HomeMy WebLinkAbout1248 The lndebted~~ess shall lrm~edlaoelY becane due and payaWe. w[thwc notice or dematKf. upa~n th~s sppointment of s ce-
oalver or liquldamr. whether voluanry or InvaWnntr. for the wdersignod or Wr aay ot ics pc~opert~?,oe upaa the ~ltr~ ot a
peUcioa b~r or a~f~uc u,~ Wwara;yrd Ww~r ii,~ y,v.~;au at auy Sr:w Luai~~.~.y i~x 3r W.::.r ~ p.~:~:~s a: ~ p.::.~-
tupocr Act ot 1886. as amer~ded. or upoa the makinQ b~r thn w~dersi~ad ot aa ssst~ur~eat for tlie benefit of tts credloors.
Payoe !s wtA~rized tu doclsra a11 or aa~r pirc ot ths ladeb~ednass irnmedL~ely dus aad payable upon tM I~~pa~4~ of up oE
d,e tono+~t~ avea~ss (i) gatmca b wr ~nr wrc ot ina ~aeboe~~ass .?t,en ~,a: na,~ertorm.,~oa b~r ms unders~
o[ aay agreaneut witD. or any oadidoa imposed Dg?. Payee w[ch cespoct a ths Indebtodness= (3) Payes's disoo~vatry of tha
un~er~i~aed's fatlure ia say aypUcatian of the uadersigned co Payee to dtscbse aay tact deemed Dy Payea to ee materlal oe
ot the makioQ chere.U~ or in ury ot the saW a~reer.wus. o~ ta ury atRdav[t o~ aher documea[s submiaed ta ooonectlon r+ith
saW appltcatioa or tde tadebcedaess. ot aay miareprese~?cutonby. on bd~alt of. or tor the ba~efi[ ot che underslaned: (4) die
ceor~,~Nzatiou (other than a reoe~nlradon pusuaat ~o any oE tha P~?Lsians ot [he Baolcrupocy Aet ot 1698. u ammded) os ~
msr~r ot oaas~did~atioa.of the unders~od (or tbmakin~ ot any agrceaxnt thee~efor) without tt~e Drlor wrlttm oonseat of ~
Psy~eei (5) tde uadeni~ed's faiWra duly oo aceo~uu. w Payese•s ssttsfacttaa. at such tLne or times u Payoe mty requtee. ;
for a~ry of ths Gollsteral. or proceods thereof. oomin4 inoo the conual ot ths undersigned: os (6) d~e lastiwdoa ot aay sult
af6ecdn4 the w~dersl~~ed deemed by Payee ~o sffect adversely ics lntarast hecau~der ia the Gollsteral ot othanrLsa PaY-
ee's 6ilure ~o exercLse ib rights uder d~Ls paragcaph sh~ll aot oaistiwos a wslver thereot.
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UP~ ~~D,Y~~ ot tb Iodeb~edness.or any W~c thereot. wha~ due. ~rbther by scontierac~a or otbn+Lte. Papes is
empo~wered to sdl. usl~u, and delivee the whole oc aa~r part ot tbaCoWoeralatpuWlcorprivatasa1e.without detaaad. advar-
dsema~t or aaioe of Me Wns or plaosot sab or ot a~r adjourarr~t thereof.wMcbarehenDyexpressl~rr+alved.Atserdeduet-
fog all expenses lnc[deonl ou or arLsL~ fran siich sale or sales. Payeo may apply tAs tes[due ot the prooeeds tbceoE m ms
D~rmmt ot ~he ladeboedness. as tc sAW dee+n Proper. rewralag We e~ccass. if arry. o~ rhe undersi~ned. '11~a undersl~ped
l~iC~ MiIYCS ~D t~IQ ~ CXOC~IT pEilOllLDdbyliM ill Ilght OE tCdER1~GQ Or ipprilSQlfldlt M~1Eth0! bC~OlOOliEtOlSilO.At ~
such ule payee ~aay be~oorne d~ purch~ser of d~e wlwle or any part ot the Cdlaurai Iree fran any ri~llu oE red«npdoa so
6r ss permittod b~? Lr+. Wlthout Lmttia4 oraHecdnQ sach Por+ss oE sale. payee ts iurthet emPo+?aced, uDao ~he ao~aYmeat
of tbe indebtedaess. or aay psrcthereof.wheadue. ou oallect or cause m be oollected or othan+isa a be oomeroed Ineo a~ona~
a11 or pacc d tb Colla~ersl, la tb oame of Payee or ths underst~ed or ahen+lse.bysuitorodysrwisa.aado~ surnn8er. i
ca~Pr xntse. relesse. renex. ezowd. excNnge. or substim~eaay loem of the Oollaoersl In traasaccEont with ths uodersf~ned
or ury d~itd party. irrespectiv~e of say assl~uneat thereof bgr d~e mdetst~ed. ud without prior notioa m or oa~aseot of dtis f
uo~ders,~ed or a~l uslgpee. Wha~ever aay t~em of d~e CoWteral st~ll aot bep~aW~wheadue.orott~eralsa sh~ll ba b deLult.
whetber or rot tae iodebcodness. or aay part Weceof. has beoome due. Payee shall have tha same rlgdts aad powan viW
sespect oo such ioem of the Collatersl as sn granoed in tespocc thereof ia dds psragraph tn caso of aonpspma~t af d~e In-
debtediress. or aay prt We?bof. w6a~ ~e. Noaa of the rights. remodles. Drivlleges. or po++ers o~ Pa~?ee expressly provlded
for tierefa sh~ll be exclusive. but each of them shaII be cumrLtive w[th aod in sddit[on to every al~er ciglu. retned~?. pr[vi-
leoe. snd power aow or hereaher extsdng Le favor oE Payee. wt~ether at law in equicy. b~? stacuce or aherr?ise.
The undecsl~ied agrees ~o take all necessary steye m ad~ninlsoer, supervLge. pc+esarre. and Dro~ect tAe ColLterslt aud
re~rdless of u?y action nken b~r Papoe. tfiere shall ba no duty upou Payee tn ttds respoct. 'it~eurdersi~odshall pay all ex-
penses of my aamre. rrhether iaa~rred in or out of cwrt, and r?he[her Incurred betore or afoer this t~looeshall bec~~e ~e
ac 1[s maarlt~r da~e or od~er~+isc. ~ butaot limited oo reasonable acooraey's fees and oosts. v?hich Payae may deetn
uecessary or proper ia carr~ec[ion wtth the sadsfacdm of ihe Ldebtedrrssor~hesdminisuation.supervLsion.preservatian.
promctioa (loch~ding. but aot llmitod tu. die maintenanae of adaquate Insuraaca) of or the realizauon upou the ColLteral.
Pa~ree !s wtbrizod m pay at ury dirieuid from time m time any or all of such expenses. add the amow?t of such payrnnt e~
the amo~uit of tLe Indeboodiness. ud chat9e interest thercar. at the nte specified hereln rttth tespect mthe princlpal amouut ;
of Wis Nooe.
The sa:utity rigtas of Payee ud its assi~s l~ere~u~der shall not be impaited by Payee's sale.hypothecatlaaor t~ehyputha-
cat3oa of atry Qooe of d~e undetsl~~ed or anY item of the Collateral. or M? anr tna~?ce. ~cWat~ buc uoc l~mtoea oo ~a~ a~?
rer~vnl. extensjan. or modtficadm which Payoe may gcant ~cith respoct ~o the Indebtedness or anp patt thereof, or (b) aay
surruder. oanPromise. release. ren~Nal.exoensian,eucdaage. or substiWtian wWch PaYoe may gcant ia casDect d d~e Co~l-
lateral. oe (c) aay tn~lgeoce araated in respect of au~r mdorser, ~uarantor. or surety.lt~epurchaser.asst~~ee.traa4ferae.
or pledgoe ot dils Nooe. tb ColLteral. aay ~uarancy. ud a~ry orher doauna~t (or amr oE d~em).sold.assig~ned. uansbrted,
` pledged. or npled~ed. shall fordn+it6 beco~~e vested r+ith and entitled m exercLse all the parers and right4 aivea by this
E No~e snd all spplicacioas of the undetsignod m Paye~, u if said purclnser. assl~~ee. uaas6eree, or p~led~ee ~?ere oriQL~aUy
° oamed u Pa~ree ia tWs Nooa and in saW applLcacioa or applicatfons. .
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- Note.--Corponte appllcants mist executeNote.incorporate ~~ame, bydulyauthoriudofficer,andsealmus[ be affixed atd
duly atcesced;partnershipapplicantsmastexecuteNoteinfirm mme. oogether with signamte ot a ga~eral parmer.
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SBA Fo~m 117/? (7-65) ~
o R 155 ~ ~~8 ~
BOOK
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