HomeMy WebLinkAbout0923 SECURITY AGREEMENT
THIS•SECURITY AGREEMENT made and entered into thia
day of September, 1982, by and between JAMES SHUFORD and ARLENE
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SHUFORD, his wife, BOWEN BROTHERS, INC., a Florida corporation,
and DAVID S. ALBERTSON, hereinafter collectively called SECURED
PARTY, and PAUL H. FREEMAN, a$ Trustee, hereinafter referred to
as DEBTOR.
On the terms ana conditions stated in this agreement, ~
DEBTOR hereby grants to SECURED PARTY a security intereat in ~
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all crops o~ every nature, name and description that DESTOR :
shall sow, grow, plant, cultivate or harvest durinq the year
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1982 and the fifteen (15) succeeding years thereafter, as well ;
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as the proceeds thereof, including, but not by way of exclusion ;
~ or limitation any crops of citrus fruit on the real estate in
the County of St. Lucie, State of Florida, more particularly ~
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described on Schedule "A" attached hereto and made a part hereof ~
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by reference, which real estate is owned of record by DEBTOR.
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In con$ideration of the sum of TEN DOLLARS ($10.80) and . ;
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the other mutual covenants and conditions herein contained, the ~
parties hereto agree as follows: ~
, 1. The DEBTOR is PAUL N. FREEMAN, As Truatee, whose ~
• mailing addresa is c/o Mora & Freeman,2050 Coray Way, Miami,
FL 33145. ~
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2. The obligati~ons of DEBTOR secured by this Aqreement are
as follows:
A. Payment in full of those two certain promisaory "
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notes given by DEBTOR to SECURED PARTY described as followss j
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(1) That certain promissory note dated Septem- ;
- ber _~.-r~` 1982, given by Paul H. Freeman, As
Trustee, to James Shuford and Arlene Shuforc~,
his wife, as to an undivided 60~ interestj
Bowen Brothers, Inc., a Florida corporation,
aa to an undivided 20~ interestf and, David
S. Albextson, a8 to an undivided 20$ interesti
the same havinq an original principal bal-
ance ~of $300,00O.OOs and ~
2) That eztain promissory note dated September
~ s, 1982, qiven by Paul H. Freeman, As
, Trustee, to James Shuford~an8 Arlene Shuford,
his wife, as to an undivided 60$ interestf
. Bowen Brothera, Inc., a Florida corpordtion,
~ as to an undivided 20~ intereatf and David
S. Albertson, as ta an undivided 20$ intereat,
the eame having an original principal balance
of $1,430,150,00.
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EXHIBIT "C" ~ ~
- g~oK 57Q~ PACE 917
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