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Home My WebLink About1344 7, On demard, ceimburse Hoide~ ood SBA~ ~espectlwly. toc any and'all espensea tr?curted, or which may be herealte~ incurrod by Holdsr or SBA trom tirae to tlme t~ connecUon wlth or by csasort ot botcower's application tor, and the mokinq and admintstro- tlo~ ot, ehe lovn. 8. Compeosatlon. Bortower will limit the total annual cvmpeoaatio~ (ixludirq aolarlea~ wlthdrawnla~ faes, bo~uses, commis- slons~ dmwlnq accounts and othe~ paymec?ts whsther dlcsct ot tndlrsct. in money. oc othscwise) of all oftlcers, stxtholdera, directors, p<at~ers, proprtstoca or othe~s named herein to ths followinq ~aa?ed persons In ths amount aet opposits each ce- specllve oame: NAME PQSITION AMOUNT ZA~Q ~T~ ~l ~ ~ ~~Q~' ~ 1 Q~~ ~ (~b OtiM! O[ZiOw! If~l~~O! R~Ow~rN aq ~1fMlat~Ot~ and, if permitted by ths Authorization or by Hold~, such addltlonal amount to euch said party as may be necess~y to pay hls income t~es or? said compensatlon computed on the basls that auch compensatlon ia his only income. provlded that such add!- tional amount at?all not ezceed the net tax payable by each sald party. Borrowet. if n corporation, maY. uPcn prlor wtltten notice to Bank oi ita intentlon so to do, accrue on its booka or pay additioiwl compensation to any person named hereln Pro- vlded that, if paid, such addltional compensatlon 1s i~nnediately loaned to Aormwsr by such person for the use ot Bocrower untll ihe Loan ls paid in full. Neptive Co~m~nta - The Underslq~ed covenants and aq[ees that~ v~ithout tM prior written consent of the Holdec F~ereol. the Undetsiqned will not: 1. Create, ossume or otherwtse sufter to ezist any mottqaqe, pledqe or other incumbrance upon any of the real or tanqible person- a! property of the Undersiqned, whether now owned or hereaiter pcqufred, ezcept (a) liens tot Mzes ot other qovetnmental charqea not dellnquent or beinq contested in qood faith, or (b) p~rchase money llens upon property acquired after the date of the Note. and other liens upon such property at the time of the ocquisition thereof. 2. (a) lf Undersiqned is a rnrporatlo~, declare or pay any dlvldend or mate any dlstrlbution ~on !ts eapital stock, or purchase or retlre any of its capital atock, or consolldate or merqe with any other oompany, or make any advanoe, directly or irdlrectly, by way of lom~, qlft, bonus, oummtssion, or othenvise, to any couQ~y directly or indlrectly controllir~q or atflliated wlth or oon- trolled by Undasigned, or to any ofHcer. director. or employee oi Und~rslqned, or of any sucfi company. (b) it Undersiqned is a part~rship or indlvidual, make any dCstrlbution of assets of the business ot Undersiqned, other than reasonable comper~sation for services, or make any adwnce, dfrecclr or fnairecUy, by v~wy of lo~. qift, bonus, commission. or otherwise, to any partner or a~y of its employees, or to any compa~y dlrecUy or indirectly controllinq or aftiliated with or controlled by Undersiqned. Events of Detault. The lndebtedness (includinq principal, interest and e=penses) s}wll lrnmedlately become due and payable, without nolice or denwad, upon the appointment of a receiver or liquidator, whether voluntmy ar involuntary, for the Under- siqned or for ~y of !ta ptoperty, or upon the filinq oE a petition by or aqoinst the Undersiqned under the provislona of any Stote insolvency law or wder the ptovisiona of the B~ktuptcy Act of 1898, as amended, or upon the ~mkinq by the Undet- siqned of an asslqnment for the benefit of !ts credltars. Holder ts authottzed to declare all or any p~t of the fndebtedness immediately due and payable upon the happeninq of any of the followinq eventa: (1) FaUure to pay any p~t of the indebted- ' ness when due; (2) nonperform~ce by the Undersiqned of any aqreement with, or any rnrditlon imposed by Holder o~ SBA, or eitk~er of them, with respect ta the lndebtedness; (3) Holder's dlsrnvery of the Underslqned's faSlure 1n any applicctlon of the ~j Undersiqned to Holdet or SBA to dlaCloae any fact deea~ad by Holdet to be material or oE the makinq therefn or in any of the ~ sald aqreementa, oc in any afiidavit or other docwnents submitted in connecHon with said applirntion ar the lndebtedness, or f of any misrepresentatlon by. on behalf of, ar for the benefit of the Und~rsig?ed; (4) the reacqanfzation (other th~ a reorqaniza- tion pursuant to any of the provisions ot the Bankruptcy Act of 1898, as amendedl or merqe~ or oonsolidatlon of the Under- siqned (or the maklnq of any aqreement theretor) without-the prior «ritten consent of Holder; (S) the Underslqned!s fallure duly to acco~t, to Holder's satisfactlon, at such time or tlmes as Holder may requfre, for any of the collateral, or proeeeds there- of, caninq into the control of the Undersiqr?ed; or (6) the instltution oi any sutt affectinq the Undersiqned deemed by Holder to affect adversely its interest hereundet fn the collateral or otherwlse. Holdet's failure to ezeccise any oi its ri~ts under ~ this pamqraph ahall not co~tltute a waiver thereol. Upon nonpayment of Snterest ot any installment of principal when due, the Undersiqned and suretles authorize the Holder to seli, at public or private sale. any or all collateml deposited and property pledqed to secire the payment of this Note, and apply the proceeds ot sale, less ezpense, to the payment of this Note. The secu~lty tlqhts oE Holder m?d its assiqns heceunder shall not be ltnFwired by any lndulqence, release, renewal, eztension, or modificatlon which Holder may qrant with respect to the indebtedness or any p~t thereof, or in respect to the collateral or in respect to any endorser, qu~ant~, or s~rety without nottce or consent of the Uc~d~6iqned or any endorser, quarantor or s~rety. ~ ~ ttr s~al o~ tt?~ oaepaeat~Loa aud tl~ ~3~a~s a~ tb~ do~ antho~i~d oi!'io~. ; ~~='Po~ IItD~AII ~~EQ !'00~, ~ A?'~$3tt ~ ~/s/ Ro er Poitras /s/ Joseph P. Strazzulla ~ ~are ~ I/We hereby quarm?Zee payment oi thls Note: ! i i i (I[ qua~vnty !s required in a loan over S50,OQ0, Bank shall oa tatn quaranty on SBA Potm 148A.) Nole. - Corpomte applicants a qua~ontors must ezecute Note, in corporate name, by duly autho[ized officer, and seal must be i afflzed ~d duly attested; p~tnership applicants or qumnntors must ezecute Note ot least !n firm n~ne, toqethe! with slqnature , ~ ~`~r~l ~ R 64 ~~E1342 SbA Form S30 (9-61) ; u-s. sovou~xr rawrwc crs~: ~ast o-a~asse ~ j _ . i - r ~s 1- ~..~s "-a,. ^u- ; ~ rW,,;Y~ '-~~r`^ ,