HomeMy WebLinkAbout1827 S. Use the pcoceeds of the loan solely for the pnrposes aet forth in the Authoriud~ for tLe Loaa issued by
Payee. '
6. On demand. rcimburae P~yee for any and all e~ensea iocu~red~ or Mr6ich msy be hereafur incuned by Pay-
ee Erom time to time in connection ~rith a by reason of bore+oper's application for~ and the makiag and a~inistradon
of. the loan.
Nesative Cove~ts. • The Undersigned covenants and ag~rees t6at, witbout the prior written oonseot of the Pay-
ee. Underaigned will not:
1. Create. asaume or otberwise suffu to e:iat sny moctgage. pledge or other incumb~ance upon any of the real
or tangible peraonal prope~ty of the Undersig-led. rvhether now o~vned or hereafter uquired, ezcept (a) liens fa tues
a other governmental chugea not delinquent a being conteated in good•faith~ or (b) purc6ase money liens up~ prop-
erty acquired after tLe date of the Note. and other liena upon such propecty at tLe dme of the acquisition theroof.
2. If Uaderaigned ia a corporation~ declue or pay any dividend or make any distribution npon ita capital
stock. or purchase or redre any of its capital stock, or consolidaLe or merge witb any otha coonpany. a make any
advance. direcdy a indirecdy. by way of loan. gik~ bonus~ oommission, or ot6e~rviae. to any company direcdy or in-
direcdy oonuolling a affiliat,ed witb or oontrolled by Undersigned. a w any officer. direcwr~ or employee of Under-
sigued, o~ of any auch campany. (b) if Undaaigned is a partnership a~ individual. make any distribution of assets of
the business of Underaigned, ot6er than KasonaWe compensation br services. or make any a~dvance. direcdy a in-
direcdy. by way of loan~ g~ft, bonus. commission, or otherwise~ t~ aay putner a aay of its employees. or to any
oompany d'uecdy or indirecdy controlling or aHiliated ~vith or convolled by Underaigned.
Bvests o j Ds jarl~ - The indebtedneas (including principal. intereat and e:penses) shall immediately become
due and payable. without aotice or demand. upon the appoiatment of a receiver or liquidamr, whether voluntary a in-
v~lunury. for the Undersi~ed or for any of its property. a upon the filing of a petition by o~ against the Undusign-
od under the provisions of any State insolvency law or under the pc~visions oE the Bankruptcy Act of 1898, as amend-
ed, ar upon t6e making by tbe Underaigned of an aesignment fa the beneFtt of ita creditas. Payee ia authaized to
declue all or any put of the indebtedaess immediately due and payable ~pon the bappening of any ot the Wllowiag
eventa: (1) Failure to pay any put of the ind~ebtednesa rvhen due; (2) nonperformance by the Undersigned of any
agreemeat ~rith, or any conditioa i~osed by~ Payee rrith respect w the indebtedness; (3) Payee's disoovery of the
Undersigned's failure in any application of the Underaigned to Payce t,u disclose a~r fact deemed by Payee w be
material a of t6e making therein o~ in any of the said agreements, or in any affidavit or other documeats submitted
in oonnection ~vith sud application or the indebtedness. o~ of any misrepresentation by, on behalf of, a fa the bene-
fit of the Undersigaed; (4) the reaganization (other than a reorganization pursuant w any of the pcovisions of the
Banluuptcy Act of 1898. as amended) or merger or c~onsolidation of the U~ersi~od (a the making of aay agreement
therefor) ~rithout the prior ~vritten consent of Payee; (S) the Undersigned's fiilure dnly to aecount, to Payee's sstis-
faction~ at auch time a timea ss Payee may reqnire. Ea any of the collateral. or proceeds theroof. coming into t6e
contrnl of t6e Undasigued; a(6) the instiwtion of any suit affecting the Undetsigned deemed by Payee w aEfect
adversely its interest heremder in the collat,eral a otherwise. Payee's failure to ezercise any of its rig6ts under
this paragraph shsll not oonstiwu a waiver thereof.
'
Upom m~payment of interest or any instillment of principal when due, the Undersigned and sureties aucnorize
the Payee tn sell. at public or private sale~ any or all oollateral deposited and proQerty Pledged to secure the pay-
ment of this Note, and apply the proceeds of sale, less ezpense, to the paymeat oE this Note.
The security rights of Payee and its assigns hereunder shall not be impaired by any indulgence~ release. ro-
newal. e:tension. a modification which Payee may grant with respect tn the indebLodness or any part thereo~ or in
respect to the oollateral or in respect to any endo~ser. guuantor, or surety vritbut notice o~ oonsent of t6e Under-
signed or an endorser. guuantnr or snrety.
YN 1ll~S 1~~~ ~w ~sw A~wa~s ~rt a~! t~wd~ ad a~1il~ ~ i~ ~sd ra!
~w ~Aeitf~.
11#It4~X RI~BflM VtD I~a i. 1tLClIA~d~li~
~,i~ ~Ic~A10s0~ '!r !liRTIC~
tt.~.O
I/We hereby guuantee payment of this Note: -
_ ~
Not~. • Co~poeata applt~mt~ or qu~tors mut ~~wt~ Not~. In ooeponat~ nm~. br dolr wthoclred otSaet, md ~sd must b~ dtlad md
dulr atbstd; p~ta~r~lp appUomts or q~wmtots oust a~cvt~ Not~ ln tirm nm, toq~tht ~r1th alqoaUU'~ ot a qaral pstawr.
YICROFIL[ YH1p ~ , ~j~ SBA Form 3268 (2-66)
~eib~i~ty at ~~ti~, typiaa ~ 1 3
or printing unsatistactory in - -
thia document for sicrofilsing~
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