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Marjorie H. Price, auid the $state of W. R. Price, Jr., and which
real eatate is more particularly described in Exhibit "B" which ;
is attached hereto and by this reference made a part hereof.~
III. Debtor's Obligations:
A. Obli atioa to Pa : Debtor ahall pay to Secured
Party the sum or sums ev enced by, and in accordance with
the tenas of, that certain promissory note in the original ~rincipal
amount of FOUR HUNDRSD FORTY SIGIiT THOUSAND DOLLARS ($448,000.00)
executed by Debtor in favor of Secured Party of even date herewith, ;
under which the advance of the funds made aimultaneous with the i
execution of this Security Aqreement, is beinq made.
B. Additfonal Obli~gations:
(1) Protection of Collateral: The Collateral:
(a) Will be used ~rimarily in Debtor's citrus
grove operations unless Secured Party consents in writing~to another ~
use, and
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(b) Will not be misused or abused, wasted or ~
allo~red to deteriorate, except for the ordinary wear and tear of ;
its intended primary use, and ~ ~
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(c) Will at all times b~ insured aqainst loss, ~ ~
damage, theft, and such other risks as Secured Pary may require ;
in such amounts, with such Companies, under such policies, in ~
such fona and for such periodB as shall be satisfactory to Secured j
Party, and each such policy shall provide that the loss thereunder ~
and the proceeds payable thereunder shall be payable to Secured
Party as its inteaest may appear, and Secured Party may apply any ~ ;
, proceeds of such insurance which may be received by Secured Party •
toward the payment of Debtor's obligations in subparag=aph A of
j this paragraph III, whether due or not due, in such order as Secured ~
Party may detenaine, and
"j2.~ o (d) Will be kept on the premises more particularly ~
--'~3lescribed in Exhibit °B' which is attached hereto, where Secured f
_ :'~~arty may inspect it any time, except for its tea?porary removal #
~_~n connection with its ordinary use or unless Debtor notifies Secured
-~arty in writi.nq and Secured Party consents in writing in advance ;
f its removal to another location, and ;
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(e) Will not be used in violation of any statute ~
¢ or ordinance, and }
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(f) May be examined and inspected by Secured
Party at any time, wherever located.
(2) Protection of Security Interest:-
(a) Debtor will not permit any liens or security
interests (other than the Secured Party's security interest) to
attach to any of the Collateral or permit any of the Collateral
to be levied upon under legal process, and
(b) Debtor will not sell, transfer, lease or
otherwise dispose of any of the Collateral or any interest therein
or offer to do so without the prior written consent of Secured
Party, or permit anything to be done that may impair the value
of any of the Collateral or the security intended to be afforded
by this Security Agreement, and .
(c) Debtor will pay promptly when due all taxes
and assessments upon the Collateral or for its use or operation,
and -
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ANDERSON, RUSM. DEwN b LowNOES wTfORMtOS AMO COYNltaIOR! AT uNM ORLANOO, FLORIOA ~
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