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Home My WebLink About0122~^~ iL I 521065 I SECURITV AGREEMENT ICNATTEL -+10f~TGAGEI UNIFORM C01.tMERC1AL COOE IIND. OR CORi~.I ~4EC1~1't~~ ~~XEEritEri~ (CNATI~L MOR7ICAGE) ` (~ht$ ~greeittent~ made the 18th day of [r;arch under che laas of the scace of Florida ~~eftv¢Ctt Willi^ & Ethel Wright ~ whose business address is (if none. write "none") none RAMCO FORM 62 19 ~1 herein called che Deboor and ahose residence address is ~10~L Ave . 0 ~''Oi't Pieree ~~''L 33~+50 aad Lon F. Parsons herein cailed the Secured Party whose address is ~Q2 Atlantic Ave . ~'ort Pierce ~~'L 33450 ~It1lCSSk`f~l: To secure the payment of an indebted~ess in the amount of =2O ~ OOO . ~~ with inte~rst, payable as follows: 35 monthly payments of :~300.00 each. and a balloon payment of 16~654.?1~ the good~ & inventory as per attached sheet are hereby pledged as security. as evidenced by a note ot notes of even daee herewith, and also to secure any other iexlebtedness or liability of the Debtor to the Secured Party dirert or indicect. absolute or contingent~ due ot to become due, now e:isting or hereafter arising, includin~ all ~future advances or loans which may be made at the option of the Secured Party~ (all hereinaftet called the "obligauons ) Debtor heteby grants and con~eys to the Secured Party a security intetest itr. and moctgages to the Secured Patty, ~ (a) the property described in che schedple herein (hrreinafter called the collateral). w~hich collatecal che Debtor tepresents w~ll be used primarily 121 Z)US1Yle58 OT' other US@ ~ for personal~ family or household putposes ~ in farming operations ~ in busioess or other use (b) all prop eny. goods a~d chattels of th~ same classes as those stheduled, acquired by the Debtor subsequent to the e:ecution of chis agre~ment and prior to its tetminacion (c) all Qtoceeds iheteof, if any, (d) all increases~ substitutions~ teplacements. additions and accessions thereto. DF.BTC~R WARRANTS, COVENAN`IS AND AGREES AS F1~LLOWS: To pay and perform all of the obligations secuced by this agrecment according to their terms. To defend the eitle to the collateral against all persons and against alt claims and demands. ahatsoever. which collatersl, e:cept for the securicy interest granted hereby. is lawEully ow-ned by the Debtor and is now free and clear of any and ail liens, securicy incerests. claims~ charges~ eocumbrances, ~a:es and ass~ssments ezcept as may be set forth in the schedule. On demand of the secuced party to do the following: furnish further assurance of title. e:ecute any wtitten agteement or do any othet acts necessary to ef(ectuate the putposes and provisions of this agteement, e:ecute any instrument or state- ment required by law or otherwise in order to pecfect. continue or tetminate the sec~rity interest of the Secured Patty io the collateral and pay a11 costs of filing in connection therewith. To retain possession of the collateral during the existence of this aarecment and not to sell. e:change. assign. loan. deliver. lease. mortgage or othecwise dispose of same wichouc the writeen consene of che Secured Party. To {ceep the collateral at the location speciEied in the schedule and not to remove same (e:cept ~n the usual ccutse of business fot tempo~ary periods) without the prior written consent of the Secured Party. To {ceep the collatetal tcee and clear of all liens, chacges, encumbcances. tazes and assessments. To pay. when due. ail tazes, assesaments and license fees relating to the collateral. To keep the collateral. at Debcot's own cost and espense. in good repair and conditioa and available for i:spection by the Secured PaRy at all teasonable times. To lceep the collateral fully insured against loss by fire, theft aad other casualties~ Debcot shall 6ive immedia~e written nocice to the Secuted Pany and to insurocs of toss or damage co the collateral aad shall pmmptly file proofs of -oss Qith insurors. TNE PART7FS FURTtIER AGRF.E Vt'aicec of ot acquiescence in any default by the Debtor.or failure of the Secured Party to insist upon strict pecformance by the Debtor of any warranties ot agceements in t6is secutity agteemrnt. shall ~ot const~tute a wuver of any subsequmt or other d~fault or failure. Notices to either party shali be in writing and shalf be deliveted pecsonally or by mail addressed to the party at the addcess hetein set f~cth or othe wise designated in wtiting. ~e U~ifo~m Commercial C~e shall govern ch~ cignts, duties and remedies of the p'r.ies and any provisions herein de- clared invalid undet any law shall not invalidate any other provision or this agceement. The folb~vin~ shall constitute a default by Debtor: Failure to pay the principal or any inscalimenc ot ~rincipal ot of incecest on the indebtedness or any notes ~vhrn due. Failute by Debtor to comply with or perform any prorlsion of this agreement. Ealse or mialeading reptesentatioos or wrat- tanties made or giveo by Debtor in con~ection with chis agteement. Subjection of the collateral to levy of e:ecution or other iudicial process. Commeocemrnt of any insolvency proceeding by or against the Debcor. Death of the Debtor. Any ce- duccion in thevalue of the collateralot any act of theDebtor which impetils the prospectof full performance or satisfaction of the Debtor's obligacions hecein. Upon any default of tbe Debtor and at the option of the Secuced Party. t6e obligaticas secuted by this agreement shall immediately become due and payabte in fuU wichout nocice or demand and che Secueed Party shall have all che rights, rem- edies and pti~ileae~ wit6 cespect co repossession, retention and sale of the coltateral and disposition of the proceeds as are accorded by the applicable sections of the Uni(orm Commercial Code respeceing "Default" Upon any default and upon demand. Debcor aha11 assemble tht collaceral and make it svailable to the Secuced Party +~t the place and at the time designated in the demand. lJpon any default~ the Secured Patty's teawnablt attotneys' fees and the legal and other e=pcnses fot putsuiag~ searchi~g foc, teceiviag~ talcing, keepina. scoring~ advectisina, and seiling the collateral shall be chargeabte to c6e Debtor. The Debtor shall cemain liable for aay deficieocy resulting fmm a sale of the collateral and shall pay any auc6 de- ficieocy forthwith oa demand. IE the Debtor shail defaulc in ~he perfocmaace of any of the provisions o( this asreement on the Debtor's parc to beper- fotmed. Secured Paay may peifortn saa-e for che Debtor's accou~t and any monies ezpended ia so doing shall bechatgesble with interesc to the Debtor and added to the i~debtednesa secured hereby. The Secured Party is hereby authorized to file a Financing Statement. ~y ;~~:~ 3 ~~~~.~ ~.~'i