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Home My WebLink About0708 s~z2~7 ~ . HYPOTHECATION SECURITY AGREEMENT Fort Pierce , klr.,iaa October ~ _ lD 80 KNOW ALL MEN by THESE PDESEM'S that. b eoaaideratioa d aay loss a ofhat fWaeW aeecmmodatlae beretoiote ar sow a MrealNe a1 any liar. made a quoted ro Florida First Realty & Development, Inc. (NattuW d DostoweeW~ iharetnaAer, whether one a more. called "Dorrower'9 a b eftker or .ay Dorrowee (ladudlaq asy made a granted b asy borrower sad aay other peraoal of b the uadecslgaed (ot b eiWer a asy d tM rtndatttigsed. d taote (has tttae). bT SOUTHEAST FIRST NATIONAL BANK OF FORT PIERCE (hereisafNr ealld "Dank". wbkh sMli include ire nteceeson and aaaigtul. the uadenigaed warrants b and agre}s with Dank tba4 b eeaue tM MYmeat d the Uabilities (bueutaher delinedl. Dank has and shsU 1?ave a Iles upon. security tlUe b. sad a esraarity 4tlerest is t~! t°~w which bas bees or i• hereby 1!~~!~ aas~ned rayed b. or,depwlted with or deUrend b tM Dank: LOt 11 BIOGK ~ 1'V1cl ST. LUCIE SECTION ~tlVil(-FIVE ~25~, according to the Plat thereof recor e n a oo , at Pages 32 and 32A throu4h 32I of the Public Records of St. Lucie Countv, Florida. together wrth all other pnperty at aay lisle deUrerd. pledged. assigned. ooswyed. or transferred by the usdenigaed. a aay d them, b tM Dent and aay shat property d eery kind or description d the undenigned. or aay d them. sow or Mreaher b tM poaseasiar or under the control d Hank for any reaaoa. including all cash. stock sad other dividends and diatributioas sad ail righb b aubacribe for securities and all other rigab =r,ndeat to. declared a granted in connection with any property Mrelnabove dest:rib•d or reMrnd b fend all the bregoisq may herein be called the "Collateral' t. !la used herein. the brm "liabilities" mesas and 4tcludes all Ltdebtedaesaes. UsbiliNes and obligatioaa (primary. secondary. direct. contingent, sole. joint or es•erall. d each borrower lutdudu?q any borrower and ear other peraosl « d the tasdersign•d. or any d them. b the bask. whether dos or to become due sad whether now or hereafter eautraeMd o< erustiaq. The undersignd wares notkv of the cattractiaq. creation and eauteace ul all sad an. d the liabilitiec. Each d the undersigned who has delivered. pledged. awigned of trarulerrd .ny properly b We Dank wanaaa b the Desk that ouch under- a=gneJ is the sole and lawful owner d such property. hee d all claims and liens other than the eecuriry Interest hereunder. Mith lull ryht b de.iver. _ pledge. assign. coney, and uaasfer such property to the bank u Collateral Mnundu. Hank shall exercise reasonable ur• in the cwaay and preserratica d the Collateral to the •:test required by applicable statute. and shall be Aeemed to bare •:erciaed reasonable care it tt takes such action for that purpwe u the undersigned (ot U more than one. such of the undersigned is the Dank shall hate kvowladge bas an ownership interest in such CoUaterall shall r...on.bly requea ut writing. but no omiuan a do any set not so :equesled shall b• deemed a failure ro exercru rsaeoaabN care. and ao omiesioa b comply with aay such request shall of iWU be deemed a failure to a:ercise rsasonable care. Dank shat not be bound to uke aay step. aeceasary b preesrw aay righu !a the Collateral agaieut ptwr parties and the uadentgaed shall take all r•csssary steps for such purpttes. Dank or Ib soteinlse need as collect interest oa or principal of any Collateral e• gtre aay notice with respect to it. Dank ahdl hare. but shall na be limited to, the Idbwiuq rights. each d which may M exercised at any tinu and from time to tiwk_ -+trNhew-- notice to the undersigned. or aay d the undereigsed. whether a sot any d the liabilities u due: f ll b transfer all a any part d the Collateral ~neo the nacre d the Dank or iu nominee at the •:pens. d the undersigned. with or without disclosiuq that such Cdlaleral u subject b the lien. security title and security interest hereunder: 121 to notify the panics obligated oa soy d the Collateral to tnaes payment b Doak d any amounb des or to become due thereon a thereunder: l3~ Io enforce eolNetiun of any of the Collateral by suit or oUetwise. and surrender. release or a:change all or aay part t`reted. or make any compromise or settNmest it deems desirable with reference ro any d the Collateral. of esNnd or renew from time to time and br any perod twhether or not longer than the original period' any indebtedneu evidenced thereby: and (tl to uke poswwioa and con- trol of aay proceeds d the Collatertl Bank may. hom tune to time. without notice to the undersigned or aay d them. taI retain or obu:n securuy title to o: a security intense b any property. in addition to the Collateral. to secure any d flu liabilities: tbl teals or obtain the prirnary or secondary daligatron or liability d asy parry or parries. in additaa to the undersigned or aay d them. witA respell b aay d the liabilities: rcl t=rend of anew lOr any period =wMilter or not longer than the original period) or exchange aay of the liabuitiea or reNaw or compromip any d the liabilities or any party or parties primarily or seeonduUy liable tberoa: ldl release beak's security title ro and security interest u? all «aay property. m addition ro the Collateral securioq aay d the liabilities and permit any subatitutioaa or exchange br say each properties: and le) resort to Ute Collagra! br payment d aay of the liabilities. whether or not Bank .hall have resorted b say other proFerty or shall My proceeded agafaat aay Writ' PtlmarUy or secondarily liable os aay d the liabilities. Upon noa•payment wMa due. (whether by dsduatba a olherwiwr of any amount payable oa any d the liabihties. or upon the happening of any coral d default u defined is any awe •ridenciag aay d We liabilities a is any Daher sgresment or utstnrmeet securing or olherwW n- latinq b aay d the IiabUitiee. or upon the oecurnnce d any .rear giving Dank asy right to declare aay d the liablUries des sad payable. the ~ bank W .ball haw sad may exercw without demand aay sad all the rights and remedies graaad ro a secured parry opal delauh under IAe Ual- loan Commercial Code or otherwise available ro Du?k. iscludu?q those available under any d the IiabUitN~ and under aay promWOSy sore or agrMmeOt of other wrinea instrument erideaciaq or securing or otberwiw n4tlsq b aay d the Itabilities or aay eeeurYy therefor: sad (W teat'. without demand or notice d any kind. appropriate and apply bwsM payment d such d the IIablUtiee, and la such order d eppBuNat. a• Hank may from time to time sled. any balances. crediu. deposit. accouab. items. or meat's d the uaderaigaed. or aay d them. U aay aaM- tication d iateaded dupositioa d any of Ute Cdlateral or d aay other intended actbs ie nquked by law. each aotifwtios shall be deemed reasonably sad properly given U mailed at least hre days before such dtspositba or other fatended action. postage prepaid, addressed b die under- siga•d for U nave than oa•. ro such of the rrndenlgaed u Dank dull haw kuowiedge has as ownership inarest in such Col4tuaU, either at the addrees d each undersigned shown hereon. or at aay whet address d soda usde»igned appearing oo the noorda d the Doak. Any pro- coeds d aay dispositiat d aay d the Collateral may be applNd by Dank to the payment of espeases is ooanadioa with the CoWleral. isdudisq r•asosable attorneys lees sad legal expenses. sad any balance of stash proceeds may be sppUed by Dank toward the payment d soda of the 1tabUitles. and io such order d application, es 1be Doak may from tlta• to time elect. AU rights sell remedies d the Dank espressd betels w tr+ additlon a all other righu and nmedi~e pwse.eed by il. iscl•~diaq (bate under any oUur agreetaeat or iaetrumeat n4tlaq b any of tM HaWI- It1es or aay security theralor. No waiver by Dent d aay of Ib right tY remedies or d any defauh shall operate u a waiver d any other right oe remedy a d any other default or d the same right or remedy or d the same de4uh oa s future oecasiaa. No delay or omission m the part d Bank to •:ercieinq any right or remedy shall operate as s waiter tb•red. sad ao aiegle or partial eserciae by Dank d any right a remedy shall preclude aay other a further exercise IMred or lire •=ereW d aay caber right ar remedy. No aetlos of Dank permitted hereunder or wader any agreement a fastrumint rekgsq b aay d the UaMUtier a any security therefor shall impair a offset the tfghb d Doak >A and b the CoUabnl. - The sioquler when used Mein shall include the plural and tba neuter shaD lndtsde mascvUae sad Mminiae. p score than one party shall esecvte this sgnemeat, the term "undenlgaed" shall mass all partMs aigtakq ~M agnemest sad eatdt d them. lolntly and aevecsUy. Thfs agreement shall b• balding apes the bNn, eseeutan, adalaistrabn and aadgna d each d the usderslgaed. Tbfa agreett?eat has i»w deLvettsd b the State d Florida sad attaU be eoostrued b scooedaaoe wttb tM laws d 1°loefda. IN WRNESS WHFAEOF. this agreemest boa bees duly e:ectrNd as d tM da feu 8r~f ttfass~ written. ~ ~ ADDRESS 105 Castleview Drive ~ t ~ -~-~~--•-~'~~L~~(SEALI Jon errolr ADDRESS North Fort Myers, FL 33903 l (SEAL( STATE OF Florida COUNTY OF S'te Lucie The loregomg msuument was acknowledged before rrte thisL~day of C~""" c-' 19 ~G~ r,Y John R. Perroni ~:v 0~1 , l~ ~ NOTARY ? t ' R,^,GER P01 a Fir ~ ~ ~ Q~ ~ W ~i " g~3~ PSGE r ;h''? ~ S' rB5 S58 5!7J