HomeMy WebLinkAbout1909 -~6;~'7'61 '
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s$cv~~r Ac~sr~NT ;
THIS SECURITY AGR~EMENT made and entered into this ~-~~~1
day of ~-=~~1~ , 1967, by and b~tween CONNECTICUT GENERAL
LIF~ INSURANCE COI~ANY, a corpo=ation orqanized and existinq under
the laws of the State of Connecticut and havinq its principal
place of business at Hartfo~d, Connecticut, hereinafter referred ~
to as "Secured Party," and H. C. HITCH, JR., and LALA M. HITCH, ~
his ~rifet ~HR~ C. HITCH and CHRISTINS W. HITCB, his wife; JOYCE ~
H. GRAY and JOHN H. GRAY, her husbandj RARIGR A. PRICTs ~id
I3ARBARA E. PRICE, his wife, and MARJORIE H. PRICE, individually
and as Sxecutrix of the Estate of w. R. PRICE, JR., hereinafter z
toqet2~r and collectively referred to as "Debtor"; ~
WITNESSETHs 1
I
WHEREAS, Secured Party has heretofore issued its mortgage ~
loan coaunitment dated ;~uly 24, 1967, and the aforesaid commaitment,
amonq other thinqs, requires that Secured Party have a security
interest in the collateral hereinafter described; and
W~iEREAS, pursuant to said mortgage loan camnitment Debtor
has executed a mortgaqe note in favor of Secured Party of even
date herewith in the original Qrincipal amount of FOUR HUNDRED
FORTY EIGHT THOUSAND DOLLARS ($448,000.00), said note beinq
secured by that certain mortgaqe executed by Debtor in favor :
of Secured Party of even date herewith encumbering the real
property located in St. Lucie County, Florida, and more partic- ~
ularly descri.bed therein; and ~
WIiEREAS, under the terms of Secured Party's aforesaid mort- .
gage loan commitment Secured Party agreed to advance certain
funds to Debtor conditioned, among other things, on campliance ~
by Debtor with all the requirements set forth in the aforesaid s
- = mortgaqe loan cooamuitment, including the granting of a security '
- ~ interest in the collateral hereinafter described; and ;
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~ WHEREAS, Debtor wishes to qrant to Secured Party a security
interest in the hereinafter described collateral and Secured
Party is now ready, willing and able to advance the aforesaid
" ° funds;
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u, NOW, THEREFORE, for and in consideration of the mutual
. 1^L^ promises, covenants and agreements hereinafter set forth, the :
parties l~ereto covenant, stipulate and agree as follows: ~
I. Creation of Securit Interest: Debtor hereby qrants
unto Secure ar y a presen securi y interest in the Collateral
described in Paragraph II hereof, and in its expectancy to
acquire the Collateral in the ordi.nary course of its business,
to secure the performance or payment of the obligations of
Debtor to Secured Party under Paraqraph III hereof.
II. Collate*~al: The Collateral of this Security Agreement
is:
All irrigation equipment (includinq, bu~ not limited to,
pumps, motors, sprinkler systesns, etc.) whether presently owned
or hereafter acquired by Debtor, and all additions and assessions
thereto, u~d_~ Debtor's citrus qrove opgrations, plus the proceeds
thereof, if any, includinq, but aot limited to those items specif-
ically listed fa Euhibit "A" attached hereto and by this reference ~
made a part hereof, all or part of which may or will be installed
in, affixed to or attached to the real estate situated in St. Lucie ,
County, Florida, the record owners of which are H. C. Hitch, Jr.,
Henry C. Hitch, Christine W. Hitch, Joyce ~i. Gray, Karick A. Price,
~ ANDEIi50N, RUSq, DEAN 6 LOWNOES wtrowrtrs w1+0 COUNStaWwf wt uw ORlAN00, FLORIDA
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