Document:

Unassociated Document

    
      

    

    EXHIBIT
10.4.10

    PLEDGE AND SECURITY
AGREEMENT

    

    THIS AGREEMENT made as of the
31st
day of October 2006, by and between Allan Tubin, having an address
at 142 Windsor Road
(hereinafter the “Pledgor”), and FIRST REAL ESTATE INVESTMENT TRUST of
NEW JERSEY, its successors and/or assigns, having an office located at
505 Main Street, Hackensack, New Jersey 07601 (hereinafter the “FREIT” or
“Pledgee”).

    

    W
I T N E S S E T H :

    

    WHEREAS, Pledgor is indebted
to FREIT in the principal amount of $80,603.21 together with all interest
thereon, represented by a Promissory Note of even date herewith (the “Note”);
and

    

    WHEREAS, FREIT is the Managing
Member (the “Managing Member”) with a 70% ownership interest in Damascus Centre,
LLC,  a New Jersey  limited liability company pursuant to an
Operating Agreement dated June 1, 2003(the “Operating Agreement”);
and

    

    WHEREAS, Damascus 100, LLC a
Limited Member (the “Limited Member”) with a 30% ownership interest in Damascus
Centre, LLC; and

    

    WHEREAS, Pledgor is a Member
of Damascus 100, LLC; and

    

    WHEREAS, as a condition
precedent to making the loan evidenced by the Note and in order to secure
payment of the Obligations, as hereinafter defined, FREIT requires that the
Pledgor enter into and execute this Pledge and Security Agreement upon the terms
and conditions hereinafter set forth;

    

    NOW, THEREFORE, in consideration of the
mutual promises set forth herein and other good and valuable consideration, the
parties hereto agree as follows:

    

    1.           
 As security for (i) the prompt and complete payment when due of the Note,
and for any and all liabilities that Pledgor now or in the future may have to
FREIT pursuant to the Note, and (ii) the prompt and complete payment when due of
all obligations contained in this Agreement (the obligations described in
subparagraphs (i) and (ii) herein are referred to collectively as the
“Obligations”), the Pledgor hereby pledges, assigns, transfers and grants
to

     

    
      
        
        

      

      
        Page
139

        
          

        

      

      
        
        

      

    

     

    FREIT a
security interest in all of Pledgor’s Membership Interest in the Damascus 100,
LLC, including, but not limited to, Pledgor’s and his successor’s assignee’s,
legal representative’s, heir’s and legatee’s rights to receive refinancing
proceeds, distributions and other cash flow, from Damascus 100, LLC
(collectively, the “Collateral”).  The assignment hereunder is
intended to be and shall constitute an unconditional, absolute and present
assignment to FREIT of all of Pledgor’s right, title and interest in and to the
Collateral (subject to the terms and conditions hereof).  FREIT agrees
that any proceeds from Collateral shall be applied first to the Obligations
outstanding and after payment in full of such Obligations outstanding under the
Note, the balance shall be paid to Pledgor.

    

    2.          
 The Pledgor hereby agrees that none of the following events, either alone
or together, shall affect FREIT's interest in the
Collateral:

    

    (a)           if
the terms of any liability which Pledgor may have to FREIT, arising out of the
Note or any one or more of the Obligations is amended or Lender otherwise
permits any renewals or substitutions of the Note or any of the Obligations;
or

    

    (b)           if
FREIT releases or accepts substitutions for any other collateral that may serve
as security for the Obligations.

    

    Pledgor shall also be liable to FREIT
for any guarantee for Pledgor’s pro rata share of Damascus 100, LLC’s
obligations to FREIT for any guaranty whether by way of the personal guaranty of
FREIT or through a bond a letter of credit or any other surety which FREIT is
required to make with respect to Damascus 100, LLC, all of which are deemed to
be obligations as defined in this Agreement.

    

    3.           
 Upon occurrence of a Default, as defined in the Note or this Agreement,
the Collateral and all rights arising thereunder shall be transferred and paid
over to FREIT.  Prior to a Default, Pledgor may exercise any voting
rights Pledgor may have as a Member of Damascus 100, LLC, provided any such
exercise shall not impair or diminish the Collateral or the pledge made hereby.
Additionally, FREIT may exercise any and all other rights that it has as a
secured party pursuant to the applicable provisions of the Uniform Commercial
Code, N.J.S.A. 12A:1-101, et seq. (the “Code”)
and this Agreement shall constitute a security agreement in accordance with the
terms of the Code.  FREIT does not have to exercise any rights, which
it may have

     

    
      
        
        

      

      
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140

        
          

        

      

      
        
        

      

    

     

    against
Pledgor before exercising its rights against the
Collateral.  Additionally, the Pledgor agrees that if the law requires
FREIT to give notice of the sale of the Collateral or any interest therein
(which sale need not be a public sale), ten (10) days shall be sufficient
notice.

    

    4.          
 The Pledgor hereby waives the right to be treated as a “Debtor” under the
terms of Article 9 of the Code in connection with FREIT’s exercise of its
remedies, to the extent such a waiver is permitted by the Code.

    

    5.          
 The Pledgor hereby appoints FREIT as attorney in fact to arrange for the
transfer of the Collateral to FREIT upon the occurrence of a Default, as defined
in the Note.

    

    6.          
 The Pledgor represents that Pledgor’s principal residence is the address
set forth in the first paragraph of this Agreement.

    

    7.         
  Any transfer or further pledge of the Collateral without the express
prior written consent of FREIT shall constitute a default under the Note and the
Obligations.

    

    8.           
The Pledgor will, at Pledgor’s expense and in such manner and form as FREIT may
require, execute, deliver, file and record any financing statement, specific
assignment or other paper, in order to create, preserve, perfect or validate any
security interest or to enable FREIT to exercise and enforce its rights
hereunder with respect to any of the Collateral. To the extent permitted by
applicable law, the Pledgor hereby authorizes FREIT to execute and file, in the
name of the Pledgor financing statements which FREIT in its sole discretion may
deem necessary or appropriate to further perfect the security interests provided
for herein.  Pledgor shall also deliver to FREIT contemporaneously
herewith, the Membership certificate or certificates, if any, evidencing his
ownership in the Damascus 100, LLC, together with a duly executed stock
power.

    

    9.           
 FREIT may delay enforcement of any of its rights pursuant to the terms of
this Pledge and Security Agreement without losing such rights.

    

    10.           If
any part of this Pledge and Security Agreement is deemed by a court of law to be
invalid, such other provisions as have not been declared to be invalid shall
remain in effect.

    

    11.           This
Pledge and Security Agreement shall be governed in accordance with the laws of
the State of New Jersey without regard to conflict of law principles, and the
Pledgor does hereby agree to be subject to the jurisdiction of the Courts of the
State of New Jersey.

    

      
        
           

        

        
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141

          
            

          

        

        
           

        

      

    

     

    12.           Any
terms not defined shall have the meanings ascribed to them in the
Note.

    

    13.           This
Pledge and Security Agreement may be executed in two or more counterparts, each
of which shall be deemed an original.

    
 

    IN WITNESS WHEREOF, the parties have
executed this Agreement as of the day and year first above written.

    

    

    
      	
              WITNESS:

            	 
      	
              PLEDGOR:

            
	 
      	 
      	 
      
	
              /s/
      Carolyn Jacob

            	 
      	
              /s/
      Allan Tubin

            
	____________________________________________	 
      	_____________________________________________________
	 
      	 
      	
              Allan
      Tubin

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
              FIRST
      REAL ESTATE INVESTMENT TRUST OF NEW JERSEY

            
	 
      	 
      	 
      
	
              /s/
      Allan Tubin

            	 
      	
              /s/
      Donald W. Barney

            
	____________________________________________	 
      	By:	
              __________________________________________________

            
	 
      	 
      	
              Donald
      Barney, President

            

    

     

     

    Page 142FEARLESS INTERNATIONAL, INC.
                           927 LINCOLN ROAD, SUITE 200
                              MIAMI, FLORIDA 33139

                                                                    May 30, 2008

VIA EMAIL AND FACSIMILE
Midsummer Ventures, LP
c/o Midsummer Capital, LLC
295 Madison Avenue, 38th Floor
New York, New York 10017

Mahoney Associates, Inc.
c/o LH Financial Services Corp.
150 Central Park South, 2nd Floor
New York, New York 10019

     Re:          EXTENSION OF MATURITY DATE FOR DECEMBER 2007 NOTES
                  --------------------------------------------------

To whom it may concern:

     Reference is made to the Secured  Promissory  Notes (the "NOTES") issued by
Fearless International,  Inc., a Nevada corporation (the "COMPANY"), on November
15,  2007,  to  each  of  Midsummer  Ventures,   LP  ("MIDSUMMER")  and  Mahoney
Associates, Inc. ("MAHONEY" and collectively,  the "INVESTORS") pursuant to that
certain  Loan and  Security  Agreement,  dated  November  15,  2007  (the  "LOAN
AGREEMENT").  Capitalized  terms used but not defined in this  Letter  Agreement
(this  "AGREEMENT")  shall have the meaning  given to such terms in the Notes or
the Loan Agreement.

     Subject to each Investor's agreement to extend the Maturity Date until July
24, 2008, which agreement shall be evidenced by such Investor's signature at the
end of this  Agreement,  the  Company  hereby  notifies  the  Investors  that in
consideration of such extension:

              (a) as a forbearance fee only and not as a payment of principal or
     interest  on  the  Notes,  on  the  date  hereof the Company shall pay each
     Investor $15,000 via wire transfer in  immediately available funds pursuant
     to the bank account set forth on each Investor's signature page hereto;

              (b) the principal amount of the Notes is  hereby  increased as set
     forth on SCHEDULE I attached hereto;

              (c) Until  July  24,  2008, in the event that the Company receives
     any  cash  proceeds,  through  any  means  or any source, including but not
     limited to, cash receivables and revenues or through the issuance of equity
     or  debt  securities,  other than indebtedness not secured by any assets of
     the  Company  and  subordinated  in writing to the Investors, pursuant to a
     written agreement acceptable to the Investors, ("CASH INFUSION"), the first
     $200,000, in the aggregate, of such Cash Infusion (net  of  reasonable  and
     customary fees

                                       1

<PAGE>

     incurred directly in connection with such Cash Infusion) shall  be  applied
     according to the following schedule:

              (i) the  first $50,000 shall be used by the  Company  for  working
     capital  of the  Company  or its subsidiaries;

              (ii) the  second  $50,000  shall  be   immediately   paid  to  the
     Investors, ratably, applied to outstanding principal on the Notes;

              (iii) the  third  $50,000 shall be used by the Company for working
     capital of the Company or its subsidiaries; and

              (iv) the fourth $50,000 shall be immediately paid to the Investors
     ratably, applied to outstanding  principal on the Notes.

     Prior to July 24, 2008,  Cash  Infusions in excess of $200,000,  other than
Cash  Infusions  derived  from  indebtedness  not  secured  by any assets of the
Company  and  subordinated  in writing to the  Investors,  pursuant to a written
agreement acceptable to the Investors, in the aggregate, shall be paid and split
as received 75% to the Investors  ratably,  applied to outstanding  principal on
the Notes,  and 25% to be used by the Company for working capital of the Company
or its  subsidiaries.  On or after July 24, 2008 the Notes shall be  immediately
due and  payable in full and 100% of any cash on hand  (whether  from prior Cash
Infusions or otherwise) or new Cash  Infusions must be used first to pay-off the
Notes in full;

     (d) the Company will issue one million  (1,000,000)  shares of Common Stock
(the  "SHARES") to each  Investor no later than the tenth  Trading Day after the
date hereof; and

     (e) the Company shall execute the Confession of Judgment,  attached  hereto
as EXHIBIT B, in favor of each of the  Investors  and the Company  shall provide
each  such  duly   executed   Confession  of  Judgment  to  each  such  Investor
simultaneously herewith. The parties agree that the Confession of Judgment shall
be held in escrow by the  Investors  and  shall  not be filed or  released  from
escrow  prior to July 24,  2008.  Should the  Company  satisfy the Notes in full
prior to July 24,  2008,  the  Confession  of Judgment  shall be returned to the
Company and shall otherwise be null and void.

     Each of the undersigned  represents and warrants that it is the sole holder
of  any  interest  in  the  Notes  originally  issued  to it,  that  it has  not
transferred,  pledged or otherwise disposed of any interest therein and that the
undersigned  has the  authority to sign this  Agreement and give the waivers set
forth herein.

     The Company  hereby  represents  and warrants to each of the Investors that
the Shares are duly  authorized  and, when issued and paid for, will be duly and
validly  issued,  fully  paid and  nonassessable,  free and clear of all  liens,
charges, security interests,  encumbrances,  right of first refusals, preemptive
rights or other  restrictions  imposed by the Company.  The Company has

                                       2

<PAGE>

reserved from its  duly  authorized  capital stock the maximum  number of shares
of Common Stock issuable pursuant to this Agreement.

     Subject to each Investor's agreement, which agreement shall be evidenced by
such Investor's  signature at the end of this  Agreement,  (a) within 1 business
day of the date of this  Agreement,  we shall file a Current Report on Form 8-K,
reasonably  acceptable to each Investor  disclosing  the material  terms of this
Agreement and (b) within 3 business days of the date of this Agreement, we shall
deliver an amended and restated Note to each Investor  reflecting  the increased
principal amounts set forth on SCHEDULE I.

     Except as expressly set forth herein, all terms,  conditions and provisions
of the Notes  shall  remain in full  force and  effect.  This  Agreement  may be
executed in two or more counterparts, each of which shall be deemed an original,
but all of which  together,  when  executed  and  delivered by facsimile or .pdf
copies, shall constitute one and the same instrument.

***************

                                       3

<PAGE>

     Please  indicate  your  agreement to the  foregoing by signing in the space
provided  below,  whereupon  this  Agreement  shall  become a binding  agreement
between us.

                                                   FEARLESS INTERNATIONAL, INC.

                                                   BY:
                                                   -----------------------------
                                                   Name:
                                                   Title:

MIDSUMMER VENTURES, LP

BY:
----------------------------
Name:
Title:

WIRE INSTRUCTIONS:
------------------

MAHONEY ASSOCIATES, INC.

BY:
----------------------------
Name:
Title:

WIRE INSTRUCTIONS:
------------------

                                       4

<PAGE>

                                   SCHEDULE I
                                   ----------

-------------------------   -------------------------   ------------------------
Name                        Previously Outstanding      Amended Outstanding
                            Principal Amount            Principal Amount
-------------------------   -------------------------   ------------------------
Midsummer Ventures LP       $360,000                    $427,500
-------------------------   -------------------------   ------------------------
Mahoney Associates, Inc.    $360,000                    $427,500
-------------------------   -------------------------   ------------------------

                                       5

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