HomeMy WebLinkAbout0102SECURITY AGREEMENT
FOR VALUE RECEIVED, SAVAS SAVA, Debtor (and if more than one, eacti of them jointly and
~~~verally) does hereby grant to JOHNNY ROUSSIS, Secured Party, a security interest in the
iullowing collateral: See Schedule of Property attached hereto, which is deposlted con-
t~~mporaneously with the execution hereof with Debtor who agrees to hold it in accordance with
!t~r~ terms and purpose4 of this Agreement; and Debtor does further assign, transfer and set
~~~~er unto Secured Party all additions, substitutions and replacements therefor from time to
time added by exhibits executed and delivered by Aebtor to Secured Party, all hereinafter
~alled the collateral.
This security interest and ~ssignment is given as security for the payment of a certain
E~romissory note dated thz _~„3'~Kday of March, 1981, and given by Debtor to Secured Party in
ctie amount of $40,000.00, payable as therein provided together with interest at the rate of
12% per annum and for the payment of any and all other indebtedness and liabilities whatso-
~~ver of 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.
I'tiis 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
.>r to become due by reason of any extension or renewal of the note. This Agreement secures
<~11 future advances made by Secured Party to Debtor (or any of them if more than one) and any
.~nd all other debts, liabilities and obligations (primary, secondary, direct, contingent,
,ole, joint or several) now due or owing or to become due or owing or that may be contracted
~~r acquired, of Debtor (or any of them, if more than one) to Secured Party, provided, however,
chat 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 $40,000.00
E~lus interest thereon at the rate then agreed upon, pursuant to F.S. 697.04. Nothing con-
tained in this ARreement shall be deemed an obligation on the part of Secured Party to make
anv future advances.
Each of us severally waives presentment, demand for payment, protest, notice of protest
:-nd notice of dishonor; consents that the note and obligation secured, or any part thereof
r:ay from time to time, be extended or renewed without notice for any period (whether or not
l~~nger than the original period of the note or obligation); agrees that the exchange, release,
tii~rrender or sale of all or any real or personal property or collateral that may be given as
~~curity hereunder shall not release or discharge any party obligated hereunder; agrees that
ct~e release of any party liable upon or in respect of the note and other obligations secured
.tiall not release any other such party; and hereby agrees to pay, in the event of a default,
:~11 costs, expenses and reasonable attorneys' fees incurred in the exercise by Secured Party
.~f its rights as a secured party upon default by Debtor, including those costs, expenses and
r~asonable attorneys' fees incurred in appellate proceedings; provided, however, that any
limitation on attorneys' fees contained in the note secured shall be applicable to and limit
:ees recoverable under this paragraph.
Secured Party shall have the right in its own name or in the name of Debtor to ask,
~i~mand, collec[, receive, receipt for, sue for, compound and give acquittance for, any and
~~L1 amounts due or to become due on the collateral and to endorse the name af Debtor on all
:~ommercial paper given in payment or part payment thereof and in its discretion to file any
`laim or take any ather action or proceeding that Secured Part_y may deem necessary or appro-
;~riate to protect and preserve and realize upon the security interest of Secured Yarty in the
: ~~llateral.
No waiver by Secured Party of any default shall operate as a waiver of any other default
~r of the same default on a future occasion. No delay or omission on the part of Secured
;'<~rty in exercising any right or remed_y shall operate as a waiver thereof and no single or
;~artial exercise by Secured Party of any right or remedy shall preclude any other or further
~•xercise [hereof or the exercise of any other right or remedy. Time is of the essence of
tt~is Agreement. The provisions of this Agreement are cumulative and in addition to the
;~rovisions of any liability on any note or other writing evidencing any liability secured by
:~lis Agreement or otherwise. Secured Party shall have all of the benefits, rights and remedies
,~: and under any liability and any note or other writing evidencing any liability secured
«reby. In additfon to all other rights granted hereunder, Secured Party shall have all of
~h~ 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
,~? Florida have, except where the context indicates otherwise, the same meaning here as in
tE~e Code. This Agreement and the obligations hereunder, including matters of construction,
~:~ilidity and performance, shaZl be governed by the laws of ~lorida. Wherever used herein the
;ing~lar shall include the plural, and plural the singular, and the use of an_y gender shall
inc?ude all genders.
Dated at Fort Pierce, Florida, this ~ day of I~tarch, 1981.
:1I)DRESS :
~~3~ South Seventh Street
F'ort Pierce, Florida 33450
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(SEAL)
SAVAS SAVA
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