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Home My WebLink About1454 SECURIfV AOREEMENT ICMATTEI. MORTGAOEI R41AC0 FORM UNIFORM COMMBI~CIAL COOE (IHO. OR CORP.I ~ecur~t~ c~$reemeri# ('CNATlF.L MOR7~AGE) ~li~t8 ~~reP2tip~, made che 5~ day of Octobe.r 73 ' ; i under thc lawrs of the state of Florida ~ ? ~¢tEUP¢ll GEORGE A. COSTA, d/b/a NORTH BEACH WATER COMPANY, f hecein called the Deboor ~vhose business address is (if none, ~rtite "aone") 1900 NOY'th Federal Highway , FOTt ~ Pierce, FL 33450 ; aad whose tesidence addcess is tlOTl , e~d NORTH BEACH WATER COMPANY , a Florida corpora-/berein called che securod Party whose addcess is 417 Orange Avenue , Fort Pierce , Florida 33454 ~ifriPSSP~~~: To secure ~he paymenc of an indebtedness in the amount of = 115 i000-.0~ with inter~st, payable as follows: In five (5.) equal annual install~nt of $23,000.00 each plus interest at 7-1/2$ per annum, beginning one year from date hereo , ~ 1 l ~ i I ~ as evidenced by a aote ot notes of even date beteaith, and also w secure any othet indebtedness ot liability oE the Debtot to the Secoted Party direct or itduect~absolute ot contingent, due or to become due, noar ezisting or hereafter arising, including all fucuce advances or loans which may be made at the option of the Secuced ~ Party, (all heceiaaftet called t6e "obligacioas") Dcbtor hereby grancs and conveys co t6e Secured Party a security iaterest in, and mortgages to tbe Secuted Paity, ' I (a) the property described in the schedule hereia (hereinaftec called t6e collaceral), which collace~al the ` Debtor reptesents will be used pcimaiily i ! ~ for personal, family ot household pucposes ? in facming operations [~n_business ot other use ~ E (b) all propetty, goods aad chattels of the same classes as those sc6eduled, acquited by t6e Debtor sub- E ~I sequent to the ezecution of t6is agreement and priot to its tecmination ; (c) all proceeds thereof, if aay, ; ~ (d) all incteases, substitutions, replacements, additioas aud acetssions thereto. ~ I 3 DEBTL7R WARRANTS, COVENAN7S AND AGREFS AS F~OLLOWS: F To pay and perfortn all of the obligations secured by chis agreemenc according to cheir tecros. j To defend che title to the rnllatera! against aU persons and against all claims and demaeds whatsoevet, which ~ collateral. ezcepc for cbe security interest granced hereby, is lawfully owned by the bebtor and is now free and clear of ! ? any and all liens, security interests, claims. charges, encumbrances. ta:es and assessmmts e:cept as may be set focth + x in the schedule. ~ ~ On demand of che secured par~y to do the following: fumish further assurance of ticle~ ezecute any written agteemrnc ' or do any other accs necessary m effectuace the purposes and provisions of this agreemenc, e:ecuce any ias~cumeot orstatr ` ment requiced by taw or otherwise in ordcr to perfee~. continue or tecminate the security interest of the Secured Patty io the collaceral and pay all rnscs of 61ing in conaection therewieh. ~ To retain possession of the cotlacera[ during the euscrnce of chis agcecmenc and noc to sell ezc6aoge, assign, ban. v deliver. lease. mortgage or otherwise dispose of same withouc the vvrittrn consent of the Secured ~'arty. To keep che collacetal at the location speci6ed, in t6e sc6edule and not to cemove same (e:cept in the usuat rnutse of ~ busiaess foc tempotary periods) without rhe prior vrntten rnaseot of che Secured Parcy. To Iceep the collateral free and clear of all liens. c6arges, encumbcances, ta:es aad assessments. ~ To pay. when due, all tazes, assessments and license fees telaung to the collateral. To keep che collatecal, at Debtor's owa cost and ezpenst, in good repair and condition and not to misuse. abuse, waste or allow m deceriorace ezcepe for nocmal wear and tear and to make same available for inspection by the Secured < Paay at all reasonable times. ` To Iceep the collateral insured a$ainsc loss by fire (indudiag e:tended covecage) theit and othet hazards as tbe ~y , Secured Paay may tequire and to obtain coltision insurance if aPplicable. Policies shall be ie such fotm and amounts and ~ with such cwnpanies as che Secured Party may desigaete. Policies shall be obcained from tesponsible insurors.authoriud ~ co do business ~n chis stace. Certificates of insurance o~ poiicies. payable to the respective patties as theic iotereat may ~ ~ aQpear, s6all be depositcd with the Secured Party w6o is authorized, but under no duty. to obtain such insurance upoa ~ I failure of the Debtoc to do so. Debtoc shall ive immediate ovritten rtotice co che Secured Patty aad to iosurora of loss or ~ i damage to t6e cotlaceral and shal! ptomptly ~e proofs of loss with insurors. Debtor hereby appoiats t6e Secured Pattq the ~ actomey for ehe Debtor io obtaining, adjusting and caacelliag any suc6 insurance and endotsing settlement dtafts and ` heceby assign s to che Secured Party all sums whic6 may brcome payable uodet such insurance~ includie6 retum premiwns ` and dividends, as additional security for che indebtedness. • f ~ ~19 ~r,~,: ~ ~ ~ ~ ,a s ~ - rv ~ ~ _ , . _ ~ ~