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Home My WebLink About1491 - ~ i~ ~ ' ~ ~y ~ ~ ~ S. Uae the proceeds of the loan solely foc the pu~pc~ses aet iorth in the Autboriutioa fa t~e Losn iasued by Pa~?ee. 6. Ou de~aad, reimburse Paree ~or any and sll e~pensea incuRed. or w6icb may ba hereafter incurred by Pay ee from dme to time in cwnnection ~vith a by reason of borrorrer's application Eor, and the making and administrstion of. the loan. ~ N~6stiue Cove~ta. - The Undecsigned oovenaats and agreea that, without the pria wriKen ooaseat of the Pay- ee, Underaigned wili no~ 1. Create. assume a otherwise suffa t~ eaiat a~r mortgage. pledge or other incumbrance upon my of the real or tangible petsonsl property of the Undersigaed, whet6er now owned a hereafter acqnired. e=cept (a) lieas for tuea a othu gove~nmental c6uges not delinquent o~ being oontested in good •faith. or (b) purc6ase mouey tiens upon pcop- erty acquired sfter the date of the Note. and other liena upon such proporty at the time of tln acquisition thueof. 2. (a) If Underaigped is a corpo~adon, declue or pay any dividead or m~Jce any diatribution upon its capita! stock. o~ p~rchase ar redce anr of ita capital stock. or consolidace or merge ~vith a~r otha campany. a make ~ny advance~ direcdy o~ indirecdy. by ~ray of loan, gik. bonus. oommission, a otherwise. w any company direcdy or in- direcdy oontrolliug a affiliat,ed with or oontrolkd by Undersigaed. or w any officer. directa. a emplayee of Unda- signed. « of any snch oompanr. (b) if Undaaig~ned is a parmership a individual. make any distribution of assets of the business of Underaigned, other thm reasonable compenaation for services~ or make any advance~ dic+ecdy o~ in- direcdy. by way of loan. gik, bonus, commission. or ot6envise. to any putner a any of its employees. a to any oompanY direcdy or indirecdy oontrolling or affiliated with or controlled by UndersigAed. EneRts ojDe(arl~ i The indebtednesa (incl~ding priacipal. interest and ezpenses) shall immediatcly become due and payaWe. without notice or demand, upon the appointinent of a receiver or liquidatot. ~vhether voluatuy a in- voluntary. for the Undersigaed or for any of its property. a upoe the filing of a petition by ar against the Uadersign- ed undu the provisions of my State insolvency law or imder the pc~ovisiona of the Bankruptcy Act of 1898. as amend- ed, or upon the making by the Undersigned of an assignment fa the benefit of its creditors. Payee is authaizod to declue ali or any put of the iadebtedness imm~diately due and payable ~on the happening of aay of the following events: (1) Failure to pay any put of the iadebtedness when due; (2) no~erformance 6y the Undusigned of any agReemeat with, o~ any condition imp~sed by, Psyee ~vith eespect tn the i~ebtedaesa; (3) Payee's discovery of the Undersigned's fiilure in any application of the Undersigned to Payee tu disclose any fact deemed by Pay~ to be mateaal or of the making therein or in any of the said agreements. or in any aE~davit or other documents submittod in connection with sud application or tl~e indebtedaess. or of any misrepresentation by~ on behalf of~ a for the beno- fit of the Undcrsigned; (4) the reaganization (other than a reorguuution pursuaat to any of the provisions of the Banlauptcy Act of 1898, as amended) or merger or consolidatioa of tLe Undersig~ed (or the making oE any ag~eement therefa) without the prior written oonaeat of Payee; (S) the Undersigned's failure duly to accouny ta Payee's satis- faction, at anch time a times as Payee may reqnire, fa aay of tha collateral~ a proceeds thereof~ coming intn the oontrol of the Undersigned; a(6) the institution of anq snit affecting the Undersig~ed deemed by Payee w affect adversely ita interest hueunder in the collateral a othenvise. Payee's failure to ezercise sny of its rig~ts unda this parag~aph shall not aonstitute a waiver thereof. ~ Upom m~paymeat of interest or any installment of pri~ipal ~vhen dne. the Undersigned and suretiea suthoriu ~ the Pa to sell at ublic or ivate sale an or all oollataal de ited and lai to secure the ~ Y~ . P P~ . 7 P~~ P~~~Y P 8~ PaY' ment of this Nou, and apply the proceods of sale. less ezpense. to the payment of this Note. '1Le seauity rights of Payee and its assigns herennder shall not be impaired by any indulgence~ retease~ ro- newal~ e:tension. a modi6cation ~vvhich Payee may graat with respect tn the indebtedness or any pact thereof~ or in respect to tLe oollateral or in respect to any endorser. guuantor, or surety ~vith~ut mtice ar oonsent oE the Under- : signed or any endorsa~ gnuanwr or smety. ~ M3~'~8 1A ~1~ ~t1o Nf~ ~ ~Ylr i1i ~M3i ~ ~ a~ t~M ~M! !'lt~t ab~w t~l~~e. j,~itD ~ aOd lIU~CiB 8• ~Ri~d/~?a em ~io~ ~+ie~ ~ I/We 6ereby guaranue payment of this Note: ~ ~ ~ ~ ; Note. - Caryaate appllomt~ at quQmtaes must ~~cvt~ Not~. !n oarporaR~ nm~. M dnlp aut6ociz~d otUosr, a~d ~ed must b~ attlsd md ~ dulr att~st~d: pa~er~AlD wPLomts or qu~tors aast ~z~at~ Not~ la flro n~s. toQeth~ ritL atpnat~ of a q~ral p~twr. - I f ~ ~ SBA Fwm 3Y6B (I1•64) ~ i a eooK 150 2~ ~ _ ~ $ , - - , , -~a° = - ~r:=,.