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HomeMy WebLinkAbout0761 SECURITY AGREEMENT FOR VALUE RECEIVED, the terms of which are fully stated in a promissory note of even date herewith executed by the undersigned, debtors~ payable to the order of MATTHEWS ENTERPRISES, INC., herein- after referred to as the secured party, in the principal amount of $37,792.00, the undersigned hereby bargains and conveys a security interest to the said secured party in the property~located at the business known as THOMAS' LAWN MOWER CENTER, 3005 S. U. S. 1, Fort Pierce, St. Lucie Countq, Florida, more particularly described in the attached inventory, together with all accessions thereto. , This conveyance is made to secure all or part of the purchase price of the above-described property, which is being bought for business purposes and any other indebtedness that may hereafter be owing by the debtors to the secured party. The goods shall be main- tained in good condition by the debtors and shall not be disposed of except with the written consent of the secured party. All complaints respecting the goods shall be taken up with the seller of the goods; the secured party or any assignee of his rights hereunder having no ~ ' responsibility for the goods at the time of sale or thereafter. i If all obligations secured by this agreement are fully paid ; ~ ~ when due, the interest created herein shall be null and void. ~ . ~ In the event of default of any such obligation or of any of ~ the debtors' duties herein, all sums secured by this collateral shall ~ ~ become due and payable at the option of the secured party, and the ~ ~ ~ secured party may take possession of the property and foreclose his ~ * interest as is provided by law. In order to better ensure the secured ~ ~ ~ party's exercise of his rights, the debtors agree to make the property ~ available to the secured party at a mutually convenient place. ~ - - After default and before the goods have been disposed of under this agreement, the debtors.shall have the right to redeem their interest in the goods by paying all sums secured together with all costs and expenses caused by such default. : If the debtors do not redeem the goods, the secured party may at his option either (a) retain the goods as his own and cancel . ~ ~ri ~ ~ ~ ~ ~~K 286 ?59 ~rr Y . _ . _ _ _ - _ _ •r - - - - ~ -i :._~a' _ _ . .