HomeMy WebLinkAbout0061 . ~
SECURA: Y AGIIEEMCNT (L'HATT~I MqRTOAGEI ~ ~ / ' p~CO FORY ~
UNI/ORM COtdMiRC1Al CODE IINO. OR~CQRP.1 ' ~Q
~ECUri#~ c~l~xeement
. (C~IATTF.L MOR1L^ACE) i984:",1
~~t8 ~~'eeltteltf, made che 14th day oE Ssptenbsr 19 70
under the laws oE che state of Florid~?
~~t~gptj yotor jn~~tment Corpor~tion, • Del~?~nr• ~orporwtion herein called che Deboor
~vhosc business address is btlt~oe[~~~ 229 South St1~t~ 8tT~~l. DO~sr, D~lawar~
Bua e~a south B~e?oh Str~~t, D~ytonR Besoh, Florida
and ahose address i~ F7.or1d• i s 645
and Gen~re~l Yotors Aoospt~noe Corpor~tio~ hetein called th~ Secuted Party
.~hose address is 806 Rinreide ~w., Jpatsonvill~, Florid•
~itnesscth:
Ta secute the paymeat of aa indebtedness ia the amou~t of = IZbiQ~~~ with interest. pa~able aa follows:
69 nonthly p~yment~ of ~1,123.00 oonnenoing Ootober 14, 1970, with ~ fin~al
payaesnt of =66,245.00, all with inZ~reet at 8~i ad~usted to the New York prisis r~t ~
i
~
as evidenced by a notc ot notes of even date hecewith, and also to secute any other in.~ebtedness or liability of the Debtor
to the Secuted Party direct or indirect, absolute or continae~t, due ot to become due, now e:istina or heceafs~t ~$ina~
inciudin¢ all future sdvances or loans which may be made at the option of the Secured Pacey~ (all heceinafter called t6e
"obligauons") Debtor hereby grants and conveys to che Secured Party a security interest in. and mortgages to the Secured
Part ,
~i) t6e propeny described in the schedule herein (hercinafter callyd the collaceral). wrhich coilaceral t6e Debcor
represents will be used primarily
~ in buainess or other use
(b) all propeay, goods and cAatcels of the same classes as those scheduled. acquiced by che Debtor subscqurnt to the
execution of ttus agreement and prior to its teeminacion
(c) all Proceeds thereof~ if any,
(d) all iocreases. subscuutions. teplacements. addicions and accessions thereto.
DEBTC~R WAUt]RANTS, COVENANTS AND AGRF.ES AS ~LLOWS:
; To pay aad ~erfotm all of che oblisseions secured by this agceemrnc accordina to cheir terms.
I To defeod t6e title to the collatetal againsc all persons aad agaiast atl claims and demands~ ~?hatsoever. which
; collateral, ezcept [or che security interest graoced hereby. is larfully owned by che Debtor and is nowr free aad clear of
t any and ail liena. security intecests. claims~ charges~ eocumbrances~ ta:es and assessments e=cept as may be set forth
~ in che schedule.
On demand of the secured party to do che fullowing: furnish furcher a~surance of eitle. e:ecute aoy writtea agreement or
do aay othet acts necessary to effectuate che purposes and peovisions of this aareement, eaecuce any instrumeat or scate-
! ment required by law or othenrise ia otdec co pedect~ rnntinue or terminate the security iotetest of the Secured Paay ia the
~ collateral and pay all coets o( filina in connection therew~ic6.
E ~ To retain possessioa bf the collateral during the esiscence of this agreemeoe and aot co sell~ e:cfianae, assign, loan~
~ deliaer. lease. moa aae ot.othenrise dispose of same wit6out the writteo conseot of t6e Secuted Parer.
To keep the col~aceta! at the locacioo specified io the sc6edule aad na to remo~e same (e:cepc in che usual course of
~ business for temporary periods) ~vithout che prior wciccea coosmt of ~he Secure~ Parcy.
To Iceep the collatetal icee and cleat of all liens, chatses. encumbrances, tazes aad assessments.
~ To pay, w~heo dne. all tues. assessmencs and liceoae fees relaciog to t6e collateral.
~ To Iceep t6e collatecal, at Debtor's own cose and ezpense. in aood apair aad coadition aad a~ailable fot iaapection by
, che Secured Party at all ceasoaable times.
i To ~eep the coUatenl fully iasured against loss by fice, tse(t aod othec casualciea~ Debtot sAall aive immediate
~ w~ritten notice to the Secuced Pacty and to insurors of luss or damaae to the collateral and s6a11 promptly Gle ptoofs o( losa
w~ith insurors.
i TH~ PAR7fiFS FURTHER AGREE
~ R'aiver of or acquiescence ia aay default by the Debror.or (ailure of t6e Secured Parcy to iasist upoo strict performaace
y by the Debcor of any warranties or agreemenes in t6is security aaceemenc. shal! aot constitute a wrai~ec of aoy subsequent
~ or othet deFault or failuce.
~ 1lotices to either party shall be in vriting a~d shall be deli~eced persoaal~y or by mail addtessed to tht party at the
~ address herein sec fotth ot other.ri:e desi6nated io ~vritin6.
~ The Uaifocm Commercial Code ahall 6ovem che rights. duties and temediea of t6e parties aod aoy pro~isions hetein de-
~ clared invalid under any law shsll not invalidate any other ptovisioa or this asreemeat.
x The folbwing shall cooscituce a default by Debtor:
Failute to pay the priacipal or any iastallment of Qriocipal or of intetest oa the iadtbtedness or auy notes w6m due.
~ Eailure by Debtor to comply vit6 or perfocm aoy pto~~sion of chis aareemrnt. False ot misleadin6 tepresentations ot war
ranties made or ai~en by Debcor in conaection wit6 this ~gceement. Subjection of the coUatecal to le~y of e=ecution or
otber judicial process. Commeacemrn~ of any iasolaeocy proceediaa by or :aainsc che Debtor. Death of the Dcbcor. Any te-
duction ia cbe value of t6e collateral ot any act of tht Debtor rhich imperila t6e pmspect ot (ull petfotmanct or s~tisfact'an
of the Debwr's oblibations heteia.
Upon any default of t6e Debtot aad at the opcioo of tht 5scared Patty~ che obli6aeioas secured by this rateemmt ahali
imm~tl?aeeiy become dut •nd payable ia Eull ~vit6out notice or demand and the Secured Party sh:ll h~~e ~Il ebe rishts. ran-
edies and privile6es with respect co reposseasion. cetention and sale of tbe collaterai and diapositioo of the proceeds as
are accocded by the applicable sections of the Uniform Commeccial Code cespeccina "Dcfault"
Upoo any deEault aad upoo demaod~ Debcor sl~all usem~le che collateral and malce it a~ailable to the Secuted Pacty ~t
t6e place sod ~c t6e cime desiaa~ced io the daaand.
Upon aay default, cl~e Secured Party's reasonable sttomeya' (ees •od cbe leaal and othet e:penses 6or putsuina,
searc6ina for, ctceiria`, talcia~.{ceepioa, stociaa. ad~ertisina~ aod aelliaa t6e coilaceral s6aU be chatseadle o~ the Debtor.
'Ibe Debcor shali rem~in liable 6or anr de6ciency cesulcina trom a sale of c6e coll~~eral aod shatt pay any wc~ de-
Eicicocy fortb~rit6 on demand. ~
If ~he Debcor sh~ll defaulc io t6e pecfo~aace of ao~r of t~e pco~i~ions of clua asreemme oo c6e Debcoc'a part to bepet-
(ocmed. Secured Parcr may perlorm same for the'Jebtor s aceounc aod aay mooies e:peoded ie w doina s6a11 bec6araeable
wi~h incerese co ebe Debcor and added co che indebcedneas •eeured 6erebr.
Ibe Secured Partr is hereby aut6orized co file a Fin~acins Se~teaent.
B~ex18? Q~~E 61