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CIS PIS ]T made this 10th day of August,-1979, between
I~II~1H HWT of Ft. Pierce, Florida, hereafter called the Pledgor,
and JEt~.SFN I~ANB.S, INC. , a Florida oarporatic~, of Jensen Beach, Florida,
hereafter walled the Pledgee.
at the time of the execution of this Pledge Agreement the
P1edc~ee leaned the Pledgor $30,000.00, evid~.rioed by the Pxnmi.ssoty Note
of the Pler3go~c for such atm~mt, and
S to induce the Pledgee tp make such loan the Pledgar has -
agreed tp pledge certain stock with the Pledgee as security for the re-
payment of sudz loan,
IT IS ADD: -
1. Pl e. In consideration of the sun of $30,000.00 loaned to
the Pledgor by the Pledgee, receipt of which is hereby aclgnwledged, the
Pledgor hereby grants a security interest t7o the Pledgee in the follcx~r-
ing instnmazt, to wit, 1000 shares of -the cocm~on stock of fT. P~
BCJfnb, INC. , a Florida corporation, represented by Certificate Number 2
duly- endc~.,ed in blank and herewith delivered to the Pledgee. Zl~e
Pledgor hereby appoints the Pledgee his attiorney to arrange for the
transfer of the pledged shares on the books of -the aolapany do the name
of the Pledgee. ~e Pledgee shall hold the pledged shares as security
-for the repayment of the loan made at the time of the e~oecution hereof,
and shall riot enced~er or dispose of such shares ~t in accordance
with the provisiAr~s of Paragraph 8 of this Pleck,~e Agreement.
2. Dividends. During the team of this pledge, all dividerxts and
other a~naurts received by the Pledgee as a result of his record aar>e~
ship of the pledged shares shall be applied by him to the payment•of the
principal and interest on the loan.
3. doting rights. During the faun of this pledge, and so long as
the Pledgor is not in default in the performance of any the terms of
this Pledge Agreaaent or in the paympslt of the principal or interest of
the loan, the Pledgor shall have the right tao vote the pledged shares on
all corporate questions, and the Pledgee shall execute dine and timely _
proxies in favor of the Pledgor m this end.
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CARL F. ELLWAN(iER ATTORNEY AT LAW P. O. BOX 1660 STUART, FLORIDA 33484