HomeMy WebLinkAbout1047 . . ' t ~i,~ `,Vit _ .
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S. Use che proce~la at c~ loan sdely f~ ~e.pu~osas a~i io~d ia ~hc Audwciudon Ea ~ Losa isa~ad br (
Payoe. ~
6. On daa~and. reimbnrse Payee 6a aa~ sud sll e~ases incn:red, a which wr be harealoar incur~ed b~? Pay
ae 6aa time tp time i~oooxction witl~ a by reasoa oE barowec's applicadco for. and the making aad~dmiaiatration
of. tLe loaa
Nsaaivs Covea~ts. - The Uadasigined ooven+wt4 sod agRecs tbat, withont tha pcia wrirten cvnamt oE tbe Pa~-
e.e. Uadersigoed will ao~' -
l. Create, ~ssume a ot6erwiae snffa ~o eiist any mortgage. Pledge otothet incno&ance apon any of the resl
or tangible peraonal pcoperty ot the Unduaigned. whetLec now owaed a bereafter acqyired. ea~capt (a) liaas fa t~es
or othe~ goveromental chuges not deliaquent a being conteated in good ~faith. ot (b) parcbasa money lieno upon pcop-
uty acqnired aEoeR tbe date of tbe Nooe, and othar lieas npon snch prvpectp at the doe of tbe acqnisitian ti~ereo~
2. (a) If Undersi~ned is a oorpo~sdon, dxlare a par sny divi~end or ma~e aary? disvibutiou upoa its capiul _
stoc.lc. o~ p~chase a retireiny of its capital stock, a oonsoli~aLe a merge with any otLa campaoy. a maka any
advaace~ dir~ctlr o~ indirecdy. b9 ~ray of loau, S~It. b~oons~ oommission, a otLeiwiae,. m+~aJr oompany direcdy or in-
dieecdy oontrolliag or affiliaL~d with or oontrolled by Uadersigued~ or t~ any officer, director. oa emplayee of Under-
signed. c~ of aay snrh oomQany. (b) if ~Uudasigoed i8 ~ partnerahip a individnal. make s~r distribntioa of asaets of
the busi~ss of Undersigned, otLer than reaaouable oompensation foc semcea,.a make aay advance. di~ecdy o~ in-
direcdy. by way of lw?o, g~ft, bonus, .oommiasian. or otl~acwisa, m any parcner a anr of i~s anployees. or L~ aay
aompany direcdr a indirecdy oontrolling ot a8'iliated with o~ c~trolled by Uadasig~ed.
Bvesta o f Defo~lR ~ The indeboedness (including priacipal. interest aad e:peases) s6a11 immediately baoome
dne and payaWeitLoat notice o~ demand~ upon the appointmeat of a receiver or liqnida~r. whethu rdantar~r ar in-
vel~mwy. br the U~ersigned or 6or anr of its property. a npon the 6ling
of a petition bj? a against the Undasign-
ed uader the provisiona of any Staa insolveacy law or unda tLe pro~risions of the B~ Act of 1898. aa amend-
ed, or upon tLe m~king by the Undersigne~ of an asaig~meat far the beneBt of its cxediLors. = Payee is antLaized to
declue all oc any part of tha indebtedaess immediatdr dne and papa~ble n~pon the bappening ot any of the following
events: (1) Fsitnre ~o pay ~ery part of the indebtedaesa w6en dae; (2) no~erto~maacx bq tba Undasigned of any
ag~eemmt with~ a anq condidon impoaed by, Payee with respect m tbe indebtadness; ~3) Payee's disaovery of the
Undasigued's fiilure in aay applicatio~ of the UadersigRed to Payee b diaclose aay faM deemed by Paree to be
m~terial oc oE the malung therein or in any of tLe said agreemeats, a in a~davit or other documents enbmitted
in connection ~vit6 said application o~ tLe indebtcdness. ac of any misreptesentatian by, on behalf of. a foc tbe bea~-
Ht of t1~e Undecsigaed; (4) the reaganiutioA (other thaa a reorganization pnrswnt oo any of t6e provisions of the
Bankruptry Act of 1898~ as amended) oc merger or oonsolidation di the Undasigped (a the making of a~r agreement
tberefa) ~rithout the pcio~ writt,en consent of Payee; (S) the Undusigned's failnc~e duly to aocouat, to Ptyee's satis-
4ctioa, at snc6 time or times aa Payee may reqnic+e; fa any of the oollateral. at pcoceeds the~eof~ ceming int~ the
oontrol of t~ee Underaigned; a(6) the instimtion of a~ snit ~fecwag the Underaigned deemed by Payee to affect
adversely its interest haen~nder in the oollaoad a othawise. Payee's failm t~ ezerciae any of its rights unda
~ this paragRaph shall mt oonstiWte a~vuver thereof.
; .
~ Upo~n a~npsyment of irterest oc aay iastsllment of prixipal when dne, tLe Undersigaed and sureties.authoriu
~ the Psyee ~ sell. at pnblic or private sale, anp or all eoUateral deposiced aad propaty Pledged w secure tbe pay-
~ meat of this Note. and spply the proceoda of sale~ less eupease, to the ~aymeat of tLis NoLe. .
• r~. r . ~ . . . . s _ . : - .
'Ibe secnrity rights of Payee and ita assigns heramdar sl~ll not be iapaircd byr any indulg~nce~ release. re-
newal~ eztiensioa, a modification whicb Payee msy g~ant with respect to the indebtedness oa a~r put tbereo~ a in
respect to the oollateral or in reapect w au~? endaset, guaranta. a_snrety ~ritbout mtice ~ oonsent of the Unda-
signed or a~i en~Oraa, gnaranror c~~snrety. - . '
IN M171~i ~~F; t~? 11w~ ~tsw~Ro s~t ous AM~d~ aqd s~Als i~e dir aad rias
iisst aYar~ reitl~. - - ~OL~LiN M. T~~ ae~A i~M~RA ~ N. T~
~/~/i t~o~t x~o~ua o~~urr
,
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t/We bereby giwantee payment of this Note:
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Not.. - c«p«s. ~,~a o~ w~~:«. .~.wi. r~oe.,, m oo~o~e. ~r a.iy wteon~.a oiu~, ma ..d ...e b. aru~.e a~a ~
a.t~ ata.t.as v~~~r ~oma «v~~s .o.t .z.oae. Dror !n ws om.. bq~tbs ~ aL~at~as ot o~ vQlet• ~
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~10,~ , SBA Fonn 3260 (7-65)
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