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Home My WebLink About0699 1~ HYPOTHECATION SECURITY AGREEMENT SU~r',~q~ Fort Pierce , Flrxid. October 7 - 1s $D._ KNOW ALI. MEN by THESE PRESENTS that. a cauideratiat d ear kiss or older flaeaciel acccntetodatios Mretoiose a now or hereafter at any rime made a granted b Florida First R@altX & Development, Inc [NataeW d >torrow«wl thiretnaAer, whstbar oM or more. called "Dorrowu'9 a b sithet a eay borrower (ktdadiaq asy made a q+raated b asy Dorrowu and sap oU?u psraoat oc b the undersigned for b either a soy d tM eadareigaed. Y more thn ose). by SOUTHEAST FIRST NATIONAL BANK OF FORT PIERCE (hsrsinatar taUsd "Dank". which shall include ib succeNOrs sail assigasl. q?e undersigaed warrasu b sail agrsse with Dank tha4 b eeaue tM p.Ytnsnt of the lubilities (hueinaher degaed). Dank has sail shall have a Usa epos. ttecvrity qde b, end a serve) interest is the IoUowiaq property wbich has been a is her.e~~pled ed. auigaed or conveyed b. or dapoatad with os daUveted b the Dank: ~Ot $lOCiC 17, PORT ST. LUCIE S~CTTON TFIENTY-FIVE (25~, accnrd~ing to the P1 at thprPnf recorded in P B County, For a together with all other property at any time delivered. pledged. assigned. toaveyed. a ttaasterrsd by the usduslgned a any d them. b the Dank and any other proi+erty d every kind or description d the tradsnigasd. tx any d them. now or hereahu b the posessabn or under the control oI Bank for any reason. wcluding all each. stock and other dividends and disaibutbos and all righb b subscribe for securities sail all other rigaa rncidsat to. declared of granted in connection with any property Mrelnabove describd or refemd b (and all the iorsgoiaq may herein L» taUed the "Cotiatsral' t. As used herein. the term "liabilities" meals and includes all iadebtsdnssses. UabiUgw sail obUgatians (primary. secondary. duel. contingent. sae, joint or esvsral?, of each borrower (includiaq any borrower and say older pusoN or d the aadsrsigned. or any d them. ro the beak. whether dw or b become dos and whether now or hersatur taotiacad or esisttoq. 76e uadenigned waives notice of the coatradiaq. creation and eaiNeace al all and env of the habilit?sc. Each d tht• undersigned who has delivered. pledged. assigned or traaslerted say property b the Dank warranu b the Dank that such under- a:gneJ tithe sole and lawful owner of such property, bee d all claims aed Uew other than the escrerity buerest hereunder. with lull right to de.iver. pledge. assign. convey. and uansler such properly b the bank s. Cdlaatal hereunder. Dank shall exercise reasonable care in the twtody and preasrraticn d the Collatsrsl to the ~xtsat required by applicable suture. and shall be deemed to have exercised reasonabh care it tt takes such action Iw that purpoes es the undersigned (or U more than one. such of the undersigned rs the Bank s!?ali have koowlsdgs has an ownership interest in such CoUateraU shall reasonably nqueq.in writing. but no omiuton tC do any atY not so requested shall be deemed • failure b exercess tsaaonabls care. and o0 omiesioa b comply with any such request shall of Tract! be deemed a failure ro exercise reasonable cars. Dank shall not be bound to tike any steps nstswry b preserve say righu itt Us Collateral against prior parties .red the uadersigasd shall take all ceceuary sag lot such purptass. Dank of ib nOmirlN need not collect interest Oo or principal of any Collateral o• geve say Waite with respect to it. Dank shall have. Dut shall tad be limited to. the tolbwinq righu. each d which may be •:ercised at any time sad hom time to time. without notice ro the undusigaed. or any of rhs ends»ignsd. whether or not any of the liabilpies is der. (It b transfer all or any put of the Collaaral :nto the aatae of the bank or iu nominee at the expense o! the undsnigatd. with or withattt disclosutq that such Col4teral is subject b the 1Na. aecuri!y title and security interest hereunder: t2? to notify the parties obligated os any d Ws ColLtetal ro make payment b Dank o1 any amounb due or to become dw thereon or thereunder: (3t to snlorce oollsction o! any of U?e Collateral by sett a otherwies. and surrender. rsleaes or exchange all or sny part thereof. or make any coa?promw or settlement it deems desirable witA rslsrsace b aey d the Collateral. or extend of renew hom time to time and for say period (whether or not longer than the original period' any indebtedness evideacsd thereby: and t~l to tike possession and con- trol of say ptotwds of the Collateral - bank may. hom time b time. without antics to the undersigned- or say o! Wem. !a; recut or churn security title to o: a security inarest b any propertg. in addition ro the CoUaaral. to secure any d the liabilities: rb? retain or churn We primary or secondary obligation or liability of any party of parties. in additwn to the eradsrsigaed or any of Uem. witA reaped b any of the liabilities: tc? extend or renew br any period .whether or not longer than the anginal psriod? or •:change any of the liabilities or reuses or caapromies say of the liabilities or anY ft++tY ~ parties primarily or sacoodarily liable Wsroa: fd? release bank's security tills b sad security interest in all a any property. en addilbe to the Collateral securing uy d the Uabilities and permit any sttbatitutions a exchange for any such properties: and (s? resort ro We Cdlatsral for payment d say of the liabilities. whether a nw Dank shall have rssatsd b say whet property or shall have procesded against say party ptimarUy or sseondarUy )Tabu on env of Uts liabilities- Upon Woo-payment when due. (whether by dsclaratba or otherwise) d any amount payable oo any of the liabihties..or upon the happeaiaq of any event d deuult u defined is any ass wideatdnq any of the IiabUitiss or is any other agresmsnt a iostnttwat securing or otherwW ro- ~I latiaq b any of Ute liabilities. a upon the occurrence of say event giving Dank say right b dadare any of the IisbUities due and payable. the Bank (U shall bars sad may •:srcise without demand any sail all the righu sad remedies granad b a secured party upon default under the Uai• iorm Commercial Cods or otherwise available b bank. including those available under wy of the lisbUitas and under any promissory sob of agrwement or othu written iosiruntsat evidsncinq or sacurit?q a othuwiN nlatioq b sny of the IlabiliWs or say astutity therefor: and (W may. without demand a notice d say kind. appwprlate and apply toward paymsat d such d the Wbflities, and >n such ordu d appbcagon, u Dank may Grom tiros to time elect. any balances. asdits. deposiu. accounts. Tams. or moneys d the undersigned. a soy of them. U any noq- i tiutioa d iatsadsd disposition o1 any of the Collaaral of d say whet [alsndsd sabre u requhad by law. such notification shall be deemed reasonably end properly given it mailed at lent lies days Mbrs such dupositioa or other intended action. portage prepaid. addressed b the emdet- aigned (or U more than one. b such of rhs tutdsnigaed es Dank shill haw kaowNdgs has as ownership interest in such CollatuaU. either at the addtew d ouch ernderaigaed shown hereon. a at any other address of such undersigned appearlnq oo the records d the Dank. Any pro- cesds d any disposition d say of the Collateral may be appUsd by Dank to the psysent of expenses in oonaediat with the Collateral, btdudiuq reasonable atbrneyi lees and legal expenses. and say balance d such proceeds may be appUsd by Dank toward the paytnsat of such of the llabUitlss, and in such order d application, a• the Dank may from time to tlme sleet. All rlghb sad remedies of the Rant exprsssfd herein w in addition b all other righu and remedies possessed by ir, iaclidfaq thaN usder any other agrNmem or irutrumsnt re4gnq b say of the Uab11• Tries a any security Ibsrslor. No waiver by Dank of soy d fa righu er remedies or d say detest! shall operate u a waiver d say othu right or remedy or of say whet default or of the same right or remedy or d We same dslauh on a future oowioa. No delay or omiuion oa the part d Sank to exsrcutnq any right or remedy shall operate u a waive thersd, and rto atogle or partial sxerdae by Dank of say right or remedy shall preclude any whet or further exercise thered of the e:ereYe d say other right a remedy. No aegon d Dank permitted hereunder or trader say agreement or Iwtrusent ralatlaq b say d tM UsbUities or any security therefor aha9 tmpalr a attest the Aghu d Dank la and b the CoUataral. The stagular wbss wed herein shall include the plural sad the acute shall indnde maseuilee and Mminiae. U more than one paAy shall ezeatte flits agreemsrtt. the arm "uadusigaed" shall mesa all p~rgse afgalaq thb agnemeat sad eat d them. ~oiagy sad severally. Thte agresment shall be bindioq upon the hew. exatvtoes, admini~tratttn sad assigns d eseb d We uadenigattd. This agreemutt has bees deUveesd fa the State of Florida and shall be ooastrwd b aeaordaaos with the laws d Florida. W WITffESS WHEREOF. thL agreement has been duly etrea+td ore d the day sad yeti tat verities. n 't ADDRESS 105 Castleview Drive t (SEAL) n R. Perroni ADDRESS North Fort Mvers F1 33903 1sEAL) ? 5U22S3' - -~o ~ ~ - 7 n~: ~ STATE OF Florida COUNTY OF St LuCle f ~ S:.l4C'~ Cf.J~IY.FI A. October 80 r1t~~Ef~ F~+~ rtts The foregoing instrument was acknowledged before rite this ~ day of . 19 ~,,=y:,. . by Tnhn R P rrnn i r,r-.~.a-:--; - J~~.,. ~ r-' ~ NOTARY _ ~ ~ ,ar~C'J b c es 5se ~ !'//rrk)t;t~ ~XfJ~o P.t.GE VV'~7 - - - -