thna.
9. At ib option. S~cund Pad~ mar di~uq~ u:M, U~as or s~curGr int~r~ats os a?~~r ~ncu~brancw at as~ tls~ Nri~d oc piac~d oa ~h~
Collateral m~r P+7 br iasuranc~ oa ID~ CdiaMral. aod o~r wr t« ths maia;_aancr aao prsa~c~:tioa ot tD~ CdLNral. Dorm~r~ agr~ss b nimburso
Secvnd Putr on domand br ~ar Wl/m~st msd~. oc aaY upeas~ incuri~d. Dr Sea+rsd Party. pursua0t b~ to~~qoinq autboriaation. Uail det~uit.
Bocrowes may haw possessioa d Cd{aMral and uN U in any lawful mam~r not 4?eoosis»at wie6 tbis us~m~nt aed Qot inooosisNnt wIW as~
poliry of insuraac~ w~reoa.
1Q Borcorer aLa11 b~ !n ddault wd~r thL aqreement upoa th~ happeainq d aar d ths idbwieq N~nls ot oooditioos: tailuce or osission b
paY wrhen dw anr liabilitq (or anT insullm~nt ~hereal or intorest thereoal. or detauit in 12?~ paYmoat o~ p~rlormaMw ol snr oblklation. ooveaw4
aqreemenL o~ liabilitY coauin~d or rst~ird b har~ia: (b) anp ~raamty. rspiesaatatioe, or sut~ment ~ad~ ar tutnish~d b Sesur~d Putr br or oe -
behaU d aar Hortower prorq b ha~~ been taW in any material resp~ct wAsa msd~ or furnish~d: (d loas. tD~h. subslautial dasag~. desl~uctioa.
sale. or ~neumbranes b or oE anr d tL~ Coll~teral or Ws makinq o! anY le~r. aeuure. or attachm~at tAersol or Wtr~on: kU ~ar ODIMJOl ~M}l1CA
tem~. sa usad h~roin. ~ha11 meaa sach Borrow~r ~nd each aher pa:ty primarily ot seeondatilr or eontinqenllr liabl~ oa aar ot tl?e Wbilitie~ becanes
iosolrent or unable lo par debes u W~Y maR.r~ os~ makes an usignment (or th~ bsaefit of endiwn. et anr pcoes~die9 is instituted bT or ara'~ust
any Obl:qor allegiuq tlul such Obliqor is iosol~ent or uaabla to paY debts as eLar mature: ~ntry ot ~r i~aw +Q~ ~r ow~yor: (p d~ath
o! anr Oblic}or ~?ho Cs a ieatural peraon. oc d ~a~ paimer p! anp Obligor whicn is a pactnerahip: (g) dissolutioo. merqer or eeasdid~tioa. or trana(er
d a subsuntial pa~ ot 1hs prop~m d anr Obliqor whieh is a oorporatioa a a parmsnhip: (L3 appo:otment d a nuiru for tlN Co~lat~ral or anp
thereof cY for wY pcop~rtlr in whjeh anr Bocror~~ has an iateresL
11.' Upon the occvrrenco o[ anr sueh deEault or at anl tims theceatter, oc a~rhene~er •th~ Secured Partlr teek insecure br snr reason xhat-
zoa~er. Secured Parqr maY. at its option. deelare all liabilitiss sec~ued herebr. or aar oE thsm (notwi~hsundio9 ~7 Pro~?sion+ ther~oD, immedia~clr
duo aad psyable v~rithout dewsnd or aotice d anr kind and the sama thereupon shaA immediatelr beaoms and b~ dut aad payabi~ ~ritiwut demand
ot notice (but ~rith sucn adjus~ents. it anr, with respeel lo intecest or ciher chuqes as may bs pro~id~d 1oc io Ws promiswry nols a olher wrritioq
eridencing such liability). and Sscured Puty shall ba~e and may e:ercise iroat 4ma b tima anr and a11 ~iqhls +ad nmedies o! a Secur~d PartY
uadK ths Uuilorm Cammercial Cods and anr aad all righb and remedies a~ai3able b it undar anr oth~r applicabb Lw: and upoo request ot demand
ot Sseured Part1r. Borrower shall. st its e:pens~, assemble tha Coltateral aad make it a~aliabb b U?e S~cured Pattr at a oonrenisnl plaes sooeptabls
b S~eured Partp: and Borrow~ shsll P~~W~7 F+1 all eosls d Secured Party d ooUectiou d anr and aL U~s liabilitiss. and oatacameat d righb
hcreunder. includiaq reasoaab!o attua~7s lees and Ieqal o:peases and e:popses d uY rapaira b as~ d th~ CoUateral and e~ensas oE sar wpairs
to any r~alt~ ot other pcopatT W rr~ieh ant d tLo Cdlateral m~r be atfized_ An~ noticy oi sale. dispoaition or oU?tr iatendd aetion br Secvred
Parnr. ssnt b Bocm~rer at th~ addceas o[ Horrowrer speeif"ied abore oz at any olhQr address shoa~n m ths r~cards d Secured PaAY. a! bast fi~e days
prior b such action. shall constituts r~asooabls aotior to Borrowor. F~cpenses ot raulcioq. hddinq. pr~pa~ioq for sate. sellinq. or th~ lits. shap
` induds Sacured Party's reasonabl~ atwmeya te~s and leqal e:penses. Anr ezcess or sucplus ot prcceeds Ot aialy disposition d anY d Wo Cd-
lahrai may bs applied bY Securd PartT b~ud payment d such ot ths liabilities. ard in suc6 ord~r oi applicatioo. a~ Secvnd PutY ma~ hom tim~ f
b tim~ slect. _
12. _Jo wai~~r bY S~eurd Party d anY detault sLall op~rato as a xaiv~r ot aay othas default oc o[ th~ sas~ d~fadt on a tutur~ oocasioo. I~o
dslay ot omicsioa on the put d Secur~d Pactp in uerdsiaq aay riqDt or remedr shall operats as a r+ai~sr tLtnd. aad no sinqb or putial ~:etcise bY
S~cur~d Part~ ol anT riqDt or »modr a3aL produds aay other ~ turther e:er~isa ehareo[ or th~ ~mcis~ ot anY otL~r right or rsm~dY_ 2'u~
~ is ot tL~ ~swncs of tAis aqr~ement T6s pro+iowu d thie aqreemant ara cvmulati~e and in addition b th~ peo?isioas ot ani noto securad bY this
aqr~eu~nt and Soaued partY ahall ha~a all the bsnolits, ri9hts and remedi~s ot and under anr noN s~cvc~d h~reby. It mor~ than on~ partY
aha31 ~:ecuN this agresmenL tL~ Nrm "Ho[mwof' shaL mean aD puties siqaia4 this agreem~nt and ~aeb d fh~m. aod a11 wch puti~s shaL b~ f
jointly and s~rerallp obligated aad IiabM hezeunder. Th~ sinqulu p:onoun. whon us~d honin. sDa11 iaclud~ tb~ plural and th~ neut~r aLall indud~
maaculins and tominfne. II this aqceem~nt b not dated wrhen e:~euled o7 ths Horrowsr. ths S~eurd Partr is aut6ociwd. witbout rwtico to ths
Borrower. b dab thia aqroemu~~ iLb aqrsom~ot ahall beoome etiedi~e a at tLs dat~ oE this a?t~sm~at All ~iqLb d S~cur~d Putr Lu~under s~hall
inur~ b ths bent6t d:ts suoo~s~ors aod asaiqas: and all Iiabitities ot Bosrover ~all bind th~ Sfirs. ~:~cvto~s. adminipratots. wco~aaors aad aatiqns d
each Borrowot.
13. T6is aqraemout has been d~lirer~d is tho Stats d Fiorida aad ahall b~ oonsw~d ia aooord:no~ witb tL~ Lwi at Fbtida. WL~n~er possibi~. :
~ach prorisioa d this sgr»m~nt aLall b~ int~rpr~ad ia such mana~r as to M di~etir~ and ~alid uad~r app~ieabl~ L~. but ~t aa~ pso~?4foa o! tLis ~
aqn~m~nt shall b~ prohibit~d bi oe tn~aNd und~r applleabl~ law. weh pcorlsfon ahall b~ ia~H~e.tln b t~ ~at d~ueL pe~oLiLitioa or ls~aifditT. -
without tnralidatinq th~ rwaiud~r d wcL pro~iaion or Ilu remain[nq psovisioas ot this aqre~~nt '
n~i wrrNFSS wxIIiEOF. w..y~..m.~t b.. b~n adY e:.a.f.a ot ~7 a,t November 19 67 ;
s~,,.a. ..~.a ~a a.u•.*.a FILEO AND RECORDED
ST. LUCtE COUNTY. FLA. e e o e- orr~wer
~,.ut~~ i<E CC~R'~ VERIF4ED . _
2 ic or . Demor~ secure Party
v 1 NU~ L~ ~b Y~~Mt 1~ q D~ wd as a Finaociaq
~tat~ of , oe~tl~ ~~rs 1 _ ~
E ~C1RC~IT COURT r
: 'Cfl€lii~y 0~ st. ~"uc e 1
N~•rsvnc~llry ~t~~prctr~~d hr/ur•• ti~r. Peter COle 8c Vietor E Demorest
rr~r u~r/l /,-rr~itrJlt as (hr indinicluc~l s drxrrihrd in ctnd «~hc~ rxrrulrcf lhr. ~urr~~oi~rg irts/rrurrrn(,
uttd u~•I,-?rurnlyd~~~•c! Urc~l t l~r. y~~xrrulrcl Urr •cuirc ~ur !hr prn•pv•~• !/r~r•c~i~i ~.~•~~rrss~•rl. rr~li~•r~•-
!tputt i( is ~ir~rJrd !hu! !/r~• s~rrtr•• ~ticrr~ bc rrrnrclyd.
,µ:.:t~.
~ ' 11::~n~-'$$ ~~~e~'e0! ! hanr• hc•rrrnrlu u ~x~•d m! l~.~,~d uncl cra! lliis 27th
~ ~?3~, . , n~ 1 -
• /
- ~ Lc8~~1'~,.~- Fovember . .t. 1~. 1~?67 -
_z " ~ c~E.c.~ ~~c.!<.t.l.~
= : ~ ~ tl ~ _ _ _ ~
°l`', - _ Notary Public . -
,~5~ ' f • " ` '
. rTr' 11~~ runrmi•xiurr ,•.r/?irrA~t~Y Pi.~t. S.ate o! Fiaida ~t [arqe ~ ~
Y ) • •
a~~169 ~f 830 Y
;ay ~c- rK•i:s E• ~es lan. 15. 1965 i .
F~ : r.~. i c..,~,,, co.