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Home My WebLink About1478 ` .5.. ~ ~ I S. Use the proceeds of tAe loan solely for t6e purposes aet forth in the Authorization fo~ the I.oaa isaued by Payee. 6. On demand. reimburse Payee for aay and all expenaea incucred. or M6ic6 may be 6eteafter incurred by Pay- ee brom time to dme in connection Mith a by reason of borr~wec's application for. and the making and administration of, the loan. Neaative Covenanu. - The Undasigned covenants and agrees that, ~vithout the prior rvritten consent of tbe Pay- ee. Uade~signed will not: 1. Create, assume or otherwise auEfer o~ e:ist any mortgage. pledge oc other incum&ance upoa any of the real ~ or tangible pers~al property of the Undersigned. whether aow o:~ned or heresfter acquired. e:cept (a) lieas fa tues or other governmental chargcs not deliaquent a being contested in good•fait6. or (b) purchase moay liens upon prop- erty acquired after the date of the Note~ and other liens npoa such property at tLe time of the acquisition thereof. 2. (a) If Undersigned is a corporation~ declue or pay aay dividend or make any disvi6ution u~on its capital stocic~ or purchase ar retioe any of ita capital stock. or consolidaLe a merge ~vith any other company. a make auy ~ advance~ dicecdy a indirecdy. by way of loan~ gih~ bonus. commission, oc otherwise. co any company direcdy or in- ~ direcdy oontrolling a affiliated with or eoetrolled by Uadersigned. or to aay officer. director. o~ employee of Under- signed. or of any suc6 company. (b) if Undasigned is a putnership o~ individual. make any diavibution of assets of the business of Undersigned, other than reasonable compensation ior senrices~ or make any advance~ direcdy oc io- direcdy. by way of loan. gitt, bonus. commission. or othenvise. to any pactner or any of its employees. a tQ any company d'uecdy or indirecdy oonuolling or afGliated with or controlled by Undersigned. Eveats o j De jaulR ~ Th~ indebudness (including principal, int,erest and ezpenses) shall immediately become 4 due and payable~ without notice or demand. upon the appointment oE a receiver or liquidamr, whether voluntary a in- voluntary, Eor the Undersigned or for any of its property. a upon the 6ling of a petition by or against the Undasign- ed under the provisions of any State insolvency law or under the proviaions of the Bankct~ptcy Act of 1898. as amend- ed~ or upon the makiag by the Undersigned of an assig~nent fa the benefit of its creditas. Payee is autbaized to declare all or any part of the iadebtedness immediately due and payable upon the happening of any of the follo~ving events: (1) Failwe t~ pay any part oE the indebtcdness when due; (2) nonpedormance by tLe Unde~sigaed of any agreemeat with. or any conditi~ imposed by. Payce with cespect to the indebtedness; Payee's discovcry of the Undersigned's failure in any application of the Undersigned tn Payee to disclose any fact dtemed by Payee to be material or of the making therein or in any of the said agreements~ or in any af~davit or other documents submitted in oonaection with said application or the indebtedness. ar of any misrepreseatation by. on behalf of. or for the bene- 6t of the Undersigned; (4) the reocganization (other than a reorganizatioa pursuant to any of the provisions of the Bankruptcy Act of 1898. as amended) or merger or consolidation di the Undersigued (or the making of any agreement therefor) without tLe prior ~vritun consent of Payee; (S) the Undersigned's failure duly to account, to Payee's satis- faction. at such time or times as Payee may reqaire, fa any of the collateial. or proceeds thereof~ coming into the rnn~nl of the Undersigned; ar (6) the institution of any suit affecting the Undersigned deemed by Payee to affect adversely its interest hereander in the collateral a otherwise. Payee's failure to ezercise any of its rights nnder this paragraph shall not oonstitute a waiver thereoE. I Upom m~payment of interest or any installment of principal when due. the Undersigned and snreties authorize ~ the Payee to sell. at public a private sale, aay or all oollaural deposite~ and proputy pledged to secuce the pay- ment of this Note. and apply the proceeds of sale. less espense. to the payment of this Note. The security rights of Payee and its assigns hereunder shall not be impaired by any indulgence~ release~ re- ~ newal, e:tension, or modi6cation which Payee may grant with respect to the iadebtedness or any part thereof. or in ' respect to the oollateral or in respect to aay endorser. guarant,or, or sncety vv:ihout notice a oonsent of the Under- ~ s sigaod or any endorser. guarantor or surety. • ; ~M ~l~N 1~f~ rA Mw Ma~M~a ~t wr ~MM ri M~l~ I~M ~q aM ~ y~t ; !l~st aMr~ reltfM. 0. ~Afs'L~ • 1~3a L. CAi~lL~ ~/i ; , i , ~ ~ I/We hcreby guarantee payment of this Nou: ~ ~ t ~ Note. - Carporats eppltcmt~ or qu~ton must ~ztcvts Nob, W oorpoeab n~, br dnly antl~orized oiHwr. md ~ad maet b~ aip~sd md : ~lr altest~d; p~trrer~hlp appll~mts or quQa~toe~ mu~t a=scvt~ Nob la iltm n~s, toq~tlur ~rlf6 alq~atacs oE a qsreal pQtwr. ; I ~ 6~~K 155 z~ SBA Form 326D (7-65) ~ ~o ~~s-~a~ . - - - - ~ _ ; ~ ~ , - - r~:~' ~ r; _ . °:~;;c' f,