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HomeMy WebLinkAbout1840 1 . f'' S. Uae the proceeds of the loan solely for the pu~poses aet forth iu the Autboriutioa for the Loan iasued by Payee. 6. On demand, reimburae Payee Eor a~r and all ezpeaaes incuned. or w6ich may be herwfur incutnd by Pay- ee ~om time w time in connecdon with a by reason of borrower's application for. and the making aad adminiatration ot~ the loan. Nssotive Covswa~ts. - The Undasigned oovenaats and agrees tLat, withont the prio~ written oonaent oi the Pay ee. Undersigned will not: 1. Create. assume a otLerwise suffu m eziat any mortgage. pledge o~ other incumb~aace apon aay of the real or angible personal pmpercy of che Undersigaed. w~ether now owned or hercafter uquired. e:cept (a) lieas fa~ tues a other governmental chuges not delinquent a being oontested in good•fait6. o~ (b) pwrchase money liens apon prop- erty acquired atter tLe date of the Note. and other liens opon such property at the time of tbe acquisition thereof. 2. (a) If Underaigaed ia a oorporation. declue or pay any dividend or make any distribution upon ita capital stock. o~ puchase a retice any of its capital atock~ o~ consolidate ar merge witb aay other compaay. a make any advaace. direcdy a indirecdy. by ~ray of loan. gih~ bonus. commission. or othenvise~ to any company direcdy or ia- direcdy oontrolling ac a[Eiliated ~vitb or aontrolkd by Underaigaed, or to any officer, di~ectar, a employee of Uadu- signed. or of any such campaay. (b) if Undasigoed is a partnership a individual. make any distribution of asaeta of the businesa of Underaigned, ot6er than reasonable compensation br services. a make any advance. direcdy a io- direcdy, by way of loan~ g~k. bonua. commission. or otherwise~ w any putner a any of its employees~ ot tn s,ny eon~any d'uecdy or iodirecdy controUing or a~iliated with or controlted by Undersigned. Bvewts o( De(a~l~ - The indebudness (including principal. interest aad ezpenses) s6all immediately become due and payable. without notice or demand. upon the sppoinm~ent of a receiver or liquidator~ ~r6ether voluntary a in- v~ol~mtary, ior the Undersigned or for any of its property. a upon the ~ling oE s petition by or against the Undasign- ed nnder the provisions of aay State insolvency ia~v or under the pcovisiona of the Bankruptcy Act of 1898. as smend- ed. o~ upon t6e making by the Undersigned of an assignment fa the benefit of its creditors. Payee is authorized to declue all or aay put of the iadebtedneas immedistely ~ue and payable ~on the happeniag of any of the following events: (1) Fulure to pay any put of the indebtedaesa when ct~e; (2) nonperformance by the Undusigned of aar ag,reemeat ~vith~ a any condition impoaed by. Payee with respect to the indebtedneas; Payee's disoovery of the Und~rsigned's failure in any application of the Undersigned to Payee to disclose any fact deemed by Payee to be maucial or of tbe making therein or in any of the said agreements. or in aay afEidavit or other docnments submittai in oonnection with said application or the indebtedaess~ a oE any misrepresentation by, on behalf of, or for the beno- , fit of the Uaderaigaed; (4) the reaganization (other than a reorganization purauant to any of the proviaioas oE the Banlauptcy Act of 1898, as amended) or morger or oonsolidation of the Undersigped (a the making of any agreement therefo~) ~rithout t6e prio~ ~rcitten oonsent of Pay~ee; (S) the Underaigned's failure duly to acoount, to Payea's aatis- faction. at auch time o~ timea ss Payee may requice~ fa any of t6e collateral, or proceeds thueof~ caming into the oontrol of the Undersigned; a(6) the instiwtion of a~r suit afEecting the Undersigned deemed bq Payee w affect ~ adversely its interest haeunder in the collaLeral a other~?ise. Payee's failure w ezercise any of its rights uader this paragraph shall not constituu a~vaiva thereof. Upon nonpayment of interest or any installment of principal when due. the Underaigned and sureties auworize the Payee to sell. at public or pcivate sale, any or all oollatersl deposited and proQetty Pledged to secure the pay- ment of this Note~ and apply the proceeds of sale. less e:pense, to the paymeat of this Note. 'ILe security rights of Payee and its assigna hereunder shall mt be impaired by aay indulgence, releaae~ ro- newal, ezt,ension. ar modi6catioa ~vhich Payee may g~ant with respect to the indebtodness or a~? pait thereo~ a in respect to t6e oollateral a in respect to any endaser~ guuantor. or stuety wit6out notice oc oonsent of the Unda- sign~ or an endorse___ r1~uu; «or~+ t~ ~ ~ ~ ~ ~ ~ ~ ~ ~w~ ~slttw~. M~lT i L~i~ M~ZT* 4/~/~ ~a.¦~~s *•ne~ ~ I/We hereby guarantee payment of this Note: Nots. - Caeporate appliomt~ or qu~ton ~st ~z~cvt~ Not~. 1n corpoed~ am~. bp dolr wtboHs~d of8aar, md ~ w~t b~ adll~d md duly atNstd: parfn~nhlp appllcmt~ or qusmtocs wst a~at~ Nof~ !n Uim nm~, toqNlNt ~rlfh a1¢wtun ot a q~eal p~fa~. ~ SBA Form 3268 (2-66) e~o 9o~r:z d~~K1~ _ ~5' T~ .~n.~y ._44 y,~m r~.~. _ ~-~~'F9y'~~~'~~I~p _ wf,s _ ~ '~I k. . . _ P'~Y-?„--:~~. ~ " .