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•[CUI~ITY AOIItEM[NT (CMATT[L i.~ORTOAOt1 '~IAMCO IORM
UNIF011M COMM<RCIAL COO[ lINO. OR CORP.1
~EC~trt#~ c~~re~n~tt ~
(CHATIEL MORTGAGE)
~ht8 ~areemen#i made che 21st day of May 19 79
under che laws of the scate of Florid3
~¢~U88t1 Robert Buddie - Red's Food Service, Inc. heran called the Deboor
~rhose business addtess is (if none, wcite "none") Clock Restaurant, 1301 South Federal,
Ft. Pierce, Florida
aad whose resideace addcess ia 290 S.W. 6th St. , Pompano, Florida
and Araven Services Inc.d/ba/ Florida Music, Company herein calted tbe Secured Parcy
.?hose address is 418 Park Place, West Palm , Beach, Florida
~itriCSBPfh:
To aecuce tLe payment of an iodebcedness ia the amount of = 5,000.00 wit6 intecest. payable as follows: '
Company will apply all proprietor's share of coramissions, (music, games,
cigarettes) plus 5100.00 per week against balance until paid in full. ;
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as evidenced by a noce or notes of evea date-herew+ith. and also to secure soy other indebtedness ot liability oE the Debtor .
to the Secured Party ditect or indirect. absolute or contiagent. duc or to become due. aow ezisting ot heresfcer arisina,
includin$ all future advances or loans ~r}uch may be made ac t6e opuon of the Secured Paay, (all he~einafter called t6e
"obligauons") Debcor hereby grants a~d conveys co the Secured Party a security ioterest in, and monaaaes to the Secutcd
Part ~
~a) the propeay described in the sc6edule 6erein (hereinafter called the collateral)~ whic6 collateral t6e Debtor
cepresents a~ll be used ptimarily .
~ foi personal. family ot l~ousehold pucposes ~ io farming operations QX in busioess or ot6er use
(b) all propecty. goods and c6attels of the same classes as those sc6eduled, acquired by t6e Debtot subaequent to t6e
e:ecution of tlus agreement and prior to its termination
(c) all Qmceeds c6ereof~ if aay,
(d) all increases, substitutiona. replacemeocs~ addicioas and accessions t6eteto. '
DEBTI7R WAl1ZiRAN7S, COVENAN7T A1VD AGRF.FS AS FbLLOWS:
To pay and perfocm all of t6e obligatioas secuced by t6is agceemeot accordioa co their tetms.
To defeod che title to rl~c collatetal agaiast all persons aad against all claims sad demaods. qhatsoever, wl~ich
' collateral, e:cept for tbe secucity ioterest granted 6ereby, is la~rfully owned by the Debtor and is oow ftee md clear of
, ~ any and all liens, security iaterests. claims. charges. encumbraaces. tazes and assessments ezcept as may be sec fott6
in the schedule.
! On demand of the secured pacty to do tbe follo~rina: fumish further assuraoce of cicle~ execute any ~rrittea a6reement or
do any other acts aeces~aty to eE[eccuate che purposes and pcovisions of t6is aareement. ezecute any insccument or scate-
~ ment required by law or otherwise in otder co perEta, continue or tetminate the securicy interest of the Secured Party in che
i collaceral aad pay aU costs of fi6n m connection therewic6.
~ To retain poasession oE che co~teral durina t6e euacence of chis agteemrnt and not to sell. ezc6anae. assign, loan,
delirer~ lease. mortgage ot otherwiae dispose of same orithout the ~vritten coasrnc of the Secuced Party.
~ To Iceep the collatetal at the location specified in the schedule and noc co remove samr (e:cept in the usua! course of
; business for temporacy periods) writ6out che prior writteo consent of the Secured Party.
' To Iceep the collateral ftee and clear oE all liens, chacges. encumbrances, tazea and sssessmenis.
` pa y, whcn due, all t~es. assessmeots and license fees relatia to t6e collateral.
~ To keep che collatenl, at Debtor's o~vn cosc and ezpense~ in g~repau and condition and available for inspection by
} che Secured Party at all reasonable times. •
s To lceep the collatenl fully inauced against loss by fire, t6efc and ocher cesualties. Debtor shall give immcdiate _
written aotice to the Secured Paay and to insurors of loss or damaae to the collateral and shell prompcly file proofs of loss
' wit6 insutors. ~
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~ THE PARTIFS FURTHER AGREE
Waiver of or acquiescence in any defaulc by the Debtor,or Eailure of che Secuted Party co insist upon sirict perfocmance
_ by the Bebtor of any wartaaties or agreemen~s ia this securicy agreemeat. shall not coascitute a wraiver of any subsequmt
or othec default or failure.
~ Notices to eithec party shall be in writing acd sl~all be delivered persoaally or by mail addressed to the party ac the
° address 6etein set forth ot othetwise designated i~ wciting.
The Unifo~m Commercia! Cdde shall govem che rig6ts. duties and cemedies of che partiea aod any provisions hereia de-
clared iovalid under any law s6all not invalidate aay othec pro~ision oc t6is aareement.
S The folbwing shal! rnnstituce a default by Debtoc:
Failure to pay the priacipal or aay insallment of Qrincipal oc of ia~eresc oa the indebcedoess or any ootes w6en due.
; Failure by Debtot to comply w~ith or perfocm wy pro~is~oa oE t6is agreemeot. False or misleading reptesentatioaa or war•
s rancies made ot giveo by Debtor in connectio~ with t6is agceement. Subjeccioo ot t6e collateral to le~y of ezecutioa or
~ ocher judicial process. Commtacement of any insolveacy proceedina by or aaaiost the bebtor. Death of t6e Deboor. Any re- . ~
~ duction in che value of the collateral ot aay acc of theDebtor w~hich impecils t6e prospect of full perfocmance or satisfaction ~
' of the Debwr's obli stions hereia.
~ Upon any defau~t of the Debtor and at che option of che Secured Pactp. t6e odiisatioas secured by this agreemmt shall {
~ immediatelq become due and payable io full without nocice or demaud and tht Secured Pscty shall have all the rights~ rem- '
; edies and pti~ileaes wit6 respect to repossessioa. retention and sale of the collater~l aad disposition of che proceeds as i
; are accotded bq the applicable sectioas of the Uniform Commercial Code respectina "Default". ;
= Upon aay default and u~wn demand~ Debtot s6a11 assemble t6e collatenl and ~aalce it available to the Secuted Paety rt
~ che place and at t6e cime desigoated in cbe demand. i
~ Upoo any default. t6e Secuted Patty's reasonable accomeya' fets and the lesal and ot6et e:penses for pucsuins.
s searcbiaa for. receiving, takin~. lceepina. swcia~, ad~eaisina, aod sellina cbe collacenl s6a11 be c6acaeable to cbe Debwr.
~ 'Ihe Debtot s6a11 ccmain liable for any deficiency tesulcina from a sale of t6e collatecal and a6all p~y any auc6 de- ~
~ ficieacy foctb~vitb oa demaad.
~ If che Debtor s6a11 default in t6e performance of aa~y of ~6e pio~isiona o( this aareemeot oa t6e Debcor's Parc co beper-
; foimed, Secured Paccy may perform same for t6e Debtor s account and any mooies ezpmded in so doina shall bec6arge~ble
~ with interest to che Debtor aod added to c6e iodebtedness secured 6ereby.
~ 'Ibe Secured Patty is heceby sut6oriud co file a Financina Scatement, ~ ~
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