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~iIS PIEIXX~ AG~IT made this 10th day of August, 1979, between _
I03i1~TH MATS of Ft. Pierce, Florida, hereafter called the Pledgar,
anti JII~1Si~J IAi~S, INC. , a Florida corporation, of Jensen Beach, Florida,
hereafter called the Pledgee.
~ at the time of the eacecvtion of this Pledge Agreement the
Pledgee loaned the Pleck}or $153,010.90, evidenced by thl: Promissory Nate
of the Pledgor for such aimo~t, and
to irx~oe the Pledgee tD-make such loan the Pledgor has
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agreed to pledgee certain stock with the Pledgee as security for the re-
payment of such loan, _ _
IT IS AC~E~:
1. P~. In consideration of the sun of $153,010.90 loaned bo
the Pleckpr by the Pledgee, receipt of which is hereby adgnowledged, the
Pledgor hereby grants a security interest to the Pledy~ee in the follow-
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ing instrunent, to wit, 1000 shares of the ocslnnan stork of FT. PIEF~C,E
BO~II,, IlJC., a Florida corporation, represented by Certificate Nunbex 2
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duly endorsed in blank and hc~xewith delivered to the Pledgee. The Pledgor
hereby appoints the Pledgee his attornE~y too arrarxge for the transfer of
the pledged shares on the books of the conpany to the mane of the Pledgee.
The Pledgee shall hold the pledged shares as security far the repayment
of the loan made at the time of the execution hereof, and shall not {
encunber or clispose of such shares except in accordance with the pro-
visions of Paragraph 8 of this Pledge Agreanent.
2. Dividends. During the term of this pledge, all dividends and
other alrnmts received by the Pledgee as a result of his record owner-
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ship of the pledged shares shall be applied by him to the payment of the
principal and internst on the loan.
3. Voting rights. During the term of this pledge, and so long as
the Pledgor is riot in default in the performarx~e of any the terms of
this Pledge Agreanent or in the payment of the principal or interest of
the loan, the Pledgor shall have the right tD vote the pledged shares on
all oarporabe questia~s, and the Pledgee shall execute due and timely
proxies in fawn of the Pledgar to this end.
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CARL F. ELLWANGER ATTORNEY AT LAW P. O. BOX 1860 STUART, FLORIDA 334W
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