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4. Representations. Zl~e P],edgoac warrants and represents that .
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there are no restrictions upon the transfer of any of the pledged shares,. -
other than may appear an the face of the oertificat+es, and that the .
Pledgor has the right tD transfer such shares free of any canees -
and without obtaining the ~oonsents of the other shareholders.
S. Adjustmarts. In the event that, during the Mena of this
pledge, any share dividend, reclassification, readjustment, or other
change is declared or made in the capital stn~rture of the companies
which have issued the pledged shares, all new, substituted, and, additional
shares, or oth~x securities, issued by reason of any such c~hainge shall
be held by the Pledgee iamler the terms of . this Pledge Agreement in the -
same mariner as ~e shar+es originally pled hereunder.
6. Warrants and rights. In the event that during the terns of this
Pledge, subscription warrants or any other rights or oQti:ons sha11 be
issued in connection with the pledged shares, such warrants. rights, and
options shall be imaadiately assigned by the Pledgee to the Pledgar,.and
if exercised by the Pleclgor all new shares or other securities so avquired
by~the Pledgor shall be immediately assigned to the Pledgee to be held
under the terms of this Pledge Agreanent in the wane manner as the
shares originally pleck~ed hereunder.
7. Payrrent of loan. Upari payment at maturity of the principal and
interest of the ]Ran, less amunts theretofore received and applied by
the Pledgee in z~eductian thereof, the Pledgee sha].1 transfer to the
Pleck}or all the pledged shares and all rights received by the Pledgee as
a result of his record ownership thereof .
8. Default. In the event that the Pleck~or defaults in the per-
foa~ance of arty of the tenter of this Pledge Agreanent, or in the payment ~
at tmatu~rity of the principal or interest of the loan, the Pledgee shall r
have the rights and r~amedies provided in the Uniform Qanmercial lode in
farce in the State of Flori c3a at the date of this Pledge Agreement and
in this eoc~nectioai, the Pledgee may. upon five days' notice do the
Pledgor, sent by registered mail, and without liability for any diminu-
ties in price which may have oecurred,'sell all the pledged shares in
such manner and for such prioE as the Pledgee may determine. At any
bona fide public sale the Pledgee shall be free to purchase all or any
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-a- °s~k 31 y P-sue ~ ? ~q
CARL F. ELLWANOER ATTORNEY A7 LAW P, O. BOX 1860 STUART, FLORIDA 33494
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