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Home My WebLink About1809 - , - ~ S. Use the pcoceeds of the loan solely fot t~e ~~.+c~ses set forth in the Autho~iution for the Loan iasued by ~ Payee. ~ i 6. On demaad, reimburse Payee for a~? and all e~enses incu~red. or whicd may be hueafter incurred by Pay- ee from time w time in eonaection rvith a by reason of bo~rower's application Wr. aad the making and administration of~ t6e loan. . Nssotive Covesoats. - T6e Undersigned ooveaanta and agRees that, withovt the prior written aonaeat of the Pay ee. Unde~aigned ~rill rwt: 1. Create~ assume a otbecwise suffu ~o e:ist any mortgsge~ pledge or other incumb~ance upon any of the re~l ~ or tangible peraanal p~operty of the Ufldasigned. whether now owned or hereafter acquired~ e:cept (a) lieas for tuea a othe~ governmental chugea aot delinquent or being contested in good•fait6, or (b) purc6ase moaey liens upon prop- erty acquired after tba dau of the Note. and other lieaa upon such property at the time of the acquisitioa thereof. ~ 2. (s) If Undersig~ned is a oocpaation, declue or pay aay dividend or make any diavibution upon its capital t stoct~ or purchaae a retire any of its capiW~ stock, or consolidate ar merge with a~r otha campsny. a make any advance. direcdy or indirecdy. by way of loan, gik. bonus, commission. oc othenvise. to an~r lednpany direcdy or in- direcdy oontrolling ar affilia~ed with or oontrolled by Underaigned. oc to any o[ficu. diiector. or employee of Under- sigioed. o~ of any suc6 oompaay, (b) if Undasigned is a partnerahip a individual. malce any distribution of assets of the business of Undarsigned, other tban ~easonable oompeneation br services~ or make any advance~ direcdy a in- direcdy. by way of loan, gift, boaus. commission~ or othe~wise. o~ any putaer a any of its employees. a tn any oo~any d'uecdy or indirecdy oontrolling o~ affiliated ~rith or controlled by Undersig~ned. . Bveata of Deja~l~ ='Th~ indebtedness (including principal~ intereat and cacpenses) ah~ll immediately become ' due and payable~ without notice or demand, upon the appoin~ent of a receiver or tiquidator, ~vhethu voluntary a in- voluntary~ for the Undersigned or for any of its property. a upon the ~ling of a petition by or against the Undasign- ed under the provisions of any Staa insolvency la~? or wder the prov;sioas of the Bant~uptry Act of 1898~ as amend- ' ed, a upon the making by the Underaigned of an aesignmeat fa the benefit of its creditas. Payee is authorized to declue all a any put of-the i~ebtedaess immediately dne and payable ~on the happening of any of the Eoliowing eveats: (1) Failure to piy any part of the indebtedaess wsen due; (2) nonperformance byr the Undersigned of aay agreemmt wit~, o~ aay condition imposed by. Payee with nspect to the indebtednesa; (3) Payee's disoovery of the Undersigned's fiilure in any application of the Undersigned w Payee to disclose aay fact deemed by Payee W be material o~ of the making therein a in aay of the said agreements, or in any at~davit or other documents submittcd in oonnection with said application o~ the indebtedness~ or of any miarep~esentatioa by. on behalE of, or fa tbe beno- , fit of the Undersigned; (4) the reorganization (other than a reorganiution pursnant to any of the provisions of the ~ Banlcruptry Act of 1898. as amended) or merger or consolidztion of the Undusigped (or the making of say agre~ment cherefor) without t6e prior writt,en consent of Payee; (S) the Undersigned's fiilure duly w aocount, to Payee's satis- faction. ac such cime o~ ames as Payee may requice, fo~ any of tbe collateral~ oc pc~oceeds thereof. coming into the contr~ol of the Undersigned; ar (6) t6e institution of any snit affecting the Uadersigned deemed by Payee to affect adversely its inLerest haeuader in the coll~teral or otherwise. Payee'a fail~e to ezercise aay of its rig6ts undQ t;us paragraph shall mt oonstitute a waiver thereof. i ~ Upom m~payment of interest or any installment of principal when due. the Undersigped and suredes auinorize the Payee to sell. at puWic or privau sale~ any or all oollaLaal deposited and property pledged to secure the pay- ment of this Note. and apply the proceeds of sale, less ezpense, to tLe payment of this Note. '!be security rights of Payee and its assigns hereunder a6a11 n~t be impsired b~? any indulgence~ release. ro- newal. e:tension, a modi6cation which Payee may grant with respect tn the indebtedness or any pact thereo~ a in ' reapect to tl~e oollatecal or in respect to a~? endorser~ guuantor~ or surety wit6out a~tice a~ oonsent of the Under- signed or ~~r' eadorser, guuantor or snrety. ~ MIl~a w baw ~ Mt orr ~i MaL ~ Mpl s~R 7rsr rir~ aww ~ei~tM. R ~~EB 0. ~LDpI'~ ~11D ~i !YZ ~~N~~ i,/a ~ ~a Mat MAI~11C~i I/We hereby guuantee payment of this Note: t~s~, ~ ~ ~ ~ L ~ . ~ ~ ~ Not~. - Coryarat~ applicmt~ ar qu~mtoes mwt ~~cvt~ Nol~, ln oorporab am~. er a.tr ~eeoti:..a otao.r, md ~al muri b~ altfs~d md ~lp attat~d; pQtn~t~hlp appLomts or quQmtan m~ut ~~cvt~ Not~ !n itrm nad, toqtt~~r rifh al¢wtun of a q~o~ral patto~f. j~A Form 3266 (2-66) 6~0 9~..22 aoox~~ ~ ~ , h ~~~..3. : T~; - y~ -jt~ ' _ w