This pledge agreement advance template has 4 pages and is a MS Word file type listed under our legal agreements documents.
Sample of our pledge agreement advance template:
PLEDGE AGREEMENT This Pledge Agreement (the "Agreement") is effective [DATE], BETWEEN: [FIRST PARTY NAME] (the "First Party"), an individual with his main address located at: [YOUR COMPLETE ADDRESS] AND: [SECOND PARTY NAME] (the "Undersigned"), an individual with his main address located at: [COMPLETE ADDRESS] For good and valuable consideration, the receipt and legal sufficiency of which are hereby expressly acknowledged, the parties hereto agree as follows: WHEREAS the First Party advanced the sum of [AMOUNT] for the purposes of a project located in the City of [NAME OF THE CITY], Province of [STATE/PROVINCE], known and designated as being lot numbers [NUMBER], [NUMBER], [NUMBER] and [NUMBER] on the official plan and book of reference of the [SPECIFY] [STATE/PROVINCE], with the buildings thereon erected bearing civic number [NUMBER] to [NUMBER], [NUMBER] to [NUMBER] and [NUMBER] and [NUMBER] [FULL ADDRESS], [STATE/PROVINCE]; WHEREAS the [SPECIFY] Project is owned in co-ownership by [COMPANY NAME], the Undersigned, [INDIVIDUAL NAME], [INDIVIDUAL NAME], [INDIVIDUAL NAME], [INDIVIDUAL NAME], [INDIVIDUAL NAME], [COMPANY NAME], and [COMPANY NAME] as co-owners and [COMPANY NAME] as agent, pursuant to a Memorandum of Agreement made and entered into by and between them at [STATE/PROVINCE], [STATE/PROVINCE] on [DATE]; WHEREAS the Undersigned owns a [PERCENTAGE %] percent undivided interest in the [SPECIFY] Project, and [PERCENTAGE %] percent of the said advance or the sum of [AMOUNT] (the "Advance") was accordingly made for and on behalf of the Undersigned; WHEREAS the Undersigned and The First Party entered into a partnership agreement dated as of [DATE] confirming that a certain immoveable property situated at the northeast corner of [NAME OF THE STREET] and [NAME OF THE STREET], in the City of [NAME OF THE CITY], Province of [STATE/PROVINCE], composed of lots [NUMBER]-Pt. [NUMBER], [NUMBER]-Pt. [NUMBER], [NUMBER]-Pt. [NUMBER] and [NUMBER]-Pt. [NUMBER], with the buildings thereon erected bearing civic numbers [NUMBER] to [NUMBER] of said [NAME OF THE STREET] in [STATE/PROVINCE] (the "Partnership Property"), was owned by them in partnership and not indivision, said partnership to be known as [AMOUNT] [NAME] Reg'd." (the "Partnership"), and providing for, inter alia, the operations of the Partnership, naming the Undersigned as the managing partner of the Partnership, and providing for his powers as such, as well as for the dissolution of the Partnership and the sale of the Partnership Property (the "Partnership Agreement"); WHEREAS [COMPANY NAME] transferred his interest in the Partnership to [COMPANY NAME] as of [EFFECTIVE DATE]; WHEREAS the Undersigned and [COMPANY NAME] filed a Partnership Declaration at the Office of the Prothonotary for the judicial district of [NAME OF THE CITY] on [EFFECTIVE DATE] under the number [NUMBER]; NOW THEREFORE, FOR GOOD AND VALUABLE CONSIDERATION, receipt whereof is hereby acknowledged, the Undersigned pledges to First Party all right, title and interest (the "Partnership Interest") of the Undersigned in and to the Partnership, to be held by First Party together with all renewals thereof, substitutions therefore, accretions thereto, and all income therefrom as general and continuing collateral security and as a pledge for the fulfillment of all obligations, present and future, direct and indirect, absolute and contingent, presently due and hereafter due to First Party by the Undersigned including, without limiting the generality of the foregoing: (i) the obligation to repay (in capital, interest and accessories and upon the terms and conditions provided for thereunder) the Advance as well as all present and future advances or loans made by First Party to the Undersigned, and (ii) all other obligations or liabilities of the Undersigned to First Party, in both cases together with interest thereon at the prime rate of the [SPECIFY BANK] [COUNTRY] plus [PERCENTAGE %] percent per annum (hereinafter collectively referred to as the "Obligations"), whether the Obligations arise from agreements or dealings between First Party and the Undersigned or from agreements or dealings with any third person by which First Party may be or become in any manner whatsoever a creditor of the Undersigned or however otherwise arising and whether the Undersigned be bound alone or with another or others and whether as principal or surety. In the event the Undersigned fails to fulfill any of the Obligations, including a default under the Loan or to repay any advances or loans made by First Party to the Undersigned, or the interest thereon, or any part of such advances, loans or interest, when due, or when an instrument evidencing such indebtedness matures or upon default to make any payment when requested ("Event of Default"), First Party may, without advertisement or notice to the Undersigned or others and without demand for payment or formality whatsoever, the Undersigned hereby renouncing to such advertisement, notices, demands for payment, formalities or other requirements of [YOUR COUNTRY LAW], sell the Partnership Interest, at public or private sale, or otherwise dispose of the Partnership Interest for such price and upon such terms and conditions as it deems best. All income from the Partnership Interest and the proceeds of any sale or realization thereof, after deduction of all expenses thereof, with interest on such expenses at the rate then borne by the advances or loans by First party to the Undersigned, may be held by First Party as security as aforesaid, and, when First Party deems it desirable so to do, from time to time, may be applied against any of the Obligations as First Party deems best. First Party shall not be bound to realize on the Partnership Interest nor to permit the alienation of same and it shall not be responsible for any loss resulting from the sale of the Partnership Interest, the retention thereof or refusal to sell, dispose of or realize upon the same; nor shall First Party be required to collect or receive the interest or dividends thereon nor to demand payment thereof. In the event that the Undersigned should receive any payment of any nature whatsoever on account of the Partnership Interest, all sums thus received shall be immediately paid to First Party and the default of the Undersigned to do so shall constitute an Event of Default under the provisions hereof. First Party or any officer of First Party is hereby constituted the irrevocable attorney of the Undersigned, with power to delegate and sub-delegate, for the purpose of transferring the Partnership Interest and First Party may execute any transfer or any power of attorney and generally all documents required to complete the transfer and alienation of the Partnership Interest
