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HomeMy WebLinkAbout1295 . ~ ~ ! 31409'7 ~ SECURITY AGREEMENT ~ C ~S t'1[~ 1'11 P~' .}13 A V1'~ fP jointly and severally, and M& H ALliC~+C~P1VF` ~ a Florida corporation, hereinafttr called "Borrower", of 4801 9ottth U. S. 1. Fort Pierve ~ Flarida 33450 , f o r va 1 ue received and intending~to be- legally bound, hereby grants to ALTER SALES CO., a Florida corporation, of 1125 N. W. 71st Street, Miami, Florida, hereinafter called "Secured Party" a secured interest in the following property: ~ . Al1 of the perso•lal property, including Accounts Receivable, equipment, furniture, furnishings, fixtures, office equipment, inventory of stock and merchandise and all other personal property which may be acquired by the "Borrowers" in the future, contained on said premises, or which may be purchased and be on said premises, located at 4801 Saui-h U. S. l, Fhrt piPmA~ Flnr,'c a 33450 . including but not limited to such furniture, furnishings, fixtures, equipment, inventory of stock and merchandise described on the attached ~ Rider, which is made a part hereof and incorporated by reference hereto, and being attached at the conclusion of said Security Agreement: together with all increases, parts, fittings, accessories, equipment and~special tools now or hereafter affixed to any or any part thereof or used in connection with any thereof, and all replacements of all or any part thereof (all of which is hereinafter called "Collateral"), ~ to secure the payment of a promissory note or notes executed by ~ Borrower, in the amount of g~ T~ SIX ; DO~,IARS ( S],6.609.80 of even ate herewith, and any and all extensions or renewals thereof, and any and • all other liabilities or obligations, (primary, secondary, direct, contingent, sole, joint or several) due or to become due on which may be hereafter contracted or acquire.d, of each-Borrower, (including each Borrower and any other person) to Secured Party, (all the fore- ~ ~ going being hereinafter called the "liabilities"), and also to secure ; the performance by Borrower of the agreements hereinafter set forth. Borrower hereby warrants and agrees that: 1. (a) Borrowers are the owners of the Collateral clear of all liens and security interes~s except the security interest granted hereby; (b) Borrowers have the right to make this agreement; and (c) the Collateral is used or acquired for use primarily for business purposes; and (d) the Collateral is being acquired with the proceeds of the loan provided for in or secured by this agreement and said proceeds will be used for no other purpose and Borrowers hereby authorize Secured Party to disburse such proceeds or any part ~ thereof directly to the seller of the Collateral or to the insurance ~ agent or broker, or both, as shown on Secured Party's records. ~ 2. (a) The Collateral will be kept at Ygg 4801 Sauth U. S 1 ~ k~rt P~~~, Fi~ric7a 33450 ; Borrowers will promptly notify ~ Secured Party of any change in the location of the Collateral within said state; and Borrowers will not remove the Collateral from said State ~ -1- f i 24~ P~~ ~.2~ ~ ~ ~ ~ - - ~~r ~ : - ~ y~~~ . ~ : ~ ~ ~ ~ ~ ~ ~ a rn^'~ _ . . , ~w'~C~xry~,S^ea_.. , , _ a.»..