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HomeMy WebLinkAbout1591 w ? t - t : _ S. Use the proceeds of the loan aolely fa tne purposes set forth in the Aetlwriuuoa for the 1.oan iasued by ' Payee. 6. On demaad. ~eimburse Payet for any and all e~enses incwr~d. or ~vhic6 may be he~eaEcer incuaed by Pay ee [rom time to tia~e in conaectioa rvith a by reason oE borrowe~'s application for, and the m~king and administration ot~ the loan. Nesative Coveaawts. • The Undersigned oovenants aad agrees tbat, ~vitl~oat the prior reritten oonsent of the Pay- ee. Undersigned ~vill rwt: - _ 1. Create. assume or ot6erwise suffcr t~ e:ist any mortgage. pledge o~ other incumb~ance upoa any of the real or taugible personal property of the Und~signed. whether now owned or 6ereafter uquired. ezcept (a) liens fa ta:es or other governmental chuges not delinquent a~ being contested in good-faith. or (b) purchase money liens upon pro~ erty acquirod after the dute of the Note. and other lieas npon such p~operty at tbe dme of tbe acquisitiaa t~ereof. ? 2. (a) If Undersigned is a corporation, declue or pay any dividend or make any disvibution upon its capital stoclc. or purch~se er retire any of its caFitsl stock, or consolidat,e or merge with any othu canpany. o~ make any advance, direcdy a indirecdy, by way of loan. gik, bonus. commission. or othe~wise. to aay company direcdr or in- dioecdy oontrolting a affiliat~ed with or oontrolled by Undersigned, or w any officer. direct:x. a employee of Under- signed. o~ of any such company. (b) iE Undasigned is a partaership or individual. make any distribution of assets of the business oE Undersi~ned. other than reasonable compensation for services. or make any advance~ direcdy o~ io- direcdy. by way of loaa. gik, bonus. oommissi~n. or othenvise~ to any partner a any of its employees. a to any ~ oo~any direcdy or indirecdy o~ntrolling o~ affiliated wit6 or controlled by Undersigned. ~ Bv~ts o f De ja~~ - The indebtedness (including p~incipal. inLerest and ezpenses) shall immediately become due and paYable. without notice or demand. upon the appointment of a receiver or liquidator. ~v6ether voluntary a in- v~nluntuy. Eor the Undcrsigned or for any of its property. qr upon the filing of a petition by or,agaiast the Undasign- ed undu the provisions of any StaLe insolvency law or uader the provisisns of the Bankruptcy Act of 1898. as amend- ed, or upon the making by the Underaigned of an assig,nment Eor the benefit of its creditors. Payee is suthorized to declare all or any put of the indebtedness immediately due and payable upon the happening oE any of the following events: (1) Failarc to pay any part of the indebtedness when due; (2) nonperformance bry? the Undusigned of any agreemeat ~rith. or aay condition imposed by. Payee with nspect to the indebtedness; (3) Payee's disoovery of the Undersigned's failure in any application oi the Undersigned to Payee to disclose any fact deemed by Payee to be material or of the making therein ar in aay of the said sgreements. or in any afCdavit or other docaments submitted in comection wit6 said application or the indebtedaess. ar of any misrep~esentation by. on be~alf'of~ or fa the bene- 5t oE the Undersigned; (4) the reo~ganization (other than a roorganization pursuant to any of the_provisions of the Bankrnptry Act of 189$, as am~nded) or merger or censolidation oE tLe U~dersigned (or t6e making of any agreement therefor) without the prior ~rritten consmt of Payee; (S) the Undersigned's failure duly w account, w Pay~e's satis- ; fiction. at auch time or times as Payee may reqnire. Eor any of the collatetal. or p~oceeds thereof~ coming into the control oE die Undersigned; a(6) the instiwtion of any suit affecting th~ Undersigned deemed by Payee to affect adversely its interest hereuoder in the collateral o~ otherwise. Fayet's fulure to exerci$e aa~ of its cights under this puagraph shall not eanstitute a waiver thereof. Upon aonpayment of intaest or any fnstalimeat of principal w6en due, the Undersigned and sureties aucnorize the Payee to sell. at public or private sale~ any or a!1 collateral deposited and propetty pledged to secure the pay- mant of this Note. and apply the proceeds of sale~ less eipense. to the payment of this Note. 'lbe security rights of Payee and its assigns hereunder shall n~t be impaired by any indulgence, releasa~ re= newal, ezteasion. or modiGcation which Payee may grant with resQect tv the indebtedness or any part thereof, or in respect to the collateral oc in respect w any endorser. guarantor. or sarety wit6out mtice or oonsent of the Under- signed or any eadorser. guarantor or surety. I~ Y~ ~~GP~ ~w bai~s ba~tiai0 t~t o~r h~Ms ~nd NiL 4~r daY aad th~ Ms !lsst al~~ ~ilt~a. rat~c ~tn~t~ s~x 1~n ~tt~t a. ~ q/b/s - . s ~ ~~r saor c,~ ~G~vw~Q - . I/We hereby guarantee payment of this Note: • t. . ~ ~ Nots. - Corporat~ appltca?t~ or quamtots must ~:~cvts Not~, w oa~orae. p~, e~ eotr wenoa~a o[L~r, md osd mast bs a![lzed md - dulp alt~st~d; patr~~r~lp applloaits or QaQanton oust ~ecvte Note !n Ilrm n~, toqetl~K w1W al¢wtun e: a g~rol patn~r. O R ~VO PACE 3~~ SBA Fotm 3268 (2-66) aooK =*i GPO 90~d22 ~ ~ s _ x ~ r ~ - • k,~a~. ~s~~ ~ ~ - _ ~r ~ ~ y~~Y~~ r ~ _ ~ ~ .