HomeMy WebLinkAbout0315 S. Uae the proceeds of the loan eolely fa the purpoaes set forth in the Authorizatioa foc the Loaa iasued by
Payee.
6. Oa demand~ reimburse Payee for any snd all e~enaes incuRed. or which may be hereafte~ incuaed b~r Pay
ee 6~om time to timc in conacction with a by rcason ot borrower's application for~ and the making and adminiatration
of~ the loaa •
Neaotive CovtRauts. • The Uaderaigned oovenants and ag~ees that, ~vit6out the prior writteo consent of the Pay-
ee~ Uadersigned will not:
l. Create, assume o~ otherwise suEfer to esiat any mortgage. pledge or othe~ incumbcance upon any of E~e real
or tangible pcrsonal property of thc Undersigned~ whether now owned or hereafter acquired~ escePt (a) lieas fa tazes
or othe~ governmental chuges not delinqueat o~ being oontestad in good •faith. or (b) purc6ase money tiens upon prop~
erty acquicod atter the date of the Note. and other liens upon such property at the timt of tLe acquisition thereof,
2. (a) If Undersigaed is a cocporation. declue or pay any dividead or ma1~e any distribution upon ita capital
stoct. or purchase or ceti~e any of its capital stock, or consolidate or merge with aay other campany. or make a~y
advance~ direcdy or indirecdy~ 6y way of loan. gik. bonus. commissioq or ot6enuise. to any company direcdy or in-
direcdy coatrolliag a aEfiliated with or oontrolled by Undersigned, or to sny of~cer~ director~ or employee of Under-
signed~ or oE any suc6 company, (b) if Undasigned is a pa~tnership a individual~ make any distribution oE asseta of
the business of Undersigned, other than reasonaWe compensation ~or services~ oc make any advance~ dicecdy or io-
direcdy. by way of loan~ gift, bonus~ commission. or otherwise~ to any putner or any of its employees. or to any
- aompany directly or indirecdy coatrolling or affiliated with or conorolled hy Undersi~ed
EveRta o j De faaelt - The iadebtedntss (including principal, iaterest and ezpenses) shall immediately becaae -
~ue aad ~saya~slc~ ~islssut a~tice or des~and, ~ea Lhe agg~+iat~nt ~f a receiver or liquidator, whether voluntary a in-
v~oluatary, Eor the Undersigned or for any of its p~ope~ty, a upon the filing of a petition by or against the Uadersiga-
ed under the provisions of any StaLe insolvency law or uader the provisioas of the Bankruptcy Act of 1898~ as amend-
ed, a upon the making by the Undersigned ot an assigpment Eor the benefit of its creditnrs. Payee is suthorized to
declare all or any put of t6e iadebtedness immediatcly due and psyable upon the Lappcniag of aay of the follorving
events: (I) Failura. co pay apy part of the indebt,edaess when due; '(2rnonperformance by th~ Ut?duaigned of any
ag~reemeat with. or any candition imposed by~ Payee tivith respect to the indebtedaess; (3) Payee's disoovery of t6e
Uadersigned's faituire in any applicatioa of the Undersigoed to Pay~e w disclose ~uy fact deemed by Payee w be
material or of the ~making therein a in any of the said agr~ements, or iri any aEti~avit ar other documents submittcd
in connection with sai~applica,twn a the iadebSedaess. ar of any misrepreseatation by~ on ;behalf of, or for the bene-
fit of the Undersigned; (4~ the reaganization (otLer than a"rcorganization pursuant to any of the provisions of the
Bankruptcy Act of ~898._~s amended) a merg~r or consalidatian of the Utdersigaed (a, th~ toakipg of any agreement
t6erefor) without tfie prior writt,en conseat oE Payee;` (S)~the Undersigaed's [aiiure duly to accoun~ to Payee's sads-
factioa~ at such tiaae a tim~s as-Pa~-may-require~ fa.any of the coll~teral. a pcoceeae-detreof, coming into the
control of the Undersigued; ~a (b) the institution of ariy snit affecting the'Und~ersigaed desmed by Payee w affect
adversely its inte~est heteunder iq the ~ollaLeral or ot}~erwnse. Payee's failure tp e:ercise any of its rights onda
ihes paragraph shal~ not oo~nstiti~Ee a waivei thereoE' = • '
Upom m~payment of interest or any installmcnt of principal w6en due. the Undersigned and sureties authorize
the Payee to sell, at public or private sale. any or all oollateral deposited and-ptoperty pledged to secure the pay-
ment of this Note. and apply the pcoceeds of sate~ less ezpenae. to the payment of this Note.
The security rights of Payee and its assigns hereundu shal) n~t be impaired by any indWgence, release, ro-
newal. eztension. a moditecation which Payee may grant with respect to the indebtedness or any pact thereof, or in
respect to the collatual or in respect to any endorser, guusntot, or surety witbout mtice or oonsent of the Under-
signed or any endorser, guarantor or
sucety. -
~ii~~ 1~ haw 1~r~r1¦as aN ar l~s~i ar~ yr ~qr a~d ilr ~Me l~s~f
~ Y=ft~ ~iQR i~ ~L~ i. ~/~/a
~ ~LQR~i ~i ~
~
~ ~1~
~ ~
~ I/We hereby guarantee payment oE this Note: •
~
~ • • •
~
i
i
r
Not~. - Catporats applica?t~ or quQantot~ must ~z~tvte Not~, !n oorpowt~ aao~, br dolr wt6oris~d olilost, md s~d must b~ oftls~d aod
dnlr altwt~d; p~sUi~r~tp appllemt~ ot qaQmtoes an~t ~ac~N !bb fn tl~m na~r. tu9~tht ~ritb al¢wtnn o! a qw~rat pa~tn~r.
~
~ R SBA Fom, 3268 (11•64) ~
aooK~~3 ~ - ~
~o •s4•~~~
~ ~ • '2" ;
:~~e~T~;a'r~`~*,t:.',i,.`^ ^ ,qi~. -
~ ~ - ~
fi ~t
~ -