HomeMy WebLinkAbout0373 S. Use c:.e procexds of ~e Ioaa soeely for t1~e purposes sec Wrth ia tbe Authoriutioa fa che Loa~ iss6td by
Payea.
6. Ou demand. ceimburse Payee [o~ anr and all e:pensea incuaed. « r?hich may be hereafeer iocuRed by Psy.
ea 6~0~ time to time in connection with a by reason oi boeTOwu'a a}+plication for. and the makiag aad admir.iatration
of, tLt loan.
Nesative Covesowt:. • Tha Uadersi~ned coveuants x~d ag~ees that, witheut the prior vrritten oonseat of the Pay
ee. Undersigned ~?ill twt:
1. Ccc,ate, assume or otberwise suffer m e:ist Aay aoortgsge, pledge or c~her incumb~ance upon aay of the real
or tangible personal pooperty of the Uudc'signed~ whet6er now owued ~x 6ereptte~ acquired, ezcept ~a) liens fa tues
o~ othcr governmental chuges oot delinquent o~ being oontested in good -faith. or (b) pnrc6ase m~ney liens uiwn pcop-
erty acquired after the dau of tbe Note. and other lieea upon suc6 propectp u: the time of the acquisitiaa thereof.
2. (a) If Und~raigned is a oorporacion. declare or pay any dividend or make any distribuQon upon its cspital ~
stoclc. or purchase or retire any of its capit~l stock. or consolidate a merge with a~r other company. or make any ;
advance~ a;~~dr « ~oa~~~ar~ by way of loan. gift, bonus, commission, a othecv~rise. to any company direcdy or ia- ~
direcdy oontrolling ar aEfili:ted with or oontrollod by Undersigned~ o~ to any officer. director. o~ eniployee of Under- ~
signed. a ot anr snch campany, (b) if Undasigned is s pir~nership a individual. make any distribation of assets of
the business oi Und~rsigned. other than reasonaWe compeasatioa br services, or make any advance~ direcdy or in-
direcdy. by way Af loan, g~k, bonus, commissioo. or othenvise. ~o ~y pan,?er «~y of ;cs employas. a co aay
eo~any direcdy or indirecdy oontrolling or affiliated with or controlled by Undersigned.
Evewts o~ De fa~l~ - T6e indebtedness (including principal. iaterest and ezpeases) s6a11 immediately become
due and payable. without notice or demand, upon the appointment of a receiver o~ liquidaoar~ whethu volvntary or in-
v~olantary. for the Undersigned or Eor any of its property. a upon the ~ling of a petition by a against the Undersign- ~
ed undu the provisions ot aay State iasolvency lavv or under t6e provisions of the Bankruptcy Act of 1898. as amend- ;
ed. ar npon the making by the Undersig~ned of a~n assignment fa the benefit of its creditas. Payee is authaized to F
declare s!1 or aay put of the indebtedness immediatefy due and payable upon the happening of any of thc following
events: (1) Failure to pay any part of the indebtedness w6en due; (2) nonperformance bry? the Undersigned of any
agreemeat with. oc any condition imposed by~ Payee with respect w the indebtedness; (3) Payce's discovery of the
Undersigned's failure ia any application of the Undersigned to Payee to disclose aay fact deamed by Payee w be
material ot oE tbe making therein a in any of the said agrecments. a in aay affidavit or other documents submitted
i~ connection with said application o~ the indebtedness; or of any misrepceseatation by. on behalE of, or fa tbe benr
fit of the Uadersigned; (4) the reaganization (other than a ceorganization.pursuant Lo my oE the provisions of the
Banlauptcy Act af 1898. as amended) or mergez or conaolidation of the Undersig~ned (or the making of any ag~reemoat
therefor) without the prior writteu rnnsent oE Payee; (S) the Undersigned's fulnre duly to accouat, to Payee's satis- .
faction, ~ such time or times sa Payee may re~ure. for any of the coll:ural. a procoeds t6er~f. coming intQ the '
control of the Undersigned; a(6) the instiwtion of any suit affectisg the Undersigaed deemed by Payee w affect
adversely its inurest huennder in the collateral or othuwise. Payee's failtre to e:ercise any of its rights under
this paragraph shall not constitute a waivcr thereof.
I Upcw nonpsyment oE iaterest or any installment of principal when due. the Undersigaed and sureties aucaorize
~ the Payee to sell. at public or private sale. any or all oollataal deposited and property pledged to secure the pay-
ment of this Note, and apply the proceeds of sale~ less ezpense, Lo th~ payment of this Note.
The sec~uity rights of Payee aed its assigns hereundes shall n~t be impaircd by any indulgence, release, ro-
ns~val, estension. or madi6cadon which Payee may grant with respect to the indebtedness or any part thereof~ or in
respect to tLe oullateral or in respect to airy endorser, guuantor. or surety wit6out notice a oonsent of the Under-
signed or any end~rsu. guaraatnr or surety.
~ IN ~Zl143s ~I~fOl~ t~r~ 1~w baa~at~ ~rt aes dri/s ssd aMl~ tle~ ~ ~M ~~s ~3sst
a~. .eitt~. ~ t~or a. ~a~~ae a~ ass~rn 4.
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I/We 6ereby guazantee paymeat of this. Note: ~
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~ Note. - Corparate applicmts or qu~tocs mwt ~z~rnts Not~. In oorporate n~. E1 dol~ wtho~lzad otUcat, md sed mnst bs attizsd md
~ dulr cltested: p~rtnsrdalD appLemts ot quQmtoes must ezecvte Note ln (Im nm, toq~thec +itL aWuatnn of a Qs~s[al pQtwr.
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0 R SBA Fwm 3268 (2-66)
eooK 158 PACE 373
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