HomeMy WebLinkAbout2901 5. Use the procecda of thc loaa solely foe the purposea xt forth in the AuthorizatioA for the I.oan isaued by
Payee.
6. On demand, reimburse Payee Eor any and all ezpenses inCUered, or which may bt hererftct incut~red by Pay-
ee brom time to sime in conaection with or by reaaon of borrower's applicatiaa for, and the making and administration
of, the loan.
Ne~ative Cave~ea. • The Underai~ed covenants and agrees that, ~vitbout tbe prior wriuen aooseat of the Pay-
et~ Undersigned will aot:
1. Create, aasume or otherwise suEfer to e:iat any mortgage. pledge or othet incumbrnnce upon any of the real
or taagible persoual property of the Underaigned, whether eo~wr owned or 6ereafte~ ~?cquired~ except (a) litas E~ t~rxes
or other governmental chuges aot deliaquent or being coatested in good faith. or (b) purchase moxy lieas upon pro~
erty acquired after t~e date ot the Note~ snd other liena upon auc~ property at the time oE tLe scquiaition t6ereo{.
2. (a) If Underaigned is a corporation, declare or pay any dividend or mak~e any distribution upon its capital
atuck~ cu p~rcFu~se a retire :ny of its capital stock~ or canaolidate a anerge with aay other company~ cx make aqy
advance, dit+ecdy or indirecdy~ by way of loan, gih, bonus~ commission. or otherwise~ rn any company direcdy or io-
direcdy controlling or af~liaud with or ~ontrolkd by Uaderaignedo or to a.ny officcr, director~ or emplaye~ of Under-
aig~atd~ ar aE any such company~ (b) if tJndersiga~ed is a putnership a individual~ make any disuibsation of sesets og
the buaiaess of Undersi~ed, otLtr than c+easc~nable compenaation 6or aervices~ or makt an~ advance, dit+ecdy a io-
direcdy} by wxy of loan, ~ft, bonua~ commission, or othecwise, te any partner or any of ita emplnyees, a~r to aay
company dirtcdy or indirecdy cantrolling ur affiliated with ar controlled by Undersigntd.
L~vents o j De janl~ - The iadebtedness (including principal, interest and e:penses) shall immediately bec~,me
due and paysble, without notice or demsnd~ upon the appointment af a receiver or liquidator~ whtthar voluniary ar in-
voluntary~ for the Undersigned or Eor any of its praperty, a upon the Eiliag of a pttition by a agaiast the Undersigfl-
ed u~der the provisions of any Stau insolven~cy law or under the provisions of the Bankruptcy Act of 1898~ as amend-
cd, ar upo~n the making by the Undersigae~d of an assignment fa the bentfit of its creditora. Payee is aut}~ized to
declare all or any put of the indebtedness immedistely due and payable upon tht happening of any of the followiag
. events: (1) Failure to pay any part of ihe indebiedness when due; (l) nonperformance by the Undersigaed of any
agreement with, or anp comdition imposed by, Payee with respect W the indebcednesa; (3) Payee's discovery of the
Uadersigned's Eailure in any application of the Und~ersigned to Payce tn diaclose aay fact deemed by Payee to be
material or of the making thCrein ar in any of the asid agieements, or in any affidavit or other documente submitted
in coanection wit6 said application or the indtbtedntss~ or of any miarepresentation by, on behalf of~ or for the bear
fit of the Uader~igncd; (4) t~ie reocgaaization (other than a reacganization pursuant to any of the provisions of the
Bankruptcy Act of 1898~ as amended) or merger o~ cansolidation af the Undersigacd (ar thc making of any agrsement
therefor) without the prior written consent of Payee; (S) the lJndersigned's failure duly Lo accouut, to Payee's satis-
faction, at such time or times as Payee may require~ for any of the collateral~ or proceedg ther~of~ cqming intn the
control of the Undersigned; a(6) the institution of any suit affectiag the Undersigaed deemed by Payte to afEect
adversely its interest hereunder in the collateral or otherwise. Payee's failore to ezercise aay of its rights under
this paragraph shall not c~onatitute a waiver there~f.
Upos ronpaymeat of interest or any inata?iment of principal wbea due. the Undersigned and aureties authorize
th~ Payee tv sell~ at public or private sale, any or all collateral &posited ~nd property pledged to secure the pay-
ment of this Note, and apply the proceeds af sale, lesa expense, ta the payment of thie Natt.
'Ibe security rights of Payee and its assigns hereunder s6a11 not be impaircd by any indulgence, release, re-
aewal, eztension, a modification which Payee may grant with respect to the iiulebtedaee~ or any part thertof~ ~r in
respect to the collateral or 'sn reapzct to any eadorser, guua~to~~ or surety without, notice a coasent of the Uader-
signed oa any endoraer~ guarantor or sur~iy. •
Ih 4;ITIdFS~ sr;:t~:?Fr:~F~ have. hereuntc> set our hands ~nd se~ls t~e ds?y an~ year first
ak~ve rrr'ittea~•
w'lLi..U?.~ F~ ENRT H~~ARN ~nd II.I3RF.D J. T.~iF~AR~t
df b/a FRII~TTT~a SY FIF..~RIO
L.S~~
Will3an N~nry Hea
I/We hereby guarantee payment of this Note: ~ L.S. )
~t~.~.drl~ J. T sarn
~ ~ ~ ~tJ ,
~
Not~• - CaeDcxat~ cppolcmt~ or qaQastore muat ~:~cut~ Not~, la corporots aau~, b~ aul~ antho~ls~d ottiwr, wd ~ must b~ ~lia~d dsd
ciulr attert~d; yea~~r~fy appltcmt~ nr ~uarantoe+ mrst ~ct~cvt~ Not~ !n fiem a~r, teaq~thrr vieh slpwtuee oi a q~rv] parmK.
~ /R~ ~ ~y^ S6A Farro 3268 (8-63) ~
. ,~PG 88?•433 ~oV^ •1~F~ 498
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