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General Pledge Agreement
1. Grant of Security Interest. [Names], both residing at [address] (Borrowers), grant to [name], with offices at [address] (Lender), a security interest in the following instruments, documents of title, securities, bonds, notes, and general intangibles: [description of collateral] (Collateral).
2. Description of Obligation Secured. The security interest granted by this Instrument secures an indebtedness owed by Borrowers to Lender in the principal sum of ........ dollars ($........) with interest at the rate of ........ percent (........%) per annum, payable on [date], evidenced by a promissory note of [date], signed by Borrower, and delivered to Lender on that date.
3. Delivery of Collateral to Lenders. Borrowers will deliver the Collateral to Lender no later than [number] days from the date of this Instrument together with stock powers signed in blank by Borrowers and all other properly signed instruments that may be needed by Lender to sell or transfer the Collateral or any part of it. Pending delivery of the Collateral, Borrowers will hold the Collateral in trust for Lender, separate and distinct from Borrower's other property.
4. Borrowers to Help Maintain Valid Security Interest in Lender. Borrowers shall do such acts as Lender may reasonably require from time to time to maintain a valid security interest in the Collateral in Lender, free of all other liens and claims, to secure payment of Borrowers' indebtedness to Lender.
5. Notice of Disposition of Collateral. If any notification of an intended disposition of any of the Collateral is required by law, such notification shall be deemed reasonably and properly given if mailed at least [number] days before the disposition, postage prepaid, addressed to Borrowers at the address shown in Paragraph 1.
6. Amendments of this agreement shall be by mutual consent of the parties only in writing.
7. Arbitration. Any disputes pertaining to said contractual arrangement being affairs that cannot be settled amicably shall be submitted to an arbitrator under the Rules of the American Arbitration Association or like organization in the City of [city], whose award may be reduced to judgment in any court of competent jurisdiction.
8. Severability. If any provision of this Agreement shall be held to be invalid or unenforceable for any reason, the remaining provisions shall continue to be valid and enforceable. If a court finds that any provision of this Agreement is invalid or unenforceable, but that by limiting such provision it would become valid or enforceable, then such provision shall be deemed to be written, construed, and enforced as so limited.
9. Waiver Of Agreementual Right. The failure of either party to enforce any provision of this Agreement shall not be construed as a waiver or limitation of that party's right to subsequently enforce and compel strict compliance with every provision of this Agreement.
10. No Representations. Neither party has made any representations nor promises, other than those contained in this agreement or in some further writing signed by the party making the representation or promise.
11. Interpretation. This Agreement will in all events be construed as a whole, according to its fair meaning, and not strictly for or against a party merely because that party (or the party's legal counsel) drafted the Agreement. The headings, captions, and titles in this legal Agreement are merely for reference and do not define, limit, extend, or describe the scope of this Agreement or any provision herein. Unless the context requires otherwise,
(a) the gender (or lack of gender) of all words used in this Agreement includes the masculine, feminine, and neuter, and
(b) the word including means including without limitation.
12. Advice Of Legal Counsel. Each individual party to this Agreement represents and warrants to each other party that such party has read and fully understands the terms and provisions hereof, has had an opportunity to review this Agreement with legal counsel, and has executed this Agreement based upon such party's own judgment and advice of independent legal counsel.
13. Invalid Provisions. If any provision of this Agreement is held to be illegal, invalid, or unenforceable under any present or future law, then that provision will be fully severable. This Agreement will be construed and enforced as if the illegal, invalid, or unenforceable provision had never comprised a part of this Agreement, and the remaining provisions of this Agreement will remain in full force and effect and will not be affected by the illegal, invalid, or unenforceable provision or by its severance from this Agreement. Furthermore, in lieu of each such illegal, invalid, or unenforceable provision, there will be added automatically, as a part of this Agreement, a provision as similar in terms to such illegal, invalid, or unenforceable provision as may be possible and be legal, valid and enforceable.
14. Further Assurances. In connection with this Agreement and the transactions contemplated hereby, each party to this Agreement will execute and deliver any additional documents and perform any additional acts that may be necessary or appropriate to effectuate and perform its obligations under this Agreement and the transactions contemplated hereby.
15. Entire Agreement. This Agreement contains the entire agreement of the parties and there are no other promises or conditions in any other agreement whether oral or written. This Agreement supersedes any prior written or oral agreements between the parties.
16. Governing Law. Borrowers and Lender's rights, duties, and obligations under this Instrument shall, unless otherwise required by the laws of [state], be governed by the provisions of the Uniform Commercial Code of [state], as in effect from time to time.
This Section for Notary:
STATE OF -------)
) ss: [date]
COUNTY OF ------)
On [Date] before me, [Name of Notary], notary, personally appeared [Name of Person(s) Involved], personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
Witness my hand and official seal.
[Name of Notary Public]
My commission expires: [date]