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HomeMy WebLinkAbout0181 SECURITY AGREEMENT FOR VALUE RECEIVED, PHILIP E. DUNK, Debtor, (and if more than one, each of them jointly and severally) does hereby grant to SANDRA SUE KEARNEY and PETER JOHN KEARNEY, her husband, secured Party, a security interest in the following collateral: All assets and inventory in- cluding stock in trade of the business presently known as UNDER-SEA WORLD, muse particularly set forth in the Schedule of Property attached hereto; which is deposited contemporaneously with the execution hereof with PHILIP E. DUNK who agrees to hold it in accordance with the terms and purposes of this Agreement; the Debtor does further assign, transfer and set over unto Secured Party all additions, substitutions and replacements therefor from time to time added by exhibits executed and delivered by Debtor to Security Party, all hereinafter called the collateral. This security interest and assignment is given as security for the payment of a certain promissory note dated the 15th day of ps~L4t A.D., 1980, and given by Debtor to Secured Party in the amount of $10,000.00, payable as therein provided together with interest at the rate of lOX per annum and for the payment of any and all other indebtedness and liabilities whatsoever of the Debtor to~Secured Party. This Agreement secures the payment of the note whether the whole amount has been advanced to Debtor at the date of this Agreement or at a later date. This Agreement secures the payment of any other amount or amounts that may be added to the obligation and indebtedness under the terms of this Agreement and any amount or amounts due or to become due by reason of any extension or renewal of the note. This Agreement secures all future advances made by Secured Party to Debtor (or any of them if more than one) and any and all other debts, liabilities and obligations (primary, secondary, direct, contingent, sole, joint or several) now due or owing or to become due or owing or that may be contracted or acquired, of Debtor ( or any of them, if more than one) to Secured Party, provided, however, _ that the future advances be made within 20 years from the date of this Agreement, and that the total unpaid balance secured by this Agreement at any one time shall not exceed the amount of the note plus interest thereon at the rate then agreed upon, pursuant~•to F.S. 697.04. Nothing contained in this Agreement shall be deemed an obligation on the part of the Secured Party to make any future advances. • Each of us severally waives presentment, demand for payment, protest, notice of protest and notice of dishonor; consents that the note and obligation secured, or any part thereof ,.iay from time to time, be extended or renewed without notice for any period (whether or not long- er than the original period of the note or obligation); agrees that the exchange, release, surrender or sale of all or any real or personal property or collateral that may be given as security hereunder shall not release or discharge any party obligated hereunder; agrees that the release of any party liable upon or in respect of the note and other obligations secured shall not- release any other such party; and hereby agrees to pay, in the event of a default, all costs, expenses and reasonable attorneys' fees incurred in the exercise by Secured Party of its rights as a secured party upon default by Debtor, including those costs, expenses and reasonable attorneys' fees incurred in appellate proceedings; provided, howei~er, that any limitation on attorney's fees contained in the note secured shall be applicable to and limit fees recoverable under this paragraph. Secured Party shall have the right in its own name or in the name of Debtor to ask, demand, collect, receive, receipt for, sue for, compound and give acquittance for, any and all amounts due or to become due on the collateral and to endorse the name of Debtor on all commercial paper given in payment or part payment thereof and in its discretion to file any claim or take any other action or proceeding that Secured Party may deem necessary or appro- priate to protect and preserve and realize upon the security interest of the Secured Party in the collateral. No waiver by Security Party of any default shall operate as a waiver of any other default I or of the same default on a future occasion. No delay or omission on the part of Secured Party in exercising any right or remedy shall oeprate as a wavier thereof and no single or partial exercise by Secured Party of any right or remedy shall preclude any other or further exercise thereof or the exercise of any other right or remedy. Time is of the essence of this Agree- :rent. The provisions of this Agreement are cumulative and in addition to the provisions of any liability on any note or other writing evidencing any liability secured by this Agreement or otherwise. Secured Party shall have all of. the benefits, rights and remedies of and under any liability and any note or other writing evidencing any liability secured hereby. In addition to all other rights granted hereunder, Secured Party shall have all of the rights granted a secured party under the Uniform Commercial Code. All of the terms used in this Agreement that are defined in the Uniform Commercial Code of Florida have, except where the context indicate otherwise, the same meaning here as in the Code. This Agreement and the obligations hereunder, including matters of construction, validity and performance, shall be governed by the laws of Florida. Wherever used herein the singular shall include the plural, and plural the singular, and the use of any gender shall include all genders. DATED at Fort Pierce, St. Lucie County, Florida,_tJ~ day of , A.D., 1980. ADDRESS : ~,7' % ~ c` C<_ <iL c~ • _ PHILIP E. D sr,~ PACE 181