HomeMy WebLinkAbout0640 Agreement being filed with the Secretat y of State, State of Florida, on
. or about the 30th day of August. 19T4, and securing certain personal pro-
perty deecribed therein, whicb said Financing State:nent ia incorporated
berein by refer.ence. and _
WHEREAS, it is the deeire of the parties, ae consideration for
the hereinabove described additional advance, that EGAN, FICKETT,
provide additional eecurity for the~ said advance and additionally secure
the original Mortgage loan hereinabove describad, the same havnn~ a
principal balance as of the date of the execution of this Agreement,
in the amount of NINE HUNDRED THOUSAND AND NO/100 DOLLARS
(~900, Q00. 00).
NOW, THEREFORE, it is agreed as follows:
1. That tha personal property described ia the attacbmeat hereto,
the same being an iaventory of the equipment, machinery and fixtures of - ~
NEYINS-IDEAL, INC. , and consiating of ,~ji X_,~ages. aball become
and form a part of the security for the obligation of EGAN, FICKETT
and NEVINS-IDEAL, INC. ,.in accordance with tbe terms of the obligatioas
hereinabove deecribed, including the origin'dl. obligation in the amount
of ONE MILLION AND NO/100 DOLLARS (~1, 000, 000. 00) (with a present
k balance of 1~1INE HUNDRED THOUSAND AND NO/100 DOLLARS )
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a
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~ and the additional advance in the amount of TWO HUNDRED FIFTY
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THOUSAND AND NO/100 DOLLARS ($250, 000. 00), to be paid in
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~ accordance with the terms of the Promissory Notes,- Mortgage and
Additional Advance Agreement hereinabove described.
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2. EGAN, FICKETT pledges, in addition to the inventory and
equipment described in Paragraph ~1 herein, One Hundred Percent
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~ (100°~0) of the corporate stock of NEVINS-IDEAL, INC. , ae security for
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~ the obligation herein described.
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~ 3. EGANr~TCKETT agrees- to forthwith cause a diseolution of
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~ the corporation known as NEVINS-IDEAL, INC. and distribute ita
HENDERSON
~ assets to EGAN, FICKETT aubject, bowever, to the liena created
Mwrrie~nr
A7TORN[YS wr u?w - ~ -2- .
~ nrusvn~~. ~oR~w . 640K~r~~- PAC~ .
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