SECURITY AGREEMENT
THIS AGREEMENT made and entered into this 30th day of June,
1995, by and between RIDGEWOOD ORLANDO, INC., a Florida
corporation ("Borrower") the address of which is 2025 West State
Road 434, Longwood, Florida 32779, and BLOOMFIELD ACCEPTANCE
COMPANY, L.L.C., a Michigan limited liability company, the address
of which is 260 East Brown Street, Suite 100, Birmingham, Michigan
48009-6233 (hereinafter referred to as the "Lender").
WITNESSETH:
Contemporaneously with the execution of this Security
Agreement, Lender and Borrower have entered into a Loan
transaction pursuant to which Lender has agreed to loan to
Borrower the sum of $2,800,000, pursuant to the terms of a
Mortgage Note (the "Note"), a Mortgage, Assignment of Lease and
Rents and Security Agreement (the "Mortgage") and certain other
"Loan Documents" (as defined in the Note), on the condition that
Borrower provide to Lender a perfected first security interest in
that Collateral described in this Agreement to secure the payment
of the Debt described in the Note.
NOW, THEREFORE, in consideration of the foregoing and other
good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged by Borrower, Borrower agrees as
follows:
1 . Creation Of Security Interest. As additional security to
secure the payment of the Debt or otherwise required to be paid by
Borrower to the Lender under this Agreement (as defined in the
Note), Borrower does hereby create in favor of the Lender, its
successors and assigns, a continuing security interest in all of
the items of property identified on the attached Exhibit "A",(all
of which is hereinafter from time to time referred to as the
"Collateral"):
2. Acceleration Clause. Upon default in the payment of any
portion of the Debt, as provided in the Note, or upon the
occurrence of any other default under the Loan Documents, all the
rest or any portion of the Debt, whether due or not, shall at the
Lender's option become immediately due and payable without notice
or demand.
3. Use Of Collateral. The Collateral will be used
exclusively in connection with the conduct of Borrower's present
business, unless the Lender gives its written consent to another
use. The Lender shall have the right to inspect the Collateral at
any time, to inspect Borrower's books and records with respect
thereto and to make inquiry of account and contract debtors in
connection therewith.
4. Removal. The Collateral will be kept at Borrower's business
premises, and shall not be removed therefrom without the written consent of
the Lender. Removal of any of the Collateral by the Borrower, or its agents,
servants or employees, shall be deemed a willful taking, an unlawful
conversion and a default under this Security Agreement. Use of the Collateral
in the regular and ordinary course of the Borrower's business shall not
constitute a prohibited removal of the collateral for the purpose of this
Security Agreement.
5. Repairs And Taxes. To the extent that the Collateral is
comprised of any equipment or other tangible personal property,
Borrower shall at its own expense, from time to time, replace and
repair all parts of the Collateral as may be broken, worn, damaged
or otherwise in need of repair, and shall keep the Collateral in
every respect in good working order and repair. The Lender may
cause necessary replacements and repairs to be made if not
promptly or fully performed by Borrower. The cost of replacements
and repairs made by the Lender and the cost of necessary labor,
supplies or parts furnished by the Lender for use on or in
connection with the Collateral shall be a lien thereon, secured by
this Security Agreement and payable on demand with interest at the
highest default rate set forth in the Note. Borrower shall permit
the Lender to have free access to the Collateral at all reasonable
times. Borrower shall pay all taxes charged against, assessed or
imposed upon any of the Collateral. In the event of a default by
Borrower in paying those taxes, it shall be lawful for the Lender
to pay and discharge them, and the amounts expended by the Lender
in the payment or discharge of those taxes shall be a lien upon
the Collateral, secured by the Mortgage and this Security
Agreement and payable at the Default Rate set forth in the Note.
6. Insurance. Borrower shall keep the insurable portions of
the Collateral insured against loss and damage by casualty, theft
and such other perils, and against public liability, if and as
shall be required by, and in insurance companies and amounts
approved by, the Lender, consistent with and as required by the
provisions of the Mortgage.
7. Borrower's Warranties And Representations. Borrower warrants and
represents that:
A. The Collateral is or will be owned by Borrower and (except as
otherwise permitted by or acknowledged by the Lender's prior
written consent) is not subject to any security interest,
liens or encumbrances, except as created by this Agreement,
and Borrower will defend the Collateral against the claims
and demands of all persons;
B. Except as may be specifically otherwise permitted by the
terms of the other Loan Documents, Borrower will not sell,
exchange, lease, encumber or pledge the Collateral, create
any security interest therein (except that created by this
Agreement), or otherwise dispose of the Collateral or any of
Borrower's rights therein or under this Agreement without the
prior written consent of the Lender, nor will Borrower remove
the Collateral from the state or states in which it is
located on the date of this Agreement, except for temporary
periods in the normal and customary use thereof, without the
Lender's prior written consent;
C. Except as specifically authorized by Lender in writing,
Borrower will not permit any other security interest to
attach to any of the Collateral, permit the Collateral to be
levied upon under any legal process, or permit anything to be
done that may impair the value of any of the Collateral or
the security intended to be afforded by this Agreement;
D. The Borrower will execute, and will pay all costs of filing
of, any financing, continuation or termination statement with
respect to the security interest created by this Agreement.
The Lender is hereby appointed Borrower's attorney-in-fact to
do all acts and things which the Lender may deem necessary to
perfect and continue perfected the security interest created
by this Agreement and to protect the Collateral;
E. Borrower will promptly notify the Lender of any change in the
location of any place of Borrower's business or residence and
of the establishment of any new place of business or
residence;
F. Borrower shall give the Lender written notice of each office
of Borrower at which records pertaining to the Collateral are
kept. Except as such notice is given, all records of
Borrower pertaining to Collateral are and shall be kept at
that address set forth in the heading of this Agreement; and
8. Default. The following shall constitute defaults under this
Agreement:
A. Any failure in the prompt or full payment of any portion of
the Debt when due;
B. The occurrence of any misrepresentation or misstatement in
connection with, noncompliance or nonperformance of any of
Borrower's obligations or agreements under this Agreement
(including the occurrence of any other default identified
under this Agreement); or
C. The occurrence of any Event of Default under the Note,
Mortgage or other Loan Documents.
9. Remedies. In the event of the occurrence of any default,
the Lender may exercise its rights under law, including by way of
enforcement under the Uniform Commercial Code in effect in the
State of Florida at the date of this Agreement. The Lender may
enter Borrower's premises without legal process and remove the
Collateral or require the Borrower to assemble the Collateral and
make it available to the Lender at a place within the State of
Florida designated by the Lender. If it so elects, the Lender may
and is hereby empowered (without legal process) to enter any
premises where the Collateral may be kept and take exclusive
possession of it on those premises with or without a custodian.
The Lender may thereafter sell the Collateral at one or more
public or private sales, on or away from Borrower's business
premises. Unless the Collateral is perishable, threatens to
decline speedily in value or is of a type customarily sold on a
recognized market, the Lender shall give Borrower 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 notice is mailed to Borrower, postage
prepaid, by first class certified mail, return receipt requested,
at least five (5) days prior to the date of the proposed sale or
disposition. At any such sale, the Lender may in its absolute
discretion sell and dispose of all the right, title, and interest
of Borrower in and to any of the Collateral. Any such sale may be
for cash or for credit, and the Lender may be the Purchaser. Out
of the moneys arising from the sale of the Collateral, the Lender
shall retain any and all sums then owing to the Lender, including
all additional advances and debts, and all costs, fees, charges
and expenses in connection therewith, with interest, including
reasonable attorneys fees, disbursements as herein defined,
premiums on bonds, custodian's fees, fees of public officers,
auctioneer's fees, plus advertising and labor, disbursements for
use and occupancy of premises and any and all other disbursements
made by the Lender in connection with the taking, maintaining,
storage and disposing of the Collateral, tendering the excess (if
any) to Borrower or its successors or assigns. If for any reason
the Collateral shall fail to satisfy all of the foregoing items,
Borrower shall, subject to the terms of the other Loan Documents,
pay to the Lender the resulting deficiency upon demand.
10. Waiver By Borrower. If the Lender shall at any time obtain or be
entitled to possession of any of the Collateral, either with or without legal
process, it shall not be necessary for the Lender to remove it from
Borrower's premises. Borrower hereby authorizes and empowers the Lender to
keep the Collateral in Borrower's place of business, and to remove any locks
thereon and put the Lender's own lock on those premises or on any other
premises where the Collateral may be located until five days after the sale
of the Collateral sold from those premises. Borrower waives any and all
claims of any nature, kind or description which it has or may claim to have
against the Lender or its representatives, by reason of taking possession,
selling or collecting the Collateral. Borrower expressly waives the right to
a jury trial in any action or proceeding between the parties.
11. Waiver Of Breach. The acceptance of any partial payments
by the Lender after maturity, or the waiver of any breach or
default, shall not constitute a waiver of any other or subsequent
breach or default or prevent the Lender from immediately pursuing
any or all its remedies hereunder, or under any other document
providing additional security to the Lender.
12. Counsel Fees And Expenses. If the Lender commences proceedings for
the purpose of collecting any monies which may be secured in any way by this
Agreement, or to recover, collect or protect its interest in the Collateral
by reason of a default or breach by Borrower, Borrower agrees to pay the
Lender's reasonable attorneys fees, additional advances and debts, and all
costs, fees, charges and expenses in connection therewith; together with any
and all disbursements incurred by the Lender in connection with the
collecting, taking, maintaining and disposing of the Collateral, including
all premiums on bonds and undertakings, fees for public officers, custodians,
auctioneers, charges for use and occupancy of premises and for electric
current; all of which shall be a lien upon the Collateral, secured by this
Agreement and payable on demand with interest at the highest Default Rate set
forth in the Note. Counsel fees and disbursements are in no event to effect,
but are to be paid in addition to, any statutory court costs and
disbursements.
13. Severability. If any provision of this Agreement shall
for any reason be held to be invalid or unenforceable, that
invalidity or unenforceability shall not affect any other
provision hereof, and this Agreement shall be construed as if the
invalid or unenforceable provision had never been contained
herein.
14. Notices. All notices to the parties under this Agreement shall
be sufficient if served in accordance with the provisions of the Mortgage.
15. Governing Law. This Agreement shall be governed by and interpreted
in accordance with the laws of the State of Florida.
16. Captions. Captions to paragraphs contained in this Agreement are
for convenience only and are entirely without substantive effect.
17. Successors. This Agreement shall be binding upon, and the benefits
hereof shall inure to, the parties hereto and their respective successors and
assigns.
[THIS DOCUMENT IS EXECUTED ON THE FOLLOWING PAGE]
IN WITNESS WHEREOF, Borrower has executed this Security Agreement on the
day and year first above written.
BORROWER:
RIDGEWOOD ORLANDO, INC., a Florida
corporation
By: /s/ N. R. Walden
N. Russell Walden, President
And by: /s/ Karen S. Hughes
Karen S. Hughes, Secretary
STATE OF GEORGIA
COUNTY OF FULTON
The foregoing document was acknowledged before me this 28th of
June, 1995, by N. Russell Walden, President and Karen S. Hughes,
Secretary of Ridgewood Orlando, Inc., a Florida corporation on
behalf of the corporation. N. Russell Walden and Karen S. Hughes are either
personally known to me or produced Drivers License as identification.
/s/ June D. Smith
Notary Public, Gwinnett County,
Georgia
My Commission Expires: August 6, 1995
(SEAL)
EXHIBIT A
DESCRIPTION OF COLLATERAL
All of the following, whether now owned or hereafter acquired
by Borrower, and all books, records, instruments and documents
relating thereto or useful in maintaining or realizing upon the
Collateral. Enumeration of specific items within general types of
Collateral is for the purpose of convenient reference and
illustration and shall not limit the scope of the security
interest created under this Security Agreement.
A. Accounts Receivable. All rents, issues, profits, revenues,
income, contract rights, accounts receivable (including
credit card and charge card receivables) general intangibles,
insurance premiums, actions and rights of action and all
other amounts due or to become due to Borrower from any
tenant, licensee, occupant, guest or any other person for the
use, operation, occupancy of or otherwise with respect to the
premises described herein.
B. Claims. All right, title and interest in and to any and all
claims which Borrower may now or hereafter have for refunds,
reparation, offset or adjustment, including any consequential
or incidental damages recoverable with respect thereto.
C. Contracts. all of Borrower's right, title and interest,
whether now owned or hereafter acquired, in, to and under all
of the contracts, licenses, approvals, consents, guarantees,
warranties, work product, studies, data, drawings,
renderings, rights, privileges and appurtenances, permits,
agreements, warranties, plans and specifications
(collectively, the "Contract@') whether now existing or
hereafter created or obtained by or on behalf of Borrower for
and in respect to the use, ownership, management, operation
or maintenance of the Property, including, without limitation
(i) all rights of Borrower to receive monies due and to
become due under or pursuant to the Contracts, (ii) all
claims of Borrower for damages arising out or for breach of
or default under the Contracts (iii) all rights of Borrower to
terminate, amend, supplement, modify or waive performance under the
Contracts, to compel performance and otherwise to exercise all remedies
thereunder, (iv) to the extent not included in the foregoing, all cash
and non-cash proceeds, products, offspring, rents, revenues, issues,
profits, royalties, income benefits, additions, substitution,
replacement and accessions of and to any and all of the foregoing, and
(v) Lender shall automatically succeed to and stand in the place of
Borrower under the Contracts and shall be entitled, but under no
obligation, to exercise all rights, title and interest of Borrower under
the Contracts or to perform the duties of Borrower under the Contracts;
D. Equipment. All fixtures and articles of personal property and
all appurtenances and additions thereto and substitutions or
replacements thereof, now or at any time hereafter owned by
Borrower and now or hereafter attached to, contained in, or used
in connection with the premises or placed in any part thereof
though not attached thereto, including, but not limited to, all
screens, awnings, shades, blinds, curtains, draperies, carpets,
rugs, furniture and furnishings, heating, lighting, plumbing,
ventilating, air conditioning, refrigerating, incinerating, and
elevator plants, stoves, ranges, vacuum cleaning systems,
sprinkler systems and other fire prevention and extinguishing
apparatus and materials, motors, machinery, pipes, appliances,
equipment, fittings and fixtures and trade name, goodwill and
books and records relating to the business operated on the
premises. Without limiting the foregoing, Borrower hereby grants
to Lender the security interest in all of Borrower's present and
future "fixtures", "equipment" and "general intangibles" (as said
quoted terms are defined in or encompassed by the Uniform
Commercial Code of the State of Florida).
E. Liquor License. Subject to the provisions and limitations of
law, and the requirements of the State of Florida Division of
Alcoholic Beverages and Tobacco - Department of Business
Regulation, any liquor license held by Borrower at any time.
F. Proceeds. Proceeds, and proceeds of hazard insurance and
eminent domain or condemnation awards of all of the foregoing
described assets and/or properties or interests therein,
including all products of, and accessions to, such assets or
properties or interests therein. In addition thereto, any and
all deposits or other sums at any time credited by or due from
the Lender to Borrower and any and all instruments, documents,
policies and certificates of insurance, securities, goods,
accounts receivable, choses in action, chattel paper, cash,
property and the proceeds thereof (whether or not the same are
Collateral or Proceeds thereof hereunder) owned by Borrower or
in which Borrower has an interest, which are now or at any
time hereafter in possession or control of the Lender or in
transit by mail or carrier to or from the Lender or in
possession of any third party acting on the Lender's behalf,
without regard to whether the Lender received the same in
pledge, for safekeeping, as agent or otherwise, or whether the
Lender has conditionally released the same; and
G. Specific Collateral On Property. by way of illustration, and
not by way of limitation, all of those items described in the
"Equipment Inventory" following this Exhibit A;
H. all proceeds, products, offspring, rents and profits from any
of the foregoing, including, without limitation, those from
sale, exchange, transfer, collection, loss, damage,
disposition, substitution or replacement of any of the
foregoing.
EQUIPMENT INVENTORY
All of the following, whether now owned or hereafter acquired
by Borrower, and all books, records, instruments and documents
relating thereto or useful in maintaining or realizing upon the
Collateral. Enumeration of specific items within general types of
Collateral is for the purpose of convenient reference and
illustration and shall not limit the scope of the security
interest created under this Security Agreement.
The following specific items of personal property located at
the Ramada Inn North Orlando, 2025 West State Road 434, Longwood,
Florida 32779 (the legal description of which is attached hereto
as Exhibit B), including any replacements thereof, and all books,
records, computer tapes, instruments and documents relating
thereto or useful in maintaining or realizing upon the Collateral:
MAINTENANCE POOL AREA
UNIT ITEM UNIT ITEM
1 PRESSURE CLEANER 8 TABLE
1 DRIVEWAY VACUUM 30 CHAIR
1 HONDA LAWNMOWER 16 LOUNGE CHAIR
4 SPARE G.E. A/C/ UNIT 4 UMBRELLA
5 SPARE G.E. TV
1 WET CARPET FAN HOUSEKEEPING
2 WET VAC UNIT ITEM
2 LARGE FAN 20 KING SHEET
2 BLOWER - GROUNDS 468 QUEEN/DOUBLE SHEET
4 MANITOWOC ICE MACHINE 608 PILLOW CASE
304 BED PAD
HOUSEKEEPING 304 BLANKET
UNIT ITEM 608 PILLOW
3 DRYER 10 KING BEDSPREAD
3 WASHER 50# CAPACITY 70 QUEEN BEDSPREAD
14 VACUUM CLEANER 224 DOUBLEBEDSPREAD
12 MAID CART 192 SHOWER CURTAIN
11 ROLLAWAY BED 688 BATH TOWEL
6 PORTABLE BABY CRIB 688 HAND TOWEL
688 WASH CLOTH
LINEN SHELF INVENTORY 193 BATH MAT
UNIT ITEM
36 PILLOWS ROOMS INVENTORY
10 BATH TOWELS UNIT ITEM
26 HAND TOWELS 10 KING BOX SPRING/MATTRESS
60 WASH CLOTHS 224 DOUBLE BOX SPRING/MATTRESS
30 BATH MATS 70 QUEEN BOX SPRING/MATTRESS
4 KING BEDSPREAD 2 SOFA BED
3 QUEEN BEDSPREAD 64 RECLINER
42 ARMOIRE
LOUNGE 80 DESK
UNIT ITEM 36 CORNER TABLE/DESK
1 ROUND TABLE 80 DRESSER/DESK COMBINATION
9 FOUR TOP TABLE 71 DRESSER - LOWBOY
50 CHAIRS 304 HEADBOARD
1 RCA 46" COLOR TV 230 NIGHTSTAND
1 RCA 19" COLOR TV 194 DESK CHAIR
1 BALDWIN PIANO 256 ARM CHAIR
30 DOZEN ASSORTED BAR GLASSWARE 157 DRESSER MIRROR
2 TOPSIDE REACH-IN BEER COOLERS 100 FLOOR LAMP
1 MIXER 340 SINGLE ARM LAMP
1 THREE COMPARTMENT BAR SINK 64 SWING ARM LAMP
1 BARTENDER ICE BIN 192 DOUBLE ARM LAMP
1 PIANO BAR 195 DESK LAMP
192 CLOCK RADIO
BANQUET EQUIPMENT 192 TELEVISION
UNIT ITEM 196 WINDOW TREATMENTS (SHUTTERS)
10 6'TABLE 6X24X30 576 SHEER DRAPES
6 8'TABLE 8X24X30 200 G.E. ZONE LINE A/C UNIT
16 8'TABLE (BANQUET) 224 DOUBLE BEDSPREAD
10 6'TABLE (BANQUET) 70 QUEEN BEDSPREAD
4 1O' ROUND TABLE 10 KING BEDSPREAD
25 8'ROUND TABLE 10 KING BED RAILS
4 4'TABLE 294 DOUBLE/QUEEN RAILS
225 BANQUET CHAIR
60 GARDEN ROOM CHAIR TABLE TOP ITEMS
2 FREE STANDING PODIUM UNIT ITEM
2 TABLE TOP PODIUM 15 DINNER FORKS/DOZEN
3 OVERHEAD PROJECTOR 18 SALAD FORKS/DOZEN
2 SLIDE PROJECTOR 15 DINNER KNIVES/DOZEN
4 EASELSTAND 18 TEASPOONS/DOZEN
5 LARGE PULL DOWN SCREEN 8 BOUILLON SPOONS/DOZEN
4 8'SERPENTINE TABLE 4 OVAL PLATTER
2 6'SERPENTINE TABLE 16 10" ROUND DINNER PLATE/DOZ
1 CONFERENCE TABLE (8 SEATER) 13 7" ROUND SALAD PLATE/DOZ
1 CONFERENCE TABLE (10 SEATER) 11 SAUCERS/DOZEN
18 CONFERENCE ROOM CHAIR 10 CUPS/DOZEN
2 SELF CONTAINED WALL MOUNTED 13 5" SIDE PLATE/DOZEN
CONFERENCE CENTER UNIT
1 PORTABLE BUFFET LINE 12 4 1/2 OZ FRUIT DISH/DOZEN
10 PARTITIONS 2 CEREAL BOWL/DOZEN
4 RISERS 6X6 10 7" GOLD RIM PLATE/DOZEN
1 DANCE FLOOR 12 X 12 5 SALT & PEPPERS/DOZEN
2 FREE STANDING PROJECTION SCREEN 5 SUGAR BOWL/DOZEN
1 PORTABLE BAR 11 10 1/2 OZ WATER GOBLET/DOZ
2 TV 25" 7 4 1/2 OZ WINE GLASS/DOZEN
3 VCR PLAY 10 4 1/2 OZ CHAMPAGNE GLASS/DOZEN
2 TV STAND 12 8 OZ WATER GLASS/DOZEN
2 OVERHEADSTAND 12 TULIP WINE GLASS/DOZEN
8 CHAFING DISHES 12 SERVING TRAY
4 WATER PITCHERS/DOZEN
TABLE LINEN 10 BEVERAGE SERVER
UNIT ITEM
16 NAPKINS/WHITE
5 NAPKINS/BEIGE KITCHEN EQUIPMENT
6 NAPKINS/MELON UNIT ITEM
4 T/C WHITE 42X42 3 BUS CART
5 BURGUNDY 17Xl7 2 ROLLING CART
3 T/C WHITE 54X54 2 TWO DOOR REACH-IN COOLER
3 BURGUNDY TOPPERS 1 SINGLE DOOR REFRIGERATOR
2 T/C WHITE 54X95 1 TWO DOOR FREEZER
1 T/C BEG 54X96 1 SINGLE DOOR REFRIGERATOR-REACH
IN FREEZER
2 BURGUNDY 54X54 1 BROILER
2 T/C WHITE 54Xl2O 3 COMMERCIAL STOVE/OVENS/GRIDDLE
COMBINATION
1 T/C BEG 2 DUAL DEEP FRYER
12 T/C BEIGE 84X84 EACH 1 COMMERCIAL CONVECTION OVEN
22 T/C WHITE 84X84 EACH 1 COMMERCIAL MICROWAVE OVEN
10 T/C SEAFOAM 84X84 EACH 1 BLAKESLEE MIXER
T/C PEACH 84X84 EACH 6 ROLLABLE SHELF CART
1 COMBINATION WALK-IN
REFRIGERATOR/FREEZER
DINING ROOM 2 CHEF WORK STATION
UNIT ITEM 1 STEAM TABLE - 5 SLOTS
7 FOUR TOP TABLE 1 REFRIGERATED WORK STATION WITH
SANDWICH UNIT & REFRIGERATOR
9 TWO TOP TABLE 1 SIMPLEX TIME RECORDER
48 CHAIRS 6 TRAY STAND
5 WALL HANGINGS 3 COREY COFFEE WARMER
1 CUSTOM BUFFET LINE/SALAD BAR 4 COFFEE URN
1 FOOD WARMER 3 THERMOS COFFEE URN
1 CALCULATOR 1 BUNN OMATIC COFFEE MAKER
4 5'ROUND 1 CECILMATIC COFFEE MAKER
3 FOUR SLICE TOASTER
LOBBY 1 BREAD WARMER
UNIT ITEM 1 MIRKLE MEAT SLICER
2 LOVE SEAT 1 DISHWASHER WORK STATION
2 TUB CHAIR 1 MANITOWOC ICE MAKER
1 COFFEE TABLE 1 THREE COMPARTMENT SINK
4 END TABLE 4 HEAVY DUTY STORAGE RACK
2 DECORATIVE LAMP 1 FOUR NODE AMPLIFYING PA SYSTEM
2 FLOOR/CEILING DRAPER 1 VACUUM CLEANER
1 MAIN DOOR DRAPER 4 DISH RACK DOLLY
1 WALL MIRROR
1 SOFA TABLE GARDEN ROOM
1 DECORATIVE 6'BENCH UNIT ITEM
4 WALL PICTURES DRAPERY
6 WALL PICTURES
ADMINISTRATIVE OFFICES 1 MIRROR
UNIT ITEM 1 MIRROR
3 DESK
2 FIVE DRAWER FILE CABINETS
1 TV/VCR TELECOLOR
3 CALCULATORS
2 TUB CHAIRS
7 ARM CHAIRS
3 DESK CHAIRS
1 CORNER TABLE
1 NIGHTSTAND
1 CREDENZA
3 OFFICE COMPUTER WITH MONITOR
1 LASER PRINTER
2 TOSHIBA PRINTER
1 CANNON FACSIMILE MACHINE
1 MICROS PM SYSTEM
W/COMMUNICATIONS TO D.RM &
LOUNGE UNITS
1 FLOOR SAFE
3 DESK LAMPS
1 XEROX COPIER
EXHIBIT B
LEGAL DESCRIPTION OF THE PROPERTY
A portion of the Southeast quarter of the Northwest quarter of
Section 2, Township 21 South, Range 29 East, County of Seminole,
State of Florida, more particularly described as follows:
Beginning at the Northwest corner of the Northwest Quarter of the
Northeast Quarter of the Southwest Quarter of Section 2, Township
21 South, Range 29 East; thence North 00014'19" West 180.52 feet
to the True Point of Beginning; thence North 00012'19" West 498.38
feet; thence North 58053'58" East 148.74 feet; thence North
00015'46" West 45 feet; thence North 89044'1 4" East 245.00 feet
to a point on the Westerly right-of-way line of Interstate Highway
4; thence South 10001'51" West 540.95 feet along said right-of-way
line; thence south 06048'14" West a distance of 88.05 feet along
said right-of-way; thence South 89044'1 4" West 265.72 feet to the
True Point of Beginning.
TOGETHER with all right, title and interest of Grantor in an
easement over and upon the following described real property:
The South 180.52 feet of the East 35 feet of the Southeast Quarter
of the Southwest Quarter of the Northwest Quarter of Section 2,
Township 21 South, Range 29 East, Seminole County, Florida.
AND: The South 180.52 feet of the West 25 feet of the Southwest
Quarter of the Southeast Quarter of the Northwest Quarter of
Section 2, Township 21 South, Range 29 East, Seminole County,
Florida.
AND: That part of the West 25 feet of the Northeast Quarter of the
Northeast Quarter of the Southwest Quarter of Section 2, Township
21 South, Range 29 East, Seminole County, Florida, lying North of
State Road #434.
AND: That part of the east 35 feet of the Northeast Quarter of the
Northwest Quarter of the Southwest Quarter of Section 2, Township
21 South, Range 29 East, Seminole County, Florida, lying North of
State Road #434.
FURTHER TOGETHER WITH (a) a non-exclusive perpetual right,
privilege and easement to connect and tap into an existing
sanitary sewer line located as shown on that certain Special
Purpose Sketch prepared for Ridgewood Properties, Inc. ("RPI") by
Ganung & Associates, Inc. dated April 13, 1995 and recertified
June 12, 1995, (the "Survey"), and to discharge effluent into said
sanitary sewer line; (b) a non-exclusive perpetual right,
privilege and easement to tap into and use an existing underground
water line located as shown on the Survey; (c) a non-exclusive
perpetual right, privilege and easement to connect and tie into
those certain existing storm sewer lines and facilities located as
shown on the Survey together With the right to utilize the storm
and surface water drainage and retention system located thereon;
PROVIDED, HOWEVER, that RPI and its successors and successors-in-title
to the property burdened by said easements shall have and
hereby reserve the right to relocate from time to time the
sanitary sewer lines, water lines and storm sewer lines and
retention area and facilities which are located as shown on the
Survey; provided that such relocation shall be at the sole cost
and expense of RPI and its successors and successors-in-title to
the property burdened by said easements, and shall not interrupt,
interfere with or diminish the service provided by such sewer
lines, water lines and storm sewer lines and retention facilities.
The easements granted in (a) through (c) above are expressly made
SUBJECT TO the rights of Sanlando Utilities Corporation
("Sanlando") under that certain Grant of License between Ridgewood
Properties and Sanlando recorded in Official Records Book 1974,
Page 1827, of the Public Records of Seminole County, Florida.