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ECI.II i~Ct ~fl ~'EPtT~~tt~ - ~
a~1~~i0 ~ ~ C' A ti
(CH~TT~L 11~IOR'lCACE) ~ i
~~I5 C~L~~pPlltktTt~ maJe che 18th day oE . J~e • 19 75 ~ I
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u~:d~~ the law~ of che state oE F].orida, ;
t'~EUe~tt ARNOI.J) BASL~O'4r' and ~LF H. f~1TS(~~I,, eadi Individually and as partners of ~ '
`Baslow and Hentschel, joined ~ay their res}~aective wives, L~L1R~1 BASTAW and «1LTRr\tII' ~
HEV'ISCE-~I,; and EVAN BASLdW, single, Yndividually and as partner of Baslow and ~
Hentsahel, and BASLCxV~-f~NTSC~iEL rD7I~OR5, . IlVC. , a Florida corpora~, herei.n called x
the Debtor, whose business ad3ress is 421 North 4th Stxeet, Ft. Pieroe, Florida 33450,~ ~
and COMt~RCI??L Bt1NK OF VERO BEACH, hecein called che Srn:c~d ?~,:j ~ ~
whost ad~rtss is P. O. Box 2767, Vero Beach, Florida 32960,
~IiriY55~'tEl: ~
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. To seeure che payment oi ~a i:de~cedaess in the amouut of S 20O ~ OOO . - ~ith iatttest, payable aa :o~io~a:
Payable at the rate of $1,911.31~per month, including principal a:~d ~
accrued interest, co.~mencing on the 18th day of July, 1975, and ~
continuing on the 18t~ day af each and every month thereafter for a
.period of £ifty-nine (59) months, with the entire balance due hereunder,
including principal in the amount of $158,387.51, together with
accrued interest, becoming due and payable on-t~ie sixtieth (60th)
month. All payments shall apply first to accrued iz~terest and then.to
reduction of principal. Right to prepay without penalty is hereby
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a; rrideeced by a noce or aotes oE aven date~6sreMith, artd also to secute any otber indebcedness oc liaoility o[ ci?a Deocot
co ~he Srcued Pacty di:ect ot iaditect~ absoluce or concingent, due or to become dua, now existin~ o~ hereaEter a:isi~~.
in=luding~ail Eutu:e a.lvance3 or loans which may be ma~le at che option of ~he Secured Parcy~ (all heceinaEcer ca;lcu ;ac
"obli~auona'.') Dt6ro~ hereby atants and conveys t~ the Secuced Pacty a secucity incetest in, anu moct3agrs ~o eh: Sccs:rd ~
Pam/ . - -
(n) t6e peupe~ty _ described in ~he. schedule hetein (heteinaEcer called che collatecal), ~rhich coii~~e:~l chr Drbmc 3
cepcesents atll be use~! pcimarily _ ~ ~ ~
~ fot pet~onal~ fa+nily or householJ purposes ~ in fa:miog opcrations in husiness or a~!~t: usc F
(b) all geupe~rcy, goods artd chatcels oE ~he same classes as tt~ose snc~duled, acquircd by the Debtor sub~cquent co thc ~
' execut'so~ of chis agreemmt and prioc to its tecmin~tion
' (c~ all ~coceeds che;oof, if any, '
(d) all taccaases~ subsii~uuons, replacements. additions and accesaions thereco.
DEBTOR WAI~Z.R.ri1YTS, COV~tVANTS AND AGRE~ t~S FOLLOLYS:
To par and peeform all of cbe obligation~ secured by this agreee~en~ accocding co cheir cerms.
To defend che cicle to the collateral against all pecsons and agains~ all claims and demands, ~hacsoev:r.which ~
collace:al, excepc for che secuti[y incecesc gcanced hereby, is lawfv(ly owncd by che De6toc and ia now Ecer and c[~: of
any aed all tiene, secucity in~ecesc~~ claims~ ehacges, encumb~nces. tazes and s~sessmen~s excepc ?a m~y oe set ~ar:h ~
ia the scbedule. . ~ . -
Oa demand of the ~ecuced picty ~o do ~he folloaing: fumish fuccbe~ assurance of title~ ezecute anv wci;ten agcrcmrnc ot ~ s
do any ochet aets necessacy to eEEretuate ~he purposes and peovisions of this agceement, e:ecuce any iaac:umrn; oc s;ate• ~
~ arens cequited by la~r oc o~hecwise io o~dec to pecfect, continue oc ~eemina[e che security inteceec of tnr Secu:ed Ptr.y in }
. coltacerai aad par ail coat~ of filiag ia connecuon cherewic:~. _ ~
To retain possession oE the collace:al duriag the exiscence of this agceemenc and no~ to sell, exehzngt, as~igw, loan.
. del;+e~~ lease, moctgage or otnecMise dispose oE same without ci~e wtitten conseac of the SecurrJ Pact~r.
. To keep t~e eollacecal at the location speciEied in che schedule and not to remu?e same (eacept tn che~usual cou:se oi =
busiaeya fot c~mpotacy petioda) wic~aouc the pnor wri~tea con~eot of the Sec~red Pscty.
To ke-p the collaceral E:ea and c~.a; of all liens~ charaes. eacumbcances~ cazes and assessments. -
' To pay, when due, all taxes, a~sessments aod license fees celacieg co che collace~al. ~ _ . _ a
T~ keep the colta~etal, a~ De~:or's o~n cost and expenee, ia good repaic and condi~ion and available ior ittsq-ec:;oz 'sy ~ - i
che Secuced Paay ac all reasona~!e ci: tes. ~ ' t ~
To fceep che coUate~1 iult~ nasu:a! againsc loss by Fic-, chef~ and ochet casual:ies~ Deb.~r syali ~i•~- i,:~-_:a:- ti
wtitcen no~ice [o t}'e Secu~cd Pa::~ and ;o iasu~cs oE loss oc damage co the collasersl and shall pc?mp~Iy f~(c g.ra~s ~t i;,3s i
wich insu:ors. ~
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~ _ THE PART7ES FCTI~2TH~R AGREE . -
E Waivet of or acquie~cence in any defaul: oy the Debtoc,or iailuce oE che Srcuced Pa:cy to insisc upon sccic: : e;?o;-:a-~r- `
f by che Debtor oE aay aasranties o: aatetncnts ~:t tais secu~ity agceenent, shall not consa;ute s aai~tr ut a::. sL~3-^~: ~
F or o~her def~ulc or faiiuce. -
j `otices to -ei:hat pacr/ shall be in aricin3 and shalt be delivered per3onal(y or by r.nail a.l3:rsscd ro ;ie ri::; i: :i: !
• ad~+ress her~ia se~ Eo:c:, oc o~hecwise des~a~3;-d i~ wti:ing. - . ~ ~
~ Tor Unifocm Com:nertiat Code shall gov:r:~ cn: rights. ducies and remedies of :he pacci_s ~ad any pcov:s'sor.z ~~ra:~
I elared invalid u~ue: any lax shall not invalida;e any o~her p;ovisio~ ot chi~ agreemenc. _ ~
The Eolloain3 siail consti;ute a deEsulc b~ Deb:oc: ~
Faiture o pay t4- ptincipal ar any i~s~all~enc oE p:incipal o: of intaces:_on cne ir.debcedness o: any noce. «he:: ~•ss.
Fai:ire by Qebcar;o comply with or pecfo^n any p:o:•:s~on of chis agcee~en:. Ea!se o: r.~isleadinK rep:G~CQ'A::il.^.3 0- ti~:-
rancies na~e or 3i•re~ by Debcor ,in eonneeSion ~r'se; t?:is aKreem~~c. S•.Sj-::io~ o: t4e callatecal co lery o: rxe.a::~.- ~
o~!~:: ju~ieial p~ocess. Commencement of any in-,ols~r.~y ?:ocredii~ ~y i: azit^s; t; e ve~ca:. Da~c~ of che ~ ~
cl~c:::.n in :he ~-alvr oE the eollatetalor any acc oE c4eGeb-o: Rhich i^~s:i:~ ::?r. r:~s~ac: of E~ll Qerfocma~:= »c:~ti:;:on
of tir Deb;ot's ob~:2ations herein. - (
- Lpo n .'.e:iul: of the Oebtoc a~~1 at the option o; :-c•_:e~ t~±:_:, o~~:t~:ions stc~i.ed by this aK:ersrn: si~lt
inm~iate'sy becore- due and payable,io full withouc r.o:ice _~~a:~ ~rcl:r:i E'.~:ey s;~~ll h~ve :~li t~r :i{;s~s, ce:n-
edie~ anel pcivi:et<s ~ith cespecc to reposses~ion, tc:e^:::^ ;~!e oi :ie cotiit_:~l .i~.! di+position of :h_ procr~.l~ ~
- a:- accocc3ed b~ :ie lpplicable section4 oF [he Cnifo:r.+ C~.~..~cr::=! ~.~:e :es; -c:i~; "D: ;iulc". ~
(:pon any drE~uic .~nd upon demand, UeScot sha{1 assr.-i:- :ie :o::a:e:a! an~ na',ce i: ~•rai!~ble co the j-cu:K1 P.t-y ac
the ~ta.e atxl ai the ci:ne desixnated in the drmand. . - . - ~
_ U;on any •leiault. th-_ Secuttd P.1:*_y's te~sunaSle :_-r-a; s' Feas and t~- Ir,~l and otnet ex~~nsts f~r pu:su;n{, ~
«~:cain;~ fo:, rec-iri~g, ;aking, keepin~, s:orio;~ adve;;i.i-:. »J s-_!!ing t!~e col:~~rral ~halt h- char; raol~ c~ ;h~ ()eh'e:_
Tie Uebtor sh~li remain liaSle for any de~icirncy cesu~;:i~ fs'un ~~ale of tnr coli~te:al ~nal shatl ~+~y aoy suc:~ .!r- F
Eicie~ev fo::ixe:i on ~lenaaJ. . :
Ii s4~ Oebco: ch~it uefault in che pe::otm-~nce of aay o~ :ie oc~risions of tni. a{:r~rcne~; on che D-bco:'s p.~;; t~~ :+-per• ~
f~:^~.1, jet~~tr~ !'~r:~ eriay perEo:m sa;~- Eo: :he OeSto:'. .~cro.i: ~nd any r•~oni-~ ex~-mi~~! i~ sc~ ~_'vinK shail ~-ch~-,t-.~ble ~
with ~~t-:-;t ;o ;h~ Ueico~ rnd a.:~c~l ta tn- indebcec!nrsi <e:u:rd 'ne:rb~. U~ ~
'E Tne 3rcu:ed E'ar.y i~ heteby ~utho:ize.: t~ filr a Fin.~ncEa~ Statea~en:. $QQ~(/~~ ~~~+N~M~,rlr i
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