HomeMy WebLinkAbout1678 o ~ ~ Cu _ . Y.J?~
S. Use t1~e pcoceeds of tLe loan sdely fa the parpwes aet foctl~ ia d~e Ant6otiution ~a the l.osn iasued by
Pa~ree.
6. On demand, reimbnrae Payae !a anp aod all ezpeasas incntzed. or which may be hueafter incurred by Pay-
ee 6+om time w time in oonoection with a by rassoo of bo~rower's application for. and the making and a~iniatration
ot. tha loaa .
Nes~tiw Cow,wRts. - The Uudasig~ed oovenana and ag~rees thst~ witbout the pria written oonsent ot tLe Pay~
ee. Undersigned will not
1. Create. assume a ot6erwiae antfex t~ esiat any moRgage, pledge a other incum6rance np~n any of the real
or tsngible personal prope.~q of the Uudasigaed~ whetDer mw owned a bereaftar uqnired. escept (s) liens fa t~es
or otLer gov~ernmental chuges aot delia~ueat a being contestad in gooo-faith. a(b) porchase mooey ~iens npon pmP~
erty acqnired afu;t tbe date of the Note; and ot6er liens npon such pn~pecty st tLe time of t6e acquisitioa thereof. ~
2. (a) jf Uadersigned is a capaation. declue a pay any di~?idend or make a~? distribntioa upon its capitsl
sLock~ a purchase a cetire sny of its capital stock. or oonsolids~e a merg~e wit6 aap otha company. a make any
advaace~ direcdy a indirecdy. by war of loan. giit, boau8. oommission. o~ otbecwiae. to a~? oompany direcdy a in-
direcdy oontrolling a affiliaLed with or ooatrolkd by Underaigned, a t~ any oEficer. directa~ a emplayee of Uudu-
sigaed, a of any auc6 campaar. (b) if Undecsigped is a Qartnership a individnal. make anr distribntion of assets of
the business of Undersigped, otber than rea~anaWe compenaation io~ s~vices. a mate any advance. direcdy a io-
direcdy~ by wsy of loao~ gift, bonus. oommiasion. a otheiwise, oo any partaer a aar of its employeea. a to any
o~mpany direcdy er iadicecdy oontrdling o~ a~'iliated ~vith or controlled by U~eraigoed.
Bvs+ua o j De jad~. ? The indeboedneaa (including principal. intierest and espenses) shsll immedi~tely become
dne aad payable~ witLout notice or demaad. npon the appoin~ent of a receiver a liqnidao~t. wbethe,~ vdnntary a in-
wlmtary. br the Und~ersigaed or tor an~ of its pcoperty?. ar npon the 61ing of a petidon by a against the Undasign-
ed ~mder the ~ovisions of any State insolvency law or under tbe pnorisions of the Bsdunptcy Act ot 1898. as amend
ed. or npon the making by the Undarsig~ned of aa assigame~at,far the beaefit of ita aeditocs. Payee is anthorized to
declan all a aay part of the indebtedaeas immediately ~ue aad p?~+able npon the happening o~ a~r of the fo lo~ving
events: (t) Failure to pay a~? put oE the indebtedneas when dne; (2) nonperfamaxe by the Undexsi any
agReemeat with. a say conditian imposed bf?. Payee with reapect w tbe iodebtednesa; Payee's discovay ot the
Uaderaigned's fiulure in any application of the Uodersigned to Payee to diaclose aay fact deemed by Payee to be
material or oE tbe m~kiag therein a in any of the said sgeeements, a in a~? ~davit a other doc~neats snbmitted
in oonnection with sud application a the indebtedness~ a of aay miscepcesentation by, on belulf of. a fa tbe beao-
6t of the Undecaigned; (4) the reaganization (other than a cea~aaizstion pnrsuant Lo any of tbe provisions of the
Bankrnptcy Act of 1898, as amended) a merger or coasolicLtion di the Undersigned (a the making of any agReemeut
thuefoc) withont the prior written consent of Payce: (S) the Undusigned's fiiluce duly to aocount, to Payee's satis-
fiction~ at snch time or times aa Pay~ee may reqnire. fa aay ot t6e collateral. a proceeds thaeof, comiag inm the
oonwl of tbe Undersigned; a(6) the inatitndoa of ury snit dfecting the Undersigaed deemed by Payee w affect
adversely its inLerest hereuuder in the collaLerd a otherwise. Payee'a failure to e:ercise aay of its rights m?da
thia paptg~aph shall not oonatimt,e a waivet theraof.
~ Upou nonpsymeat of intaest or any installmeat of principal when ~ne, the Underaigaed aad auretiea anthaiu
~ the Payee m sell~ at pnblic ot pcivate aale. a~? or all oolli~aal deposited and ptope,rtr Plcdged to leanee t6e psy-
~ ment of this Nou~ and apply the procee~s of ade. less e:pense~ t~ tbe paymeat of this Note. .
~ - • : - . . . . . . ~ . . . : _ . _ . . - . . . , ~ . r ~ .
The seciuity rights of Payee and its aaaigna hereuader shall mt be impaired by any inddgence, release, ce-
~wal~ eiLension,'dr modiHcation w6ich Payee may:g~t wit6 respect t6e iodebtednesa or aaql pait thereof. a in
respect to tLe oollateral o~ in reapect to aay endorau. gnuanta. a aureq witLout notice a conseat of the Unda-
signod cr any'eadoraer~ gnarantos a a~rety. _ • , ; ~ - ` _ - '
~ ~It ~Ml A~ ~1! i~p~ M~ ~M ~~'N _0~ ~N ~y MI«~~ ~H~i~
. • ~ , . *
. I~:~
I/We hereby guaraatee paymeat of thia Note: ~
. ~ Al~~ ~Casl~al~ Nsl~
Notw - Cerpa'~~ appliomt~ or quQa?tas m~t ~s~evb Not~. In oarpoe~~ s~. M~Ir aatbalr~d oittor, md wai vast b~ aEEls~d md
a~tr ~e..c.as vQm.*.wp a~ruomt. or aoa~~as .o.e .~.a.i• rtoa m tem om.. ~ov.~b.r ..id..~,aadr+ ot a 4.,..at ~so.a
ss~, f«~, auo ~-~s,
vo .,s.... , ~ , • ~ ~
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