HomeMy WebLinkAbout0188 ~ GsoBOg S . Giovao~?s F
AT~OAN~r ANO GOUNStLOR AT U?MI
:7i0 Wil~ ~u?OILQ lT1~CCT
~tlAlil :16, FI.OBIp~ :
S. Use the proceeds of the loan solely Eor the pu~poses set Wrth in the Autboriution Eo~ the Loan isaued by
Payee.
6. On demand, reimb~use Payee for any and all expensea incuered, or which may be hereaEter incurred by Pay-
ee from time w time in connection with a by reason of borror~er's applicatioa for~ and the making and administration
of~ the loaw
Neaative Cov~ea+ita. - The Undersigned covenants and agrees that, witbut the prior ~vritten oonsent of the Pay- ~
ee, Uadersigned will not:
1. Create. assume or otherwise suffer to ezist any mortgage. pledge or other incumbcance upon aay oE the real
or tangible personal property of the Undersigned, whether no~v owned or heceafter acqnired. ezcept (a) liens fa tases
or other governmental c6uges not delinquent or being oontesud in good•faith. or (b) purchase money liena upon prop-
erty acquired after the date of the Note. and ot6er liens upoa suc6 property at the time of the acquisition thereof,
2. (a) If Undersigned is a rnrporadon. declue or pay sny dividend or make any distribution upon its capital `
stock, o~ purchase or retire sny of its capital stock, or consolidat,e a merge r?ith any other campany. a make any
advance~ direcdy or indirecdy. by way of loan. gik. bonus. commission. oc othenvise~ to any compaay dicecdy or in-
direcdy controlling or affiliated with or oontrolled by Undarsigned, or w any of6cer. director, or emplayee of Uader-
signed. or of any such company~ (b) if Undersigned is a pumers6ip a individual~ malce any distribntion oI asaets of
the business of Undersigned. other than ceasonable compensation E~r services. or make any advance~ dicecdy a io-
direcdy~ by way of loan~ gift, bonus. commission. or othenvise, tn any partner a any of its empioyees. or to any
oompany d'uectly or iadirecdy conuolliag or affiliated with or controlled by Undersigped.
Events o( De jou~~ = The indebtedaess (incl~ing principil, interest and e:penses) s6a11 immediately beoome ~
due aad payaWe~ witbout notice or demand. upon the appointment of a receiver or liquidatur. whether voluntary ar in-
wluntary, for the Undersigned or for any ~of its property. or upon the filing of a petitioa by or against the Undexsign-
od uader the provisions of any State insolvency law or under the provisions of tLe Bank~uptcy Act of 1898~ as amend-
ed, or up~a the malung by the Undersigned oE an assi~ment fac the benefit of its creditors. Payee is aut6orized to
declare all or any part of the indebtedness immediately due and paysble upon the 6appening oE any of the Eollo~ving '
events: (1) Failore w pay any part of the indebtedness when due; (2) noaperformance by the Underaigned of any
agrcemeat with. or any condition imposed by, Payee '~vitb respect to the indebtedaess; Payee's diso~very of the
Undersigned's failure in any application of the Undersigned to Payee to disclose any fact deemed by Payee to be
material or of the making therein or in any of the said agreements. or in any afGda~it or osher do~nmencs submiccea
in oonnectioa with said application or the indebtedness, or of any misrepresentatioa by~ on behalf of~ a fa t6e beno-
6t of the Uadersigned; (4) the reaganization (other than a reorganization pursuant to a~? of the proviaions of tLe
Bankruptcy Act of 1898~ as amended) or merger or consolidation of the Undersigoed (or the making of any agrec~ment ;
therefor) witho~t the prior written consenYof Payee; (S) the Undersigued's failnre duly to account, W Payee's satis- i
faction~ at such time or times as Payee may~require, for any of the collateral. ac proceeds thereof. ooming inLo the
control of the Undersigaed; or (6) the instiwtion of ~any suit affecting the Undersigned deemed by P:yee w affect
j adversely its interest herennder in the collateral or otherwise. Payee's failure to ezercise any of its rights anda
E this paragraph shall not oonstiate a waivet thereof. ~
Upon nonpayment of interest or any installment of principal when due~ the Undersigned and sureties autnorize
the Payee to sell. at public or private sale, aay or all collateral deposited and property Pledged to secure t6e pay-
meat of this Note~ and apply the pr~nceeds of sale, less ezpense~ to the paymeat of this Note.
'Ibe security rights of Payee and its assigns hereunder shaU not be impaired by any indalgence~ release, re-
' newal. ezLension, ar modification which Payee may graat with respect Lo the indebtedness or any pact theroof, a in
respect to t6e oollatual or in respect to any endorser~ gnarantor~ or surety with~ut notice or oonsent of the Unda-
signed or any endorser. guazanwr or surety. ;
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I/We hereby guarantee payment of this Note: ~B~ 'rs»"L~' 5011~~!~ i~?~i'=~ t
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F?CE . ANp RECORDE~
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Not~. - CaryQate applicmt~ or qu~tas ~sf ~acvt~ Not~, 1n ooryor~~ nm~. M dnlr aatborlsed oifla~~ b~ alAsd md
~17 atNst~d: D~~~D aDDltomt~ or qoQmtotr must a~wt~ Not~ m tfea n~s, toqstMr ~rith sfq~atar~ of a garol~ t
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° R 139 185 SBA Form 326B (11•61) ;
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