HomeMy WebLinkAbout1350 S. Usc thc proceeds of the loaa solely Eor the purposes set forth in the Authorizatioa tor the Loan issu~d by
Payce.
6. On danand, reimburse Payec for aay and all CxpCOStS 1[lCURCd, or whic6 may be hereefter iacurred by Pay-
ee from time to time in cannection with cr by reason ot boROwer's applicatioa for~ and the malcing snd administraiion
o[, the loaa.
~ Negative Covenanaa. - The Uadersigned covenaats and agrees that, withoat the prior written consent oI the Pay-
ee, Uaderaigned will not:
1. Create, assume or otherwise suE[er to ezist any mortgage, pledge or other incumbraace upon any oi the rea!
or tangible persoaal property of the Undersign~d~ whether oow ownea or hereaEter acquired~ etcept (a) lieas for tuta
or other govern.neatal charges not deliuquent oc being contested in good faith, ar (b) purchase moaey liens upoa prop-
erty acquired aEter the date of the Not~, aad other lieas upon such property at the time of the aequi~itian thereof.
2. (a) If Undersigned is a corpora[ion, declare or pay any dividend or ma~c any dislribudon upoa its capital
stocic~ or purchase or retire any of its capital ~tock~ or consolidate or werge with any other company~ or malce any
advance, direcdy or indirecdy, by way af loaa~ gih, bonus~ commissioa~ or otherwise~ to aay caapany direcdy or io-
di~ectly controlling oc atfiliated with or controlled by Uadersigned~ or to any officer~ directa~ o~ emptoyee oE Under-
sigaed, or of any such corapany~ (b) if Uadcrsigned is a partnership or individual, make any diatributic~n of asseta of
the busiaess of Undersigned, other than reasaaabie compGUSation fnr servicea, or malce sny advaace~ dircedy or in-
directly, by way of loan, gift~ boaus~ commiasion~ or othen~rise, to any partncr or any oE ita employeea~ or to nny
cnmpany directly or indirectly conuolling or affiliated wit6 or coatrolled by Undersigned.
Events o/ pe(aul~ - The indebtedaess (includiag principsl, iuterest and ezpenses) shall immediattly became
due and E~ayable~ without notice ar demand, upou thc appointment of a receiver or liquidatvr. whether voluutary or in~
voluntary, for the Undersigned or Eor any of. its property~ a upoo the filiag oE a petitian by or agsinst the Uadusign-
ed under the prnvisians of aay State iasolvency law or uad~er the provisions oE the Bankruptcy Act of 1898~ as amend-
ed, a upon the making by the Undcrsigncd of an assignment fa the benefit af ita creditors. Payee ia authorized to
declare all or aay put oE the indebtedness immediatcly due and payable upon the bappening of any oE the followiag
evcnts: (1) Failure to pay aay part of the indebtcdacas when due; (2) nonpcrformaace by the Undersigned of any
agreement with, or any condition imposed by, Payee with respect w the indebtedness; (3) Paye~'s discovery of the
Undersigned's failure in any application of the Uadersigned to Payce to disclose any fact deemed by Payee to be
material or of the making therein or in any oE the said agreements, or in any aEfidavit or other documenta submitted
ia connection with said applicauon or the iadebtedness, or of any misrepreseatation by~ on behali of, or for the bene-
fit ot the Undersigned; (4) the reaganixation (other than a reorganization pursuant to any of the proviaions of the
Bankruptcy Act of 1898, as amended) or merger or consolidation of the Undersigned (or the making of any agreement
th~refor) without the prior wricten consent of Payee; (5) the Undersigned's failure duly to account, to Payee's satis-
taction, at such time Qr times as F'ayee may require, for any of thc collateral, or praceeds thereof~ COQ1lRg I1IC0 Cf1C
coauol of the Uadersigned; or (6) the institutioa of aay suit alftcting the Undersigned deemed by Payee to affect
adversely its interest hertundtr in tha collateral or otherwise. Payet's failure to exercist any of ita rights unda
this paragraph shall ~t canstitute a waiver thereof.
Upoa nonpayment of interest or any installment of principal when due, the Undersigned and suretits authorizc
the Payee to sell, at public or private sale, any or all collatetal deposited and property pledged to secure t6e pay-
ment of this Note~ and apply the proceeds of sa(e, less expenae, to the payment of this Note.
The security rights of Payee aad its assigns ~ereunder shall not be impaired by any indulgence, roleaso, re-
newal, exuasion, vr modiCcation which Payee may graat with respect to the indebtedness or any part thereof~ a~ in
respect to the collateral or ia resp~ct to aay endorser, guarantor, or surety without ao[ice or consent of the Under-
signed or any endoracr, guarantor or surety.
I~ ~I'~; :SS lr~i~..~.~, Ke hsrrr h~a4ev~t~o 1~ o~u~ har~ arx! sML t~ttn d,o~ ~nd ih~ ~ear
f~irat ~~vo ~rriLL~?.
t~ it~C t" ;t~.~ an~ I~' A A. 'l'~iC~#A.~ ~ c~/b~/e
5~ltfd`E3 t~I3i ~ txF:u7C~X ~f~ 8~.d~~'7~?
~
I/We hereby guarantee payment of this Note: ' t~~~~
c~ ~ }
,
~ '
i
Nots. - Corpuate apyllcmis or qu~~lws must eiacule Note, !n cocporate n~nq, by d~ly authotlzad o[ticer, cmd aed must be a!(Ized and
dulr attested; p~atneraAlp appllcuite or quc~~tore muet eiecute Nole ln tlrsa ncmoe, toqethat wlth aiqnatuta ot v qeiural ~xatner.
SE3A Form 326D (7-55)
. ~2- goox~29 15~