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S. Use tbe prxceds of tl~e loan solely for the pucpsaes set forth in the Autbociution for tLe I.oau issued by
Payee.
6. On dauaad. reimbursa Payee to~ a~? aad all e~enses iacucred, o~ ~v6ich may be hereaftec iocucced by Pay.
ee foom time to tiE:e in conaection ~rith or b~? ceaaon af bottawer's applicadon for. and tbe makiag and adminiatration
of. the loan. ~
Nesative Coue~uwts. • The Undasig,ned covauaats iad agceea tbat, without the pcia written oonsent of the Pay-
ee. Undersigned will n~t: -
1. Create. assume or otberpise ssffer m ezist a~r mortgage. pledge oc other incumbcuce upon any oE the real
or taagible peraonal prope~ty of tLe UnclaBigaed. w~et6er now owned or hectaft~r a~qstired. escept (a) lieaa fa tues
o~ other governmeatal c6uges not deliaquent o~ being oonteat,ed ia good•faith. or (bj pnrc}iaae money liena upon prop-
erty acquirod after the dite of the Nou. and oche~ liens upon such pcopeccy at che cime of che acquisicion ~hereof.
2. (a) If Undersigped is a~ corporation, dcclue or pay aay dividend or mate any disvibution upon its capital ;
stock, or purchase ar cetire any oE ita capital stoc~, or consolidate a merge with other campany. ar make any
advance~ clirecdy a indirecdy~ by waY of loan. gift. bonus. commission. o~ othernrise~ to any company direcdy o~ in-
direcdy ooatrolling a affiliaoed with or oontrolted by lindersigned, or w any officu. director. or employee of Under-
signed. or of any aach eampany, (b) if Undasigned is a partnership or individual~ make any distribution of assets of
the business of Undusigned. other than reasonable oompensation br senices~ or make any advance~ dic~ecdy or ia-
dirccdy. by way of loan. gjik, bonus~ commission. or otherwise~ Lo any putner or any of its employees. a to any
oompany direcdy or indirecdy oonuolling o~ affiliated with or controlled by Undersigned.
Bve~ts o j De jw~l~ - The indebtedness (including priccipal~ intetest and ezpeases) s6a11 immediately beeome
due and payable. without notice or demand. apc?n the appoin~uent of a receiver or liquidamr, ~vhether voluntary ~ in-
wlontary. for the Und~rsigned or for any oE its property, ar upon the filing of a petition by or against the Uadasign-
ed under the provisions of any Stata inaolvency law or under the provisions of t6e Banl~ruptcy Act of 1898. as amend-
ed, or upon the making by tLe Undersigned oE an assigpment far the bene6t of its creditors. Payee is aut6orizod to
declue all or aay put of the indebtedness immcdiately due ind payable upon the hippening of any of tLe follo~ving
events: (1) Fulwe to pay any put of the indebtedness when due; (2) mnperform~nce by the Undersigned of any
agFeemeat with, ot aay condition imposed by. Payoe nvith respect w the i~ebtedness; (3) Payee's disouvery of the
Undersigned's failure in any application of the Undersigned to Payee to disclose aay fact deemed by Payee to be
material or of the mal~ing therein or in any of the said agreements~ or in any affidavit or othcr documeats submitted
in connection with said application or the indebtedaess~ or of any misrepresentation by. on behalf of~ ot foc the beno-
fit of the Undersigned; (4) the rcorganiution (other than a~eorg~niution pursuant w any of the p~ovisions of the
Bankruptcy Act of 1898. as amended) oc merger or consolidation of the Undersigned (or the making oE any agreement
therefor) ~rithout tLe prior written consent of Payee; (S) Me Undersigaed'a fiilure dnly to account, w Payee's satis-
faction. at such time or times as Payee may require. for any of the collateral. a pcoceeds thaeof. coming inm the
coat~l of the Undasigned; ar (6) the iustiwtion of any snit affecting the Undersigoed deemed by Psyee to affect
adversely its iaterest hereunder in the collateral or otherwise. Payee's fultre to ezercise any of its rights unda
this puagraph shall noi constiwu a waiva t6ereof.
Upon nonpayment of interest or any installmeat of principal when due, the Uadersigped and sureties auuwrize _
the Payee w sell. at puWic or privau sale~ any or all oollateral deposited and proQerty pledged to secure tLe pay-
i ment of this Nou, and apply the proceeds of sale. less ezpense, to the paymeat of this Note.
~ 'Ibe security rights of Payee and its assigns hereunder shall aot be impaired by any indulg~nce. release. ro-
dewal~ ezt,ension, or modi6cation ~vhich Payee may graat with respect L~ the indebtodness or a~? part thereof, or in
respect to the oollateral or in respect w aa~r s~ser. guarantor, or snretp withom notice or coasent of t6e Under-
signed or any endorser~ guarantor or surety.
I~ 1i1!l~i~ i~~ t~ rw~ MeA~ Mt a~e 0~ ad NaL t~M aat tlr
litr~s~ aY,a~ Yritt~.
~ •1iII~ilM L. ~ ~tH 1~t 8t~
~ ~~i1~S COt~~i
~i~d L~r~~i~
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I/We hereby guarantee payment of this Note:
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~ Not~. - CoryQat~ appikmts or quQmtors mwt az~cvts Not~, In ooeporab n~. b~ dol~ wt6oclsed olflosr, md Md mu~t E~ a[tis~d md
dnlr alt~sted: p~ni~tp appllomts or quQmtoes ~ut ~swt~ le !n tl~m nm~. toq~tMr r?1tA aL¢wtar~ of a q~ral pQfa~r.
~ oo~ 16O PACE 386
SBA Furm 3266 ("1-66)
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