HomeMy WebLinkAbout0769 SECURITY AGREEMENT ~
FOR VALUE RECEIVED, the terms of which are fu1Zy stated in
a promissory r.v~~ of e~~er. ~p*_e herewith exect~tec~ hy rl,p t~nde~'signed,
debtors, payable to the order of MATTHEWS ENTERPRISES, INC., herein-
after referred to as the secured party, in the principal amount of
$31,572.00, 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 County, Florida., more particularly described in the
atr.ached inventory, together with al~ 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
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except W1L'll LR@ Wr1LL~I1 COi1SeIll V1 l.I1C SC1:1.1L Cll j~dt ~y . r~ti C:'vuiYini~i~a
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
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; responsibility for the goods at the time of sale or thereafter.
E If all obligations secured by this agreement are fully paid
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; when due, the interest created herein shall be null and void.
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p In the event of default of any such obligation or of any of
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~ the debtors' duties herein, all sums secured by this collateral shall
~ become due and payable at the option of the secured party, 3nd the
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~ secured party may take possession of the property and foreclose his
~ interest as is provided by law. In order to better ensure the secured
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party's exercise of his rights, the debtors agree to make the property
~ available to the secured party at a mutually convenient place.
F' 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.
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- If the debtors do not redeem the goods, the secured party
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may at his option either (a) retain the goods as his own and cancel
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