HomeMy WebLinkAbout0867 S. Use the pcoceeds of the loaa solely for the purposcs set (o~th in the Autboriution tot the Loan issued by
Payce.
6. On demand, reimburse Payee for a~r aad all espensea incuered. or w6ich mar be 6ereaEter iocuaed by Psy
ee Erom tiue w dme in counection ~vit6 a by reaaon of bocrowe~'s application Ior. and the making and administration ~
of. the loan. _ +
Nesotive CoveR~ts. - The Undasigaed oovew~ats and agrees tLat, witbout the prior wriuen oonsent of the Pay-
ee. Undersigned will twt:
1. Create. assume ~x otherwise suffer to e:ist a~? mortgage. pledge or otber incumbrance up~n auy of the reat
or tangible personal property oE t6e Undusigned. whetLer now owned or hereafter acquircd, except (a) liens fa t~ee ~
o~ othu govanmental chuges not deliaquent a being ooatested in good •Eaith, or (b) ~uc6ase money lieas upon p~op-
erty acquired atter the dau of the Note. a~ other licoa u~on such propecty at the time oi tbe acquisition thereof. ~
2. (a) If Qndersigned is a oorporation, declue or pay any dividend or malce any disvibucion upon ica capical ~
stock. or parchase a retire any of ita capit~l stock, or consolidaoe or merge with aay otba compiay. a make any j
advance. dincdy a indirecdy. by way of loaa. gih. bonus, canmission. o~ othenvise. to any eompsny direcdy ot in-
dic~ecdy oontrollieg a aftiliated ~vith or controlled by Undersigned. or to any o[ficer. dieccta. ot employee of U~ier- ~
signed. or of any suc6 oompaay. (b) if Undasigaed is a partnership a individual, make any distribution of assets of
the business of Undersigned, otLer than reasonable compensadon for se~vices. or malce any sdvance~ direcdy o~ in-
direcdy, by ~vay of loan, g~ft, bonus, commission. or othe~wise. w any parcner a~y of ics ~ptoyees, a Lo any
oompany directly a indirecdy oontrolling a affiliated witti or contrnlled by Undersigned.
_ Eoewrs o~ De jarlt - T6e indebtedness (including princiQtl, inLerest and ezpenses) shall immediately become
due and payable. without notice or demand, ~pon the appointment of a rectiver or liquidator, whetha voluntary a in-
violonury. for the Undersigaed or for any of its property. a upon the Cling of a petition by or against the Undersign-
ed uader the provisions of any Stau insolvency !aw ~r under the provisions oE the Banlcruptcy Act of 1898, as amend-
ed~ oc upon the making by the Undersigned of an assiginment fo~ the bene6t of its creditas. Payee is authorizod to
declare all a aay put of the iadebt:~dness immediately due and payable upon the Lappening of any of the Eollo~ving
events: (1) Failure to pay any put of t6e indebtedness ~vhen due; (2) nonperfocmanoe by t6e Undersigned of any =
agreement witly or any condition imposed by. Payee with cespect to the indebtedness; (3) Payee's disoovery of the ~
Undersigned's failnre in any application of tbe Undersigned to Payee to disclose any Eact deemed byr Payee w be ~
material or of the making thuein or in any of the said agreements. o~ in aay afCdavit or other documeats submitted f
in oonnectioa with said_application or the indebtedness. or oi any misrepresentation by. on behalE of~ or fa the beno- '
~
fit of the Undersigned; (4) the reorganization (other than a reorganization pursuant to s~r of the provisions of the '
Banluntptcy Act of 1898. as amended) or merger or rnnsolidatioa of the Undersigpod (a~ the making of any ag~reement ~
tLerefor) without the prior ~rritten consent oE Payee; (S) the Undersigned's failure duly to account, w Payee's satis-
factioa. at such time or times as Payee may require. fa any of the collateral~ or proceeda thaoof~ ooming inm the
control of the-Undasigned; ar (E) the institution of aay suit iffecting the Ur~dersigned deemed by Payee to aEfect
adversely its interest hueonder in t6e collateral or othuwise. Payee's failure to ezercise any of ita rig6ts anda
this puagraph shall not oonstituteia waiver thereoE.
. . , j
Upom m~payment of iaterest or any installment of principal when due, the Undersigned and sureties,aucnorize
the Payee w sell. at public or private sale~ any or all oollateral deposited and property pledged to secure the pay-
' ment of this Note. and apply the proceeds of sale, less ezpensc, to the payment of this Note.
'ILe secvrity rights of Payee and its assigns heraunder shall not be impaired by any indulgence~ relea~e. re-
newal. ezt,ension, or modi6cation rehich Payee may grant with respect w the indebtodness or any part thereof. or in
reapect to the oollateral or in respect ta a~? endorser, guaraator. or surety ~rithout notice oc o~nsent of the Under-
sigaed or any endorser. guatantnr or surety.
1~ti1~li tle~ sNl ei tlw oo~posatLoo a~i th~ si~t~asa~ ot t!M d~Y wlhoris~d oiti~ss.
110 ~s~ ~MrM~ P~~t o! M~~
~ ' UtIIi~ WRfitYUPS. I1~~
~/We hereby guarantee payment oE this Note: - ~
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d~Qx~.59 P~~ SBA Form 3268 (2-66) ~
6P0 9Q1-~22
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