HomeMy WebLinkAbout1806 4. Representations. The Pleck~r warrants and represents that
there are ro r~trictians upon the transfer of any of the pledged shares,_
other than may appear.oln the face of the oerti~fioates, and that .the
Pledgor has the right to transfer such shares free of arty es
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and without obtaining the consents of the other shareholders.
5. Ad tments. In the event that. during the teen of this
pledge, any share dividend, recl~assifiwtian, readjustment, or other
change is declared or made in the capital structtine of the caapanies
which have issued the pledged shares, all new, suiastituted, and additional
shares, or other securities, issued by reason of any suds ct~ge shall .
be held by the Pledgee under the t,ernr~ of this Pledge Agreement in the
same manner as the shares o~•ig~uY Pledged hereunder.
6. Warrants and rights. In the event that during the terns of this
Pledge. subscription warrants or any other rights or options shall be
issued in connection with the pledged shams, such warrants, rights, and
options shall be imr~nediately assigned by the Pledgee to the Pledgor, and
if exercised by the Pledgar all new shares or other securities so acquired
by the Pledgor shall be int<o~ediately assigned ~ the Pledgee bo be held
under the terns of this Pledge Agresnent in the same ioaruier as the
shares originally pledged hereiuxier.
7. Payment of loan. upon payment at maturity of the principal and
interest of the Loan, Less amunts theretofore received and applied by
the Pledgee in reduckion thereof, the Pledgee shall transfer tD the
Pledgar all the pledged shares and all rights received by the Pledgee as
a result of his reao~rd ownership thereof
8. Default. In the event that the Pledgor defaults in the per`
fe~nlanee of any of the teens of this Pledge Ac,~aeraent, or in the payment
at maturity of the principal or interest of the loan, the Fledrgee•sha11
have the rights and resoedies provided in the Uniform Oocanercial Oode in
force in the State of Florida at the date of this Pledge Agreement and
in this connection, the PLedyee may, upon five days'.notiee ~ the
Pledgor, sent by registered mail, and without liability for ang diminui-
tion in price whidi may have oocvrred, sell all the pledged shares in
such warmer and for suds price 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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CARL F. ELLWAH(iER ATTORNEY AT LAW P. O. BOX 1860 STt1ART, FLORIDA ~
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