HomeMy WebLinkAbout1833 5. Uae the proceeds of the loan solely for the purpasca set fasth in the Aut6orization for the Loan issued by ~
Payee.
6. On demand~ reimburae Payee for any and ali expenses incuned~ or ~hich may be hereafter iacurred by Pay-
ce from timt W tima in connection with or by reasoa oE borrower's applicxtion for~ and the nsaking and adminiatratioa
of~ the loan.
Neaative Covenawts. - The Undersigned covenants snd agrees that, ~vithaut the p~ior writt~n cnnsent of the Pay-
ee, Undersigaed will not:
1. Create, assume or otherwise suffer to exist any mortgage, plcdge or other incumbrance upon any ot the raal
or tangible peraonal property of thc Undcrsigned~ vvhether now owned or hereafter scquired~ exctpt (a) Iiens fa taxes
oc other goveramental chuges nat delinquent a being contested in goad faith~ or (b) purchase mwney liena upon prop-
erty accuired after t6e date of the Note, and other liens upon auch property at the time of the acquisitioa thereaf.
2. (a) If Underaigned is a corporation, daclue or pay any dividead or make any distri6uti~n upoa its capital
stock~ or purchase a retire any of its capital stock, or coasolidate cu merge with any other compsny~ or make aey
advance, di~ect9y or iadirecdy, by way of loan, gift~ bonus, commission, or athccwise, to sny campaay direcdy or in-
dirtcdy coatrolliug ar affiliated with or controlkd by Underaignedw or W any officer, director, or emplayee of Under-
~ aigned~ or of any such campany, (b) if Undersigned is a partnership a individual~ make uny dis?ribution oE aeeeta of
the businesa of Undersigned, other thaa reasonable compenaatioa for servicts. or make any' sdv~nce, dieecdy oc in-
direcdy~ by way of loan, gih, bonus, commission, or otherwis~, to any pxc~tner or any o# its employees~ or to any
company directly or indirectly controlling or affiliated with or controlled by Undersigned.
Events o j De(a+al~. - Thc indebtedness (including principal, interest snd expeuses) a6a11 immediately becowe
due and payable~ without notice or demand~ upon the appointment of a receiver or liquidator, whether vnluntary a in-
~ voluntary, for the Undersigned or fnr any of its Fuoperty~ a upon the filing of a petition by or against the Uadersign-
' ed under the provisions of any Siate insolvency lav~+ or under the p:oviaions oE the Bankrupscy Act of 1898~ as amend-
ed~ or upon the cnakiag by the Undersigned of an assignment Ea the benefit of its cred,itas. Payee ia authorized to
dcclar~ all or any part of thG indebtedaess immcdiately due and payabte upou the happening~f any of the following
events: (1) Failure to pay any part of the indebtedness when due; ~2) nonperformaacc by tht Underaigned of aay
agTeement with, or any condition imposed by, Payee with respect w the indebtedaess; (3) Payce's diacovtry of the
Undersigncd's failure in any application oE the Undtrsigaed to Payee w disciose any fact deemed by Payee to be
material or of the making therein a in any of the said agreements~ or in any affidavit or other documenta aubmitted
in conu~ction with said application or the indebtedness~ or of any inisrepresentatioa by, oa behalE o~, or for the bene-
: fit of the Undersigncd; (4) the reaganization (other thaa a reorganization pursuant to any of the provisioas of the
Bankruptcy Act of 1898~ as amen3ed) or merg~r or coasolidatioa of tht Unde~signed (a the making of any agceement
therefor) without the prior written cnnsent of Payee; (5) the Undersigned's failuro duly to account, to Payee'a satis-
factian, at such time or times as Payee may require, fnr any of the collateral~ or proceeds thereof, comiag into the
con~ol of the Undersigned; a(b) the institution of any suit affectiag the Undersigaed deemed by Payee to affect
: ad~ersely its interest hereunder in the collatera] or otherwise. Payee's Eailure to exercise any of ita rights uada
this paragraph shail aot coastiiute a waiver thcrcof.
; Upom m~payment of interest oe any instal(meut of principal when due, the Undersigned and sureties authorize
~ the Payce to seli~ at public nr private sale, any or ail collateral deposited and proptrty pletlged to secure the pay-
ment of this Note~ and apply the proceeds of sale, lesa cxpease, w the payment of this Note.
E
~ The security rights of Payee and its assigns hereunder shall aot be impaired by any iadulgtnce, roleass, re-
~ newal, eztensian, a modifacation which Payee may grant with reapect eo the indebtedaese or any pact thereof, a in
reapect to the collat~ral oe in respect to any andaser, gu~r=ntor, or sutety without notict ar conseat of the Under-
signed or any endorstr~ guaraatnr or surety.
WITN'F..SS rhe ~eal of tha aorgoratian and the signat~rae ot the dtt~y authori~~d ~ftice~ra.
J~~B '.~T.~'i`R:ICAx~ 3~."'tYIr it~.
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I~le hereby guarantee payment of this Note: x„~ . o="pOT~t e Se~1.~
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Not~. - Ca~ryo~rata aypllemte or ryu~amton mwt ~:~cute Notm, in esurporut~ b~as, br bnir anthoHsed o!l~e~r, a~d wd mu~t b~ adtlsrd and
duly att~stsd; pra~tn~r~tp appUco~ts or q~ar~to~ ioust a~cvt~ Mot~ 1n tfa~ r+~. topR6a witb aL~atae~ of a p~fal pQtnx.
S8A Form 326B (8-63)
c~c ae~-s33 BOCK ~~1
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