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CROSS-DEFAULT AGREEMENT F?"r"k' ;y~gy~'-ppp,~
This Cross-Default Agreement is made December Z , 1989, by and
between INDIAN RIVER HOMEBUILDERS, INC., a Florida corporation, herein
referred ko as Mortgagor, and BARNETT BANK OF ST. LUCIE 00[JN'I'Y, a Florida
banking association herein referXed to as Mortgagee.
RDCITALS
A. Mortgagee has loaned to Mortgagor the sum of ONE HUNDRED THIRTY
EIGHT THOUSAND AND 00/100 DOLLARS ($138,000.00), which is represenked by a
certain Note of even date herewith (the •Note," which term includes any
modification, renewal, exte:~sion or alteration thereof), the payment of which
has been secured by the following security instruments of like date herewith:
(1) Note;
(2) Security Agreement (Dquipment, Consumer Goods, Fixtures,
Inventory, Accounts Receivable, General Intangibles and Chattel Paper);
(4) Assignment of Lease and Option for Security; and
(5) Line of Credit Loan Agreement.
The foregoing instruments are herein referred to as the Loan Documents,,which
term includes any modification, renewal, extension or alteration thereof.
B. The parties wish to provide that a default under the Note or any of
the Loan Documents shall constitute a default under the Noke and all of the
Loan Documents.
THEREFORE, IN CONSIDERATION OF the mutual undertakings set forth in the Note
and the Loan Doc-uments, the parties agree as follows:
1. If any event or occurrence or any other default shall occur which
' would entitle Mortgagee to accelerate the payment of the principal sum and
' interest secured thereby under the Note or any of the Loan Documents, any such
event or occurrenc~ or any other default shall constitute an event of default
! under the Note and every other L,oan Document.
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i 2. Each of the Loan Documents shall be and remain separate and
~ i~dependent security for the Note, and each of the Loan Documents shall be
~ separately enforceable according to its terms. The holder of any Loan
Document may institute separate proceedings with respect to the Note and each
; Loan Docurnent simultaneously or in such,order and at such times as the holder
; may elect. The pendency of any proceeding with respect to the Note or any
; Loan Document shall not be grounds for abatement of or for hindering, delaying
~ or preventing any proceedings with respect to tne Note or any other Loan
Document. Default under the Noke and each Loan Document shall give rise to a
~ separate cause of action, and the institution of proceedings upon less than
; all of the Loan Documents shall not be conskrued as a splitting of a cause of
; action by the holder instituting such proceedings.
~ IN WITNESS WHEREOF, the parties have executed this Cross-Default
~ Agreement on the day and year first above written at Port St. Lucie, Florida.
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