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SECURITY AGREEYENT 1CHATTEL YOR~6afiEl ~ AAVCO rORM ~2
UNIFORY COWERC1~l COOE 11NC- ON CORP•~ ~
~ a~e~~ c~~~~ 29'7~61 `
(CHA7TEL MOR7L^ACE) '
~a~ ~~p~ sade'~he l~ day of ~IOV~ 19 ~4
uader the la.s of ~he stace of Flo~Cida .
~e~Uetti g~l~Aq ~~~e Enqineerinq CavpanY herda called che Debo~r
Tss~°sL ~:SS^~S ~~!r'~e i: ~iE mdlT ~II[t ~~ODO!"~
lpp liprth 9!h St~eeet, Fozt Pierce, rlorida 33~50 ~
heteia cslled the Secuced Party
and Nudsoa C. Mi21ar• J=.
wbose wddress is 1~05 South gth Sts^eet~ Fort PierCe, ~1o1'iaa 33450
~itnrssrth.
I'o secure che pay~cot of ae indebcc.lness io c6e ~ouac of f 2~50O~QQ vit6 incerest, payable as folto.~s:
on or before Ma~ l, 1975 at rate of lOS per annu~. .
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~ STA E Fl._QRIDf-~ ~
~ DOCUMENTARY~:~STAMP TA~ ~
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as e~ideaced bq a aote or ootes of e~en duc herc.cic6. aod also co secure any oc6er iodebccdncss or liability of t6e Debtor
co the Secured Parq direct or in~lirect. absolate or conunaen~. due or co become dut, noR ezistiaa or herea(tet arising,
indu~iok all futnre ad~ances or baas ~bicb aay be sade ac cTx oPaoa of the Secured Pany, (dl 6ereinaf~er called the
"obliaaaons 7 Debcor berebp g:ants aad coaceys co cLe ~ecured Pac~y a securicy ioceresc in, and'mortgaaes to che Sccured
Paccr. ~:_a ~u... n~ti....
(a)the p~opeecy described ia t6e sc~euuie hcreia incccinai~r~ ~aiie.i i:.e _.......e....
represeacs ~rill be nsed pcim~sil~
for person~l. fasily ot bonsebol.i puiposes ~ in f~smiaa operuions ~ in business oc other use
(b) allpwp e~ty. goods and cbateds o4 cLe s~e rlasses as those sc6ed~ated, acqnired by the Debcot subsequent to the
ezecvtion of this aareemenc and prioc cfl ics ce~iwuoa
(c) :il pioceeds cbeteof, iE any,
(d) all increues, snbuacodoos, teplacemeacs, sdditions aad accessions c6eteto.
~ vESmx w c~ov~v~rrs ~ivv Ac~s As ~Ltows:
Ta p,y ,nd perfo,~ ~U'of cLe obliaacioas secu~ed bp chis a;reemcne ucoodina co t6eit terms.
~ To defead the atle to ~e collueral a6ainsc ail pe~soas aod aaainst aU claims aad demaods~ ~~tsoevet, w6ich
collateral, e:cepc for the secasicp iuteresc araa~cd 6ecebT, is lasiuil! o~ned b~ che Debtor aod is oo~r free aad clear of
6 any and all lims. secnricy iocerests, clai~s. charaes, encvmbraaces, tues and assessments e=cept as may be set Eon6
~ in the schednle.
On demand of the secared paret co 3o che foib~ioa: f¢mis6 fusrher usarance of ci~le, esecute any wricteo agreemeoc or
do any otha ans necessuy co effeccuace tLe pucp~oses aad peo~isioas of chis aareement. esecute any insecumeac oc state-
ment cequieed by !aR or othrrs~ise in osdec to peden, coocinne or te~inace the sec~city iuterest of the Secured PaRq ia t6e
collatenl sod paq alt costs af filina ia coanecewo tLese:i~L.
ro cecain possession of c6e col~eml dorins ~6e ezisteace of ~hia aareement aad not co sell, e:c6ange. assiga, loan,
deli~er~ lease, moa i~ or QtLersise dispose of sa~e ~icbont tbe ~cittm conseot of c6e Secuced Paec~.
To Iceep tbe col~tenl at che Iocation specified in ~e sc6edule and na co cemo~e same (escepe ie the ususl coarse of
busiaess foc tempocary periods) ~i[bouc che pewr sattea coosene of the Sec~ued Paity.
To keep che collatenl ftee sad clear of all Lens. charaes, encnmbrinces, cazes aad assessmcnts.
To pay, ~ea dac, all tues, assessmencs aod licrose Eees relatio6 to cbe collacenl.
1 To keep the collateral, at Debcor's o.ro cosc aad e:peate, ia aood cep~u and cooditioa aod a~ailable for inspectioa by _
the Secure.! Party ac all reasoaabie :imes.
To keep tLe collaten! fuIly insared aaainsc loss bT Fce, ~heh aod oc6er casaalcies, Debtos shall give immedia~e
~rricceo n~cice co cbe Securcd Paag and to insumcs of bss or damaae ~o che coll~~en1 and s6a11 promptly felr proofs of loss
~aith insurors.
THE PART7FS FURTNER AGREE
~'ai~er of or acquiescrnce in aay defaalt by t6e Ucbtor,or fzilace af t6e Secnted Pat~y co insist upon scrict pedoemanee _
by tbe Debtot of 1ny ~aaaaues or aareemer.ts ~n tLis secnricy a6ree~enc, shall noc consatate a aaivec of any su6gtqurnt
oc otber default oc fulure. '
Nocices co eichet party shall bc in sriun6 aod s6~11 be deliveted pcrsonallp oc by m~il addtessed co the paay at the
address Lertin set (ortb or ocbersise desi~ced io ~ri~ing.
The Unifo~ Commercial Code shill 6osem che ri~cs, daeies and cemedies of che puties and any pcovisions 6erein dr
c{arcd ia~alid uoder any las shal! aot insalidate Ynr othes pto~ision or cLis aaretmmt.
~ The folbsin6 shall rnnscitute a deEwlt bp Deboor.
i Failure to pay the pciocipa 1 or m~ igsnilsmt of princigal or of intesest on the indebtedness or auy notes whm due.
Failure by Debcorco comply sicL ot petfocs anp prn~~s~oo of chis aacecmenc. False or misleadiog represeaacioas or war-
ranties made or giQm by Debcor in cnaoeceion ~ub cbis abrcemeoc- Sabjectioo of che coltaterat-to levq of e:ecution or
other iudicial pcocess. Coommc~eot of aas insol~ency pioceedin6 br or a6aiast t6e Debwr. Desch of che Dcbmr. Any te-
duction in t6t~alue of c6e collateniot aop act of tbeDcbtor ~ic6 impetils t6e pcospect of fuU perfotmaace or satisfaction
of c6e Debcoc's obli6uions 6erein.
Upon an~ defsnlt of ~Le Uebtor aod ac cLeopu on of t~e Secnred Pactg. eLt obliaations secv[ed bq t6is aareemmt shall
immediacdy become due aad papable ia fnU sitbonc'notiee ot des~nd aod cLe Secuced Paay shall have all chr riahts. rem-
edies aad pri~ileaes ~icb respect co tepossessioo, retencioo aod sale of cbe collateral and d~sposition of che pwceeds as
are xcoided by the applicable seccions of tLe Unifo~ Coooeecial Code respeccioa Defaufe
U any defautc and upoo demaod, Debcor shall asse~ble che coliacml aad make it available to the Secared Paay at
che p ace a~ ac t6e cime desianaced io the dmaad.
Upon anr defaelt. tbe Secured Pares's ceasoaable atcomeps' fees aud che leaai aod other ezpmses [or pursuing,
seacc6ina foc. receivioa, cakia , keepina, storina, ad~eaising. iod sellioa ~Le collatecal shall be chatgcable oo the Debtor.
T6e Debcot s1+a11 remain ~able foc auy deficirnc~.resnlcina feos a sale of tbe collatenl and sball pay aay suc6 de-
ficimcy forcL~ic6 0o demand. _ ~
If t6e Debcor s6a11 defaalt in the perfocmaace of aaT of che pro~uioos of chis aareemeat oa t6e Debcor's pan co bepet-
(otmed, Secured paay oap perfoim same for tLe Debtor's acoo~mc aod aaT uooies e:pended in w doia6 s6a11 be c6araeable
with lOtKtSt t0 [L! Dl~GDt sOd ~dtd [O t~t /Odl~t!'dMif ftCYLld b!tlbj.
I ILe Secuted Party is Ltrcbq aacbodud w fite a Finascina St~.ce~enc. `
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