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Pledge Sale Of Business
Pledge made on [Date] by and between [Name] of [Address] hereinafter referred to as "Debtor" and [Name] of [Address] hereinafter referred to as "Secured Party".
The do hereby parties agree that:
1. The Debtor acknowledges receipt of [$------] as a purchase money loan from the Secured Party, evidenced by a certain promissory note of even date, given as payment in the purchase of [Enumerate] from said Secured Party.
2. The Debtor hereby pledges, assigns, transfers, and sets over to the Secured Party all his/her rights, title, and interest in [Enumerate] as collateral security for the repayment of the loan. Said collateral is delivered herewith to be held by said Secured Party in pledge.
3. In the event of a default in the payment of the loan, the Secured Party is fully authorized and empowered, without notice to, and without demand for payment from, the Debtor, to sell the collateral at public or private sale provided, however, that should the proceeds from the sale of the collateral exceed the value of the then outstanding loan balance plus reasonable attorney fees and costs, then the excess value of the proceeds shall be remitted to the Debtor.
4. In connection with this Pledge and the transactions contemplated hereby, each party to this Pledge 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 Pledge and the transactions contemplated hereby.
5. This Pledge contains the entire pledge of the parties and there are no other promises or conditions in any other pledge whether oral or written. This Pledge supersedes any prior written or oral pledges between the parties.
6. No Assignment. Neither this pledge nor any right or interest thereunder shall be assigned in any respect whatsoever.
7. Exclusion of Oral Statements. This instrument contains all of the pledges of the parties. No oral or other statements shall be binding on either of the parties hereto.
8. Amendments of this pledge shall be by mutual consent of the parties only in writing.
9. Any disputes pertaining to said pledge 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.
10. Neither party has made any representations nor promises, other than those contained in this pledge or in some further writing signed by the party making the representation or promise.
11. In connection with this Pledge and the transactions contemplated hereby, each party to this Pledge 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 Pledge and the transactions contemplated hereby.
12. This Pledge shall be governed by the laws of the State of [State].
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]