PLEDGE
SALE OF
BUSINESS
Agreement
made this _____ day of _____________ by and between _______________
("Debtor") and ______________________________________ ("Secured
Party").
The
parties agree that :
1. The Debtor acknowledges receipt of
_____________ ( $_________) Dollars as a purchase money loan from the Secured
Party, evidenced by a certain promissory note of even date, given as payment in
the purchase of ______________________________ __________________ from said
Secured Party.
2. The Debtor hereby pledges, assigns,
transfers, and sets over to the Secured Party all _______ (his/her) rights,
title, and interest in _________________________________ as collateral security
for the repayment of the loan. Said
collateral is delivered herewith to be held by said Secured Party in pledge.
3. In the event of a default in the payment of
the loan, the Secured Party is fully authorized and empowered, without notice
to, and without demand for payment from, the Debtor, to sell the collateral at
public or private sale provided, however, that should the proceeds from the
sale of the collateral exceed the value of the then outstanding loan balance
plus reasonable attorney fees and costs, then the excess value of the proceeds
shall be remitted to the Debtor.
Dated:
________________________
______________________________ ____________________________
Secured Party Debtor
