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Home My WebLink About0961 8. Borrow~r will not sell, tranater. taasa. or oth~rwi~e disposs d~ny o1 ths Collat~rtl or any mterest thenin. or oHer w b do, wit2?out tL~ , prior wrin•a conswa~ d S~cvred Party. 9. Horrow~r will at tll times teep ths CoUateral insurad in amounb ao1 leas than the hill insurabie value thereoi, aqaiost loss, damaqs, thett, 3c~d sucD oWor rislu as Sec~red Fa*ty may requ'us in suci~ mmpaaie~ and undsr such poIIcies and in such torm. and for such psciods. ai shall b~ ,a~isladary to S~cursd patty, and each such policy shall provide, by New York Staadard or Union Standud endonemsat, that bss thersundsr and ofoceeds payabls theceundsr shail be payable to Secured Party as ita intereat may appeu (and Secured Party maY aPP~Y ~Y Prxeeds ol auch insur- ance whic~ may bs isceivsd by Secured Party towrard papmenl ot the Obllgations. whether or nd due, in ~uch order oi application as Sscured Party may dstermiae)"aad each sucb policy sha11 pmvide tor 10 dayi wririen minimum cancellation notice to Secured Party: and each such policy. if ~ec.,red Party so reqwsb. bs deposited ~vith Secvrsd Putp: and Seaired Paity map act as attorney Eot Borrower in obtaininq. adjusti~q. setUing. aad -ancellinq such insurancy and endminq any draf~. 10. Bortower ahall at all times keep the CoUateral free trom any advene lian. secvritp interes~ or encua.brance and in good ordsr and repatr and will not wrute or dsatrop tl~e Collateral or anp part lhereof: and Bortower wrill not we the Callateral [n ~iolaNoo d any statute or ordiaancs: and Secured Partp map e:amins and inspect t~e Co1lat~ral at any time, wherever louted. 11, Borrower will pay promptly when dw all tuss and assesamsnb upo~ the Coilateral ar for its uss or operation or upon this aqreemeat cr upon any aoN or notes a~idencinq the OMiqatbns, or any ol Ihem. lZ. 11t ib option. Secursd Par17 map di~chuqe tuss. ~ens or secuiitp inisresb or other sncumbrances at any tims levied or placed on the Co1lat~ral, maT pa7 tor insuranoc on ths Collal~ral. and may pap tor tha maintsnaacs and pressrvatioa ot t~e Coll:teral. Bonowsr agrees to , reimbuns Sec~ued Party cn demand !or anY PaYs'nt made, or any eipense incuirsd. by Secured Party. punuant to the forogoinq authori:ation. Until delauR. Honowsr may hare possession of the Collateral and use it in any la~vlul maaner not incoasisteat writh this agreament and nol iaconsistent with any policp ct in~urante thereon. . 13. Horrower shall be in default undsr thSs aqreemsnf upon t~e happaninq of any ot the tollowinq events or coadiKous: lailure or omia- sion to paT wDea dw any Obliqttion l~ +aY in+w{swt th~~t w interest thereoa). or delault in the payment or pedormance of anp obliqation. cove+iant aqrNn+snt. or liaDilitp centain~d or ref~aed b L~reia: (b) aar warranty, representatioo, or statemeat mads or iumished to Sscured Partp by or oa bshalf d aav Borrowec pro~~s !o ba~ b~sn"lals~ in any materialrespect ~rhen mad~ or furnisl~ed: (c) lo~s. theR. ~ub~tantlai damage. dss- truction, sals. cr eacumbrance to or of anp ot t6s CollaWral. or tbe making of anp le~y, seisuro. or tttachmeat ihereot or thoraoa; td) any Ob:iqor which term. as used herein, shall mean each Hottow~r and each oWer partp primarilp or seooadarilp or continqently Ilrble ~ any d tha Obliqaticnal tiecomes inaolvent or unabla b pay debb as Wep mature or makes an assignmsat for the benefit o! aeditors, or any proceedinq is inslituted by or sqainst any Obliqor alieqinq that such Obligcr is insol~ent or unable to pay debts as they matura; (el entry d any judqment against any Obligor; t~ death d any Obligor v+bo is a aalural penon. or o! a~sp pattner d aaY Obilgor which is a pertaership: (q) diisulutbn, merqar or consolidation, a transfer ot a substantial part o} tha property et anp Ob$gor ~ahicA is a rnrporation or a par~enhfp; (1~ appointment d a recsiver for the Collateral or any thereot or tor anY propetf! in ~+hich any Borro`aer hu an interest l~. Upen Ihe occurrencs of any such detault or al any time lhereaiter, or wLenerer the Secursd Party Iee1~ insecure lor anp reasoa wrLatw ever. Secured Puty map, at its option, declaro all Obligations secured hereby, or ~any o! them (aotwithstandinq ang provisiona thereoA. immedlatelp ~ue and payabla writhout demand or aotice oE anp kind and ths same tLereupon shall immediatelp bacrome and be due and payable without demand ~r notice {but with such adjustmenb, il anp, with respect to interest ot other eharqes as map be provided tot in ihe promissory note or other w~ritinq ~videncinq such IiabilityD, and Secured Partp shall have and may e:ercve trom time ro time aay and all rights and remedies o! a Secured Party un3er ; t!:e L`niform Commercisl Code and any aad all righb and remedies available to it under any olher applicable lawr; and upon request or demand of Secured Party, Borrower ahall, at its e:penss, assemble the Collateral and make it a~ailable to the Secursd Party at a con~enient place accepta2~le to Secvred partp; and Borrower shall prompUp pap all cosb of Secured Party of coUection d anp and all the Obligations, and eniorcement ot riqhb hereundar, indudiaq :easoaable attorneys' leea and legal e=penaes and e:peases ot any repain to anp of the CoUateral and e:peases ot anp repairs o any realty or olher properiy to ~vhich any ot the Collateral may be alfized or be a part. Unless the Collateral is peri:hable or t~reatens to ,:iecline speediir in value or is ot a Ipps cusbmari?p sold on a rec~oqaized market, Secured Partp w1U give Borto~ver reasonable notice ot Ihe time >r.d place ot any public sale Wereo! or ot the time atter which any private sale or any other inteaded disposition thereof is to be made. 'fhe require- ^:ents of reasonable notice shall be met if such notice is mailed. pc~ataqe p:epaid. to any Borrower at the address c! Bono~ver shown at the beqinning ~ ct this aqreemem or at any oiher address ahown on the tecords ot Secured Party, at leaat five days betore th~ tune oI the sale or dispoaition. Ez- ;enses ot retaking. holdinq. pceparing [or sale. selling. or the like. shall inciude Secured Party's reasonable attomeys' fees and legal e:penses. Upon disposition d any Collateral aher the occunence ot anp detault hereunder or U Secured Party teels insecure for any reaaon. Borrower shall ~;e and remaia liabls tor anp deScieney: and Seaued Party ahall acoount to Borrower tor anp aurplus, but Secured Party ahall have the riqht to apply ~il or any part oi such surnlus (or to hold the same aa a reserve aqainsU all cr anv ot the Obliqationa, whether or not they, or any ot them. be then ;:::e. and ia_such_ocdei_c!_appl~s~t~~ ~s. Secur~_P~r1Y-ma~trom_time to_time elect.------- 15. No ~vaiver by Secured Party of any delault shall operate aa a waiver oi any other default or o! the same datault on a future occasion. ~ delay or omiasion on the part ot Secured Party iu ezercising any right or remedy shall operate as a waiver thereol. and no singie or putial e:etcise ~ c Seaued Party oi any riqht or iemedp sAall preclude any other or turthei ezercise thereoi or the e:ercise o! any olher right or remedy. Time is oi ~ •'r.e essence of this aqreemen~ The provisans ot this aqreement ace cumulative and in addition to the orovisicns of any note secured by this ag~ee- ~ ne^t, and Secured Partp shall have all the benefib, rights and remedies o! and under any note aecured hereby. It more than oae party ahall ezecute ..:s aqreemeat, the tarm '"9orrower"' shall mean all parties signinq this agreement and eacn oi tnem. and aii sucn paniea snaii 3v ji,'u,ity aiu; svrrroi;y . bliqate3 and liable hereunder. :'he sinqulu prona:n. ~vhea used herein, shall include We plural. U this aqreement is nct dated whan e:ecuted tha Borrosver, the Secured Party is authorized, wilhcut nolice to the Bonower, to date this aqreement. 7his agreement shall become etfective ~s of the data ol thia aqreement. All righb o1 Secured Puty hereunder ahall inure fo the benefit ot iu successors and assiqna: and all Obligations ~E Borrower shall bind the heirs, ezecubra, administratcrs, suceeasors and assiqna of each Borrower. ~ 16. ?his ag~eement has been delivered in the Slate o! Florida and shall be construed in accordance with the la~vs oE Florida. Whe~ever ~ :-_ssible, each provisioa of this aqrcement shaU be inler~reted in such mznner as to be et}ective and valid under applicable law, but i! any prcvisan G ~f :his aqreemeat shall be proFibited by or invalid under applicab:e Iaw, such provlsion shall bs ineHective to the e=tent c~t such pro!?ibition ot :~va:idltp, witAout invalidatinq ihe remainder of such provision or the remainincj'pro~isiow ot this agreement. e~~`, ~ . ~s_~_ ~ lN WITNESS WHEREOF, thia aqreement haa ~`~D ~?NO RECOR~EO~, ~ay of ~s ~ ST. LUCIE COUNTY. F O~ s:~nea. ~~.a tnd delivered R E C 0 c E"' D_ C_~~. _,~L, u: the presonce oL - ~ ` ~ ~ __~se.nw - ~ - - ~ ~ ~ ~SEP~ Z~AM 10: ~..~c~--.- ---_~L~~- - - - ~SE,u.~ Horrowsr RO~ER ~OiTRAS CLERK CIRCUIT COURT~ I~ured Partp neod siqn anly il aqr~em~nt b 1o bf used a~ a Fioaccinq Stat~mant] 8~K ~.87 ~ 96'1 - _ - : . ~ ; - ~ ~ _