HomeMy WebLinkAbout0916 9. 8orrower wilt at sll itm~s l~erp th~ Collateral Insured agatnst toss, damage, theft, and such other risks ss Secured Paity may requtr~ In such
.-nounts snd companies snd unde? sucR policies and in such fo~m, and tor su-h pcriods. as shall be sat~stactory to Sccured PaAy, anA each sutA pofity shaH
.~~v~de that bss ihcreunQe~ and prxecQs payabte the.eunder sha!! bt payaDte to Secwed PaAy as its intere:t may appesr (and Sccured PjAy msy appty any
;~o:e~ds such insurance which may De ~eteived Dy Srcwcd Party towa~d paYment o( lhe ODf6ations, whetlier or not due, in such o+der oT apptication st
`e^ured P~:ty may drtermine) and each suth potity shall p.ovide for 10 days' w~i2ten mtnimum tartte!!ation no2ice to Se:urcd Party; and eath such pallcy
• ~ nll, if Secured Party so ?epuests, Qe deposited w~th Secured Party; and Secure0 Party may act as attoeney for 8orrower in ot~t~ining, s~ttting, and cancellint
•..cA insurance a~d e~dorsing any drafts. ~
10. Sorrower sAall at all times kcep the Cot[ateraf free f~om any advtrse lien, security interest, o~ cncumbrance and in guod order ard repair and wip
r. _t waste or Cestroy the Collateral or any part thercof; and Borrower will not use the Cotta;eral in v~ctaUon of any statute or o~Cinance; and Secwed Party may
r.. mine and insptcl the Cottatmal at anr time, vnc~rever Ixated.
11. Borrower witl pay p~omptly when dua atl taxes and a~sessments upa~ the Collateral or lor its use or ope~:~t:on or upon ihis agrre~nent or upon any
±e or notes evidencinQ tAe Obligations, or any of them.
12. At its optio~, Sec~•red Party may discharg~ taYes, licns or secur:ty inter~sts or oll~er encurnbrances at any time levied or piaced on the Collateral,
:y pay for insurance on the Collateral.~and may par for the ma~ntenance aod preservatio~ ot the Collafe,al. Bcrre.+er agrees to reimburse Secu.ed Party on
C~~,r.and for any payment made, or any expense incurreA, by Sccured Pa.ty, pursuant to ihe foregoing autho~~.etion. U~til Cetault, Borrower may have posses-
s~~n ot the Coflateral and use it ln any tawfut manner not inconsistent with this agrecment and not inconsi<_tent r.ith any aolity o! insuaance thereaf_
13. Borrowcr shall be in de~ault under this agreement upon tAe happening of any of the foflowing e.ents or conditions: (a) failu~e or amSssion to pay
..hen due any OEligat~on (or any installment thereo( or interest ih~reon), or Celxull in the payment or pe~fo.ma~ce ot any oDligatio~, covenant, ag~eement. w
:,a~itity conlained or rcfcrred lo herein; (b) any wauanty, reprosentat~on, or statemcnt made or furnished to Secured F'arty by or oe behalt oi any 3orrower
o~es to Aa.•e been false in sny material respect when mads or fur~ished• (c) loss, thefl, substant~al damaEe, dtstruct~on, sale, or encumbrance to or ot any
of the CoIla2rrat, or the making ot any Icvy, se~iure, or aiLacf+ment thereot o~ t~ercon; (d) any Obtigor (which term, as used hcrein, shafl mean each Borrower
and each other party primarily or secondarily or conlinaently l;aDle on any ot lhe OD?igat~ons) becomes insolvent or unabte to pay deMs as they mature o~
maAes an assig~ment for tha benefit of creditors, or any prpceedinQ is inst~tutcd Dy or against any Ohligor atf~g~ng that such Ob!igor is ir.solvent or unabte
to yay debts as they,mature; (ej entry ot any judgr.ient sgainst any Qbfigor, Cea:h at any Obt~go~ wbo is a natursl person, or ot any pa~tner ot any Obligor
r`:~ch is a paRne~sh~p; d~ssolut~on, merger or consofidatio~, or trans(er of a s~5slantia! part ot the property oi any ODligor ~.hich is a co~poration or a
,,•~r.ersbip; (h) appointment ot a receiver for the Collatcral or any thereof or for any prcperty in v~hich any Borrewer has an interrst,
1~. Upon the xcurrence ot any such defautt or st any t3me thereafter, or uAene~er tl~e Sccured Party feets insecur~ for any reason whatsoever, Sa
c~ red Party may, at its option, dKlare s0 Ob!~gations sQCUred hereby, or any of thcm (notwithstanding any provisions thereon, immediatciy due and payaASe
"~out demand or no:ice ot any kind and lhe same thereupon shall immeQiately Gecome and be due and payable without den:and or notice (but wi;h such -
';~,stments, it any, with respect to interest or other~charges as may b~ p~ovidcd for in fhe promissory note or other writina evidencing such I~ab~lity), and
:;~red Party shalt have and may e~ercise trom time to time any and alt rights and remcd~es of a Secured PaAy under ihe U~itorm Cornmerciat Code and
-y and atl rights and remeAies avaitable !o it uadei ~ny othu apaticabte law; xnd upon request or Oemand ot Secured Farty, Burrov.e~ shall, at its c+pense,
• P~:,h e the Col~ateral and mak~ it ava~labie to the Secur~d Party at a convenient place accepta~te to Secured Party; and Borrower shatl promptly pay all
~:s of SKUred Party ot colteclipn qf any and all the ODtigations, ard entorcemeni oi a+gnfs i~rieu,-..ier, :r:;,l::dir.g reasonaDte attGrreys' fees and iegal ex-
ses and eapenses o( any rcpairs to any of the Collateral and t~penses of any ~epairs to any realty or other pre;.eAy to which any o( the Co~tatera! may D~
.ed or~be a part. Uatess the Collateral is perisha~le or threatens to dectine spcedily in vatue or is ot a type customa~ity sold on a recegniied market, Sa-
ed Party will give Borrower reasonaDle notice of the time and place ot any publit safe thereaf or ot the time after which any pri~ate sate or any othe~ (n-
ded O~sposition the~eot is to be mad~. The requirements oi ~easonable noiice shall be met ii such not~ce is ~naited, postage p~a,~aid, to any Sorrower at
e address of 8o~rower shown at the Deginning of this agrcemcnt or at a~y other address shown on the records ot Secured Party, at S~ast tive Cays befort
e: e time ol the sale or disposition. Expenses oi retaking. Aolding, preparing for sale, selling. w the tike, shatt inctude Secured Partys ~e~sonahle attorneys'
~s and legal eypcnses_ Upon d~spos~tion of any Colfate~a! after ihe ~ccurrence of any defavlt hereunder or it Se.ured Party teets ~nsc~:.ure tor any reason,
2~rrc+.er shatl be and remain liable for a~y deficiency; and Secured PaRy shall account to Borrowcr for any su~plus, but SecureA Party shall have the rigAt to
ptY atl o~ any part of such surplus (or to hold the same as a reserve againsU aI1 or anr of the Obligat~cns, wAetAer or not they, or any ot them, be then
!.:e, anC in such order of appl~calion as Secured Party may irom t~me to t~me etect
15. No waiver Dy Sccured Party of any defauR sAall operate as a rrai.er ot any other delautt or ot t~e same Qetauk on a future o:cas~on. No detay or
issio~ on the part oi Secured party in exer~ising any rigAt or remeCy s1+all opcrate as a wa+ver tAereot, and no single or parlial e¦ercise by Secured Party
of any riaht or rcrnedr shall p?eclude any other or turther exercise thereot or the exercise of any other righl or remedy. Ti~ne is of the essence of tAis aQres.
~r.ent_ Tne provisions oi this agreen,ent are cumulative ana in addition to the prev:sions of any note s~cured by this agreement, and Securrd Pa~ty shal! hav~
atl !he beneTits, iights an0 semedies of and under any note secured hereby. If more than one pa~ty shall e,ecute this =g~eerr.ent, the term "Borro.ver' sAall
r~:exn aIl paAies signing this agreement and each of lhem, and atf sucA paRies shall De jo~ntly and severatly ohtigated and liabte Fe.eunder. The s~r.gutar pro-
~~un, when used herein, shalt inc?uAe the plural. 1/ this aQreemen! is no! Cated when eyecuteC by the Borrower, the Sccured Party is avthori¢ed, w~tho:it notic~
, to the Borrower, to dste this agreement. Inis agreemen{ snaii occvn~e eiiea.[i.e :i vf :.`.e d:.tc !hes ~gree.~^e^*. AIt .;vhts ot Secured Pa.ty Aereunder shs4
,u~e to ihe bcnefit of its succezsars and assigns; and atl ODti~ations ot 8crrower shalt tind the rei~s, eaetutors, admin~si~ators, successors an3 a:sigr.s of
. e~ch Borrower. -
16. This ag~aement has been de:ivered in the State of Florida snd shall de construed in accordance with the taws of FtoriOa. Ylherever poss~ble, each '
c:izion of lhiz agreemtnt Shall be inte.prcted in svch manner as to be elfective and vat%d ur+0e~ applicable taw, Dut it any provis~on of this zgrc~:nent shall
c pron]Dited by or invaiid un~tef apyi:~_aL:e :a+r, s:+;.h g:a:•es'ec~ s!:a!! ~e ~r.e!tee+iY. 1~ thP eatent ot such prohib~tion or invalidity, w~thout im•alidat7ng th~
~~~.ainder of such provision or the remain~ng provisions of this ag•eement
i
~ !N WIiHESS WHEREOF, this agreement has bcen duly e¦ecu;ed as oi tAe ~ 2th day o( Nove~nbe ~ 19 ~U .
FOUR T GROVES, ~ ~
, ' D~~eA, seated and detivered
tn~ p~~s~.Ke ot BY: ~~.-•r ,r _ - cs~U
_ ~~~-f'-tt ~;t~E~..s~.-c.~/ / P ~ ~ ` '~l
~ csE~u
~ 21~ ,f)a OS ~ eo+~c»er `
~{1~ . ~ ~ ~
_ /i~~ ^rI7 \ ~ I~~h~ ~ ~../_2 ~_j'7; <-t`-~%~1'J --~SEAIJ
,
o~p {zimena~os~~~„~we.
f SECURED PARTY
~ AMERICAN 76 ~~CTX BANK OF M.ARTIN COUNTY
~
sy:
f _
,~j~,~
n J . F~ . B roMrn
~f 600K~~~ FAGf J,.~ Chairman of the Soard and President
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