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HomeMy WebLinkAbout2065 - i ~ . . _ ~ ~ i ~ ; S. Use the proceeda of tl~e lo~n solely fa tbe pu~poses set forth in the Authotiudoa Eor the Lwn issued by ~ ~ Payee. ` i 6. On demand. reimburse Payee Eor any and all e:penaes inc~ured. or ~vhich may be herea[ter incurred bp Pay ee 6~om time to time in connectioa ~rith a by reaaon ot bo~rowe~'a applicatioa fot. and tbe malciag and administration of, the loaa. Neaotive CousRm<<s. - The Undecaigned oov~eaanta and agrees that, witbout the p~ia written oonseat oE the Pay ee. Undersigned will no~ 1. Create. assume or ot6envise suffu o~ e:ist a~r mortgage. pledge or other incumbcance upoa any of the real ~ or tangible personal property of the Undasigned. ~rhether now o~vned ot hereafter uquired, e:cept (a) liens for wces a other gov~ernmental chuges not delinquent or being conteated in good •fait6. or (b) Qurc6ase money liena upon prop- erty acquired after the date of tl?e Note. and other liens upon such property at the time of the acquisitien thereot. ; ~ , 2. (a) If Undersigned ia a corporation, declare or pay any dividend or make any disvibutieo upon its capital ! stock~ ot parchase a retire any oE its capital stock, or consolidat,e or merge with a~r other company, a make any advance. ~~~dr a i~~~r. by way of loan, gik. bonus~ commiasion. oc othenvise~ to any company direcdy or in- direcdy oontrolling a aEfiliaud with or ooatrolled by Undersigned. a w aay officer. directa, or emplayee of Under- signed. a of any such campany. (b) if Undasigned ia a partnership a individuil. make any distribution of aaaets oi the baainess of Undersigned. other than reasonaWe compensation br services. or make any advance. dicecdy oc in- direcdy. by way of loan~ gift~ bonus. commission. or othe~wise~ to aay putaer o~ any of its employees, or ~ any oompany direcdy or indirecdy eontrolling o~ affilisted with or controlled by Undersigned. Eoe~ts o j De ja~lt -'1'h~ indebtedness (including principal. interest and ezpenses) shall i~ediately become due and payable. Mrithout notice or decnind. upon the appointment of a receiver ot liquidator. w6ethu voluntary a in- wluntuy. Eor the Undersigned or for any of ita property. a upon the ~ling of a petition by a against the Undersign- ed under the provisions of any Stat,e insolvency law or under the pc~ovisions of the Baaluuptcy Act of 1898. as amend- ed, or upon the malcing by the Undersigned of an assi~ment Ea tl~e benefit of ita creditas. Payee is autborized to declare all or aay put of ihe indebtedness immediately due and payable up~ the happening of any of d~e follo~ving events: (1) Fulure to pay any put of the indebtedaesa when due; (2) nonperformance by the Undersigned of any agreemeat ~ritly a any condition imposed by. Payee with respect to the indebtedness; (3) Payee's discovery of the Undersigned's failure in any application of the Undersigned w Payee w disclose any fact deemed by Payee to be material or of the making therein ar in any of the said agreements~ or in any affidavit or other documenta submitted ' in eonnection with sud application a the indebtedneas, a of any misrepcesentation by. on behalfof~ or fa the bene- fit of the Undersigned; (4) the reorganization (otl~er than a reorganization pursuant t~ any of the provisions of the Bankrnptcy Act of 1898, as amended) or merger or consolidadon of the Undusigned (o~ the making of any agreement therefor) without the prior rvrittea consent of Payee; (S) tbe Undersigned's failure duly w aecount, to Payee's satis- faction. at auch time or times as Payee may requice. fa aay of the collat,eral. or pcoceeda thaeof, ooming into the control of the Undasigned; a(6) the instiwtion of any suit affecting the Undersigned deemed by P_ayee w affect adversely its interest hereunder in the coUateral o~ othawise. Payee's fulure to ezercise any o~ its rights undQ this paragrap6 shall not constitute a waiver thereof. I Up~n nonpayment of interest or any installment of principal when dne. t6e Undersigned and sureties aucnorize ~ the Payee to sell. at puWic or private sale~ any or all oollataal deposited and property pledged to secure the pay- ~ ment of this Note. and spply the proceeds of sale. less espense. to the paymeat of this Note. ~ 'Ibe security rig6ts of Payee aad its assigns hereuader shall aot be impaired bj? any indWg~ace. release. rr newal. ezLension, oc modi6cation which Payee may grant with respect to the indebtodness or any put thereof~ or in respect to the oollstual or ia respect to any endaser, gusrantor. or s~ety without mtice a c~onsent of the Under- signed or any endorser. guarantnr or surety. ~M ~Y11~M 1~~, = h~w 1MS+~e ~i ~ 1N~ abi ~1 tlM irY ~~e lis~t ab~r~ tiell~t~• A~lN~4.IM A~a~t 00~s ~/y/a a~r~w ~ a ~ ~+s 5 I/We hereby guarantee payment of this Note: ~ ~ ~ ~ Not~. - Carporat~ appllcau~ ar qua~ton mwt ~z~cvt~ Not~, 1n oorporate a~, b~ dnir aothorfs~d otfto~r, md ~sd must b~ altliad md dulr attat~d; p~tn~rd?Ip appllcmts or qn~toes wst ~~ts Nob in Ilem nms, toq~t~~e wltb sl~atun of a qaral partu~t. SBA Form 3268 (2-66) ~ ~ 0 9~..:3 600K 1~ PACE 262 '",M.~k,~n""•";F .~'~:.Y.u k x d?_ ; ~ ; .?`s*~"~vr, `~1.~,~•~¢„~ '~n, - ~.N ~y.'.:ft'- w 62.`.