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HomeMy WebLinkAbout1821 ( L f S. Use the ~cxceds oi the loan solely fa tbe purposea set ~orth in the Authoriudou [o~ the Loaa issued by . Payee. ~ i 6. Qn demaad, reimburse Payee for aay ~?nd all ezpenaes iocuRed~ or wr6ich may be hereafur incwnd by Pay- ee [rom time w time in connection ~rith a by ~eason of borrower'a application for. aud the making aad administradon of. thc loan. Nssative Cove~aaes. - The Undusig~?~d oovenants and agR~ea that~ without tLe pria written oonaent of tbe Pay- ee~ Undersigned will twt: 1. Create. assume or otherwise suEfer tp esist any m~ctgage~ pledge ar other incum&ance upon any of the real or tangible personal property of the llndasigned. whether aow owned or hereafter acquired, e:cept (a) lieas fa tuea or other goveramental chuges not detinquent a being ooatested in good •tait6, or (b) purchasz money liens upon prop- erty acquiced after the date of the Nou. a~ other liens upon auch property at the time of the acquisition thereof. 2. (a) If Undersigaed is a corpcuatioa, declue or pay any dividend or make any diatribntiou upon its capiW stock. or purchase a retire any of its capital stock, or consolidat,e a me~ge ~vith any other company. o~ make ~ny advaace~ di~+ecdy or indirecdy. by way of loan, gih~ bonus. commiasion, a othecwise. to any company direcdy or in- direcdy oontrolling a affiliated with or controllcd by Undersigned, a to any otficer~ dicecto~. ot employee of Under- signed. o~ of any such campany, (b) if Undasigned is a partnership oc individusl~ make aay distribudon of asseta of the business of Undasigned, other thaa reasonable compensatioa f~r services~ or make any advaace. direcdy a io- direcdy. by way of loan, gift, bonus. commission, or othecvvisc. to aay putner ot any of its employeea. a to any oompany direcdy or indirecdy oontrolling or affiliated with or controlled by Undusigned. Bvents o j De~adt~ - The indebtedness (including principal ~ intertst and expenses) shall immediately become due snd payable. without notice or demand~ u~on the appointment of a receiver or liquidator, ~rhether voluntary a in- voluntary~ br the Undersigaed or for any of its pcoperty, a upon the filing of a petidon by or against the Undasiga- ed under the provisions of any Stat,e insolvency law or under the provisions of the Bankruptcy Act of 1898. as+am~nd- ed, or upon the making by the Undersigned of an assig~nment far the benefit of its creditas. Payee is autLorized to declare all ~a any put of the indebtedness immediately due and payable upon the 6appening of any of the following events: (1) Fulure to pay any part of the indebtedness when due; (2) nonperformance b9 the U~asigned of aay agre~mmt with. o~ aay condition imposed by, Payee with respect to the indebtedness; (3) Payee's disoovery of the Undersegned's failure in aay applicatioa of the Undersigaed tn Payee to disclose aay fact deemed by Payee w be material or of the making therein or in any of the said agreements~ or in any affidavit or other documents submitted in oonnection with said application or the iadebtedness. a of any misrepresentation by. on behalf oE~ a for tbe benr fit of the Undersigned; (4) the reaganization (other than a reorganization pursuant to any of the provisions of the Bankruptcy Act oE 1898. as amended) or merger or consolidation di the Undersigned (or the making of any agreement therefor) ~?ithout the prior written consent of Payee; (S) the Undecaigned's failure duly w account, to Payee's satis- faction~ at such time or times as Payee may require. Eor any of the collateral. or proceeds thaeof. coming inw the ~ rnntrol of the Undersigned; ar (6) the institution of any suit affecting t6e Undersigned deemed by Payee to affect ` adversely its iaterest hereoader in the collateral or otherwise. Payee's fail~e w ezercise any of its rights unda this paragrap6 shall not constitute a waiver thereaf. Upon nonpayment of interest or any installment of principal when dne~ the Undersi~ed and suceties anthorize the Payee to seU, at puWic or private sale, any or all collateral deposited and property Pledged w secure the pay- ment of this Note~ and apply the proceeds of sale~ leas ezpense. to the payment of this Note. 'Ibe security rig6ts of Payee and its assigns 6ereunder shall not be impaired by any indalgence, release, re- newal. e:tension~ a modification which Payea may grrant with respect to the indebtedaess or any part thereof, a in respect to the oollateral or in respect to any endorsu, guarantor, or surety without notice a consent of the U~er- ~ $~~~~il~~~~r~:~.~M ~~y~~0 NZ 01~ bi~ ad ~1 ~1M d~ ~ ~V n!~ ib0'N M'1~L~ - E • t~Mi~ ~ 1~DLSNi t:HA~~ ; s/a ~ ~ ~c~r~,~t . f..r,~~`--~ ~~oc~~'E~9. ) bY Su PaY~ r ~--r+~ I/We here arantee nt of this Note: .a ) t Nots. - Caporat~ aDPlicmt~ ac quamton must ~:~cut~ Not~. tn ootporat~ nm~, br aolr aachons.d otitasr. vad ~ed mnst b~ aitlsd md dulr atte~t~d; partri~n6lp appllcaot~ or quamto~s m~ut s=~wt~ Not~ ln il~m naos. toq~thrt ~rlf6 afqwtue~ ot a q~ral patn~. ` SBA Fwm 326D (7-65) C~O •95•~~4 . . - -s„ ~:'F~° ~t,~~..-.ir-~' - .