Reso 2007-1121 - Laserfiche WebLink

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SECURITY AGREEMENT 1. Grant. On this day of June, 2007, Regalia Holdings LLC, a Florida limited liability company, with its principal place of business at 7620 Coquina Drive, North Bay Village, Florida 33141 (hereinafter called "Debtor"), for valuable consideration, receipt whereof is acknowledged, grants to City of Sunny Isles Beach, a political subdivision of the State of Florida, 18080 Collins Avenue, Sunny Isles Beach, Florida (hereinafter called "Secured Party") a security interest in, and mortgages to Secured Party, the following described property and interests in property of Debtor (hereinafter called the "Collateral"): 15,538 square feet of Transferable Development Rights (TOR's) Issued by the City of Sunny Isles Beach, to secure payment of the following obligations of Debtor to Secured Party (all hereinafter called the "Obligations"): (I) All obligations and liabilities of Debtor to Secured Party (including without limitation all debts, claims and indebtedness) whether primary, secondary, direct, contingent, fixed or otherwise, heretofore, now and/or from time to time hereafter owing, due or payable, however evidenced, created, incurred, acquired or owing and however arising, or by oral agreement or operation of law or otherwise, 2. Warranties and Covenants of Debtor, Debtor warrants and covenants that: (a) Except for the security interest granted hereby and the security interest granted to the City of Sunny Isles Beach, Debtor is the owner of the Collateral free from any adverse lien, security interest or encumbrance; and Debtor will defend the Collateral against all claims and demands of all persons at any time claiming the same or any interest therein, (b) No Financing Statement covering any of the Collateral or any proceeds thereof is on file in any public office, except in favor of the City of Sunny Isles Beach.. The Debtor shall immediately notify the Secured Party in writing of any change in name, address, identity or corporate structure from that shown in this Agreement and shall also upon demand furnish to the Secured Party such further information and shall execute and deliver to Secured Party such financing statements and other documents in form satisfactory to Secured Party and shall do all such acts and things as Secured Party may at any time or from time to time reasonably request or as may be necessary or appropriate to establish and maintain a perfected security interest in the Collateral as security for the Obiigations, subject to no adverse liens or encumbrances; and Debtor will pay the cost of filing the same or filing or recording this agreement in all public offices wherever filing or recording is deemed by Secured Party to be necessary or desirable, A carbon, photographic or other reproduction of this agreement is sufficient as a financing statement. (c) Debtor will not sell or offer to sell, assign, pledge, lease or otherwise transfer or encumber the Collateral or any interest therein, without the prior written consent of Secured Party.