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S. Use tha p~oceeds of the loan aolely ta the pu~pasea set f~rtb in the Authoriution fo~ the Loan isaued by #
Payce.
6. On demand, roimburse Payee for any snd all espenaea inc~ured, or which may be hereafte~ incurced b~r Pay-
ee from dme b dme in c~onnection ~vith or by reason of borrowet's application for. sad the making and administratioa
of, tde loau,
` Neaasiv~ CoveRwts. • The Undersigqed ooveaants and ag~ees that, ~vithout the ptior written oonseot of tbe Pay- ~
ce. Uadersigned will ao~ - !
1
1. Create~ asaum~ ot ot6erwise suffer ~ e:ist any moctgage. ple~ge or other incumbcance upoa aay oE t6e real ~
or tangible peraonal prope~ty of the Undasigned~ whether now owned or hereafter acqai~ed, e:cept (a) lieas fa tues
or other gover~entsl chuges not deliaquent a being oonteat,ed in good •fiit6~ or (b) purc6aae money liens upoa prop-
erty acquired sfoer the date of tl?e Note, and other liena upon such propecty at t~e time of the acquisition thereof.
2. (a) If Underaigned is a corporadon. declare or pay any divideAd or make aay distributian upon its capital ;
stock. or pure~ae a retice any of ita capiLl atock. or conaolidatc a merge ~vith a~r othu canpany, or mske any :
advance, direcdy or indirecdy, by ~ray of loan, gift~ bonus. oommission~ or otheroviae~ to any company direcdy o~ in- j
diceedy oontrolling a aifiliaLed with or oontrolled by Undersigned, a to any officer~ dicector~ ot eonployee of Under• i
signed, or of anr such company~ (b) iE Undasigned is a putnership a individual. make any distribution of assets of j
the business of Underaigned, other thaa reasonable compensation for services. or make any advance~ direcdy a~ io- j
direcdr, by way oE loan, gih, bonus. oommission~ or othenvise. to any putner or any ot its employees~ or to any f
a~mpany direcdy a itdirecdr oontrolliag a afGliated ~vith oc controlled by Underaig~ed
Evssts o De ar1R ? The iadebtedaess includia 'nci inurest and e se ~
j f ( 8 Pn P~. Ypen s) shall tmmedtately become
due aad payable, ~vitbut notice or demand, upon the appointment of a receiver or liquidator. whether voluntary a in- +
vrl~mury, for the Undersigaed or for any of ita property~ a upon the E'iling of a petition by or against the Und«sign- t
ad uader tLe provisions of any StaUe iasolvency la~r or under the provisions of the Bankruptcy Act of 1898~ as amend- ~
ed, or upon t6e malcing by the Undersigned of an assignm~at fa the benefit of ita creditas. Payee is autborizcd to
declue all a any put of the indebt,edness immediately due and payabie upon the happening of any of the following
events: (1) Fulure to pay any put of the indebtednesa phen dae; (2) noaperformance by the lladusigned of any
ag,rreemeat with. ar any condition impoaed by, Payee ~vith respect to the indebtednesa; (3) Payee's disoovary of the
Uadusigned'a fselwe in any applicatioa of the Undersigned to payee w disclose any fact deemed by Payee to be
material or of tbe malcing thereia or in any of the said agreements~ o~ in any aE6davit or other documents submitted
in oonn~cdon with sud application or the iadebtedness~ a of any misrepresentation by. on behalf of~ or foc the beno-
Gt of t!?e Undersigned; (4) the reo~ganization (other than a reorganization pursuant to any of the provisions of the
Bankruptcy Act of 1898~ as amended) or merger or consolidation of the Ondersigned (or the making of aay agreement
therefor) ~vithout the prior rvritten consent of Pay~ee; (S) the Undersigned's fiilure duly to acoount, to Payee's satis-
faction. at snch time a times as Payee maq reqnire~ foc any of the collateral. or proceeds thereof, coming inw the
contr~ui ot the Undersigned; ac (6) the instiwtion of any snit affecting the Undersigned deemed by Payee to affeet
adversely its interest herevnder in the collatera) or otherrvise. Payee's ful~c to ezercise any of its rights unda
this parag~aph shall not c~onstiwte a waiver thereof.
Upon nonpaymeat of intaest or any installment of principal when due, the Uadersigned and sureties suthorize
the Payee w sell. at public or private sale~ any or all oolliteral deposited and property pledged to secnre the pay-
ment of tbis Note. and apply the proceeds of saie, less e~ense, to ths paymtat of tl?is Note.
T!?e secnrit7r rights of Payee aad its :ssigas herenader shall n~t be impaired by any i~ulgcnce, release, ro-
ne~val~ eztension, ar modification ~vhich Payee may grant with respect to the indebtedness or any part thereof~ a in
respect to t6e oollateral or in reap~ct to any endorser, guarantor, or s~urety without notice or oonaent of the Under-
signed or in}? endoraer, gnuancor or surety.
abo~w ~,M~~ ~~aw ~rMOb ~M owr lrr a~1i Na3a t~ir iq a~d tLs Tas l~rrt
~B lii~ ~qi~ ~Yi l~E ~ ~i~,~/b,/a
I/We hereby guarantee paymeat of this Note:
B4~ ~+QR 8ai~l
rtot•. - carvawe• a~iomu a~ ~~,ton ~a~ .mva xoc•. m oorpora. n~. L7 dolr ant6oHred otfiosr, ma ..at m~n.e b. atus.a ma
dulr atc~std: Du'tar~lv op~ltomts or quc*mtas mnst ~~t. Noa !n ilem n~s. WQ~th~r ~riW atqoatur~ ot a qwierai patwr.
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