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EXHIBIT E <br /> <br />PLEDGE AGREEMENT <br /> <br /> PLEDGE AGREEMENT, dated , 1990, made by THE <br />CITY OF UNIVERSITY CITY, MISSOURI, a constitutional charter city <br />(the "City"), to THE BOATMEN'S NATIONAL BANK OF ST. LOUIS (the <br /> "Bank"). <br /> <br />PRELIMINARY STATEMENTS: <br /> <br /> (1) The City is the owner of certain monies now or <br />hereafter deposited in theWestover Subaccount of the Special <br />Allocation Fund (the "Account") created by Ordinances No. 5686 <br />and , enacted by the University City <br />City Council on November 21, 1988 and , 1990, <br />respectively, which monies represent payments in lieu of'~axes <br />received with respect to certain real property in St. Louis <br />County, Missouri legally described on Exhibit A hereto (the <br />"Area"), which payments in lieu of taxes were made with respect <br />to redevelopment of such property under the Real Property Tax <br />Increment Allocation Redevelopment Act, Sections 99.800 to <br />99.865, Mo. Rev. Stat. (1986) as amended (the "Act"). <br /> <br /> (2) The City has executed and delivered to the Bank the <br />City's Tax Increment Anticipation Note date~d of even date <br />herewith in the principal amount of $190,000.0 (the "Note"), and <br />it is a condition precedent to the Bank's funding the Note that <br />the City execute and deliver this Pledge Agreement. <br /> <br /> NOW, THEREFORE, in consideration of the premises and in <br />order to induce the Bank to fund the Note, the City hereby agrees <br />as follows: <br /> <br /> Section 1. Pledqe. The City hereby pledges to the Bank, <br />and grants to the Bank a security interest in all monies now or <br />from time~tD time hereafter deposited in the Account (the <br />"Pledged Collateral") until the Maturity Date of the Note, unless <br />the same is extended as provided therein, whereupon this Pledge <br />shall continue until the earlier of such extended maturity date <br />or until the Note is paid in full. <br /> <br /> Section 2. Security for Obliqations. This Agreement <br />secures the payment of all obligations of the City now or <br />hereafter existing under the Note, whether for principal or <br />interest (all such obligations of City being the "Obligations"). <br /> Section 3. Delivery of Pledqed Collateral. All Pledged <br />Collateral shall be delivered to and held by or on behalf of the <br />Bank pursuant hereto. <br /> <br />SIL-6312 <br /> <br /> <br />