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Home My WebLink About2158 IE this agreen~cnt is srcurit}• !ut a lu.+n to hr used to pay a p.ut ..r .+11 of the porch.+.r prier •.f ehr cullater.+l; w u~r the !i pcucrc.ls of the luau to pay d+e purchase prier, filing fees anD mcurance prrn~iums. 1t+e )reared fatty however, rosy pay ehr ppnx•erds Directly to the seller of the collaeral. ~ To immediately 'notify the SecureD Party in writing of any change +n ut Jiscuntinuancr of Drbtur s place ut places of business anD!or resedrnce. That i( [he collateral has been attached to or is to be attached to teal estate, a descripuun u( the teal estate anD the r?.une and address of the retool owner is set forth in the schrJule herein; if the said collateral is attached to teal estate prior to the perfection of the security interest granted hereby, Debtor will nn demand of the Secured !'arty famish the latter wuh a Disclaimer or disclaimrn, signed by all persons hav+ng an interest in the real estate, ofxnyin[erestinthecollateral which is prior to Secured Party's +nterrst. 'l'I11•' 1'AR 1'IL:S FUR'l'T IER AGREE ; • Notes, if any', ezecuteD in connection with this agcermrnt, ate separate instruments and may be negotiated by SecureD Patty without releasing Debtor, the collatrral, or any guaa+ntut or co~t+aker. Debtor consents to an}• extension of time of pa}'moot. If there be mote than one Debtot, guarantor or coyt+aker of this agreement ur of notes secure) hereby. the obliga- t+un of all shall be primary, Point and several. ~ Waiver of or acquiescence in any default by the Debtor,ot failure of the Secured Party to insist u;+on strict performance ~ by the Debtor of any warranties ur agreements to this security agrrrmrnt, shall not constitute a waiver of any subsequrnt or other default or failure. Notices to either party shall be in writing and shall be delivered personally or by mail adJresseD to the patty at the ' address herein set forth or otherwise designated in writing. The Uniform C:ummetcial (:uDr sh:+ll govern the rights, duties and remedies of the patties and .+ny pcuvisions~herein Declare) invaliJ under any law shall nut inealiDate :+ny other provision ur this agreement. • The following shall constitute default by Urbtur: , Failure to pay the principal or .+ny installment of principal or of interest on the indebtedness or any notes when Jue. Failure by Debtor to comply' with ur perform any provision of this agreement. False or misleading reprrsencations or wart•+nacs m:.de or given by Debtor- in tronnection with this agreement. Subjection of the collateral to levy of ezecutiun ur other judicial process. ~ Commrncement of an}• insolvency proceeding by ur :~g:+inst the Debtot or of any guarantor o[ of surer}' fur the Uebtuc's obligations. Death of the Debtor or of any Guar.+ntorof or surety fur the Debror's obligations. Any reduction in the value of the collateral ur an}• act of -ehr Debtor which imperils tht prospect of full perfurm.+nce or satisfaction of the Debtor's obligations herein. U{pwon any default of ehr Debtor anJ at the option of the Secure) Party, ehr obligations secuteD by this agreement shall immeJiately become due and payable in lull without notice or Demand and the Secured Patty shall have all the rights. rem- . edies and privileges with respect to repossession, retention and sale of ehr collateral anD disposition of [he proceeds as arc accordeJ to a Secure) Part}• by the applicable sections of the Uniform Commercial Code respecting "Default", in effect as of the date of this Security Agreement. . Uppoon any default, the SecureD Party's reawnablr attorney's fors and ehr legal and ether ezpensrs for pursu+ng, searching for, receiving. taking, keeping, storing, advertising, anD selling the collateral shat: be chargeable to the Debtor. The Debtor shall remain iiahle for an}• Deficient}• resulting from a sale of the rnllateral anJ shall pa}• an}• such de- ficiency forthwith on Jrm.+nJ. If the Debtor shall default in [he performance of .+ny of the provisions of this agreement un the Debtor's part to be per forme), Secured Party may perform same for the Debtor's accoun[ and any monies ezpenJed in so doing shall br chazgeable with interest to the Debtor and addeJ to the Indebtedness secured hereby. In conjunction with, aJDition to or substitution for those rights, Secured Patty, at his Discretion, may: (l) enter upon Debtor's premises praceabl}• by Secured Part}•'s own meets or with legal process and take pussessiono( the collateral, or render it unusable, or dispose of the collateral un the Debtor's premises and the Debtor agrees nut [o resist or interfere; (2) require Debtot to assemble ehr collateral and make it available to the SecureD Party at a place to be Designate) b}• the SecureD Party, reasonably convenient to both parties (Debtor agrees that the Secured Party's address as set forth above is a place reasonably convenient fu:.uch assrmblingi:(3) unless ehr cullaterai is perishable or threatens to decline speedily in value or is of a t}•pe customarily sold an a recuKnize•D market, Secured Party will give Debtor reasonable nonce of the time anJ place of any public sale thereof or of the time after which any private sale o- any other interxfed disposition there- of is to be made. The requirements of reasonable notice will be met if such notice is maileJ, postage prepaiJ, to the aD- i dress of the Debtor shown above, at least three Jays before the time of sale or disposition. Secured Party may assign this agreement anJ if assigned the assignee shall be entitled, upon notifying the Debtor, to performance of all of Debtor's obligations and agreements hereunder and the assignee shall be entitled to all of the rights and remedies of the Secured Part}• hereunder.Drbtor will assert no claims or Defenses Uebior may have against the secured Party against the assignee. - The secured Party is hereby authorizeD to file a Fin:+ncing Statement. The Secured Party and the Debtor hereby understand and agree that 'no part of this Security Agreement (Chattel Mortgage) or the Notes .which the Agreement secures may be assumed by any party other than ` ;;the Debtor shown herein nor may any rights or duties of said Security ~lAgreement be assigned whatsoever by the Debtor to any other party. ;'Any such attempt to have the Agreement assumed or to assign any ~ 'rights or duties under this Agreement made by the Debtor shall be ;considered a default of this Agreement and the notes secured hereunderi 'and the entire sum mentioned in said notes and this Security Agreement 'or the entire balance unpaid thereon shall forthwith or thereafter at the option of the Secured Party become and be due and payable ~ immediately. Failure by the Secured Party to exercise any of the right's or options herein provided shall not constitute a waiver of any ~ ;aright or option under said Notes or this Security Agreement accrued or thereafter accruing. 'The Secured Party and the Debtor understand and agree that the liquor !:license which is a part of this Security Agreement as more fully ~ 'enumerated below may not be moved from the premises known as 2101 ~ !!North Old Dixie Highway, Fort Pierce, St.Lucie County, Florida until ':and unless the Notes secured by this Agreement are paid in full (unless' ',!subsequently agreed to by the Secured Party in writing). The Secured ;Party and the Debtor further agree that-if the Debtor wishes to sell, - !exchange, assign, loan, deliver, lease, mortgage or otherwise dispose of any of the collateral of this Security Agreement, said Debtor must j by separate agreement with the Secured Party, arrange for a written I ;;release and authorization from said Secured Party providing for x ::whatever necessary consideration`the Secured Party demands in return ::for said release and written authorization. of ~1 tYYI ~3U1 F~~~~15~ _ _ - _ - -