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Pledge Of Property Agreement

AGREEMENT made on [Date] by and between [Name] of [Address], hereinafter referred to as "Pledgor", and [Name] of [Address], hereinafter referred to as "Pledgee", the parties mutually agree as follows:

For good value, Pledgor deposits with Pledgee as collateral security to secure the payment of the following debts: [Enumerate].

The property [collateral] described as: [Enumerate].

Pursuant to this pledge the following is also agreed:

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

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

Pledgor shall pay all insurance it elects to maintain or Pledgee reasonably requires on the pledged collateral and shall pay any property, excise or other tax or levy.

Pledgor warrants and represents that good title is had to the property being pledged, full authority to pledge said property is maintained, and the at the pledged property is free of any adverse liens, encumbrances, adverse claims or prior pledge.

Upon default of breach of this pledge agreement, Pledgee or holder may 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 Pledgee may have against Pledgor.

Upon foreclosure the pledged property may be sold at either public auction or private sale, and Pledgor shall be given reasonable notice of the intended sale; Pledgor may redeem said property at any time before said sale upon payment of the balance due.

Upon payment of the obligation for which the property is pledged, the property shall be returned to Pledgor, and this pledge agreement shall be terminated.

This pledge agreement shall be binding upon and inure to the benefit of the parties, their successors, assigns, personal agents, and representatives.

Upon default Pledgor shall pay all reasonable attorneys fees and costs of collection.

This Pledge supersedes any prior oral agreements between the parties.

Neither this Pledge nor any right or interest thereunder shall be assigned in any respect whatsoever.

This Pledge contains all of the agreements of the parties. No oral or other statements shall be binding on either of the parties hereto.

IN WITNESS WHEREOF, the parties have executed this agreement the day and year as first above written at [City], [State].

Signature

[Name], Pledgor

Signature

[Name], Pledgee

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)