HomeMy WebLinkAbout2149 a. The oollateral will be kept at 834 South ~our~h
Street, Fort Pierce. St. Lucie County, Florida. Debtor Mi~l not
pesmit any of the oollateral to be moved rrithout the prior Mrf tten
consent of Secnred Party. If the oollateral is or vill beccme a ;
fixture, ft Will be affixed to real propertp located at 834 ~
South Fourth Streat, Fort Pierce, Florida. The real property
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to which tha collateral will be atfi~ced is a?ned by VIRGIL BURTON `
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and HSTTY BURTON, his. w~fe, andP~N CHILD$RS and BLANCHE CSII.DER~, ~
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his wife, and the legal description of the property is: ;
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"Lot 18 Block 8, Pine~rood S/O as pet plst thereof ' i
reoord~ed in plat Book 5 at paqe 24- of the Pnblic
Records of St. Lucie County, Florida, Subject
to the right-a-way for D.S. 41 and subject
to the portion ot the preaises nar befnq occupied
by Malcolai BroMn, The premfaes beinq occupfed
by Brawn is on the back one-half of the buildinq. ~
The pre~faes beinq leased are the preaises ~
forsally occupied by Electric Motor ~lorks, Inc.
3. No financinq state~ent coverinq the collater~l z~r any ~
proceeda thereof is oa file in any public office; Debtor authorizes
Secured Party to file, wherever he deess appropriate, financisg~;
statements siqned only by ~he Secured Party describing the ~
collateral in the sa~e mau~ner as it is described herein. Fl~s tiae
_ to tiae at the req~eat of Secured Party, IIebtor ahall execute one ~
or more financing statements and such other documeats (and pay the
cost of filinq or recording the sane in all public officea deemed ;
necessary or desirable by the Secnred Party) and do snch other
acts and thinqs, all as the Secnred Party aay request, to establish ~
and maintain a valid perfected security interest in the collateral.
Debtor further aqrees to deposit with Secnred Party any ce~rtificates `
of title issuable Mrith respect to any of the collateral and to note y
on thea the secarity interest. Second Party is hereby appointed
Borrower's attorney.in fact to do all acts and things that Secured =
` Party may deem ne~essary to perfect the security interest and protect f
~ the collateral. ~
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4. Debtor will not (a) permit any liens or security interesta ~
other than Secured Party's secnrity interest to attach to any of ~
the collateral; (b) pes~nit any of the collater3l to be levied - _
upon under leqal process; (c) sell, transfer, lease, or otherwi~e
dispose of any of the collxteral or any interest therein, or offer
so to do, without the prior written conoent of Secnred Party; (d)
permit anythinq to be done that ~aay i~apair the value o~ any of the
collateral or the-security intended to be afforded by this agree-
ment; or (e) unless the collateral is apecified fn paragraph 2
as a fixtuze, peroit the colhteral to be or beccme a fixtnre (and
it is expressly covenanted, parranted and aqreed that the collateral,
and every part thereof, vhether affixed to any realty or not, shall ;
re9ain persoaal property), or to becaoe an accession to other qoods
or property. -
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5. Debtor will at a21 tiaes `?hile he is indebted to Secured
Party keep the collateral insured against loss, theft, and damage ?
froa any cause in an amount equal to full cash value; and the insurance
policy shall provide that loss thereunder and praceeds payable
thereunder shall be payable to Secnred Party as its interest may appear. ;
The policy also shall provide that no act or default of Debtor shall =
affect the right ~f tihe Secured Party to recover~ Secured Party may
apply any proceeds of the insurance it reoeives toward payment of the ~
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