HomeMy WebLinkAbout0836 S. Use tlte pro:eeds of the loaa ~olelr Eor tbe pucpoaes set fo~th ia tAe Aut~iution tot t~a L,wa isaued by
Fayee.
6. Oa dttsand, reimburse Payee fa ~ny and all e:penaea incucred, or wiiich may be 6ereafter incur~ed by Par•
ea 6~ tiwa to time in eonnecfion with a by reasoa of borrowet'a spplicatioo for. and the mal~iag and s~mioeatration ~
of. t6e loaa :
- i
i
Nesativ~e Cor~sRa~ts. • The Undusigned oovenants aad agrees t6at, wit6out d?e prior w~iuen oonsent of tl~e Pay- ~
ee. Uadersigned will no~
1. Crute. assume ot othenrisa suffer oo exist auy mortgage~ pledge oc other iacumbcance upon any of tha real
o~ tsngible pe~aonat poopGrty of the Uar3usigaed~ whecher ~w owoed or hereaftar acqnin~ raccepc (s) lieas for tuea
o~ ot~er goveram~atal chuges not delinqueat o~ being oontested in good •faith, or (b) puoclsaae mouey liena upon prop-
erty icquired sfter the date of the Note, and ot~er liens upoa such p~opecty at the time oE the acquisitioa tl~ereof.
2. (s) If Underaigned ia a oorpaation~ declue or pay any div'sdend or make any distribuaoa upon its ca ital
stock. o~ purchaae a retire any of its capital stocl~. or consolidat~c or merge ~vit5 iny ot6a campany. a mate aay ~
advance~ direedy a indirecdy. by way of loan, gift~ bonus. commission. or othecwise. ta any company directly or in- i
dic+ecdy oontrolling a iffiliated ~rith o~ oontrolkd 5y Unoersigned. or w any officer. director~ or empl~~e of Under-
signed. a~ of any snch oompany~ (b) if Undasigned is a putaership or individoal, make any distribution of asaets of
the bnsiness of UadersigQed, other tbao nas~aWe compensation 6or services, or anake any aidvance. direcdy a io-
direcdy. by •?ay of loan, gift, bonus. commission. or otherv~rise~ w any putner a any of its employees. o~ to any
wmpany directly or indizecdy controlling o~ a~liated ~vith or controlied by Undersigaed.
Bvewts o/ De fw~It - The indebtedness (incl~xiing principal. interest and expeoses) shali immediately become ~
due and payabie. wit6out aotice or demand. u~pcna the appaintment of a receiver or liquidatur. whether voluatary ar in-
v~otuntary~ for tLe Undersigned or for any of its property. a vpoa the ~iing of a petition bry? or against the Undexsign-
a~ under the provisions of any Stau insolvency lsrv or under the provisions of the Bankroptcy Act of 1898~ as amend-
ed, or upon the making by the Uadersigned of an assig~nmcnt fa the benefit of its creditors. Payee is authaized to
declue all o~ any put of the indebtedness immediat~ly due and payable upon the happening of any of the following
events: (2) Failure to pay any put of the indebte~ness when due; (2) noaperformance by the Undersigned of any
agreemeat wit6, or aay condition imposed by. Payee nvith respect to tbe indebtedness; (3) Payea's disoovery of the
Undersigned's Eailure in any application of t6e Und~sign~d to Payee to disciose any fact deemed by Payee to be
maurial or of the making therein or ia any of the said agreements. or in any afGdarit or other clocuuneats submitted
in ooanection ~vith said applicatioa or the indebtedaess. or of any misrepreQentation by, on behalf of, ot~ for the beno-
6t of the Undersigned; (4) the reorganization (other than a reorganization pursuant to any of the provisioas of the
Kankruptcy Act of 1898. as ameaded) or merger or consolidation of the Undersigpod (ot the making of any agreement
thereEor) without tL~ prior ~vritten oonsent of Payee; (S) the Undersigued's failurt duly to account, to Payee's satis-
iaction. at such time or times as Pay~ee nnay require~ fa aay of the collateral. or proceeds thaeof, coming into the
cona+nl of the Undersigoed; ar (6) t6e instiwtion of aay suit af[echng~he Undersigu~ed deemed by Payce to affcct
adverscly its interest 6ereunder in th~ collateral oc othuwise. Payee~`s fail~e to e:ercise any of its rigLts andv
tlus paragraph s6ali not oonstiwte a waivu thereof.
Upon nnnpayment of interest or any instaliment of principal when due, the Undersigned and sureties auiaorize
the Payee to sell. at public or private sale. any or all oollateral deposited and property pledged to secure the pay-
ment of this Not~~ aad apply the proceeds of sale. less expense, to the payment of t6is Note.
'lbe security rights of Payee and its assigns hereunder shall not be impairod by any indWg~nce. release. re-
ncwai. e:unsion. oc modi&cation which Payee may graat with respeet tv the indebtoduess or any part thereo~ or in
respeci to the collatual or in respect to any endorser. guarantor, or surety witkcut notice o~ oo..sent of the Under-
sig~ed or
anYendorse~azanLOr or surety. -
s~ ws~s~s , w Ir~r! bsrwaats art wa ~riM~ ~ai tlN ~ aM tpt ~ss tisst
a~r~ ~i~
L~ A. ~ Ai~ ~ b~Qi9s
.
~ I/We hereby guarantee payment of this Note: ""u~~
s, R. ids
Not~. - Caryorat~ appllcmti or qnQmton maat ~~:.vts Hot~. In aoeporat~ n~s. b1 dolY wthorised ofEloer, md ~eal must b~ afUad md
dul~ attsst~d; pQh~stahlp appLcmts or yu~tots mnet e=ecvte Note ln [fro nms. toqatMr ~+ttA stQoatan ot a qwreat pattner.
SBA Form 3268 (2-66)
G•~ 9~.•2z ~ooK15S PacE 236
, .
,
- _ ~ ~ : ~ y
-
` - -
_ ~ -~C .
_ _