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Pledge Of Shares Of Stock
FOR VALUE RECEIVED, the undersigned hereby deposits and pledges with [Pledgee] as collateral security to secure the payment of:
The following shares of stock, described as [_] shares of stock of [Corporation] being stock certificate no. [Number].
It is understood and agreed:
1. Pledgee may assign or transfer said debt and the stock collateral pledged hereunder.
2. In the event there shall be stock dividend or further issue of stock in the Corporation to the undersigned, the undersigned shall pledge said shares as additional collateral for the debt.
3. That during the pendency of this pledge pledge, the undersigned shall have full rights to vote said shares and be entitled to all dividend income.
4. That during the pendency of this pledge, the undersigned shall not issue any proxy or assignment of rights to the pledged shares.
5. The undersigned warrants and represents it has good title to the shares being pledged, they are free from other liens and encumbrances, and the undersigned has full authority to transfer said shares as collateral security.
6. In the event of default of payment of the debt, or breach of this pledge pledge, the Pledgee or holder shall have full rights to foreclose on the pledged shares and excercise 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.
7. 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.
8. The failure of a party to object to, or to take affirmative action with respect to, any conduct of the other which is in violation of the terms of this Pledge shall not be construed as a waiver of the violation or breach or of any future violation, breach, or wrongful conduct until (--) days since the wrongful act or omission to act has passed.
9. 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.
10. 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.
11. Neither this pledge nor any right or interest thereunder shall be assigned in any respect whatsoever.
12. This instrument contains all of the pledges of the parties. No oral or other statements shall be binding on either of the parties hereto.
Signed under seal [Date]
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]