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Home My WebLink About0542 STOCK FBA 7d0~Rw. 1-Atord~~ frpn: AstocW~QiF~rris Print~p-Orlr~do Z2lOi-~4l2~StaS . ~ ~ 3~~045:~_ conUsd No. ~ SECURITY AGREEl1AENT ~ ~ (INVENTORIn mis ecReeh+~rn: ~ae _ _ Ho~embeY 4 is?_b_._. e~r and bet~reea FIRST MARINE BANK AND TRUST CO. OF THE PALM BEACHES ~ RIVIERA BEACH, FLORIQA herein called "Haa1c:' and Edward P. Conti . crr.~.c.f a s«~~...=t.» ~ o~ 1201 B. Orange Ave. Fort Pierce _ :_St. Lucie F1Qrida ,rro. a„a sc~.e~, cc~r, cco~,n7i ca+w hetsin caUd "Borrower'. ~ In oonsideratioa d iosns or ad~a~es made or b be made b~ Bank to Borrowrt. ~nd for o@ur ~slus »c~i~d br Bo~row~. th~ p~?tiw h~o~ inteadiag to bs 1eqa11Y bonad. agrw as blbws: i. ~,~a bere~,: •~,,.en~~;• all inventory presentlv owned and hereinafter acquired. indudinq all raw materiah. Mrort in process. finished goods and othar qoods and hagibi~ prop~rtY naw o~wa~d or ~~attv ~oqufr~d and 1~3d for ~al~ or leasa or lumished a b be lurais6ed uader coatracb ot ssr~ice or used or oonsum~d in Borrowsr's busiaas: (D) "Borrow~r" inciud~s all oo~po~atioos and individwL szacuting this agreement as putias hersb. aad all membecs d a pattnsrahip. when Bocro~wt L a partanhip. ~aeh o! wbom aL~ll b~ jointlp and se~eraUp liable indi~iduallp and u putners ~eteunder: (e) "Secariti inhresC' me~as an inter~st Sn piop~rtT wLk~ ~MUe~ paym~nt or perteimance of a obliqatioa: (d) 'Ziability., or '7tabilftiea" indude~ all liabllitie~ (primarT, s~oondasT. dlnet. o~~t, sob, ioint or srtraD dw or to become dne or that may bs hareaHsr oontraded ar acquired, d Borrower (includiaq any Boaow~r +ad an7 othsr p~noo) 1o Baak. 1. Sank wiU hom lime to time hereaN~t lend Borrower, on the security d invtnOOrT accrophbl~ b Baa14 sueh amamb as Bank mar d~t~tmia~ from time ro tiae. at such rates ot interest and payable aad on wch ternu as Bank maT irom time b tfcas speci~T o~r »qui». and Danl~ mar nqufr~ that such bans. or anp af them. ha wvirl~~aewi MY ~n+..t.r..~. ~N~ ~ wr V1 ~L: ~`SSi ss'j~~ w Bra`i. ~rvf ~~.v~~~niln~l O~ i~ Boaower. the Bank may make baa adraacvs to tha Bo~rowar uader anp pr«niswrT nols tbs priadpal laos amonnt d wLic6 is ia ~~c.ws d fbe adual unpaid principat balance at auch tims. 3_ As securitp ior the payment o[ aU loans and ad~ances now or in tLe Iuhue mad~ hueunder aad tor alt Boaow~'s liabWtlss. iodudinq saT eutensana, renewals or changes in torm ot anr thersoE. Bortowes harebr assiqos to Bank and grants b Haak a s~curitp iat~r~st in: (aJ all in~rata[t owned bp Borrower at ihe date ot this agreament; tb) all inrentory at any time bereafte~r aoquit~d bT Borrow~r; and (t) a11 ptooNds d stub invuntott. So lonq as aay liability b Bank is outstandinq. Bonowar ~viU not without the priar writtea c~ant ot Bank barrow trom m7~ ~P~ Bank on the securitT of. or pledge or qrant anp aecurity inlmest in. any ot Bonowe~s inventoty to anyone ezppt Bank. oc ~tatt anT 1{ra oc encumbrance b anach ihereto, or any levp b be mads thereon. or anp F'wanclnq Statement (ett~pt Bauk's Fimnciouq Stat~ntl ~o b~ m 6N with respett fhereb. - S. Borrow~er represeab aad warrants that ths location where it keaps the bulk a! its inv~obry is at th~ addrsas sp~c[fid ia' th~ pr~ambl~ b this agreemant. uales+ a diHerent address has been specitied in the tolbwinq space: /No. and StrosU lCity) (CouatT) (Stalf) and Eorrower will immedialely notitp Bank in wcitinq ol any changa in the locat~on ot th~ p~ao~ wh~s» iU in~snlorr Ss kept. ~,I, ~ - 6 Borrower wrill maintain in~ento~p in such quaaitias that at all ~~ns 96 ot 1ho cost or wbolssal~ matlnt valu~, whfch~~~r L bw~r. a1 its in~entary. or suc6 other peroeataqe tl~eraof u may lrom tims to time bs t~ed bT 8aak upon aotio~ b Barow~r, aba11 b~ at I~a~t ~qwl to its liabilities to Banf~: and Borrower wi11 pap Io Bank 3a reduction oI its liabilities, sueh sums a~ msp be a~aa~arT frvm tlms b tim~ b maintain a~ch tio: (b) sell ib inventory onlp in the ordiaary oourse d bufiness: (c) fumish Bank at eh~ tims d~aeb bosro~wiDg. aad at such otbtt inbrtaL a k may preicribs. w~ith a Borrower s Ce:tificate (in such fam as Bank ma~ trom tlm~ to tims ip~citT ar nquir~) ahowinq th~ aqqr~qsM oad nd wholeaale market ~alus ot its iaventory: (d) keep accurate and oomplete reoords d 1b inraWry: (e) pat snd diKLarq~ wh~a dw all tases. •ies and olher charqes on its in~eatary and oo sooount o! or in oonnedion w[th ib liabiltties and nota etidencioq tth~ sa~. and aa uooo~mt o~ io connoction vrilh ihis aqreement, indud'mq docvmentary taz stamps: (n teep it~ inventory iasursd ia amounb aat M~s thaa th~ tull ina~tab4 ~atw thereo(, lor the beae6t o! Baak (to wsom laas stuU bs Qapabie by New York Standsid or Uafoa Standud wdotwm~nl~, in such oamputiM and aqatnst such risks as mar be sathlactory b or rsquired. b~ Bank: paT Ws cost oi aU auch insurance; and ddi~er c~rtilicaNs wid~ntjaq sucb iosuranw b Bank: aad borroxer assiqns to Bant all right !o ncei?e proce~ds d such inswance, directs an~ iosursr to P~T ~ P~~ ~7 b Baa1c. and autboaWs b iudone any dratt tor such proc~eds: wd each sucL policsr shall provid~ Ior 10 day~' wrttt~a mlatmum taae~l3ation aolio~ to Bank: ~n wlth fn e:ecutinq one or more F'maneinq Ststemeats, notice~, aHidarib, or similar iasWm~nb ia tatm sa~ b Haa1~ aad sueh dh~r iastrum~nb Bant mar trom time to time requ~l and pal the coat ot Hling t6e sams in any pubHc ofHe~ dMm~d ad~isabl~ by Bank. and drpo~it wNh Ban1~ anT rtiticates ot titis issuable with respect !o aap ot ths in~eatorlr with notation tLereoo d tbe s~c+uitT ist~nst Mr~uad~r. whicL aotation b7 tM peop~c pubiic oNicer the Bortower will prompUT oblaia: and th1 9ha Bank sucb financial ~tat~ab, rrpotts, prWicatw. Wb d purc~a~s' d l~~nlonr (sbowinq oamea, addrss~ss and amounb owrinq?. aud other dau coa~eomiag ita aooounb, contracts, oolkKtions. In~nio~ aad wb~z mau~ a~ 3ank maT trom tlm~ lo tbm~ sp~eify or t~qui»: aad permfl Baak ar it~ nominw to ~:amin~ dl d Ber?aw+~w .w~..+~ z~..eµs,^~ :'scrt« :.r.i.. .~.d iv maa ~iuaeor m~r~t[om, at~e to inspid ~nd ch~ck Boaowar's in~eniorlr.