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Resolution 178-1982 RESOLUTION NO.178 -1982 RESOLUTION APPROVING RENEWAL NOTE AND SECURITY AGREEMENT BY AND BETWEEN THE MARATHON BANK, THE BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTY, FLORIDA, AND THE MONROE COUNTY SHERIFF'S DEPARTMENT AND AUTHORIZING THE CHAIRMAN OF THE BOARD OF COUNTY CO}1MISSIONERS OF MONROE COUNTY, FLORIDA TO EXECUTE SAME. WHEREAS, the Board of County Commissioners of Monroe County, Florida, has previously concurred with and authorized the Sheriff of Monroe County to lease-purchase 27 automobiles, and WHEREAS, the Board of County Commissioners of Monroe County, Florida, and the Monroe County Sheriff desires to continue the financing of said automobiles through The Marathon Bank, now, there- fore, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTY, FLORIDA, as follows: 1. That the Board of County Commissioners of Monroe County, Florida, hereby approves the continued financing of 27 automobiles being purchased by the Monroe County Sheriff's Department on a 1ease- purchase basis with The Marathon Bank. 2. That the Chairman of the Board of County Commissioners of Monroe County, Florida, is hereby authorized to execute said Renewal Note and Security Agreement by and between The Marathon Bank, the Board of County Commissioners of Monroe County, Florida, and the Monroe County Sheriff's Department. Passed and adopted by the Board of County Commissioners of Monroe County, Florida, at a regular meeting of said Board held on the 28th day of June, A.D. 1982. OF COUNTY COMMISSIONERS OE COUNTY, 'FLORIDA"'~;~ ?~.' J c.. ~ ,tJ ~..~ Mayor Chairman (Seal) Attest: nALr.U. lA' '.~"~~.iTr ClER>>'.. IU1 YO .ii. ..~U"'li\ U G \; UC:kMtA,) 1\\ .p~w O.C . 0 Clerk I APPIIOWIIM 70 FORM AND.UG4t~, BY'~ . (C!(j/).< Attorn,J,Offfca 7L / df COMMERCIAL MONTHL (1.1/79) 'MENT ~THE MRRRTHDN BANK June 28. S 142,883.64 19 82 No. For value received, the undersigned (and if more than one, each of them jointly and severally), promise to pay to the order of THE MARATHON BANK (which. together with subsequent holders of this note, are referred to as "Bank") at its office at , One Hundred Forty Two Thousand Eight Hundred 142 883 64 Florida,thesumof E10hLy Tlu.!;:!;: Dollar::. all.J G4/100 DOLLARS(S, . (Total of Payments). payable in-1.2-monthly installments of S 11,906.97 each, on the 1 s t day of each successive month commencing on June 1 , 1982 , together with a BALLOON/FINAL PAYMENT in the amount of S n/ a due on n/ a ,19_. The conditions if any for refinancing the balloon payment are n I a n/a . The undersigned promises to pay late charges not to exceed 50/0 of the amount of any payment or payments in default. All payments made hereunder shall be credited first to interest and lawful charges then accrued and the S n/a or Credit Life and Disability Insurance Premium of S rPfiPtJR 1 , Credit Life Insurance Premium of n/ a , documentary stamp tax of S n/ a remainder to principal. The amount of this note includes proceeds of S plus other charges (describe and state cost for each) none totalling S n/ a , (resulting in an AMOUNT FINANCED of $ 137.244.44 ) plus a FINANCE CHARGE of S 5.639.20 (which amount includes interest oU 5.639.20 ,plus Credit Life Insurance PremiumoU n/ a and credit investigation cost of S fi/ a ) resulting in an ANNUAL PERCENTAGE RATE of .7.50 0/0. SECURlTY . this loan is secured by a Security Agreement of even date covering the following described property: 27 - 1981 Plymouths and special equipment ( see addendum "A" for serial numbers) (including all cash. stock and other dividends and all rights to subscribe for securities incident to, declared or granted in connection with such property), which property, together with all additions and substitutions hereafter pledged or deposited with Bank is called the Collateral. The Collateral is also pledged as security for all other liabilities (primary, secondary, direct, contingent, sole, joint or several), due or to become due or which may be hereafter contracted or acquired, of each Maker (including each Maker and any other person) to Bank. The surrender of this note, upon payment or otherwise, shaU not affect the right of Bank to retain the Collateral for such other liabilities. CREDIT LIFE AND CREDIT LIFE & DISABILITY INSURANCE, ARE VOLUNTA.RY AND NOT REQUIRED FOR CREDIT. Such insurance coverage is available at the cost designated below for the term of the credit: (a) S nl a for Credit Life Insurance (b) S fit.<l for Credit Life & Disability Insurance Check 0 Credit Life Insurance is desired on the life of Birthdate Appl. 0 Credit Life & Disability Insurance is desired on Box Qjj Credit Life and/or Disability Insurance is not desired. (Date) (Signature) Additions to, reductions or releases or exchanges of, or substitutions for the Collateral, payments on account of this loan or increases of the same. or other loans made partially or wholly upon the Collateral, may from time to time be made without affecting the provisions of this note. Bank shall exercise reasonable care in the custody and preservation of the Collateral to the extent required by applicable statute, and shall be deemed to have exercised reasonable care if it takes such action for that purpose as Maker shall reasonably request in writing. but no omission to do any act not requested by Maker shall be deemed a failure to exercise reasonable care, and no omission to comply with any request of Maker shall of itself be deemed a failure to exercise reasonable care. Bank shall not be bound to take any steps necessary to preserve any rights in the Collateral against prior parties and Maker shall take all necessary steps for such purposes. Bank or its nominee need not collect interest on or principal of any Collateral or give any notice with respect to it. If the Collateral shall at any time become unsatisfactory to Bank, Maker shall within 1 day after demand pledge and deposit with Bank as part of the Collateral additional property which is satisfactory to Bank. If Bank deems itself insecure, or upon the happening of any of the following events, each of which shall constitute a default hereunder, all liabilities of each Maker to Bank shall thereupon or thereafter, Ilt the option of Bank, without notice or demand, become due and payable; (a) failure of any Obligor (which term shall mean and include each Maker, endorser, surety and guarantor of this note) to perform any agreement hereunder. to pay interest hereon within 10 days after it is billed or otherwise requested or demanded, or to pay any other liability whatsoever to Bank when due: (b) the death of any Obligor; (c) the f1ling of any petition under the Bankruptcy Act, or any similar federal or state statute, by or against any Obligor: (d) an application for the appointment of a receiver for, the making of a general assignment for the benefit of creditors by, or the insolvency of any Obligor: (e) the entry of a judgement against any Obligor; (0 the issuing of any attachment or garnishment, or the filing of any lien, against any property of any Obligor; (g) the taking of possession of any substantial part of the property of any Obligor at the instance of any governmental authority; (h) the dissolution, incompetency. merger, consolidation, or reorganization of any Obligor; (i) the assignment by any Maker of any equity in any of the Collateral without the written consent of the Bank. Bank shall have, but shall not be limited to. the following rights. each of which may be exercised at any time whether or not this note is due; (i) to pledge or transfer this note and the Collateral and Bank shall thereupon be relieved of all duties and responsibilities hereunder and relieved from any and all liability with respect to any Collateral so pledged or transferred. and any pledgee or transferee shall for all purposes stand in the place of Bank hereunder and have all the rights of Bank hereunder; (ii) to transfer the whole or any part ot the Collateral into the name of itself or its nominee; (iii) to vote the Collateral; (iv) to notify the Obligors on any Collateral to make payment to Bank of any amounts due or to become due thereon; (v) to demand, sue for, collect, or make any compromise or settlement it deems desirable with reference to the Collateral; and (vi) to take control of any proceeds of Collateral. Bank is hereby given a lien upon and a security interest in all property of each Obligor now or at any time hereafter in the possession of Bank in any capacity whatsoever. including but not limited to any balance or share of any deposit, trust, or agency account. as security for the payment of this note. and a similar lien upon and security interest in all such property of each Maker as security for the payment of all other liabilities of each Maker to Bank (including liabilities of each Maker and any other person); and Bank shall have the same rights as to such property as it has with respect to the Collateral. If Bank deems itself insecure or upon the occurrence of any default hereunder Bank shall have the remedies of a secured party under the Uniform Commercial Code and without limiting the generality of the foregoing, Bank shall have the right, immediately and without further action by it, to set off against this note all money owed by Bank in any capacity to each or any Obligor, whether or not due. and also to set off against all other liabilities of each Maker to Bank all money owed by Bank in any capacity to each or any Maker; and Bank shall be deemed to have exercised such right of set.off and to have made a charge against any such money immediately upon the occurrence of such default even though such charge is made or entered on the books of Bank subsequent thereto. Unless the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market, Bank will give Maker reasonable notice of the time and place of any public sale thereof or of the time after which any private sale or any other intended disposition thereof is to be made. The requirement of reasonable notice shall be met if such notice is mailed, postage prepaid, to any Maker at the address given below or at any other address shown on the records of the Bank, at least 5 days before the time of the sale or disposition. Upon disposition of any Collateral after the occurrence of any default hereunder, Maker shall be and remain liable for any deficiency; and Bank shall account to Maker for any surplus. but Bank shall have the right to apply all or any part of such surplus (or to hold the same as a reserve against) any and all other liabilities of each or any Maker to Bank. No delay or omiSSIOn on the part of Bank in exercising any right hereunder shall operate as a waiver of such right or of any other right under this note. Presentment, demand. 'protest, notice of dishonor, and extension of time without notice are hereby waived by each and every Obligor. The Obligors. jointly and severally, promise and agree to pay all costs of collection including a reasonable attorney's fee and appellate work, as may be incurred or paid by Bank in enforcing this note upon the occurrence of any default. Any notice to Maker shall be sufficiently served for all purposes if placed in the mail, postage:. llreEaid, addressed to or left upon the premises at, the address shown, below or any other address shown on Bank's records. BOARD OF COUNTY ISSIONERS OF NROE COUNTY ' Maker acknowledges receipt of a completed copy of this Note on the ab . oL . FL IDA' M Monroe /",~lerJ.ff' nt ADDRESS: onroe County Courthouse Key west, Fla. 33040 ,...~~ ... ~I..d.j. 'k'.,..~;;' ~,l'~-'I.'-N~'."",;,,,,,,,,, . Or. . ~"", ~A,.s "-i;..' '.I~re.,..,,,,,,;,.r.t...,j.,/..'_;i~,,~''''k-''~ "~,,-;. *'....,..,.;.~,:..:,.....'i1;..1l:._'.ll..~ ~"oj., ',P'lt. "",.~.;, ';4\ "~-..~..,~,.,, '1'-,;';.,>,;;':"d.'., oifJ," ,,~ ,. ...,..,<i~-,jo~ " ,;;"",,,"* , '. In addition to the liability as endorsers, which the undersigned hereby assume, for value received and intending to be legally bound, the undersigned (and if more than one, each of them jointly and severally) (a) hereby become surety to the payee of the within note, its successors, endorsees and assigns, for the payment of the within note, and hereby unconditionally guarantee the payment of the within note and all extensions or renewals thereof and all sums payable under or by virtue thereof including, without limitation, all amounts of principal and interest and all expenses (including attorneys' fees) incurred in the collection thereof, the enforcement of rights thereunder or . with respect to any security therefore and the enforcement hereof, and waive presentment, demand, notice of dishonor, protest and all " other notices whatsoever; and (b) consent and agree (i) that all or any of the Collateral may be exchanged, released, surrendered or sold from time to time, (ii) that the payment of the note, or any of the liabilities of the Maker thereof, may be extended or said note renewed any number of times and for any period (whether or not longer than the original period of said note), (iii) that the holder of said note may grant any releases, compromises or indulgences with respect to said note or any extensions or renewals thereof or any security therefore or to any party liable thereunder or hereunder (including but not limited to failure or refusal to exercise one or more of the rights or remedies provided by said note), and (iv) that any of the provisions of said note may be modified; all without notice to or consent of and without affecting the liability of the undersigned as endorsers and sureties and further consent and agree that any of the undersigned may be sued by the holder hereof with or without joining any of the other endorsers or makers of said note and without first or contemporaneously undertaking to enforce any rights with respect to !Lny security. ~ (SEAL) (SEAL) (SEAL) Continuation of terms' of note: The interest rate of 7.5 percent stated herein has been agreed to based upon the guarantee of the Sheriff and Monroe County that a~l interest paid under this obligation is exempt under income tax law of the United States and the State of Florida. In the event that either of these governmental bodies rules that the said interest is not fully exempt, then the annual percentage rate of this loan shall be, for all purposes, 15 percent per annum, in lieu of the stated 7.5 percent, and all computations, amounts, and terms herein shall be adjusted to in accordance with the interest rate of 15 p~rcent per annum. BOARD OF COUNTY COMMISSIONERS, OF MONRO:f; COUNTY, FLORIDA TMENT: L .""2- ~-~2- Court lo."L~-~2. Date ., " fJ, ," .,; ,. Contract No. SECURITY AGREEMENT (GENERAL) THE MARATHON BANK MARATHON, FLORIDA 33050 thall eme, each of BOARD OF COUNTY COMMISSIONERS OF MONROE Monroe County Sheriff's Department [Name(a) oj Borrowerls)] them 101lUI)' and severally), hereillaiter called "Borrower", 01 COUNTY, FLORIDA (and if more Monroe Florida (Cowuy] [State] THE MARATHON BANK, Marathem, Flonda, hereillafter called "Sec:ured Party," a sec:urity iIItereat ill the folJowillg property: 27 1981 Plymouth's with special equipment (see addendum "A" attached to orriginal note #21672) Monroe County Courthouse [No. and Street] Key West [City] for value received, hereby 9rants to ~, . together wilh all accessories. parts. equipment and accessions now allached to or used in connection therewith or which may herealter at any time be placed in or added to lhe above.described property. and also any and all replacemonls of any such property (all of which is hereinafter called "Col. lateral") to secure the p'ayment of that certain indebtedness evidenced by a promissory nole or notes executed by Borrower in the amount of One Hundred Thirty SEven Thousand 137,244.44 Tl 0 Ilu~r d-For-t Four RollarsDSlllitEP (~4 J 100 ). 01 even date herewith. and any and all extensions or renewala thereof. .nog any an a{f" other liab~i1ies or obllgatlOns of tile Rorrow'er to the Secured Party, direct or indirect, absolute or conlingent. now existing or here- alter arising. now due or herealter to become due (all hereinaller called the "Obligations."). Borrower hereby warrants and agrees that: I. The Collateral Is acquired or used primarily lor: 0 personal. family or household purposes: Xi: busineBB use; or 0 farming operalions; and, U checked here D. is being acquired with the proceeds of the loan provided for in or secured by this agreement. and the Secured Party may dis. burse such proceeds or any part thereof directly to the seller .01 the Collateral. 2. The Collaleral will be kept at 500 Whitehead St. Key West Monroe Florida . or if left blank. at [No. and Street] [City] [County] [Stale] the address shown at the beginning of this agreement; Borrower will promptly notify Secured Party of any change in the lccation of the Collateral within said state; and Borrower will nOI remove the Collateral from said state without the wrillen consent of Secured Party. 3. If Ihe Collateral is acquired or used primarily for personal, family or household purposes. or for farming operations use. Borrower's resi- dence In florida Is that shown at the beginning of thi.a agreemenl and Borrower will immediately notify Secured Parly of any change in the location of sllid residence. Florida. is as follows: 4. If the Collateral is to be allacheq to real eslate. a description of the real estate, located in n/a County, and the name of the known owner is: and if the Collateral is allached to real estate prior to the perfection of the security interest granted hereby. Borrower will. on demand of Secured Party. furnish the laller with a disclaimer or disclaimers, signed by all persons having an' interest in Ihe real estate. of any interest in the Collateral that is prior to Secured PlUty's interesl. 5. If the Collateral is acquired or used primarily for business use and is of a type normally used in more than one state, whether or not so used, and Borrower has a place 01 Business in more than one state. the chief place of business of Borrower is: [No. and Street] nla [City] [County] [State] if left blank. is that shown at the beginning of this. agreement. and Borrower will immedialely notify Secured Party in writing of any change in Bar. rower's chief place of business: and if certificates of title are issued or outstanding with respect to any of the Collateral. Borrower will cause lhe interest of Secured Parly to be properly noted thereon. . or. 6. Except for the security interesl granted hereby, Borrower is the owner of Ihe Collateral free fronl any adverse lien. security interest. or encumbrance: and Borrower will defend the Collateral against all claims and demands of all persons at any time claiming the same or any interest therein. . 7. No financing Statement (;overing any Collateral or any proceeds thereof is on file in any public office: Borrower authorizes Secured Party '0 file. in jurisdictions where this authorization will be given effect. a financing Statement signed only by the Secured Party describing the Collateral In Ihe same manner as it is described herein: and from time to time at the request of Secured Party. execute one or mere Financing Slalements and such other documents (and pay lhe cost of filing or recording the same in all public oHices deemed necessary or desirable by the Secured Pany) and do 8uch other acts and things. all as the Secured Party may request to establish and maintain a valid security interest in lhe Collateral (lree of ~1l other liens. and c1ai~s whatsoever) to secure the payment of the Obligations. including. without limilation. deposit with Secured Party of any cer- flcate of Illle Issuable wllh respect 10 any of the Collateral and notation thereon of the security interest hereunder. FORM 104 ".\ '.:';<.':;'1.:-;.... . >:-: ~. "'~<:'.~o..:' . . .-. "-' '., .-'" , . -I .. .~ '., ,'... ."'.'f ...... ....., ...-......."..,.. :;;1:;,.:e ,:,:<~:7;>f.;:.'.: .'.'.4 ,.;... ,,. ~:.::..>::::>:.y::::."::: . ....::.;..:':.~ "';'\,i.~t ,,' !..::.:..\.::.. . '.'.','.' "," , . ;,~ ., . , r:..::::.::.;.~,;1.:.::...:{. [.;. ....... I..:....j:}:.::..: ':';.::::2.::.'~{ f .....:.:/...i:...:.. f'.' ..........' [..>:\X::.;"\ ! ',. ....,.,.. f'.:':;::'.:,,:}E..'::::::.' t. ". \:::-;';:'0;' I. "'ii"1; '; r , .'..'..}.';".':," I.......il}': k ,......... r. ,. .... " ..........'...' ........ . .......... . . .....-......, ,." ....' . .' " .....'. ::::<::~:...::. .. ,,.-,. .... ':.;' :.:.:.~:.;:. :.:. ..........,.. ., ~<:~I.:~~::.:-:::::~. . :~';:}l/t} , ....'.:.' '.l.~.:':.: ...: .",....... " ....1. .n..'... . ... ' " .01....' ..,' ........ .:.>:.,:.:.::' :';':,;::.r . ..'i..c: .:..:.... ...., .'.;':'::..;. .\.i":::{.:).{:, ...1.:.:.:-: ...... :.',',': ','::.1.:.' '.' f ".-. , ,,">:~:-:',:::': ";&i!;NI ',,<ou... '" . '!5t,!,. ...,....... ' . ,,',.,..> ", . .. '. ,.,.,.. . . '...." .......l. ........ . ....1., '.',t::. 8. Jlorrower will not sell. [II<UI~lUl. lease. or othelwise dispose 01 ilny 0: Ih" Collal"I~1 vI any interest UlOreUl. or offeI &0 to do. without the prior writren consEillt 01 Secured Party. 9~ Borrower will at all times keep the Collateral insured in amounts not less than the lull insurable ,'alue thereo/. against los8. damage. thelt. and such other risks as Secured Party may require in such companies and under such policies and in such lorm. and I Jr such perioda. as shall be satis/actory to Secured Party. and each such policy shall provide. by New York Standard or Union Standard..eudorsem<'11t. that losa thereunder and proceeds payable thereunder shall be payable to Secured Party as its interest may appear (and Secured Parly n,,,y dPply any proceed. of such insur- ance which may be received by Secured Party toward payment 01 the Obligations. whether or not due. in such order of application as Secured Party may determine) and each such policy shall provide lor 10 days' written minimum cancellation notice to Secured Party; and each such policy. if Secured Party so requests. be deposited with Secured Party; and Secure<;i Party may act as attorney lor Borrower in obtaining. adjusting. settling. and cancelling such insurance and endorsing any dralts. 10~ Borrower shall at all times keep the Collateral free Irom any adverse lien. security interest. or encumbrance and in good order and repair and will not waste or destlOY the Collateral or any part thereol; and Borrower will not use the Collateral in violation 01 any statute or ordinance; and Secured Party may examine and inspect the Collateral at any time. wherever located. II. Borrower will pay promptly when due all taxes and assessments upon the Collateral or lor its use or operation or upon this agreement or upon any note or notes evidencing the Obligations. or any 01 them. 12. AI its option. Secured Party may discharge taxes. liens or security interests or other encumbrances at any time levied or placed on the Collateral. may pay lor insurance on the Collateral. and may pay lor the maintenance and preservation 01 the Collateral. Borrower agrees 10 reimburse Secured Party on demand lor any payment made. or any expense incurred.' by Secured Party. pursuant to the loregoing authorization~ Until default. Borrower may have possession 01 the Collateral and use it in any lawful manner not inconsistent with this agreement and not inconsistent with any policy d insurance thereon. 13. Borrower shall be In default under this agreement upon the happening 01 any 01 the lollowing events or conditions: (ii) lailure or omis- sion to pay when due any Obligation (or any installment thereol or interest thereon), or de/ault in the payment or perfc.",ance ot any obligation. covenant. agreement. or liability ccntained or re/erred to herein; (b) any warranty. representation. or statement made or furnished to Secured 'Party by or on behalf 01 any Borrower proves to have been false in any material respect when made or lurnished; (c) loss. the/t. substanticJ damage. des. truction. sale. or encumbrance to or 01 any 01 the Collateral. or the making 01 any levy. seizure. or attachment thereol CYt thereon; (d) any Obligor (which term. as used herein, shall mean each Borrower and each other party primarily or secondarily or contingently liable on any 01 the Obligalicns) becomes Insolvent or unable to pay debts as they mature or makes an assignment lor the benelit 01 creditors. or any proceeding is instituted by or !gainst any Obligor alleging that such Obligor is Insolvent or unable to pay debts as they mature; (e) entry 01 any judgment against any Obligor: (l) death of any Obligor who is a nalural person. or of any partner of any ObligOi" which is a partnership; (g) dissolution. merger or consolidation. or trans/er .01 a substanlial part of the property of any Obligor which is a corporation or a partnership; (h) appointment 01 a receiver lor the Collateral or any thereof or lor any property in which any Borrower has an interest. 14. Upon the occunence of any such default or at any time thereafter. or whenever the Secured Party leels insecure lor any reason whatso- ever. Secured Party may. at its option. declare all Obligations secured hereby. or any of them (notwithstanding any provisions thereof). immediately due and payable without demand or notice of any kind and the same thereupon shall immediately become and be due and payable without demand or notice (but with such adjustments. if any. with respect to Interest or other charges as may be provided lor in the promissory note or other writing evidencing such liability). and Secured Party shall have and may exercise /rom time to time any and all rights and remedies 01 a Secured Par1y under the Unilonn Commercial Code and any and all rights and remedies available to it under any other applicable law; and upon request or demand 01 Secured Party. Bonower shall. at its expense, assemble the Collateral and make it available to the Secured Party at a convenient place acceplable to Secured Party; and BOllower shall promptly pay all costs of Secured Party 01 collection 01 any and all the Obligations. and en/orcement of rights hureunder. includlllg reatlonable attorneys' fees and legal expenses and expenses 01 any repairs to any 01 the Collateral and expenses 01 any repairs 10 any realty or other property to which any 01 the Collateral may be allixed or be a part. Unless the Collateral is perishable or threatens to decline speedily in value or is 01 a type customarily sold on a recognized market. Secured Party will give Borrower reasonable notice 01 the time and place of any public sale thereof or 01 the time alter which any private sale or any other i;ntended disposition thereof is to be made~ The require- ments 01 reasonable notice shall be met il such notice is mailed. postage prepaid. to any Bonower at the address of Borrower shown at the beginning 11 01 this agreement or at any other address shown on the records 01 Secured Party. at least live days be/ore Ihe time 01 the &ale or disposition. Ex- penses 01 retaking, holding, preparing lor sale. selling. or the like, shall include Secured Parly's reasonable attorneys' lees and legal expenses. Upon disposition 01 any Collaleral alter the occurrence of any de/ault hereunder or if Secured Party feels insecure lor any reason. Bonower shall be and remain liable lor any deficiency; and Secured Party shall account to Borrower for any surplus. but Secured Party shall have the right 10 apply all or any part of such surplus (or to hold the same as a reserve against) all or any 01 the Obligations. whether or not they. or any of them. be then due. and in such order 01 application as Secured Party may from time to time elect. 15. No waiver by Secured Party 01 any default shall operate as a waiver of any olher de/ault or of Ihe same de/ault on a future occasion. No delay or omisfiion on the part 01 Secured Party in exercising any right or remedy shall operate as a waiver thereo/. and no single or pattial exercise by Secured Party 01 any riyht or remedy shall preclude any other or lurther exercise thereol or the exercise 01 any other right or remedy~ Time is 01 the essence 01 this agreement. The provisions 01 this agreement are cumulative and in addition to the provisicns of any note secured by Ihis agree- ment. and Secured Parly lihall have all the benelits. rights and remedies 01 and under any no Ie secured hereby. 11 more than one party shall execute this agreement. the term "Borrower" shall mean all parties signing this agreement and each 01 them. and all such parties shall be jointly and severally obligated and liable hereunder. The singular pronoun. when used herein. shall include the plural. If this agreement is net dale? when executed by the Borrow..r. the Se"ured Part,' is authorized. without notice to the Borrower. to date this agreement. This agreement shall become et/ective as 01 the date 01 this agreement. All rights 01 Secured Party hereunder shall inure to the benelit 01 its successors and assigns; and all Obligations of Borrower shall bind the heirs. executors. administrators. successors and assigns 01 each Bonower. 16. This agreement has been delivered in the State 01 Florida and shall be construed in accordance with the laws 01 Florida. Wherever possible. each provision 01 this agreement shall be interpreted in such m,nner as to be el1ective and valid under applicable law, but il any provision of this agreement shall be prohibited by or invalid under applicable law. such provision shall be inet/ective to the extent 01 such prohibition or invalidity, without invalidating the remainder 01 such provision or .the remaining provisions 01 this agreement. delivered 28th June 82 has been duly executed as 01 the "~___ day 01 _ ~~____~_____ _~ _____ ~_ _. 19_. BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTYt FLORIDA Monroe County Sheriff's Department j --- ---- ;-tor-/J~-:-l: .~~---Z ~~:;: Circuit Court E!eman. -rr-:-slien.ff of N\Ju Borrower County [Secured Party need sign only if agreement is to be used as a Financing Statement.] ~ IN WITNESS WHEREOF. this agreement . ..,............' .... 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