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This Instrument Was Prepared By
THUMAS K. MORRISON
Of
Caso~ snd Henderson
Atto~neys ~1 law
P. 0. Box 2150 T~mp~, iloriGa 336~1
52~U~3
SECURITY AGREEMENT
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KNVW ALL MEN BY THESE PRESENTS, that ORANGEWOOD VILLAGE,
LTD., as Owner of the ORANGEWOOD APARTMENTS in the City of
Fort Pierce, Florida, hereinafter referred to as "Debtor,"
for value received, agrees to and does hereby grant to FORT
PIERCE HOUSING DEVELOPMENT CORPORATION hereinafter referred
.to as "Secured Party", a security interest in the following
property: ~
All Furniture, furr.ishings, fixtures, equipment
and all other forms of personal property as
more particularly described in Exhibit "A" •
attached hereto and by this reference made a
part hereof, situate in or upon that certain
real property situate, lying and being in
St. Lucie County, Florida, and being more par-
ticularly described in Exhibit "B" attached
hereto and by this reference made a part -
hereof ("mortgaged premises") and which items
now are or may be hereafter in and upon such
mortgaged premises, whether the same be
attached or unattached, and whether the
same be detached or detachable, which are owned
any time by the Debt~r together with the
proceeds thereof: ,
all such property being hereinafter`-referred to as
"Collateral", as additional security to secure the payment
of principal, interest and other sums due or to become due
under that certaia note of even date from Debtor assigned to
Secured Party in the principal amount of ONE MILLION EIGHT
HUNDRED THIRTY THOUSAND DOLLARS ($1,830,000.00) and any and
all extensions, modifications or renewals of said note, all ,
oresent and future indebtedness, obligations and liabilities
contained in or referred to or which may ~hereafter arise in
connection with or as contemplated by that certain mortgage
securing said note, which mortgage encumbers the property
described in Exhibit B, and ~ther property, and any and all
modifications or extensions of said mortgage and all obligations
and liabilities of Debtor hereunder and under any other
instrument securing the payment of said note, all of which
are hereinafter referred to as the "Obligations".
Debtor does hereby covenant, warrant and agree as
follows:
l. The Collateral was and shall be acquired and is
and shall be used primarily for business use. The Col-
~~rPra~ chal~ k~e kept at and on the real propertv described
in Exhibit B, upon which property is constructed certain
appurtenant improvements.
2. To pay and perform, all and singular, the Ob-
iigations, including but not lim~ted to the payment of sums
of principal and interest and other sums payable by virtue
of the above described note and said mortgage promptly when
due, to perform all of Debtor's agreements in said morgage
anu herein and to pay all taxes and assessments levied or
assessed against the Collateral, against this Security
Agreement and against the Obligations secured hereby,
whether such taxes and assessments be against the Collateral,
the Obligations, the Debtor, the Secured Party or another.
All such taxes and assessments shall be paid by Debtor
before they become delinquent, and before the date they
would have become delinquent or within ten days after
payment of same, whichever shall be sooner, Debtor shall
deliver to Secured Party official receipts, or copies
thereof, showing payment. -
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