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a[CURITY AGR[EYENT tCHATTEI MORTOAOt{~ ~i iii
UNIR011M COMMIiRCIAt_ COOtt (INO. Olt COItP.1
(CHATTEL MORTGAGE) S
~[~i$ ~~QBIttPrif~ made the 17th day ofJanuary 19 80
under the lags of the state of Florida_ ,
~Ct~UPBtI Ruth Ft Alvin N. Sheller herein called the Debmr
whose business address is (if none, write "none") RAMH,InC. d/b/a/ Montego Bay ~ Lounge j
5353 North U.S. I, Ft. Pierce, Florida •
and whose residence address is 4031 N.W. 5th Ave., Boca Raton, Florida
and Araven of West Palm Beach herein called the Secured Party
whose address is 418 Park Place, West Palm Beach,Florida
~t1~P,~$~th:
To secure the payment of an indebtedness in the amount of = 1,000.00 with interest, payable as follows:
To be repaid from proprietor's share of collections (music, games,
cigarettes) until loan balance is paid in full.
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as evidenced by a note or notes of even dacrherewich, and also to secure any other indebtedness of liability of the Debtor
to the Secured Party direct or indirect, absolute or contingent, due or co become due, now ezisciag or hereafter 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
Partyy,
(a) the property described in the schedule herein (hereinafter celled the collateral), which collateral the Debtor
represents will be used primarily ~
for personal, family or household purposes Q in farming operations ®in business or ocher use
(b) all property, goods and chattels of the same classes as those scheduled, acquired by the Debtor subsequent to the
ezecucion oft s agreement and prior to its termination
(c) all proceeds thereof, if uty,
(d) all Increases, subsucutions, replacements, additions and accessions thereto.
DEBTI7R WAI~tiRANl'S, COVENANTS AND AGREES AS FIULLOWS:
To pay and perform all of the obligations secured by this agreement according co [heir terms.
To defend the title to the collateral against all persona and against all claims and demands, whatsoever, which
collateral, ezcepc for the security interest granted hereby, is lawfully owned by the Debtor and is now free sad clear of ;
any and all liens, security interests, claims, charges, encumbrances, razes and assessments ezcepc as may be set forth
~ in the schedule.
On demand of the secured party co do the following: furnish further assurance oftitle, execute any written agreement or
do any other acts accessary to effectuate the purposes and provisions of this agreement, ezecnte any instrument of state- {
meat required by law or otherwise is order to perfect, continue or terminate the security interest of cbe Secured Party in cbe
collateral and pay all costs of Ellin Ia connectron therewith. i
To retain possession of the co~tersl during the ezistence of this agreement and not co sell, ezchaoge, assign, loan, ~
deliver, lease, moltgage or otherwise dispose of same without the written consent of cbe Secured Party. i
To keep the collateral at the location specified in the schedule sod not co remove same (ezcepc In the usual course of
business for temporary periods) without the prior written consent of the Secured Party.
To keep the collateral free and clear of all liens, charges, encumbrances, razes and assessments.
To ppaay, when due, all cases, assessments and license fees telatina to the collateral. s
To kee the collateral, ac Debtor's own cost and a:pence, is good repair and coaditioa and available for inspection by
the Secured Party at all reasonable times.
To keep the collateral fully insured against loss by fire, theft and other casualties, Debtor shall give immediate ~
written notice to the Secured Party and co iasurors of loss or damage to the collateral and shall promptly file proofs of loss
with insurors.
THE PAR7TES FURTHER AGREE
waiver of or acquiescence in any default by cbe Debtor, or failure of the Secured Party to insist upon strict performance
by the Debtor of soy warranties or agreements in this security agreement, shall not coosutuce a waiver of any subsequent
or other default or failure.
Notices to either party shall be in writing and shall be delivered personally or by mail addressed to the party at the
address 6ertin sec forth or othenrise designated in writing.
The Uniform Commercial Code shall govern the rights, duties and remedies of the parties and any provisions herein de-
clared invalid under qtly law shall not invalidate say other provision or this agreement.
The folbwing shall constitute a default by Debtor:
Failure to pa the principal or any installment of ~riocipal or of interest on the indebtedness or say notes when due.
Failure by Debtor co comp)y with or perform any provrsron of this agreement. False or misleading representscions or war-
ranties made or given by Debtor in connection with this agreement. Subjection of the collateral to levy of ezecucion of
other judicial process. Commencement of any insolvency proceedia~ by or against the Debtor. Death of the Debtor. Any re- i
duction in the value of the collatetalot any act of the Debtor which rmperils the prospect of full performance or satisfaction
of the Debtor's oblibatioas herein.
Upon any default of the Debtor and ac the oppcron of the Secured Party, the obligations secured by this ag reement shall
immediately become due and payable in full without notice of demand sad the Secured Party shall have all the rights, rem-
edies and privilegaes with respect to -repossessioo,r retention and sale of the collateral and disposition of the proceeds as
are accorded byy the applicable sections of the Uniform Commercial Code respecting "Default" '
Upon aaydefaulc and upon demand, Debtor shall assemble the collateral sad make it available to the Secured Patty at
the place and at the time designated is the demand.
Upon any default, the Secured Parry's reasonable attorneys' fees and the legal and other ezpeases for pursuing,
searching for, receiving, [akin, keeping, scoria, advetisiaa, sad selling the colLcenl shall be chargeable to the Debtor.
The Debtor shall remain liable for any deficiency resulting from a sale of the collacenl and sb:U pay say such de•
ficiency forthwith oo demand.
!f-cbe Debtor shall default in the performance of any of cbe provisions of this agreement oo cbe Debtor's part to beper-
formed, Secured Party may perform same for the Debtor's account and any monies ezpeoded in so doing shall be chargeable
with interest co the Debtor and added co the indebtedness secured hereby.
The Secured Party is hereby authorized to file a Financing Scacemeac.
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