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. SECURITY AGH~EMENT (~F INTAiVGiBLE COLLATERAL
In oonsidas~tion of the agrament of The Fedocal Land Bank of Columbia, hereinafter called the Secured Pazt~, to lend
;o Jim Russakist 11so ktZVwt1 ~s Jim G. ~ssakis ,hereinafter
called the Debtor (whether one or more),~Hur~dred Nitie-Zl~usand no~l00po~lars (S lU9____r_____.OQ0.00
(for which the Debtor has executed a ~ote of this date), and to secure the repayment of such lo?n~ and of all additional loans
and advances that may be made uy the Secuced Party to the Qebtor, in the sole discretion of the Secured Party, and all ~
renewals and extensions thtreof~ and ~all other indebtedr.ess of D~btor to Secured Party, now due or to become due or
her~afttr to be contracted, with all interest, oosts and attorney's fees, the total amount of indebtedness tliat r~tiay be . ~
outstandin$ at any one time shall not exceed 4~e-H~r~._.]3~.ri~~_~ and mf~Q(Z
Dollars (S 109, 000, ~0 ) plus interest, costs and attorney's Cees the Undersigned (whether one or more and ; E
whether the sanx puty as ihe Debtor or an additional party) hereby sells and conveys unto the Secured Party, its successors - ~
end assigns, pursuant to this State's Uniform Commercial Code - ~ccured Transactions Act - tit~e to and a se~urity interest
~ in the following described property: - (
Purchase troney m~rtga~e ~ec.~uring praiti.ssaxy n~ote, which mr~rtgage note is dated
D~ce~ber 20, 197~, in the origianl stan oiE $23,000.00, executed by Herbert Puli,tzer, ;
. Jr., to and in favor of Jim Russakis, said mortgage re~orded in o. R. Book 234,
pa.ges 2347 thro~h 2349, of the public reo~rds of St. Lucie County, Florida, and ~
the pledge of origitlal promissory not+e (mortgage nc~te) frcm Debtor• t~ Secvred Party.
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for which substitution of othei Collateral of equal value may be made from time to time v~ic!: !!ie :~~nsent and approval of
Secured Party, its successors and assigns. _
~ Also all Capital Stock, andJor Participation Certificates now owned or that may hereafter be owned by the Undersigned ~
in Secured Farty. ' _
_ _ ,
A default under this instrument or under any other instrument heretofore or hereatter executed by Debtor and/or the -
Undersigned to Secured Party, shall, at the option of the Secured Party, constitute a default under any one or more of all ;
instruments executed by Debtor and/or the Undersigned to Secured Party. . .
_ "Ihe Undersigned assumes full responsibility for the preservation of the above described Collateral, including any steps
necessary to preserve any right of Debtor, the Undersigned, or Secured Party in it against prior parties. Secured Party shall t
have exercised reasonable care of the Collateral if it takes such action for that purpose as the Undersigned shal! reasonably ~
requzst in writing; but no c~mission to do any act not requested by Undersigned sh~ll be deemed a failure to exercise _
reasonable care, and no omission to comply with any request of the Undersigned sha'rl of itself be deeme~J a failure to exercise
reasanable care. _ . . ~
~ Dthtor's note(s) secured hereby are expressly made a pazt hereof. 'Ihe Undersigned will bear all reasonable expenses
and all loss occasioned by or connected with the transmission of the Collateral held hcreunder to and from Secured Party or
any endorsee or assignee of said note(s). The Undersigned further agrees tha4 upon transfer of said note(s) the Secured Party, ~
~ its succESSOrs or assigns, may deliver the Collateral held hereunder, or any Fart thereof or interest therein, to the transferee,
who shall thereupon become r•ested with all the powers and rights hereby given ~n respect to such Collateral. - ~
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In the event of the Undersigned's an~;or the Debtor's default hereunder or in the note(s) secured hereby, Secured ~
Party, its successors and assigns~ shall have all the rights and remedies provided in Part S of Ar2icie 9, of the Uniform
Commercial Code~ as amended, or as hereafter may be amendcd. The proceeds of th~ d'uposition of the CoUateral held
hereunder shall fust be applied to the expenses permitted by said Code and the reasonable attorney's fees and legal expenses
~ incurred by the Secured Party, and the balance of such proceeds shall be applied as ~rovided by s~id CQ~e. _
In the event _of any default under this instrument ar any oth~r instrument heretofore or heceafte* executed by Debtor
to Secured Parry, Secured Party ma~ retire all st~ek, and/o: Participation CertiFcates then owned by Debtor in Secured
Party, and Secured Party may, pursuant to th° bviaws of Secure~ Party; apgly ihP groc?Pds f~~*n ~~~h ;Pt:d~mpnf
indebtedness of Debtor to Secured Party. -
The powers conferred herein ate wupl~d with a:~ interest, and shall remain in iull fo;ce and effec: and be irrevocable by
the Undersigned, the death of the Undersigned, or the executor, administrator or assigns of the Undersigned, or any one of
- them, unfil the indebtedness to Secured Party, its successors and ass`gns, secured hereby, shall ~'e discharged and paic~ in full.
ExecutEd, sealed and de:ivered~ ihis~ day of s , ~
~ . Executed, Sealed and Delivered ~ ~ ` (SEAL)
f in the Presence of: _ ~ -
I ~ (SEAL) -
f- l ~
~ ? (SEAL)
` ~ • -f~ ~ ~i~l~t-r-~-z/ - - - SEAL
Form F l3 (Nov. 19 O R ( ) ~
~ BQOK 2~~ PAC ~
F . E 954 -