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ASSIGNMENT OF SECURITY AGREEMENT
KNOW ALL MEN BY THESE PRESENTS that MATTHEWS ENTERPRISES,
INC., a Florida Corporation having its principal place of
business at 1104 Alameda Avenue, Fort Pierce, Florida 33450,
party of the first .part, in consideration of the sum of
Ten ($10.00) Dollars and other valuable consideration received
from or on behalf of UNITED PARTNERS III, INC., a Florida
Corporation having its principal place of business at 405
Ixoria Avenue, Post Office Box 3430, Fort Pierce, Florida 33450,
party of the second part, at or before the ensealing and
delivery of these presence, the receipt whereof is hereby
acknowleged,.does hereby grant, bargain, sell, assign, transfer,
and set over to the said party of the second part a certain
Security Agreement bearing the date of May 1, 1978 made by
Richard G. Hirst, Jr, and Jerry Napolitano in favor of
MATTHEWS ENTERPRISES, INC., a Florida Corporation and recorded
on May 4, 1978 in Official Records Book 286 at Pages 766-769,
Public Records of St.Lucie County, Florida, upon the
following described personal property located at Thomas's Lawn
Mower Center, 3005 South U..S. Highway One, Fort Pierce, St.
Lucie County. Florida, to-wit:
All parts and inventory manufactured by Lawnboy,Toro,
Snapper,John Deere,Poulan,Homelite,Stihl,Jacobson,Briggs
and Stratton,LPP,Kohler,Wisconsin,Clinton,MTD,Billy Goat,
McLean and Power-Trim,having an agreed-upon value of
$125;000.00
together with the Note and obligation described in said -
Security Agreement and the monies due and to become due thereon
with interest from the first day of December, 1978.
It is understood that this Assignment is being given
as additional security on that certain $50,000.00 Purchase
Money Mortgage Note executed by Craig C. Matthews and Barbara
Y. Matthews, his wife on December 1, 1978 payable to the
party of the second part herein. It is understood and agreed
to by the parties that upon the full payment of said $50,000.00
Purchase Money Mortgage Note by Craig C. Matthews and Barbara
Y. Matthews to the party of the second part, the party of
the second part will immediately assign all of the interest which
it is receiving by this Assignment back to the party of the
first part and said party of the second part agrees to execute
all documents necessary to convey said right and interest to
~ the party of the first part upon full satisfaction of said
$50,000.00 Note.
TO HAVE AND TO HOLD the same unto the said party of the
second part, its heirs, legal representatives, successors and
assigns, forever, or unto satisfaction of the $50,000.00
Purchase Money Mortgage Note as provided above.
IN WITNESS WHEREOF we have hereunto set our hands and seals
this first day of December, 1978.
F
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~ MATTHEWS ENTERPRIS INC.,
a Florida Corpoa o
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