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STATE OF _ Florida _ _
COUNTY OF.~__.___ St• Lucie 1854[~O
SECURITY AGREEMENT OF INTAN6lBLE COLLATERAL
In consideratioa of the agreanent of_.___ ~Fa?'~!~'~ Production Credit Association~
hereinafter callcd the Secured Party, to lend to______vWAT.T~ T.FF 1`.~j~,~ }~~r
called the Dcbtor (whether one or more),~~~~~E THOUSANU AND N1100 533000.00
(for which the Debtor has executed a note of this date)~ and to securc the repayment of such loan, and of aU additional
loans and advances that may be made by the Securod Party to the Debtor. in the sole discretion of the Secured Party,
and all renewals and extensions thereoft and all other indebtedness of Debtor to Secured Party~ now due or to become
due or hereafter to be contracted, with all interest~ costs and attorney's fces of fiheea ~er centum (1596) of the principal
and interest due and to be due; the total amount of ind~btedness that may be outstanduig at aay one time sliall not exceai
FIFTY THREE THOUSAND AND NO/10 53 000.00
~nllars plus interest, costs aad attomey's fas, the
Debtor hereb
p~ sells and conv s unto the Secured Party, its successors and assigns. pursuant to this State's Uniform
Commercial Codc~Sacured 1~ranactions Act-tide to aad a security interest in the following described property : .
Promissory note in the amaunt of $1~4,400.00 dated June 11, 1965,
and that mortgage (securing said note) dated June 11, 1965, and
recorded in the public records of St.<<~.~}~ig,,Cpunty,~ Florida in
Official Record Book 122 Pages 158 t~xu;~61. :~rR~erty described
a.n said mortgage as follows: ~ ~ '
The South 1,/2 of Section 30, Township 36 South, Range 38 East,
excepting therefrom the NE 1/4 of the SE l,/4 and any rights of
way for pul~lic roads and drainage canals; said land lying and '
being in St. Lucie County, Florida.
Subject to easements, restrictions, reservations, declications
and rights of way of record. - , : • ~ . ~ . ;
.
Chas. B. Long, Jr., Sec.-Treas-
' T}~is instrument was prepared by
FA::..~~::~ r~ti;D:.i~~lOtv CitcD1T ASSN.
~
7i..~J i r.i.~lti;~:i ~;i~iJFiL ROAQ
~ P.SiaF11, FLOR:DA".
~ .
I
~ for which substitution of other Collateral of oqual value may be made from time to time with the consent and approval
~ of Secured Party, its suecessors and assigns.
~ Also, all Class A aad Class B Capital Stock now owned or that may hereafter be owned by Debtor in Secured Party.
~ A default under this instrummt or uader any other instrument heretofore or hereafter cxecuted by Debtor to
Secured Party , shall, at the option of the Secured Party, constitute a default uuder any one or mon of all instrnmeats
executed by Debtor. to Secured Party.
Debtor assumts fuU r bility for the preservation of the above described Collateral, including any steps neces-
sary to pr~serve anyng
ht of~or or Secured Party in it against prior .parties. Secured Party shall have excrcised
reasonable r.~re of the Collateral if it takes such action for that purpose as Debtor ahall reasonab~y reque~ in writing; but
no ar~nission to do any act not requestal by Debtor shall be deaned a failure to exercise reasonabie care, and no omission
to coinply with any request of Debtor shall of itself be damed a failure to exercise reasonable care.
Debtor's note(s) secured hereby an expressly made a part hereof. The Debtor will bear all reasonable eapeases
and all loss oa~sioned by or connected with the transmission of the Collataal held haeunder to aad fran ariy endorsoe
or assignee of said note(s). The Debtor further agreea that upon transfer of said note(s) the Secured Party, ~ts• suoces_
sors or assigns, may deliver the Collateral hcid hereunder, or any part thereof or interest therein, to the transfrree, who
shall thereupon become vested with all the powaa and rights hereby. givm in respect to such Collateral,
In the event of Debtor's de£auit hertunder or in the note(s) secured hereby, Secured Party, its suoce:sors and as-
~ signs, shall have all the rights and remedies providal in Part S of Artide 9 of the ~Jniform Cornmercial Code, as amaided.
~ or as hereafter may be amended. The proceeds of the dispositiori of the Collateral held hereunder shall first be applied
~ to the e~cpensea permitted by said Code and the reasonabk attoraey's fees and legal expeases iacurrod by the Secured
Party, and the balance of such proceeds shall be applied as provided by said Codc
The powers confened herein are coupled with an intenest, and sl~all remain in full force and ef~aect and be irn-
vocable by the Debtor, the death of the Debtor, or the dcecutor, administrator or assigns o# the Dcbtor, until the in
debtedness to Secured Party, its succeasors aad assigns, ~
ed hereb~ shall be discharged aad paid in fu11. ~
. ~
Facacuted, sealed and "delivered, this daq ~ ig 69 ~
Executed, Sealed and Delivered /v~/ ~ (S~AL)
in the Presence of : WALTER LEE CARLTON
. ,
(SE.~I.)
~ .~~~~,e.P~ cs~.
~
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~
Pn. 2-I-67 J~ ~ Form PCA 45t
~ T . , . . . 5 . - II I ~ 3 ~ .
C~~~.~`.S~ib"~°~'^'j 3Ca~c'~crfr Es. ~ . ~ . ~