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Home My WebLink About1163 / • SE4URITY A(3RE~MENT ~ -~'V~~ ~ • (F.QolpmepR Conswner tioods. Flstu~a) _ _ ; ; i Date.......---~ay---29.---------_..--•--_......:__._____........., lo....Z~_.. ~ ; IRISH INNS, INC. 2401 St. Lucie___Boulevard_.._.____.___..._.._.._ ` - - ~ . h`~~e No. a~d Stree ti . . FRED WITTE and FAYE , Fort _Pierce __.._..._$t..----~~t~~......._.EIQ~~.$a------- (~he Debtor) ana . . State i ~~h, County WITTE ~ (the Secured Party) asree ~s follows: ~ 1. Security Uteres~ (a) The Debtor hereby ~ives the Secured Party a seNrity interest (the Securi~y Interest) !n ~ the Goods described below and in all pa~ts. ~cces~orles. ottachments. addlUons. replacements and accessions and in all pro- ; ceeds thereof in any form (the Collateral): As per attached list ~~~sr~ MK io ~ (b) It marked here O the CoUateral also includea other goods of the same class or classes hereafter owned or ac- quired by the Debtor and the Secured Party ahall have a security interest in all such atter-acquired goods and all parts. ac- cessories~ attachments, addltions, replacements and accessions. and in all proceeds thereoi in any form. (c) It marked here O the Collaterat is being acquired with the proceeds of a toan irom the Secured Party to the Debtor. The Secured Party is aulhorized in Ita discret~on to disburse the proceeds directly to the seller of the Collateral. 2. Indebteddcss Secured. This agreement and the security interest created by it secures payment of ali indebtedness ot c~ery kind owing by the Debtor to the Secured Party whether now existing or hereafter incurred, direct or indirect. and whether the indebtedness la lrom time to time reduced and thereafter 3ncreased or entirely extinguished and thereafter re- incurred (the Indebtedness). The Indebtedness includes any sums advanced and any expenses incurred by the Secured Party pursuant to this agreement. 3. Warnntles o( Debtor. The Debtor warrants and so long as this agreement continues in force shall be deemed continuously to warrant that: (a) the Debtor is the owner o[ the Collateral free of all security interests or other encum- brances, except the Security Interest; (b) the Debtor is authorized to enter into the Security Agreement; (c) the Col- lateral is uscd or bought tor use prlmarily for the purpose marked below: ~ in business or professlonal operationa; p For personal. family or houaehold purposes and the Debtor's reaidence is at the address and in the rnunty specified above; (d) I[ the Collateral is or will become a fixture, it will be atfixed p to real property at Debtor'a address speci- fEed ebo~e or o to real property lAcated at 115~5__SIIUth.-F~der~l_High~eta~t_,_~.---P-ierr.e,--~1a-.---. The real property to whlch !hg Collateral will be afilxed O la owned by the Debtor or ? is owned by _~''Ort___~lt?rC@ _ ` ShoQping_._Cer.ter ana ia described as toiiows: - None ~ ~ ! Et i t ~ (e) It the Debtor has a place of business in more than one state, the chief place of business of the Debtor is _ _ _ _ - _ - - - - ~ • - ---None---- - 4. Co~cnanls ot Debtor. As long as any Indebtedness rcmains unpaid thc Debtor: (a) will de[end the Collatcral ~ a~;ainsl the claims ot all ther persons; will keep the Collateral free from all security interests or other encumbrances, ea- ccpt the Security Interes ,~('and will not seli, trans[er, lease. or otherwise dispose ot any of the Collateral or any interests there- in without the pr~or written consent of the Secured Party; (b) will keep the Collateral at the address specified above until the 5ecured Party is notitied in writing of any change in its location within the State but the Debtor will not remove the Collateral frorn thc state without the written consent of theSecuredParty; will notity the Secured Party.promptly in writing of any change ~n the Debtor's address from tbat specitied above; and will permit the Secured Party or its agents to inspect the Collateral; ~ c) will keep the Collateral in good condition and repair and w ill not use the Collatcral in violation of any provisions of this Security Agreement, of any applicable statute, regulation or ordinance or ot any policy of insurance insuring the Collateral; ;.d) will execute and deliver to the Secured Party such financing statements and other documents, pay all costs including costs ot tiNe searches and filing financing statements and other documents in any public uffices requested by the Secured Party, and take such other. action as the Secured Party may deem advisabte to perfect the Security Interest created by this a~;recment; (c) will pay ail taxes, assessments and other charges of every nature which may be levied or assessed against ?heCollateral;wiU insure theCollateral against risks by obtaininq policies(none of which shall be cancellable without at least 10 ~ta~•s notice to the Secured Party) in coverage, form and amount and with companies satistactory to the Secured Party, and at Sccurcd Party's request wili deliver each policy or certificate of insurance therefor to the Secured Party; (f) will prevent the Collaterel or any part thereot from being or becoming an acce~ion to other goods not covered by the Security Agreement; e~) unless the Collateral is specified in paragraph 3. (d) as a fixture, will prevent the Collateral or any part of the Collateral irom becomi~~ a tixture: and (h) if any certiticate of title may be issued with respect to any of the Collateral. the Debtor t= ~.~~ll cause the Secured Party's interest under this agreement to be noted on the certificate and will deliver the original certi- r~~ac~ ~o the Secured Party. *~es not apply to replacement of like-type or better quality ~ item, f~e~ qf encwo~b~a~~e . 5. e aul .(a) Any o t e o owing shall constitute an event oi default: (i) non-payment when due whether by ac- ~ cclicration or olherwise o[ the principal o[ or interest on any Indebtedness, time being ot the essence, or failure by the Debtor ~ eo pcrform any obli~ations under this agreemenl or under any other agreement-between the Debtor and the Secured Party; (ii) ; ~ ~ieath or incompetency of the Debtor; (ii~) filing by or against the Debtor ot a petition in bankruptey or for reorganization under ; ~ ~hc Bankruptcy Act or for an arrangement under the Bankruptcy Act; (iv) making a general assignment by the Debtor for the ~ ~cncfit o[ creditors; the appointment of a receiver or irustee for the Debtor or tor any ot the Debtor's assets; or the institu- ~ tinn by or artai~st thc Debtor of any kind or insolvency procecdings or any proceeding tor the dissolution or liquidation of - the Debtor; (v) the occurrence ot any event described in paragraph 5(a} (ii), (iii) or (iv) hereot with respect to any in- ' dorscr or ~uarantor or any party liable tor payment of any Indebtedness; or (vi) material falsity in any certificate, statement, rcpresentation, warranty or audit at any tlme fnrnished to the Secured Party by or on behal[ of the Debtor or apy indorser or ~;uarentor or any other party liable for payment of any Indebtedness. pursuant to or in connection with the Security Agree- ment or otherwise (including warrantles in thls agreement) and Including any omission to disclose any substantial contin- ~ ~;cnt or liquidated liabilitid or any material adverse ch~nQe tn fact disclosed by any certi[icate~ atatement, representation. tivarranty or audit [urnished to the Secured Party. • ~ ~'ry~ ~ ~:T~ ,t ~ , - - - - - _ ~ ~ ~ _ _ _ . . - - .