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Home My WebLink About0195 _ ~ . SECURITY AGREEMENT ' ~ THIS AGREE~tE`T ~tADE 4\D E\TF.REn I!`TO this ~~_day of-~ ~~~gr K-~ . 1976 ! by and t,ctwccn ~VARNER-F.LtiICTRA-ATLA\T1C DISTRIBL'TI1~G CORPORATION. its succcssors or sssigns. hereinai/er ~ referrnct to as SECLRF.U YARTY and_-___ The Tape Deck of Ft. Pierce Searstown/2547 S. Federal Hwy. ~ hereinafler referred to as DERTOR with its principal place of business at Ft. PierCe. =Florida 33450 , (1) It is rantemplated 1~} the partie. heretn that trom time to time SECL'RF.i1 PARTS w-ill in its sole discretion. sell to I~EBTOR. some or atl uf the E~crsonal pro~?ert~ m:inufactured and+or d~stributed b~ SECL'REI~ PARTY, specifically~ but not limited to the tollo~ving trademarks (also k~iuw•n in the trade as labels) : \~'ARNER, RF.PRISF., F.I.EKTRA, COTILLIO\, ATLAVTIC, ~ ATCO, NO\'ESL'Cti. SA\ FRAICISCO. RLUESTI~IE. FL1I\G DGTCfI~lA\' (2) In consideration therefore and in or~ier to induce SECC'RED PART1' to so sell said personal property. DEBTOR hereby ~rants, assi~ns, t:ansfers and sPts o~•er to SF:CI.REll I'ARTY all of DEBTOR'~ ri~ht, title, and interest in and to~ and imests in SECLI:F:ll I'ARTI' a~ecurit}• intemst in caid ~ersonal prop~rt~ to the full~st extent and meaninR as defined b~ the Commercial ~ ('nde of thc ciforemenLone~1 State Where drt~tor has his pr~ncipal place ot business. Such ~PCUrity interest shall inure to and attach to: (t?) Any and all such person~l propert~ naW in DE$TOR's }~os.se~sion recei~ed from SECL RED PARTY. , (b) Any and all such persanal propertc hemaitcr acquired by UERTOR frnm SECURF.D FARTY. (c) Any and all rrnccerls of aU such existinQ or hereafter acquirnd per.v?nal property that DEBTOR has receiveei or will rcreive from the sale ef Sf.CL'REU FARTl"s pers~nal property. (d) Any and all pcrsonal propert3 returned to or repossessed by SECL'RED PARTY v?hether or not same waa previonsly the subject of anp Security Agrecment. ~ (3) This Security ARreement shall secure all of the personal property listed in any addendum attached hereto containing a . detailed list of items sold to llERTOR b}• SF:f'L'REll PARTY. v~hether said addendum e~•~dencinR such sale shall be attached now or at any futum time ~~hen SECUREU PARTS' may sell to DF.RTOR. Said addendum may xlso contain tenns of payment. In the i i event de~ault in the payment of anc installmrnt thereof, or if UERTOH abuses, or attempts to sell, mmove or otherwise dispose of the collateral, or any part thereof other than in the ordinar} course of business, or fsils to take proper care thereof. or if the j collateral or any part thereof shall be seized by proceas of law~ or if DF.RTOR takes ad~•antaqe of an~ ~•oluntary or involuntary t debtor rnlief proceedin~, or if an~• statement m:~de to SECUREI) PARTY by llE RTOR pm~•es to have been false in any material ~ respect. or if at any time SF.CUFtF:1) PARTI' shall deem itself insecure, SECL'RED PARTY. mat, at its option, declare the entire ~ balance of anp svms due SECI;P.ED PAftTY from UEBTOR or any part thereof due and payal?le forthwith. ' This Security ARmement may be in addition to several such aqreements pre~iously executecl or to be executed in the ~ futute and title to the personal property securecl by said Security ARreement shall remain in SECL'RED FARTY unti! complete ~ performance hy DEATOR of a11 of said a~reements and until complete performance and final payment in full by DEBTOft of any other obligations due SECL'RFU PAKTI from DF.ATOR whether or not said obli~ations are the subject matter of a Secu- rity Agreement or whether said ol~li~ations now exist or hereaiter arise, toRether a•ith interest thereon and includinR commissions. ~ charges and expenses properly char~eable aRainst UEBTOR arisin~ out of UEBTOR's relationships with SECURED PAATY. ° (5) DEATOR's po~session of said pro~erty shalt be for purposes of storing and exhibitinR same for retail and/or wholesale ~ sale in the ordinary course of buc~»ece~ at UF.BTOR's risk of losc ~r destruction. UERTOR agrees to carry insurance for full ~alue with extendeYl co~•era~e upnn the same ar.d to provide endorsements u}mn all such policies of insurance providinq that the ~ loss if any, shall t~e pa~abte to SECL'REi) PARTI'. If DF.BTOR fails to provi.le such insurance or to pay the premium thereon, , SE~UREU PARTY ma~ arran~;e for slme and any amount so adrancect or paid ~hall be an additional obliRation of llEBTOR ~ secured hereunder. SF.CURF.1) I'ART~ is hereh~ appointcYl LERTOR's attorney-in-fact to endorse any draft or check which may ~ be payable to I)ERTOR in onier to cnllect an~ proceeds of such insurance. Any amounts sn collected may be applied by SECliRED PARTY to an~ amount thrn ov~~n~ by UERTOK to SF.CCREU PARTY. I~ERTOR shall supply SECURED PARTY with satis- ~ factory evidence of such insuranee and will pmmptly notity SECL'P.ED PARTY of any notice of cancellation of insurance. t (6) (a1 llEBTOR shall maintain accurate business records and txMks of account showing, among other things, all inventorq - held by DF.RTnR and all accounts r~c~i~•ahle o~•~n~ to LEBTOR. SECI'RED PARTY shall have the right to inspect such books ~ and r'ecords and make abstracts th~•refrom. ~ (b) 1)EI3TOR w•ill not ~•oluntarily Ri~•~, or ~rmit to exist, anp security interest or lien upon any persona) property ; recei~ed from SF.CliREi) PARTY in th~ ixisv,s~ion of IIEBTOP. or th~ proceedc of such pro~Crtp which may be the subject matter of a Security A~teement w•ith SECCI:Ei? I'Af:TY, and UERTOI: shall at all tnn~s keep ~aid property tree of all taxes. liens and - encumbrance.. Any ~ur.is of m~n~~~• a~i~•anced by SF.Ct'I:E:U PARTS' in the rcl~asr or ~iischar~e thermf, shall be repaid to SECURED PARTY on dc•mand as an additional part of th~• liahility ~ecured her~unden SF:CCREU PARTY shall have a right to inspect and inventory at rea~onable times all nf I?F.RTOR's pmpcrt}• sccured h.- this a~reemPnt. ; (c) I)f:RT(lI: a~rees to ex~cutr an~ and all ~locumentc na~FSSan for. put,lic filin~ pursuant to this agreement and ? UERTOR a~rec~c that this a~m~m~nt may br ~xecntMl ~n b~•half of U~RTOf: b) am authortzed aePnt or employee of SECL'RED PARTY and llE;RTOR ~ioes so ap~a~nt an} authnrized a~~nt or cmplo~ec as his attornPy-in-fact for this purpose. ; (d) DEBTOR v?•ill kerp all perwnal pmp~rt} h~r~under «•cured in ~~1 rnn~iition and vrili not use said propertq illeiCally = or remove same Kithmit vrritten c~n:ent of SECGREU PA}iTY from thN a~l~rest where it is to bc locatc~3 and will not permit said - property to become affixcd to r~•alty or }xrome fixtures or acce~cories to othFr ~oa1s. ; (e) I1F.RTOR ma~ scll at r~tail and~~r wholcsale in the ordinary rnurse of business, any pm~erty secured hereunder. > and DF.I3TOR a~-rees to pay to SF:CCRE:U PAItTY the procPeds of ~ach of sai~f sales to thc ~xtent 1?ERTOR is indebted to ; SECUREU PAItTY thereon, in accordance v~ith the terms and pro~isions and {x,lic~rs of SECL'REU PARTY. ~ (7) In thc cvent of a default by I)F,iiTOR, SECL'REU PA RTY shall ha~~ thP ri~ht to: ~ a able. ~a) Declare all unpaid monies, clue or to become due reRardless of w•hen otherveise due and payable, immediatelp due and P Y (b) F.nter upon the premises at i?F.RTOR's aforementioncYt prin~ipal place ef husineca. or any other premises where + said personal property may 1,c hou,Nd, and v?ithout bmach of peace, take possrssion of the personal property secured. - ~'oQK 258 i95