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Pledge Of Property

For good value, the undersigned deposits and pledges with _________ (Pledgee) as collateral security to secure the payment of the following debts:

The property (collateral) described as:

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.

The undersigned 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.

The undersigned 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 the undersigned.

Upon foreclosure the pledged property may be sold at either public auction or private sale, and the undersigned shall be given reasonable notice of the intended sale; the undersigned 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 the undersigned, 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 the undersigned shall pay all reasonable attorneys fees and costs of collection.

Signed under seal this _____ day of _____, 20 ___.

_______________________

Pledgee

_______________________

Pledgor (undersigned)