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~ St:CUKI'1'Y At~ltl:t:`t[:N1'
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I~c)l: ~:.t : i l`~'1:[), Ji)SF.PH I.. S~)AI~ES ~~ncl I)E~1NNA B. SOARES, his wife, pcbCor (~znd if more
s ,.,.~n unc~, : t i~~•m ,jointly .?n~l sc~~er.illy) ao~~s hereby p,rant to .JA,`1H:S C. S?tITN and
; t~,1ULINF. E, ;i;, hi<; wi fc~, Secur~~l P:~rty, a securlty in~erest in the folluwing collateral:
s ~-~11 equipm.~nt of ~i~.it ecrtain business knr~wn as "AcCion Septic Tank b Sewer C1eAning Service,'~
~ ['urt Piercc~, E'l~r iJa, mor~ f~:irtlcul.ii-ly ~i~~~~~ it~~~ oii the Schedule of Property atCactted liereto,
; which is deposite~l cc~ncemporaneously with the execution hereof with Debtor who 1~;rees to holci
° it in accordatlce a•ith the terms a~ld ~~ur~~oses c~f this t1~;CE'CTi1Cfl[; and D~btor doe:~ turthc~r
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assi~n, trai~sfer ;~nc1 sc~t over unta Sc~cur~•~l P.~r[y all additions, substitutions and repl:i, ~
ments therc~fior f rom t ime to t im~~ a~lciecl h~~ exh i bi ts ex~cuteci and deliverecl by llebtor to ~ ~
Yarty, all hereinaft~~r called the roll,iti~ral.
~ This scrcurity interest .-~nd assi~;nmc~nt i; :;iv~~r. : -..:-~irity fc~r [I~e ~ayment of. tho~ ~
3 certairi promissory nutccs dcitc~~l the _.~if _~i.;. . 1~;;1 , ana ~;ivc~n by Debtor ~[o S~~~~~::
~ Party in the amou~its of $11 357. t8 .-~n~l ~-'+:',':;_.:i, t~u, •.c i•~~~ly, ~,ayable as thcrein p?-t .
i together wir_h interc~st ~t thc~ rate uf 1~T, .~:,nutu ri~::' _-,,r th~ p.iyment of any ~-~nd all ~~t .
? indebtedness and liahilities whatsoc~v~~r ,;~r t,, -.-,:r~~ci P:irty, 1'his Agreement secur~ -
; [he pal•ment of ttie ?~otes wliether [I~e ~~;h«1~~ :~:.:,,;:n~ ti:i~, : ~ ~ .i~l:~ancecl [o Debtor at ttte date
~ this A~;rc~em~.~n[~ or at .i latcrr d:~te. '1'hiti ,1F;r,~, ;r~~•nt pr~~~m,•nt of any o[her amount ur
~ amounts that m,i~• be addc~l [o the obli~;riti~>>~ .i;i,l i!r,l~' ~~.i:~~.-:;~: under the terms of thi~ Agree-
' ment a[1C~ ](lY .11t~:)llili (~C fl(~lOUt1Cti t~UC OC tu G~~•~'~!~tti• ~~il~-• t~': t'~ .;~:U!] Uf 811}' C'Xt(.'[1S1011 Or renewal O~
~ the not~s. This f~c;r~~i+m~~nt sc,curc~s .~11 fuei:~ :~~1~~~,~si,~~ :;:.~.i~~ hy S~cured Party to Debtor (or
any of them if m<_~rc- clian c~n~~) aiid <i:~y an~i ;i:i ~~~,i~r ]_iabilities and obligations
~ (i~rimary, sc~coi~d:iry, ~irc~cc, c~unlin~~ent, 5~~i~ , j~~iut .,~~v~rr~~l) i~uw due or owing or to
b~~come diie or c,k•ir~~r, ur tii.~t niay be ~•o~ttr.ic•t t~,1 c~r acy~i i r, ci, of Debtor (ar any of them, if more
= than one) t« ;~ecurc•~I Part E~ruvicl~~~i, he~ti;~v.•r, th~~t t it~~ iutur~~ a~lvanees be made within 20
~ years fr~~m tne dat~ ~~f this ~1gre~ti~ent, .~n~f that the t~~~.il~ unp~~id balance secured by this
~1~reement ac a:1y unc~ C ime si~all not exceed S1 S6, 357. 18 plus interest thereon at the rate then .
~ agreed upon, ~~ur5uant to F. 697. 04. \otlzin~; conta inc~cl in ttii s Agreement shall be deemed azi
~ obligztion .~n the ~~~irk of S~~cured Part~• to make any future advances, .
i:ach of t~.; st~verally uaives presentment, demand for pa}~nei~t, protest, natice of pratest
~ an~ n«tice of dishonor; consents that th~~ notes ai~d ablig:1C10[1S secured, or any part thereof
? :n:iti~ Lrom time to time, be extended c,r r~newed ~,~ithc~ut no[ice for any peric~d (whether or not
~ lotlger than the ori~inal ti~eriod af the c~otes or obligatio~s); agrees ttiat the exchange,
~ release, surrencler ur sale of all or. ciny real or person~zl pr~perty or collateral that may be
~ given as sec;irity i~ereunder tiiiall not rc,lcase or diseharge~ any p~lrty obligated hereunder;
s agrees th<it the rel easc~ of any party t i.-~ble U(10I1 or iii respect oC the notes and other obliga-
' tions secured s}tal] t~o[ rc~lease ~n}~ oti~~•r sueh party; and hereb}~ agrees to pay, in the event
_ of a defac~lt, all costs, ex~~nses an1 r~asonable attorneys' fces incurred in the exercise by
t Secured P~irty of its rigJ~ts as secu.-eci E~arty u}~on d~fault by ~Jebtor, including those costs,
~ expen5es and r~asonahl~ r3ttornc>ys' fe~~s isicurr~~d in ap{~ell~-~t.e proceedin~s; provided, however,
{ that .iny limitatiun ~~n a[tarneys' fces i~ont~~fn~d i~i ttie note secured shall be appiic~ble to
= and limit-fe~:; recov~rablc~ undc~r thi~ p~irrigra~~h.
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~ Secured Party_ shall have the ri~;ht iii i[s own name or in the name af Debt~r to ~3SK~
z demand, colle~t, receive, receipt for, ~ue for,.compuiinci and give acquittance for, an~• and
' all amounts due or to beeome d~icr on thL~ cullate~ral ane] to endc~rse the name oE Debtor on all
£ commercial paper hiven in paymez~t or p,irt E~ayment thereof and in its discretion to file an~
claim <~r [~ke any c~ther action .>r pr~~.~tedit~b thst SECUred Party may deem necessary or appro-
priate to protect .~nd ~~reserve ~ind re~liz~ upon ttie security interest of Secured Party in 4t~~
collateral.
; No ~aiver b~ 5ec:ured }'arty of any defaul[ shall operate as a waiver of any other. default
, or of the s:imc~ def.~ult on a future occasion. No del~~?y vr omission on the ~Sart of Secured
Party in c~xvrcisin~ ,iny right or rcrr;ie~y shall opera[e as a waiver thereof and no single or
_ partial-e:--<~r~:::,c~ Sc~c.urc~d Yarty of any ri~ht or remed}~ shall preelude any other ~r further
exercise ti:. ,~i~c exe.rcise of any other right or remedy. Time is of the essence of
C~11S i~~;rt•::I7~ . i~F i~ ~~1"~~V 1S10I1S Of' C~11 ; Agreement i1Ce C~l[llUL.~t LVe and in F3(~Cj1ClOI1 t0 ttle
~~rc~visic~r~~, . i.ii.i i i[~; on an}• note ~r qther writing eviden~in~; any liability secured by
thi>; ~1grc•~•::; :.r r:~: ise. Sc~c~~red P:irty shall have .~11 oi the benefits, rights and
- r~~:,ic>dies ~~f ~,::c!~r ;in:: liability and any note or other writing evidencing any liability ~
E_ s~rcured i~~~r~_ i:: :~::c1 i t icin to a i 1 o[her r ights ~ranted hereunder, Secured Party shall have
~ ,t;l of the r:;.i.:_5 :;r.~„t~~d a secured party u:~der the. l;niform Commercial Code. •
; All ~~i ti::~ _._~rr~ti u~ed in tfiis ~1f;re~~~~nt thlt are def;ned in the Uniform Commercial Code
~ cf :lorida i,a:•~~, ~•::c:~~~t khere the cont~xt i~id.ic.~tes c,therwise, the same meaning here as in
tt?e Code. Ti~is .lgreement and thc ubligations hereunder, i~icluding_matters of construction,
~~r~lidity a~~d perf~rmancc~, sh~ill be };~~verne~i tty th~~ lati:ti of Florid~}, t,'herever used herein t~~e
singular SI1~311 includc: the plural, and plural the sin~;ular; •and [he use of any gender sha.ll .
4 ; include all gend =rs.
Uated at t~.t'J_~iCiiL'1 f-- ` loi-:cl:~, ~';is S~day of July, 1981. ~
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Counter-Plaintiffs' Exhibit ~ BQOK~ l6 PAGE i~~?~