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the undersigtted shall mean all or any one or more of them, and the obligations
of the undersigried shall be joint and several. •
Undersigned shall indemnify Bank for any advances made, extensions
granted or lilce action taken by Bank between the sending and the receipt of
notice of termination of this agreement when said notice is sent from undersigned
to Bank .
- Undersigned shall, at his own expense, do, make, procure. execute and deliver
all acts, th~gs, writings, and assurances as Bank may,at any time request to
pratect, assure or enforce its interests, rights and remedies created by, provided
in or emanating from this Pledge Agreement .
Undersigned agrees that demand, notice, protest and all demands and
notices of any action taken by Bank under this Pledge Agreement or in connection
with any note or notes, eaccept those provided in this Pledge Agreement, are
hereby waived, and any indulgence of Bank, substitution for, excharige of or
release of Collateral, or addition or rele~se of any person liable on the
Collateral, is hereby assented and consented to, and that at the time the
Collateral is deposited with Bank undersigned has the right to transfer any ~
interest therein, and that the Collateral is not subject to the interest of any third
person and that undersigned wiU defend the Collateral and its proceeds against
the claims and demands of all third persons , and that all financial or credit
statements and Collateral deposited with or relied upon by Bank prior to,
contemporaneous with, or subsequent to execution of this Pledge Agreement are
' or shall be true. correct, complete, valid and genuine. ~
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f "Undersigned" and "Bank" as used irr this Pledge Agreement shall include
~ the heirs, executors, administrators, successors, representatives, receivers,
~ trustees and assigns of those parties . ^
~ The laws of the State of Florida shall govern the construction of, and the ~
interests, rights and duties of the parties to this Pledge Agreement.
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~ Upon default in the payment of all or any part of the Indebtedness secured
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~ hereby, or any installment threrof when due, or when there is any misstatement
~ or false statement in connection with, noncompliance with, or nonperformance
~ of any of the undersigned's obligations, agreements or affirmations under or ema- ~
= nating from this Security Agreement or other agreements .executed pursuant to ~
; the financial accommodation being made, and upon death, dissolution, termination
~ of existence, insolvency, business failure, appointment of a receiver of any part
k of the property of Debtor, assignment for the bene~'it of creditors by, the calling
~ of a meeting of creditors of, or the commencement of any proceeding under any
~ bankruptcy or insolvency laws by or against Debtor. or if Secured Party deems
~ the Collateral to be insufficient by reason of the decline in market value of any of
~ the Collateral, or upon default in ariy of the other agreements contained in this
z Security Agreement or other security agreements which are made a part of this
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