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Home My WebLink About1753 , i! '~i i~ . . ~ i _ . S. Use the pcoceeds of the loaa solely fo~ the puiposes set fatb in tbe Authoci~don [or the Loan iasued by Payee. 6. On demand, reimburse Payee Eor any aad all e.zpeasea incurred, a~vhich may be 6eteaft~er incurted by Pay ee [rom time to dme in oonaection ~vitb a by reason of bortewec's application for~ and the making and adminiatration of~ the loan. ' Nssative Covewaata. - The Undaaigaed oovew~ata and agRaes that~ witLout the ptia wriCten oonseat of the Pay- ee. Uuderaigned will not: ' 1. Create, assume ot otberwise suffer to ezist a~r mortgage, plodge oc other incumbrance uq~n my of the real or tangible persoaal p~operty ot the Onduaigned. ~rhether now wvned or heceafter uqnired, ezcept (a) lieus fa tasea oi other governmental chuges not delinquent a being o~nteated in good~faith. oc (b) purchase money liens upon prop- erty acquired after the date of the Note. and other liena upon auch property at t6e timc of the acquisitiaa thereof. 2. (a) If Uadersigped ia a oorporation, declue or pay any dividend or make aay d'estribution upim its cspital • stock. o~ purchase a retire any of its capita! awck, or consolidate a merge ~vitb any otha company. or make any advance~ die~ecdy or indirecdy. by way of loan. gift~ bomts. commisaion. a otbenrise, to aay company diracdy or in- direcdy ooatrolling a affiliated ~rith or oontrolled by Uadersigned, a to aay officer, directa. a emplayee of Under- signed. or of aay snc6 oompaay, (b) if UadasigQed ia a putaerahip a~ individual. make any diatribution of assets of the ~business of Undersigned, other than reasonaWe compeasation for servicea, o~ make any advance. direcdy or io- direcdy. by way of loan. gih, bonus~ commission. or othenvise~ w any pactner or aay of its employees~ a to any oo~aay direcdy or indirecdy oontrolling or af~iliated with or controlled by Undusigoed. Bveats o( De~a~l~ - The indebLedness (induding principal~ interest and ezpenses) ahall immediately become due and payable. ~vithout notice or demand. upon the appointmeat oE a receiver or liquidator. w6ether volnntary a in- voluatary. for the Undersigned or for any of its property, a upon tha filing of a petition by a against the Undasign- ed under the provisions of any StaLe insolvency law or under the pcovisions of the Bankrnptcy Act of 1898. as amend- ed. a upoa the making by the Undersigned of an aseigpment fa the bene6t of ita ccedit,ora. Payee is authorized to declare all or any put of the indebtedness immediately due and payable npon the happening of any of the Wllowing events: (1) Failnre t~ pay any put of the iadebtedness ~vhen dne; (2) nonperformance by the Undersigned of any ag~reemmt with. or any conditi~ imposed by. P:Yee ~vith respect to the indebtedaess; (3) Payee's disoovery of the Underaigaed's failure in any application of the Underaigtied w Payee w diaclose any fact deemed by Payee w be material or of the making therein or in any of the said agreementa. or in any affidavit a other d~ocnments subanitted in o~nnectioa with s~d applicatioa a the indebtedness. ar of any misrepceaeatition by, on behalf of. p~ for the beao- fit of the Undersigoed; (4) the reaganization (other than a reorganization pnrsuant to any of the provisions of the Bankruptcy Act of 1898, as amended) ar merger or consolidation of t6e Undu~ig¢ed (a the making of any agceement therefor) without the prior written conseat of Payee: (5) the Undersigned~s ~ilnre dWy co •ccounc, w Payee~s sacis- faction, at such time a time8 as Payee may reqnia~ fa aay of tbe collaural. ar pc+oceeds thereoE. caming into the control of the Undasigned; a(6) the insdwtion of any suit afEecting the Undersigned deemed by Payee to affect adveraely its interest haennder in the collat,eril or otherwise. payee's failare to c:ercise aay of its rights unda this puag~aph shall not oonstiwte a waiver thereof. j Upon n~apayment of intaeat or any instaliment of ~uincipal ~vhen due, the Underaig¢ed and aureties wthorize ~ the Payee to sell, at pnblic ar private sale. any or all caollateral deposited and proputy pledged w secnra the pay- ~ ment of thie Note. and apply the proceeds of sale~ less ezpense, to the paymeat of thia Note. I f ~ The securiry rights of Payee and its assigas hereunder aball not be impaired byr aay induigence. release. re- n~wal, ezt,ension, a modification which Payee may grant with c~espect to the indebtedness or a~r part thereo~ or in respect to the oollatexal or in respect to any endorsu, guarantor, or surety without mtice a consent of the Unda- signed or a~r eacbrser. gnuanmr or a~ety. MI~~ w lro~~ 1M~~w~O~ ~M Nr l~i ~L ~l~ 1~ ~I~' rt iir l~+t~ ~D~w tei~M~a. , • ~Is I/We hereby guarantee payment of this Nou: ~ ~ Not~. - Carpoeut~ appltomt~ ot quQmtor~ ~ut ~a~cvt~ Not~, !n oorpoe~~ om~. M' 8dr wtAoNz~d otitar, ad Md wst b~ atiisd md aulr ate.se.a: v~~l+iv ~omt. or au~meas .o.:.~.a.e• rtoa m tlre om., toqMMr ~iw .+~wtun ot a q.o..ai parv,.r. SBA Fwm 3266 (11-64) , ~o g~ 145 - 551 . ."~"a "i. xr"'1 F, . " . . ly~N ` -4'~.e ' _ .z4 - _ . .