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HomeMy WebLinkAbout2047 and EGAN , FICKE'fT shall pay $uch costs as may be incurred in the preparation exec.ution and recording of such documents . 2. Before dissolution of Nevins Ideal , Inc ErAN , I'ICKETT will ~ ~te its stock in Nevins Ideal , Inc .-in such a way that no action will be ; . ~ taken to create any~liens upon any of the assets of Nevins Ideal, Iric.. nor will it perncit any action to be taken by the officers of Nevins Ideal. Inc.which would create any debts or obligatians other than those usually incurred in the normal course of its business operations . 3. It is the intention of the parties that all of its interests in Nevins Ideal, Inc being acquired by EGAN , FICKETT secure the loan being made to EGAN . FICKETT by the BANK , _ 4. EGAN . FICKET'T shall provide hazard insurance to protect itself and the BANK against loss in the event any of the improved property j and machinery and equipment described as collateral, whether in this Agreemen owned by Nevins Ideal, Inc., or otherwise, for the security of the loan herein described . 5. EGAN , FICKETT agrees to maintain banking relationships with ` the Florida National Bank at Titusville with respect to all business entities ~ in the Brevard County area in which it is interested as owner, stockholder ~ or otherwise, and further to establish and maintain banking relationships and accounts with the Florida Bank at Fort Pierce, Fort Pierce, Florida, with ~ 3 respect to all business entities i.n the Fort Pierce area in which it is interested as owner, stockholder or otherwise. The banking relarionships shall include the maintenance of all bank accounts and shall include the right of firsf refusal to said BANK to ex~end credit or make loans to EGAN , FICKETT or its reiated business entities . 6. Provided EGAN , FICKETT sha.l not be in default in the 'i performance of any of its obligations to the BANK in accordance with the security of and repayment of the loan to EGAN. FICKETT, and further, provided = ~ that none of the collateral securing said loan has diminished in value in the ¢ ~ HENDERSON opinion of the BANK, the BANK shall release from its lien such collateral as it m y ~ AMD . MATHENY wrroan~ra wT u?w nrusvt~l.E. RI.oR1DA e~ Mrrflyn.A 1/71 !a f w~ rw~ic F~AV =f.i i _ _ ..r I~ - 'ti~~ _ . . u ~-'q .