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Home My WebLink About0826 , ~ • : : ~ ~ S. Use tse ptceeeds of the loan solely fa the purpoaes aet to~th in the Aatborization tor the Loan isaued by P~pce. ~ 6. On demaad, reimburse Ps~?ea for anp sud all e~penaea inc~ured, a w6ich msy be hueafter incurred by Psy- ea 5oa em~s w time in connecdon wi~h o~ by reaaos of b~ocro.ver's spplication to:. and tbe makiag and administration of. the loan. Nesstive Cova~ta. - The Undersigncd oovewnts and agrces that, witLant the prio~ writtea ooaseat of thc Pay • ee. Undersigned wifl aot: ' 1. Create. assume a otberwise s~tfer to o:ist any oortgage. platge oc ozher incua4b~ance upon any of the real j or angible pe~sonal p~opertp of the Ondexsigned. whetber now owned or her.after uquired. excepc (a) iieas ia tue~ ; o~ othu governmental charges not deliaquent or being oontested in go~d~fait~ a(b) purc6ase money liena upon prop- uty acquired after the date of the Note, and other liens upon such p~operty at the time oi the acquisition thereof. 2. (a) If Underaigned ia a corpaation, declue or pay aay dividend or make any disuih~tioo u~on its capitai atocic. o~ purchase or redre any of ics eapi~l stoct. or consolicfate or merge with aay otl~r company. a malce 'ny advance. direcdy a indir~dy~ by ~ray of Iw~n~ gift. boaus. commissioq or othe~vrise, to any company direcdy or in- direcdy oontrolliag a affiliat~sed witA or eontrolled by Undersigned. o~ to any oificer. directoc. or emgloyee of Under- signed. or of any snch company, (b) if U~asigned is a putnersLip or individual. make aay distribution of assats of the business of Undersig~ned, other t6an reasonable compensation ~r services. or make aay advance. direcdy a io- direcdy. by way of lo:n, gift, bonua. c~ission. or othenvise~ to any pzrtner a any of its employees, a w any o~n~any direcdy or ivdirecdy oontrdling or a~iliated with or controlled by Undersigned Evewts o j De(arl~. ~ The indeboedness (including principal, interest and ezpenses) sLall immediately beaome due and payable. without notice or demand. upan the appointment of a receiver or liquidaLOr, whether volnntary or in- ; v~nlontary, for the Undersigned or for any of its property, a upon the filing of a petition by a against the Undasign- ed under the tixovisions of any State insolvency law or ~mder the poovisions of the Baalcruptcy Act of 1898. is amend- ed, ar upon the making by the L~ndersigned af an assiginment for the benefit of its cxeditas. Payee is authorized to - declue all o~ any put of the iodebtedness immediately c~ue and payable upon the happening of any of the folloWing events: (1) Failure o~ pay any part of t6e indebtedness when due; (2) nonperformance by t6e Undersigned of any agreemeat with, a any condition impose3 by. Payee with respect Lo the i~ebtedness; (3) Payee's diso~very of the Undersigned's failure in any application of the Undersigned w Payee tn disclose any fact deemed by Payee to be material oc af the mal~ing therein a in any of the said agteements; or in any affidavit or other documents submitted in oonnection witL sud application or the indebtedness. o~ oE any misrepresentation by~ on behalf of~ or tor the beno- 5t of the Undersigned; (4) the reaganization (other than a reorganiutioa pnrsuant w any of the provisiona of the Bankruptry Act of 1898, .as amended) or mecger or consolidatioa of the Ua~lersigned (or the making of any sgreement thereEor) ~vithout the prior ~vritLen oonsent of Payee; (S) the Lindusigned's failure duly L~ aecount, Lo Payee's~satis- factioa. at anch time or times as Payee may reqaire. fa any of the collateral. o~ pcoceeds thereof. coming into the control of the Undcrsigned; a(6) the instiwtion of any sait affecting the Undersigned deemed by Payee to affect 'i adversely its interest hueuader in the collaceral a othenrise. Payee's ful~se to esercise anp of its rights under tlus puagraph s6a11 not oonstitute a waire.~ thereof. • . . ~ Up~ mnpayment of iataest or any installment of principal when dne, the Undersigned and sureties aucnorize the Payee Lo sell~ at pnblic or private sale, any or all oollataal deposited and property Qledged to secure the pay- ment of this Note. and apply the pcoceeds oE sale, less czpense. to the paymeat of this Nou. 'Ibe secnrity rig6ts of Payee and its assigns hereunder shall not be impaired by any indulgence. release, ro- newal. eztension, a modification w6ich Payee may grant with respect t~ the indebtedaess or any part theroof. ar in respect to the collateral or in respect w any endaser~ guuantor. ot surety ~?itbout notice or consent of the Under- signed or an endorser~ azantor or surety. I1t Rtl~i i~. w Iwiw d.r~a .re I~a. a~i .Ml. ed. a.r aao tb. ~s tlsst aM~r~ ~eit~M. ~ JAlli~ DOi1Mt A. ~O~ANt' ~rs ,C? , ~ %~~U ~(1/ 4 cr~~.-. I/We hereby guarantee payment QE this Note: ~ " ~ Nots. - Curv~xat~ appikmes or quaevitom m~st ~:~wt~ Not~, lo corporab o~. b7 ~ly wthoeized ofttosr. od rd must bs alL~sd md - ~ai ~ dnlr alt~st~d; p rfa~r~hlp a~pllcuris or Qoamtas ~ast a:~t• Nat~ 1n ttco nms, eoqethar wiW alq~wtut~ ot a qo~t~l parto~r. ~ i O R 15g 226 SBA Form 3268 (2-66) f 80~JK PAGE - 6P0 gpJ•{j2 ~a - - _ - ~ - - . . ~ ~ ~a ~g ~y~ ~ a --~re *~r~~':^~F' v:. r~ ,x„ ~ , a v'+ar ~ ~ s, ' ~ ~ ~'r ~t - ~ - - ~ _ ~.;a,~:~=`. . . . . _ ° _ _ _ . _