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S. Use the p~oceeds of the toaa solely fo~ the purposea aet forth in the AutLorizatioa fw the Loan issued by
Payee.
6. On demand, reimb~use Payee for a~r and all e~enses inc~ured. or ~rhich auy be he~eafter iucurred by Pay ~
ee from time t~ timc in conneetioa rvitb a by ceasoa of borroper'a application for. and the a~alciag aad admiaistration '
of~ the loan.
Nssativs Covenaaq, - T6e Undasigned oovenanta and agrees that, witlwut the prior written oonsent of the Pay-
ee~ Uadersigncd rvill aot:
1. Cceate, assume or otherwise suffer ~o exist any mongage~ pledge or other incumb~aace upoa aay of the real
or tangible peraonal property of the Undasigned~ whether now ow~d or heresfter uqnired. e:cept (a) liens Eor tues
a othar governmental c6uges not delinquent or being oontested in good •fait6, or (b) pnrchase moaeq liens upon prop-
ercy acquired after tLe datc of tbe Note. and other liena upon such p~operty at the dme oE tbe acquisitioa thereof.
2. (a) If Underaigned ia a cocpor:tion. derlue or pay any dividend or make any distribution npon ita capital
atock. or purchase or ntire any of its capital stock. or consolidate or merge with auy othet company. er make auy
advance~ direcdy or indirtcdy. by way of loan, gih~ bonus~ commission. o~ othenviae~ to any company direcdy or in-
dicecdy oontrolling a affiliaoed with or contr+olled by Underaigned. or to aay officu. director. oc employee of Under-
signed. or of a~ny such campa~?y~ (b) if Undasigoed is a putnership a individual. make any distribution of aaeets of
the busineas of Undersigued, other than ceasonaWe compenaation br se~vices. or make sny advance. dic~ecdy or io- i
di~ecdy. by way of loan, giift, bonus. oommission, or ot~en?ise~ to any putner a any of its employeas, ar Lo any ~
ao~any d'uecdy or iadi~ecdy ooatrolling or a~liated ~vith or controlled by Ilnderaigned.
Evaats o j De jo+~lt ='rhe indebtedness (including principal. interest and expenses) shall immediately become
due and payable. ~vithout notice or demand~ upon the appointment of a receiver or liquidator. ~vheth~ voluntary a in-
volantuy~ 6~r the Undersigned or for any of its property~ a upon the filing of a petidon by o~ agaiast the Undarsign-
ed under the p~ovisions of any State insolvency la~v or undu t6e pnvisions of the B~wlcruptcy Act of 1898. as amend-
ed, a upon the making by the (Jndersigned of an asaiginment fa thc benefit of its creditors. Payee is authoriaed to
declue all or any put of the iadebtedaess immediately due and payable tq~on L6e 6appenieg of any of the follo~ving
events: (1) Failore t~o pay any put of t6e indebtednesa w6ea due; (2) n~nperfornuace by tbe Undersigaed of any
agReemeat witL, ar any condition imposed by. Payee with respect to the indebtedness; (3) Payee's disoovery of the
Undersigned's fiilure in any application of the Undersigncd w payee ta disctose any fact deemed by payee to be
material or of t6e making therein a~ in any of the said agreements. a in aay afGtlavit or othu doc~ments submitted
in ooanection with said application or the indebtedness. er of any misrepcesenta~ion by?~ on behalf of, or for the benc-
fit of the Underaigncd; (4) the reu~ganization (otber than a reorganiution pnrsuant to any of the provisiona of the ;
Banlcruptcy Act of 1898. as amended) o~ merger or consofidation of tlle Undersigiued (a tbe malcing of uiy agreement
thereforj without the prior vvritten oonsent of Payee: (S) the Uudusigned's failun duly to acaovnt, to Payee's satis-
faction. at auch time or dmes as Payee may require. for any ot the collateral. o~ pnoceeds thaeof, coming into the
coatrol of the Undersigned; a(6) the institution of any suit affectiag the Underaigoed deemed by payee to aEfect
adversely its interest herennder in the collat,eral a otherwise. Payee'a tailure w eY~rcise any of its rights unda
this paragraph shall not oonstitute a waivu thereof.
Upon nonpayment of interest or any instaltment of principal when due~ the Undersigaed and sweties su~norize
the Pay~e to seil. at pubiic a private salc, any or all ootlataa) dcposited and property pledged tv secure the pay_
ment of this Note, and apply t6e proccods of sale~ lesa ezpenae, to t6e paymeat of tbis Note,
;
The security rights of Payee'and its assigna heretmder shall not be impairod by any indulgence. release, re- '
newal, ezLension, a modi6cation wtuch• Pay~e may graat arith nspect to tLe indebtedness or any part thereof~ a~ in
respect to t6e oollateral or in respect to any endo~ser, guarantor. or s~ety ~?it}wut nufice or consent of the Unda- :
signed or any endorsa, guuantnr or surety. ;
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I/We hereby guazantee payment of this Note;
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Nota. - Carporut~ appllcmu or qu~tots muat ~:~cuts Not~, !n ooryocat~ nm~. b7 doly antborissd otElosr. md ~oi mioat b~ atllsd md ~
~+lr attwt~d; ~taAlp appLcmts w qwrmtors mwt e=scvt~ Note in [~m nm~. toq~th~r virltL sl~atun ot a q~ed pQfa~r,
SBA Form 3268 (2-66)
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