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S. Use the proce,eds of the loan solely fot the pwposes set forth in the Autbotiutioa Ea the I~oan isaued by
Payee. .
6. Oa demaad. reimbur8e Payee 6or all e:penaes incucred, o~ which may be hereaftec incurred by P~?r-
ee ~nom ame w cime in conneceon wic~ a by re a ot botrowe~'s applicatioe for. and the making and adminiatratioa
oE~ t6e loaa ~
Ne6etive Covswasta. • The Uadasigned covenaata and agreea t6at, without the prior written oonaent of the Pay-
ee. Undersigned will not:
1. Create. sssume or otherwise suffa o~ e:iat any moctgage~ pledge or other incumbcance npon aay of the real
or tangiWe personal property of the Unde.~signed. whethe~ now owaed or heceafter acqnired. e:cept (a) liens Ea tazes
or other governmeatal chuges not delupuent a being coatested in good-faitb, ot (b) p~uc6ase mo~y liens upou p~o~
erty acquired atter tbe date of the Note. and other liens upon such property at the time of the acquisition thereof.
2. (a) If Undersigaed is a capaation. declare or psY any dividend or m~?ke any disvibution n~On its capiul
scock. a purc6ase or retire any of its capital awck, a consolidate or merge with~aay otha campany, a make any
advance~ direcdy o~ indirecdy. by way of loan, giit. bonus, commisaion, a othecwise. L~ any company dieeedy or in-
direcdy oontrolling a affiliaeed with or oontrolled by Underaigned, or to aay officer. directa. a emplay~e of Under-
signed. or oi any such campany~ (b) if Undersigned ia a putaerahip a individwl. maice any distribution of assecs of
the businesa of Undersiped, other thaa reasanaWe compensation ~r senrices. a mate sny a+dvance. dic~ecdy or in-
direcdy. by Mray of loan. ~ft, b~nus. commission. or otherwise. to any pa~tner a any of ita employees~ or w aay
oompaay direcdy or iadirecdy oontrdling or aK'iliated with or oontrolled by Undasigued. ~
Bvewts o~Dejarlt ~ The indebtedness (including principal. interest and ezpenses) shall immediately becomc
due and payable, ~vitLout nodce or demand. upon the appoindnent of a receiver or liquidaour. whether voluntary a in-
v~oluntary. 6ur the Underaigned or for any of its property. a upon the 61ing of a petition by or againat the Undasign-
ed uader the provisions of any Stste insolvency lsw a under the provisions of the Bankruptcy Act of 1898. as amend-
ed. a upon the making by the Underaigned of an assigRmeat fa the bene6t of ita creditors. Payee is aut6aized to
declue all a any put of the iadebtedneas immediately dne and payable u~cw the happening of any of the following
eveats: (1) Failure to pay any part of tse indebtednesa when due; (2) nonperformance by the Undaaigned of aay
agReemeat ~vith, oc any condition imposed by. Payee with reapect to the indebtedneas; (3) Payee's disoovery of the
Unckrsigned's failure in any application of the Uadersigued tA Payee tp disclose aay fact daemed by Payee w be
mat,erial or of the makiug therein a in any of the ssid agreements. a in any affidavit oc other documeats aubmitt~
in oonaection witb said application er the indebt,edness. ar of any miarepcesentation by. on behalE of, a fo~ the beno-
6t of the Uaiecsigned; (4) che roaganizaaon (ocher thaa a ceorganiucion purauanc m any of che provisions of che
BankcuQtcy Act of 1898. aa amended}or merger oc oonaotidation of the Undusigned (a the making of a~r agreement
therefor) Nithout the prior wricun oonsent of Payae; (S) the Undusigned's failure duly to aecount, tn Psyee's satis-
factian. at auch time ar times as Payee may reqnire. fa any of the collateral. or proceeds thereoE~ coming ino~ the
control of the Undersigned; a(6) the instiwtion of any snit affecting the Undersigaed deemed by Payee w affect
adveraely its inoereat heceundEr in the collat~aat er othenvise. Payee's failure to esercise any of its righta andcr
' this parag~raph s6a11 not oonstitnu a a?aiver thereof.
i . . .
~ Upom m~payment of interest or any iastallment of principal w6en due, the Undersigned and sureties autLoriu
E the Payee to sell~ at public or private sale. any or all collataal deposited and pcoperty Pledged w secure the pay-
~ ment of this NoLe. and apply the proceeds of sale, less ezpense, to the paymeat of this Note.
The aeauity rights of Payee and its asaigna hereunder s6a11 not be impaired by any indalgeace, release, ro-
newal~ esoenaion, a modi6cation which Payee may g~ant with c~espect to the indebtadness or any part thereof. a in
reapect to the o~llatexal ot in respect to ury eodoraer, guarantor, or surety ~vithout mtice ar oonsent of the Under- -
signed or any endorsu~ guuantar a surety.
~ ti1~'881~, tl~ i~aw ~R~ ~t or! ~qds aad a~2~ ~1r dq ~t tir rate
!'i~f a~w ~i1Mt. ~ii~ ~ ~ ~
~a
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I/We hueby guuanue paymeat of this Note:
~
1QCBOFIL[ 1i0~[0
~ Lebibili~y bi writing, typina
~ or printina unastisfactory in
= tbi~ docu~ent for ~icrolilsing
;
Not~. - Cotporat~ ~plicmt~ ar ~?amtoes mut ~z~cvt~ Not~, la oorporat~ nm~, br ~lp aut6orls~d oitiar, md s~d mast b~ atiisd md
dul7 albst~d: P~lP appitoant~ or Q~mtoes myst a~t~ Nots la pco am~. toQ~th~t with al~atun o! a q~ral pQtn~r.
SBA Form 3268 (11-61)
~o gooK 149 _ 301. .
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