HomeMy WebLinkAbout1745 S
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S. Uae the proceeds of the loan solely for the pn~posea set ioctb in the Autlwdudon for the Loan iseued by
Payee.
6. On demwd, ~eimburse Payee for any and sll es~eases incurred. o~ w6ich may be hereaftar incurred b~r Pay ;
ee [rqm time to time in conaection ~vitl~ a by ~eason of borrowe~'a application for. aad the making and adniniatration
of. the loan. '
Nssative Covei~a. - The Unduaigned ooveaaata snd ag~rees tbat~ witlaut the pcio~ written oonaeat of the Pay-
ee. Underaigntd ~vill not:
1. Create. sssume a otherwise suEfa b ezist a~r mortgage. pledge or other incamb~ance upon any of the eeal ~
or tangible peraonal propecty of the Undasigaed. whether now owned oc heceaher uqnired, ezcept (a) liens fa tues
« other government:l chuges not delinquent o~ baing conteat,ed in good •faich, o~ (b) purchaae money liena upon prop-
erty acquired after the date of the Note. and other liena ~pon such propetty st the time of tbe acqniaitien diereof.
2. (a) IE Undersigned ia a oorpaation. declare or pay any dividend or mate any distribution apon its capiul
stock. a purchase a retice sny of its capital stock, or conaolidate a merge rvith auy other company. ot make my ~
advance~ direcdy a indirecdy. by way oE loan. gift, bonus. oommission, or othenvise. to a~r oompany dieecdy or in-
dicecdy oonvolling a sfBlisted aith or oonvolled by Undersigned, a w any officer, director~ or employee of Under-
signcd, «ot any snch comp.ny. (b) if U~asigped is a putaership a individnal. make aay diatribution of assets of ~
the business of Undecsigned, other thaa ceasonaWe compensation br services. a make any advance~ direcdy o~ in-
direcdy. by way of loao, giEt, bonus. commissi~~ or othe~wise~ t~ any pattncr a any of ita employees, a~o any
oo~aay direcdy or indirecdy oontrolling a aff'iliated with or c~trolled by UnderaigRed.
Bvesa o f De ja~~ i The indebtednesa (including principal, int,erest ind e=penses) ahall immediately become
due and payaWe. witbout notice or demand. upon the appointment of a receiver or liquidator. ~rhether voluntary a in-
v~oluntuy~ ~or the Undersigned or for any of its pcop~rty. a upon t6e Giiag of a petition by a againat the Undasign-
ed under the pc~ovisions of any Stste inaolvency law or under the pnvisions of the Bankru~ptcy Act of 1898. as amend• '
ed. or upon the malung by the Undersigned of an assigpment fa the bene~it of its creditors. Payee is authaized to
declare all or aay put of the i~ebtedneas immediatdy dne and payable upon the happening of any of the following
eventa: (1) Failure to piy any part of the indebtednesa when due; (2) nonperformaace by the Uadasigned of aay
a~eemeac wich, or any cotididon impoaed by, Payee ~vith reapect to the indebtedneas; (3) Payee's disoovery of the
Undersigned's 4ilure in any apQlication oE the Undersigaed to Payee to disclose any fact deemed by Psyee w be
material a of t6e making therein o~ in any of the said agreements, a in any affidavit o~ other d~ocuments aubmitted ~
in oonnection with ssid applic~voa a the indebtedness. a of any ~isrepresentation by, on be6alf of. a fa tbe bene- -
fit of the Undersigaed; (4) the reaganiudon (otber than a reoc$aniudon pursuant to any of the provisions oE the ~
Banl~cuptc~? Act of 1898. ~s amended) o~ merger or consqlidatian of the Undetsigped (a the making of any agteement
therefor) withont the prior vvritten conseat of Pay~ee: (S) the Underaigned's faiture dWy to accoun~ to Payee's satis- i
factioo~ at anc6 time o~ times as Payee may require, fa any of the collateral. ur pcoceeda thueof~ ooming inm the
control of the Undersigned; a(6) the instimtion of any snit dfecting the IInderaigmed deemed by Payee w affect
adversely its int~erest huenndtr in the collateral a othex~vise. Payee's failme to ezercise any of its rights unda
~ this paragFap6 shall not ooastid?ce a waiver thereof.
~ Upom m~payment of intaest or any instaliment of pcincipal when due, `4he Undersigned and anretiea aat6orize
; t~e Paj?ea L~ sell, at public oc p~ivate sale~ any or all oollateral deposited aud p~oputy Pledged w secnre the pay-
ment of this Note. and spply the proceeds of sale. less e:pease, to the paymeat of this Note.
The security righta of Payee and its assigns hereunder sball not be impiired by aay indulgence. releaae~ rr ~
newal~ eztension. a modi6cation which Psyee may grant ~vith respect to the indebtedness or aay pact thereo~ a in ;
respect to the a~1lsLaal or in respect w a~? endorsu. guarantor. or surEty ~vitbut notice a consent of the Under- !
no ~
signed or anq endorsu~ gnuanmr or surety:
1~~ 1w ~a~ isr~SM ~t w~ ~i~ a~i ~L 1M ~4 a~ ~ir 7~ lis~~ {
~w 1Rlt~r. 1Qii~ 0. ~I~i ~H ZttJi~ i. ~Oi'y
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I/We hereby guarantee payment of this Nou: i
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NoN. - Ccrf~ard~ appliomt~ os quarmtan mut ~t~ Not~, 1n ooryoraN n~. M d~7 ~t~oriz~d otHwr, md Md -ast b~ adfls~d md
3~1f att.st.a; v~twri?iv appllomts «a~t«s a~.t .~.exe• rtot. m tlm foq~tbK ..~m s3~atmr ot a y.onat v~~•r.
aooK 145 543 SBA Form 32bB (I1-61)
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