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Pledge Of Personal Property Agreement

FOR VALUE RECEIVED, the undersigned hereby deposits and pledges with [Name], the "Pledgee" as collateral security to secure the payment of: [Describe debt]

The following personal property [collateral] described as:

It is understood and agreed that:

1. Pledgee may assign or transfer said debt and the pledged collateral hereunder.

2. Pledgee shall have no liability for loss, destruction or casualty to the collateral unless caused by his own negligence.

3. The undersigned shall pay any and all insurance it elects to maintain on the pledged collateral and any personal property, excise or other tax or levy.

4. The undersigned warrants that it has good title to the pledged collateral, authority to pledge same and that it is free of any adverse lien, encumbrance or claim.

5. In the event of default of payment of the debt or breach of this pledge agreement, the Pledgee or holder shall have full rights to foreclose on the pledged collateral and exercise its rights as a secured party pursuant to Article 9 of the Uniform Commercial Code; said rights being cumulative with any other rights the Pledgee may have against the undersigned.

6. 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.

8. 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.

9. Amendments of this agreement shall be by mutual consent of the parties only in writing.

10. Notices. Any notice to be given or to be served upon any party hereto must be in writing and may be given by certified or registered mail, but shall be deemed to have been given and received when a certified or registered letter containing such notice, properly addressed with postage prepaid, is deposited with the U.S. Mail. If notice is given in some manner other than by certified or registered mail, it shall be deemed to have been given when delivered to and received by the party to whom it is addressed, Such notices shall be given to the parties hereto at the following addresses:

If to the [Name]:
[name]
[street address]
[city, state, zip]

If to the [Name]:
[name]
[street address]
[city, state, zip]

All such notices and communications shall be deemed to have been duly given when delivered by hand, if personally delivered; (--) business days after deposit in U.S. Mail, postage prepaid, if mailed; when answered back, if faxed; and when receipt is acknowledge. Any party hereto may change its address for purposes of this paragraph by written notice given in the manner provided above.

Signed under seal on [Date].

Signature

Undersigned

This Section for Notary:

Acknowledgment

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.

[signature]

[Name of Notary Public]

My commission expires: [date]

(Seal)