HomeMy WebLinkAbout2973 SECURITY AGREEMENT
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R. W. TEDDER of North Jenkins Road . Ft. Pierce,
Florida, herinafter called the debtor, and RIVER CITRUS, INC. a
Flc+rida Corporation of P. 0. Box 1060 Ft. Pierce, Florida,
herinafter called the secured party, agrees follows:
1. CREATION OF SECURITY INTEREST. The debtor hereby creates in
favor of the secured party a security interest in the following farm
property, hereinafter called the collateral, and in contract rights
with r~spect thereto and all proceeds of both:
(a) All of the debtors citrus crop thereof growing or grown,
or planted thereafter within one years from the date of the
execution hereof on the hereinafter described real property situate,
lying and being in St. Lu~ie County. Florida to wit:
(See attached legal description)
(b) Said citrus crop made up of red and white grapefruit, Queen
oranges and temple oranges.
2. OBLIGATIONS DEFINIED . The security interest created hereby
is to secure payment of a Seven Thousand Dollar advance made by the
secured party as provided in that purchase contract and agreement
dated September 13, 1974, for the citrus crop therein definied o~ the -
debtor, and also any and all other liabilities of the debtor to the
secured party, direct or indirect, absolute or contingent, due or
to become due, now egisting or hereinafter arising.
3. WARRANTIES AND COVENANTS. The debtor hereby warrant~ and
convenants as follows:
(a) Ownership of collateral. That except for the security
interest granted hereby the Debtor is the owner of all collateral {
itemized above or presently fitting the above description, free from
any adverse lien, security interest. or encumbrance and will so own
all collateral which hereafter fits such description; and that the ao
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Debtor will defend the collateral against all cl~,i~g,and demands of ~ -
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all persons at any time claiming the same or any interest therein. ~'i'
(b) Removal of collateral. That except as hereinafter provided ~
the Debtor will not remove the collateral from the location shown
above without the written consent of the Secured Party.
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