The URL can be used to link to this page

Home My WebLink About2432 ' . , : ~ S. Use the p~oceeds of the loan solely for tAe purposes aet forth in the Authorizatioa fa the Loan iasued by { Payee. . 6. Oa demand~ reimburse Payee for any and all e:peusea iacurred~ or wDich may be hereafter iacurred by Pay ~ ee lrom dme Lo time in connection With oc by ceason of bor~owe~'s applicadon for. ~wd the makitig and adminiatration ' of. the •foan. ; i Nesotive CovesaAts. - The Undctsig~ned oovenanta and agrecs that~ witbout the prior ~vritten oonsent of thc Pay- ' ee, Undersigned will no~ 1. Cteate~ asswne ar otheraise suffu to eiiat any mortgage~ pledge w other incumbrance upon aay of the reail or tangible persoenal property of the Undersigntd, whether norv owned or here~fter acquirad, o:cept (a) liens Eor wces or other governmental chuges not delinqueat or being aontested in good •faith~ ot (b) purchase money liens upon prop- erty acquired after the date of the Note, aud other licns upon such property at the time of the acquisida? thcreof. 2. (a) IE Undersigned is a oorporation. declue o~ pay any dividend or make any disvibubon uQon its capital stock~ or purchase or retirc any of ita capit~l atock~ or consolidate a merge with any other compaay. or make any advance. diracdy or indirecdy~ by way of loan, gift, bonus~ commission, or other~visa. to any company direcdy or in- dirtctly aontrolling a af6liaLed ~vith or rontrolled by Undersigned, or to any officer~ ditector. or emplvyee of Under- signed. or of any such company~ (b) if Uadasigned is a parmership o~ individusl, make any distribution oE assets of the bnsinesa of Undersigned, ot6er than reasoaable compensation fer services~ or make any advance~ direcdy or io- dirccdy. by way of louy g~h, bonus. commission. or othenvise. to aay partn~r or u?y of its cmployeea. o~ to any oompaay d'uecdy or indirecdy controlliog or affiliated with or controlled by Undersigned. i Evesta o~ De fa~l~ - The indebtedness (including principat. interest and ezpenses) ahall immediately become due and payable, without notice or demand~ up~n the appoint~nent of a receivar or iiquidatvr. whether voluntary ar in- v~tuntary. tor the Undersigned or for any of ita property~ a upon the Cling of a petition by or against the Undasign- ~i :inder tae proviaioas of aay State insolvency ]aw or nader the proviaions of the Baaluuptcy Act of 1898. as amend- ed. ar ~on the making by the Underaigned of an assigament fa the beaefit of its creditors. Payee is suthaized to deci~-e all oc any put of the indebt,edness immediately due,and payable apon the happening of any of the follorving events: (1) Failure to pay any part of the indebtedaess when due; (2) ~nperformance by the Undusigned of any r agReemeat ~rith, oc any co~icion imposed by. payee with respect Lo the indebtedness; (3) Payee's diso~very of the ~ Undersigned's failure ja any application of the Undersigned w Payee to disctose any fact deemed by Payee to be ; material or of the making therein a in any of the said agreements. or in auy af~davit or other docaments submitted - ' in cannecdon arith said application or tLe indebc~dneas, or of an~ miarepresentation by, on behalf of. or for the beno- ~ fit of the Undersegned; (4) the reaganizadon (otber than a reorganiutioa pursuant w any of t6e provisioas of tbe i Banlauptcy Act of 1898, ~ as amended) or merger or conaolidation of the Undersigned (or the making oE any agreement ~ therefor) without the prior vnritten consent of Payee; (S) the Undersigned's failure duly to account, to Payee's satis- faction, at such time or timea as Payee may require. far au~r of t6a oollateral~ or procoeds thaeof~ coming mto the I control of the Undersigned; a(6) the institution oE any suit affecting t6e Undersigned deemed b' payee to affect ° adversely its interest heretmder in the collateral a othuwise. Payee's failure w ~zercise aar of its rights nnda t6is paragraph sball not oonstitute a waiva thereof. Upon n~npayment of interest or any installment of principal wben due~ the Undersigned and sureties authorize the Payee Uu sell, at puWic or private sale, any or all oollatexal deposited and prop~rty pledged to secnre the pay_ ment of this Note~ and apply the proceeds of sale. Ieas ~:pense, Lo the payment of this Note, i ; The security rights of Payee and its assigns hereunder shall mt 6e impaired by any indulgence, retease, ro- ~ newal, eztension, a modi6catioa w6ich Payee may grant wit6 respect to the indebtedaeas ar anq put thereo~ or in ~ respect to the oollatecal or in respect to any eadorser, guarantor~ or surety witboat notice or oonsent of tbe Under- ~ signod or any eadorse~~ guuantor or surety. IN xttlaii~ MIBR10~, 1 hw. A.rwnto s.t .qr nand ana s.al tb. aay ana y.a~r lisst abow ~aitt~u. L~.~ RAYMt SNAIN d/b/a SMALi' ~ Di~ff CL.BA1~1I1~ ' s t yn~ i 1 I/We hereby guazantce payment of this Note: : ~ . , ! i Nots. - Cacporats applicmt~ or quQmtm must ez~cvte Not~, !n oorporat~ nam~, br dWy ontborised otEleat, ad ssal muq b~ ottis~d md dulr att~st~d; p~alnenhlp appllomts or qu~tas must e:ecvt~ Note tn ilcm nams, toq~Wer MiW sl~btuc~ oi a q~errai patwr. 58A Form 3266 (1 i-61) c~o •s4•~~~ B~Q~~~~r • ' ~ ~ _ ~ y~'~.~'~ ~ _ f.~~ ' ~ ~ ~ _