HomeMy WebLinkAbout2157 SECURITY AOREEMENt iCNATt EL ~.+ORTt:AG EI 4~;1U~~~ RA1.1C0 iOR?t
~ UNIiO RM COMMERCIAL CODE LINO. OR COFP.1 ~ 1
I
i
~~curit~ ~~greemetit
t (Cf lA l'17iL MOR7IGACF.) -
~t !
!
tS rePlttent, made the 1st day of December 19 78
h' ~a
under the laws of the scare of Florida
~ ~ict~vePtt CRAIG C . MATTHEWS and BARBARA Y . MATTHEWS ,HIS WIFE
herein called the Deboot
whose business address is (if none, write "none"> none ~
and whose residence address is 1104 Alameda Avenue ,Fort Pierce ,Florida 33450
t
and UNITED PARTNERS III , INC . , a Florida Corporatio>Kerein called the Secured Party
whose address is 405 Ixoria Avenue , P .0 . Box 3430 ,Fort Pierce ,Florida 33450 ,
I
~itnrssrth:
To secure the payment of an indebtedness in the amount of s SOO , 000 .00 with interest,
payable as follows:
•1.A Purchase Money Note in the amount of $450,000.00 payable as follow
(a)24 a ual mo thl a t4~ of $4, Q 00 with the first a nt
commene~ng on ~anu~ar~i ~~9~~ and a Like sum on the corres~o~ing days
of each like succeediing period thereafter.
(b)24-equal monthly paym nts of $4,500.00 with the first payment to
commence on January 1,191 and a like sum on the corresp6nding day of
each like succeeding period thereafter. '
(c)71 equal monthly payments of $SAOOAO with the first payment to
commence on January 1,1983 and a like sum on the corresponding day of
each like succeeding period thereafter until December 1,1988 on which
date the entire remaining principal balance shall become due and
payable in one BALLOON PAYMENT.'
:2.A Purchase Money Note in the amount of-$50,000.00 payable as follows:
• (a)17 equal monthly payments of $2 000.00 with the first payment to
commence on January 1,1979 and a like sum on the correspondingg day o£
each like succeeding period thereafter until June 1,198E on wFiich date
the entire remainin pprincipal balance shall become due and payable
in one BALLOON PAYM~NT. -
as evidenced by a note or notes of even date herewith, and also to secure any other indebtedness or liability
of the Debtor to the Secured Party direct or indirect, absolute or contingent, due or to become due, now existing
or heteafcer arising, including all future advances or loans which may be made at the option of the Secured
Party, (all hereinafter called the "obligations") Debtor hereby grants and conveys to the Secured Patty a
security interest in, and mortgages to the Secured Party, .
(al the property described in the schedule herein (hereinafter called the collateral), -which collateral the
Debtor represents will. be used primarily
for personal, family or household purposes in farming operations in business or other use
(b) all property, goods and chattels of the same classes as those scheduled, acquired by the Debtor sub-
s Sequent to the execution of this agreement and prior to its cerminauon
(c) al! proceeds thereof, if any,
(d) all increases, substitutions, replacements, additions and accessions thereto.
UEB"lC)R ~VARIZAtV I S, COVF.NAN7S AND ACREL:S AS IOLLOtI'S:
1-u j•ay an.! perform .+11 of the ohliga*•iun5 secured by this agreement according to their terms.
Iu defend the- ti[lc• t•+ the coIlaterai against all persons and against all claims and demands ~.hatwever, which
~ cu.i.t*.era!, except for the security interest granted hereby, is lavvftaly owned by- the Debtor and is now free and clear of
n .any and al! liens, security- interests, claims, charges, encumbrances, taxes and assessments except as may be set forth
to the schc•dulr.
Un demand of the secured party to do the folloN'ing: furnish further assurance of title, execute any written agreement
4 ur do any other acts necessary to effectuate- the purposes and provisions of [his agreement, execute any instrument or state-
y ment required by law or otherwise in order to perfect, continue or terminate the security interest of the Secured Party in
_3 the collateral and pay all costs of filing in connection therewith.
To retain possession of the collateral during the existence of this agreement and not to sell, exchange, assign, loan,
deliver, lease, mortgage of otherwise dispose of same without the written consent of the Secured Yarty.
? To keep the collateral at the location specified in the schedule and not to remove same (except in the usuat course of
business for temporary periods) without the poor wntten consent of the Secured Party.
To keep the collateral free and clear of all liens, charges, encumbrances, taxes and assessments.
To ~y, when due, all taxes, assessments and license fees relating to the collateral
- To keep the collateral, at Debtoi s own cost and expense, in good repair and condition and not [o misuse, abuse,
waste or allow to deteriorate exc*_pt for normal wear and tear and to make same available for inspection by the Secured
v Patty at all reasonable times.
h To keep the collateral insured against loss by fire (including extended coverage), theft and other hazards as the
~ Secured Party may require and to obtain collision insurance if applicable. Policies shall be in such fortn and amounts and
E~ with such companies as the Secured Party may designate. Policies shall be obtained from responsible insurors.authorized
[o do business in this state. Certificates of insurance or policies, payable to the respective parties as their interest may
appear, shall be deposited with the Secured Party who is authorized, but under no duty. to obtain such insurance upon
failure of the Debtor to do so. Debtor shall give immediate written nonce to the Secured Party and to insurors of loss or
damage to the collateral and shall promptly file proofs of loss pith insurors. Debtor hereby apppoints the Secured Patty the
attorney for the Debtor in obtaining, adjusting and cancelling any such insurance and endorsing settlement drafts and
r hereby assigns to the Secured Party all sums which may become payable under such insurance, including return premiums
and dividends, as additional security for the indebtedness. j, i ~r~
g~?r 3~1 ~'r
F
~'Y.~