HomeMy WebLinkAbout1645 If this aRtrrr.~cnt is securit~• fo~ 1~.~~ t.~ br uscJ tu p.?y a p.itt ur .~U o( thr Fwr:h.?~r pti.r thr cull.~trtal; to usr the
pcucce~is of thr lu.+n to p.~}• the purch.~,r pticr. (ilinK fees .~n.l in+ur.zncr ptrmiu~us. 1Lr .~rcu[ed Hnr[~• huMevr~, ma)• p.?)
tht ~+ru~crds .lirrc~ly tu thr selle~ of the cull.?tecai. .
lo i~nnudi.~tely,notify the ~r~utrJ 1'.:ny i~ N[icioK ~f .?n)' ch.+n~;r in or 1i+r~nt~nw~ncr of L)rLtur'.~~lace ~r placr~ uf
bwine+s .+nd!ur res~.lenct.
'[1?ut if the collatrr.?1 h.~+ brcn .+t[achrd tu or is to ba att•~ched tu eral rstaer. a descripeiun ot ehr rral eswte .~nd the ,
~i ~:une .snd a.ld~ess of the rrconl ownrt is set (ucth in thr +.Qrdulr herein; if the ~aid collatrr.~l is attachc~! tu tral estate
~ ptiot eo the prtEection uf the security interest Kt.+ntrd herrby, llrbtur will on Jr~n.?m! of thr ~rcutrJ 1'.~tty fumi+h the 1.?eter ~
~I M~ieh a discl.umer or discluimrt~. siy,nr.1 b~• all pe~suns hav~ng .an iotrrrst in the re~l estate.uf.?nyintere~tinthecollatrta! ;
~j Nhich i+ prior tu 5ecurrd I'art~~'s interrae. :
i' !%~L•' PAR!'l1S /~URlIIF.R AC~t~: ~
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Notes~ if .uiy, e:ecuted in connec[iun Mith this aRreemrnt. are sepatete i~struments r.nd may br negotiated by Secured ~
Patty M'ithout ~e{easi~g Uebtur, the callaterrl. ot any guar.mtur o~ cvinaker. Det~wt cunsents to any r:tension u( time uf
pa~•mrnt. lf thete br more than one I)ebtor. gua..uitut oc co~:~L:et of ~his aKreement ur of notes se~uted heteby. the obliga- !
twn of all ~h:~ll be primary, joi~t and sevewl.
R'ai~e~ uf ucacyuiescence ~n any def:+ult by the 1)ebtur.ur failure ot the Jecured Pacty to insist u~on ~ttict petfunnance i
by che Debtor u( any wart~neies ur agreemrnts in d~is securi~y agreemenc. shall not cunstituce a wa~ver uf any subsequcne ~
' or other d~(ault or failure. '
i~ \otices to either part~• shall br in Nriting .+m1 ~het) be delivrrrJ perwo.Jly or by m.?il addtessed to the pany at the ;
~ address herein se[ for[h or othe~w•i.e 1r,i~;n.+ceti in Mriun~;.
~j The Unifotm C:ommetcial (i~J~ +h.+lt ~vem chr c:~h[s, Suties :?nd rrme.lirs uf the part?rs and .~np pruvi~ions herei~ ~
;i declated io•.•rlid unJer .~n}• l.~w sh=.11 not invali.l:,tr .~ny ~~thec provisiun ar this agrerment.
i; The follow•ing shalt :on.titutr a defaulc by l~cbt~~r:
;l Failure to pay chr yzinripa! or •tny ~nti[.~Ilmrnt u( pnnr~pal or of intetest on the indebtedness or any noees w•he~ due.
~I Fiilute by t)ebwr to cumpl~• .~ith o: (~er(u:m .+n~• prociaiun uf this +Rreemrnt. ~
ii i alse or misleadin~; reprrscnr.;eions or w.irr.+ncar, m.~de or Xiveo b~• I)ebtut in eunnrc[iun we~h ~his .~grrement.
Jubjectiun of the collater:~l tu lrvp uf exe.uti~n or other juJicial ~tocess. ~
Cummencement of .~ny insvlcene}• pc.~cre.iin~; b} or -~Xsinst [}:e l)ebtor or uf any Kuarantor of or sutety fur thc l)rbt~~r s
ubli ~tions.
~ ~eath of the Oebtor or uf any l;uar.~n~uroE ur Su:CCy foc thr 1)ebtor's obli~;acions. ;
Any tedu~tion in the c.~lur uE the co!l.+te~.~l ur .snq acc oE ~he 1)ebeo- whicn in~perils [he pn»peet uf fuil pecformance ot :
satisEaction oE the I)ebtoc's obligatiu:,s h~•rrin.
~ , Upon an~ def:?ult of che t~cbror .md at thr op:iun of cnr Securcd F'arty. the obligacions secured by this sgteemrnt ~h~ll
imme+liatelp becomr due :?nd p.~yable in fuli ~.~ithuu~ nocice or dem:u?d and the Secured Paay shall haee ail the cig}~cs. rem-
edies and pticileges uith resprct to re~wssrision, ret~_ntion and sale of the collateral an.i disposition of the procreds as
' ace accordrd to a5ecureJ Pa« by [he.+pplicable src~ien~ oE ehe Uni(ocm Commercial Code respecting Uefault .~n effect
as oE the date of chis iccurity ARreemcnt. - ,
• Upon any default. the ~ecurrd F'ert~•'s reas~naLle ~twmey's fres an3 the lega! .~nd uthet e:penses fur pursu~ng.
s~acching for, receicing, t~kir.g. keeping. s[oring. ad~~r~ising. and se11i~R the cvllatetat shall be chacgeable to the Uebtot.
' ~Il~e Debtor shall rem::in liable for an~• defic~rnc~ resulting from a sale of the coll~teral and shall pay any such de- ,
, ficiencp forthwich on drm.uid. _
If the [)ebtor shall def~ult in thc perfucm.+nce of an~~ uf thr prori+~c~ns of thi+ agteemrnt on the 1)ebtor's part to be pea
' formnl, Srcure3 Party may- prrfomi s.une tur chr [lrb:vi's account :uid any monies expendcYi in so doing shali be chargeable
with interest co the t)ebto: .uid ~dded ro thr Indeb[ednes~ secuced hereby. _
In conjunccion with. addition co or substitutian for those rip,hts. Secured t'arty. at his .liscreuo~. may: (1) enter upon ;
i Uebtoi s premises peaceibly by Secured 1'arty's own me.uis or w~th legal process'and ta~e ~wssessionof the collateral, or +
~ tendet it unusable, or dispose of chr collaceral un the Uebtu:'s prem~ses and the Debtor aKrees not to tesist or intcrfere;
;(2) require Debtor to assemble the coUater~l and mal•e it avaiiaAle to the Secured Yacty at a place to bc designated by the ;
` SecureS Yary. reasonabty :oncenient to both partir+ (I~ri~tot ~grees that the Jecured Patq•'s :idd:e+s :?s set forth abuec !s
j a.place ceasonabfy cun•:en~ent tur ~uch a.~sembling);!3) cniess ehe collateral is perishable or ;hreatrns to decline speedily :
~ in value or is of a type custemaril}• sold un ~ receKaizcV mat{:et. Secured Paay vrill give Ucbtor reasonable nocice of the ,
time snJ place of any public sale thercof or of the time after which an~• private sale or any~ other intemled dispos~c~on there- ,
of is to be made. The requiremrnts of reasu~ablr notice v~ill be met if such nocice is mailnl. ~stage prepa~3, to ~he a.1- ;
;j dtess of the Uebtor shown abor•e. at least thtee da}•s be(ore the time of sate or disposition. ~
~ Secured Partp may assign this agrermrnt and it assigned the assignre shall be entided, upon nutifying the Ueumr. co ;
Ferformance uf all of Debcor's odfibacwns and agreem~nts ~ereunder and the assignee shal! be rnti~led to all oE the rights j
i and remedies of theSecured Yart~• hecrun3er.l)ebtor wil! :+ssert no claims or defenses Debtor ma~ ha~e against the ~ecured f
Party agaio~t the assignee.
The Secuted Parcy ~s hercby authorized to file a Fin.u~cin~ Statem~ne.
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E This is a Second Lien subject to and inferior to that certain Security ,
~ ; Agreement of even date in the original principal amaunt of $2T,500.00
assigned to TMtIFT PLAN CORPORATION, 141 Almeria Avenue, Coral Gables, :
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~ Florida. '
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800K 2z9 pAGf 16
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