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HomeMy WebLinkAbout1838 5. Uee the pcoceeds of the l~n sclely for tbe purposes aet forth ia the Auc6orization for the Loan issued by Payee. 6. On dem~wd, reimburse Psyee for aay and all expenaes incurred, or which may be hereafter incurred by Pay- ee brom time to time in connectioa with or by reasos of botrower~y application for~ aad the msking and administratioa of ~ the loan. Nesative Covenanta. - Thc Undersigned covenants and agrees that, without the prior written wasent of the Pay- ee, Un~ersigned will nnt: 1'. Create, assume or otherwise suffer to exist any mortgage, pledge or other incumbrance upon aay of the real or tangible personal property of the Undersigned~ whether now owned or hereaftcr acquired, ezcept (a) liens for taxes ~ other governmental charges not delinquent cx being coneested ia gaod faith, or (b) purchase aaney liena upon prop- erty acquired after the date of the Note, and other liens upan such praperty at the time of the a~quisition t5erecrf. 2. (a) If Undersigned is a corporation, declare or pay any dividtnd or malce any distribution upon its capital sto~cic~ or purchase a retiro any af ita capital. stock~ or coasolidate or merge with s?ny other company, or make ~y advance, directly or indirecdy, by way of loan, gih, bonus, commission, or otherwese~ so aay comp:ny dircctly or in- dsr~cdy controlling a affiliated with or controlled by Undersig~scd, or to any offecer~ directar~ a employee of Uader- ~ signtd, oc of any such canpany~ (b) ef Undasigned is a partnership or individual, make any distributian Qf asseta of the busiaess of Uadersigncd, nther than reaaonable compensation for servires, or make any' advance~ direcdy or io- direcdy~ by way of loan, gift, bonus, c.,mmission, or otherveise, to any partner or any of its effiployces~ or to aay aompany directly or indirectly cantrolting or affiliated with or controlled by Undersigned. Events o j De fau1~ ~ The indebtedness (including principal, iaterest and expenses) ahall immediately beco~e duc and payable, without notice or demand~ upon the appointment of a receiver oc liquidator~ rvhethor voluntary a in- ~ voluntary, for the Undersigned or for any of its property, a upon the filiag of a pttition by or against the Undersign- ~ ed under the provisions of any State insolvency law or under the proviaioas of the Bankr~{stty Act of 1898~ a~ amend- ed, or upon the ma4ing by the Undersigaed of an assigament Eoe the bene~t of its creditas. Payee is authorized to dcclare all or any part of the indebtedness immediately due and payable upon the happening of aay of the Eollowing events: (1) Failure to pay any part oE the indebtedness when due; (2) noaperformance by the Undersigaed of any agreemeat with, or any condition imposed by, Payee with respect to the indebtedness; (3) Payee's discovery of the Undersigned's failure in any application of the Un~ersigntd to Payee to disclose any fact daemed by Payeo to be material or of the making ~herein or in any of the said agret~ents, o~ in any affidavit or other documenta aubmitted in conneccioa with said application or thc indebtedness, or of any misrepresentatioa by, on behalE of~ or for t~ bene- fit of the Uadersigned; (4) th~ rcorganizatioa (other than a reorEyanization pursuant to any of the provisions af the Bankruptry Act of 189$, as amended) or merger or consalidatiaa of the Undersigaed (ar the makiag af any agreement therefor) without the prior written consent of Payee; (5) the Und~rsigaed's failure duly to accaunt, to Payee's satis- faction, at such time or times as Payee may require, for any of the collateral, or procttds thereof, coming intn the control of tht Und~rsigntd; ar (6) the institution of sny suit affecting the Uaderaigned deemed by Payee to afEect adv~rsely its interest hereunder in the collateral ar otherwise. Payee's failure to ezercise any of its rights undrr this paragraph shall ~t constitute a waiver thereof. Upon nonpayment of interest or any inatallment of principal w6e~ due, the Undersigned and sureties authorize the PayGe to seil, at public or pcivate sale, any or all collateral deposited aad pcoperty pledg~d to secure the pay- ment of this Note, and apply the proceeds of sale, less expense, to the payment of this Note. ~ c ~ 'I'he security rights oE Payae and its assigns hereunder shalt not be impaired by any indutgence, release~ re- newal, eztensioa, a mndi~cation which Payee may grs~nt with respeci to the indebtedaeas or aay paR thereof, a in f respeet ta the coflateral or in respect w any endorser, guarautor, or Ruroty without mtice a consent of the Undcr- signcd ar any endorser~ gvazantor or surety. ~;Tin?~~~ r~i?c~ ::~:.1 L~~' t:a~ cor~~~r~~t•, ~.r,~ :i-~.tur~s o~' t!-~ ~u],y aut!~orize~ officers. ~ JF~iR7f ~ u~I.~:C'T'a2ICAI. Sr.~`~tVI CE, IAiC • ~ro~ rr~ ¦ rri ~ ¦ ¦ w.i~.~.~ n~.o~s~ ~ !^t . li 1 ~ 1 Z: • ~'J . ~ ~ _ ~ ~+si c~ n t L.a. 7Q/We hereby gua~rantee payment of this Note: l' `r~j~_ ~ ~ U ~ ~ ~ - ~ `~£?i:~ ~ ~`~I'.70"$~,n i~',~~ : ~ 2 ~ ~ ~ Tt ~erry e ~u t ~ - r} ~z G ~ r') ~ ' 1 ~t~ L~ ~ -_j~ . ~ ~ -iu± ;~t~ N~e•. - corvQ+~eo ayylscan:. ot w~nson ~.t .:.evco Noe., ~aryo~ae• nm», cr ~r author~:.a otuwr, ~,a ..at mu.~ t. ~ti~.a a,a dulr att«t~d; yr~trs•tshsp appkcmts or Qu~ahtots muat ec•cut• Nob W tlrm a~, caar~th~r v~ith al~Qtu» ot a Q~ral pQtas~. ~oox l~1 ~~r SBA Forrr 326B (8-b3) ~p~~ 092•133 'Z'