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PURCHAS~ MONEY ~TTEL MORTGAiGE I~I~IO SECORITY AGI~~NT ~
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(~onsumer Goods and Squipment)
ELSCTRI~i-TRONICS, INC., a Florida corposation, Debtor,
ahose address is 834 South Fourth Street, Fort Pierce, ~'lorida,
grants to SLSCrRIC MOTOR i~TORRS, INC., xARL F. McGL$ and FON ~
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CHILDERS, Secured Party, a security fnterest in the follo~inq ~
ProPertY:
The bu~iaess, fixtures, lists of customers,
telephone nn~ober, good will, equipa~ent, and ;
inventory ( a vopy ot rhich is attached
he=eto and by ref9rence made a part hereof)
and all other propertp of the bnsiaesa knoWn
as SLSCTRIC MO'1~OR i~1~0~t1CS, IbTC. , E%CEPT caah
on hand, checkinq accounts, accounts recefvable
to Earl McGee, utfli~ies deposits and pro-
ration of all insuranves in exista?nce prior
to Jwae l, 1971.
c~mplete with all present and fnture attachsents, accessories,
replavements and equipment, called in this aqree~ent the "collateral,'
to seGUr~ t~e ~aywant of.s certain pra~istory notes dated July 6, 1971, -
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and qiven by Debtor to Secured Paa~ty in the ~ount of $25,000.00
payable as therein provided together ~rith fatereat at the rate of
ilz/2 per cent per anuun and to secure the paysent of any and all
oth~r indebtedness and liabilities ahatsoever of Debtor to Secured
Party, copies of Mhich are attached hereto and by reference made a ~
part hereof ~3I1d marked EZh3b1t8 "Bw ~"C" ~ a,Yid wDw ~
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Debtor hereby warrants a?nd agrees:
1. ia) Debtor is the awner of the collateral clear of
all liens and security interest except the secarity interest ~
qranted by this agreeaent; (b) Debtor hns the right to make this
aqreesent; and (c) the col2ateral is used or aoqnired for nse primarily
for the purpose business and th~ collateral is beinq avqnired vfth
the proceeds of the loan provided for in or secured by this aqree-
ment, aad said proveeds Mill be used for no other pnrpose, and Debtor
hereby suthorizes Secured Party to disburse such proceeds or any
part thereof directly to the seller ~f the collateral or to the
insuraace agent or broker, or both, as ahavn on Secured Party's records.
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