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Home My WebLink About0085 ' If this agreement is security fur a loan to he use) to pay a part ur all of the purch.+sr price of the collateral; to use the proceeds of the loon to pay the purchase price, filing fees and insurance premiums. "lhe Secured Party however, may p.+y the proceeds directly to the seller of the collateral. ' To immediately notify the Secured Party in writing of any change in or Jiscuntinuancr of Uebtur'splace or places of ' business anJ/ot tesiJrnce. ' That if the collateral has been attached to or is to be attache) to real estate, a Jescription of the teal estate and the name and aJJrrss of the reconl owner is set forth in the schedule herein; if the said collateral is attache) to teal estate prior to the perfection of the security interest ~tranted hereby, Debtor will on demand of the Secure) Patty furnish the latter w?th a disclaimer or disclaimers, signed by all persons hawing an interest in the teal estate, of anyintetestinthecollateral ~ which is prior to Secured Patty's interest. 1 !f-IE PARIII::S FURTffF.R AGREI: Notes if an executed in connection with this a reemrnt are se state instruments and ma be ne o[iated b Secured ~ Pact}• without releasing Debtor, `et?e collateral, or any guarantor or co-maker. Debtor consents io any extension of time of payment, if there be nwre than one Uebtor. guarantor or co~naker of this agreement or of notes secured hereby, the abliga- lion of all shall be primary, joint and several. VI'aiver of oracqu?escence in any default by the Uebtor, or failure of the Secured Pany to insist upon strict performance by the Debtor of any warranties of agreements in this security agreement, shall not constitute a wa?vet of any subsequrnt ~ of other default or failure. ~ Notices to either part}- shall be in writing and shall be delivered personally or by mail addressed to the patty at the aJdrrss herein set forth or otherwise designate) in writing. The Uniform Commercial C.ide shall govern the rights, Juries and remedies of the patties and any provisions herein declared invalid under :my law shall lot invalidate any u[her provision or this agreement. The following shall :unstitutr a default by Debtor: ! ' Failure to pay the principal or uny installment of principal of of interest on the indebtedness or any notes when due. Failure by Uebtor to comply :aith or perf•~rm any- provision of this agreement. l False or misleading represenr:uions ur warrannes made or given by Debtor in connection with this agreement. i Subjection of the collateral to levy of execution ur other judicial process. Commencement of any insolvency proceeding by or against the Debtor or of any guarantor of or surety for the Debtor's obligations. Death of the Debtor or of any Guarantorof or surer}- for the Debtor's obligations. An}• ceduction in the a•alue of the collateral or any act of the Debtor which imperils the prospect of full performance or satisfaction of the Debtor's obligations herein. Upon any default of the Uebtor and at the option of the Secure) Patty, the obligations secure) by this a reement shall immediately become due anu payable in full withour notice of demand and the Secure) Party shall have all the rights, tem- edies and privileges with respect to repossession, retention and sale of the collateral and Jisposition of the proceeds as are accorded to aSecured Patty by the applicable sections of the Uniform Commercial (:ode respecting "Default", in effect as of the date of this Securiry• Agreement. - Upon any default, the Secured Party's reasonable attorney's fees and the Legal and other expenses for pursuing, searching for, receiving, caking, keeping. storing, aJvertising, and selling the collateral shall be chargeable to the Debtor. The Debtor shall remain liable for am• deficiency resulting from a sale of the collateral and shall pay any such de- ficiency forthwith on dcmanJ. !f the Debtor shall default in the performance of any of the proa•isions of this agreement on the Debtoi s part to be per- formed, Secured Party may perform same for the Debtor's account and any monies expended in so doing shall be chazgeable with interest to the Debtor and added to the Indebtedness secured hereby. In conjunction with, addition to or substitution for those rights, Secured Party, at his discretion, may: (1) enter upon Debtor's premises peaceably by Secured Party's own means of with legal process and take possession of the collateral, or :ender it unusable, or aispose of the collateral on the Debtor's premises and the Debtor agrees not to resist or interfere; (2) require Debtor to assembly the coll.+:eral and make it available ro the Secured Party at a place to be designated by the Secured Party, reasonably convenient to both parties (Uebtor agrees that the Secured Parry's address as set forth above is a place reasonably convenient for such assembling);(3) unless the collateral is perishable or threatens to Jecline speedily- ' in value or is of a type customarily sold on a recognized market, Secured Patty will give Debtor reasonable notice of the time and place of any public sale thereof or of the time after which any private sale or any other intended disposition there- of is to be made. The requirements of reasonable notice will be met if such notice is mailed, postage prepaid, to the aJ- Jress of the Debtor shown above, at least three d:?ys before the time of sale or disposition. Secured Party may assign this agreement anJ if assigned the assignee shall be entitled, upon notifying the Uebtor, 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 thcSecureJ Party hereunder. Debtor will assert no claims or defenses llebtor may have against the Secured Part}• against the assignee. - The Secured Party is hereby- authorized to [ile a Financing Statement. j i The Secured Party and Debtor understand and agree that no part of this Security Agreement or the Note which the Agreement secures may be assumed by any party other than the Debtor shown herein .without the express written consent of the Secured party, nor may , j any rights or duties of said Security Agreement be assigned whatsoever; j by the Debtor to any other party without the express written consent 'of the Secured Party. P_ny such attempt to have the Agreement assumed ~ or to assign any rights or duties under this Security Agreement without t the Secured Party's written consent shall be considered a default of this Security AgrFement and~the Note secured hereunder and the ; entire sum mentioned in said Note and this Security Agreement or the entire balance unpaid thereon shall forwith or thereafter at the option _ of the Security Party•become and be due and payable immediately. t Failure by the Secured Party to exercise any of the rights or options .herein provided shall not constitute a waiver of any right or option under said Note or this Security Agreement accrued or thereafter ~ accruing. The Secured Party and the Debtor understand and agree that the liquor license which is a party of this Security Agreement as more $ fully enumerated below may not be moved from the premises known as '100 S. Ocean Drive, Fort Pierce, St. Lucie County,Florida until and 'unless the Note secured by this Agreement is paid in full (unless subsequently agreed to by the Secured Party in writing). The Secured ';Party and Debtor further agree that if the Debtor wishes to sell, !exchanged, assign, loan, deliver, lease, mortgage or otherwise dispose of any of the collateral of this Security Agreement said I Debtor must by separate written agreement with the Secured Party ( ' .arrange for a written release and authorization from said Secured Party providing for whatever necessary consideration the Secured. 4 'Party demands in return for said release and written authorization. cc~~ p • ~1r;R J~~ P.1GE 85 ' d - - _