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Home My WebLink About2865 ~ Jr • ~ ~ ~ ~ .M.?~• S. Use th~ pcoce.eds of the loan solely for t1?e~~pp~e+set torth in tha Autho~iz~tion Eor the Loaa issned by Payee. b. On demand. reimburse Psyee for a~r and all e:penaes iucwred~ o~ wbic6 may be huwft,er incurnd by Psr. oe from time to time in oo~nnection with a by reason of bocrower's application for. and the mal~iag and administration of, tLe loan. Nesotive Covasasti. - The Undersigped oovenants and ag~rees t6at~ witbout the prioc written oonseat oE the Pay- ee. tlnderaigned will a~t 1. Create, asaume or othcrwiae snfEer o~ exist any m~rtgage~ pledge o~ other incumixance upoa aay of the real a tangible pe~sonal pwperty of the Undasigaed. whether now owned or hereaftet a~qpired. ezcept (a) lieaa fa t~ea a othu governmental chuges not delinquent o~ being oonteatod in good•faith. or (bj pnrc6ase money liena upon prop- erty acquired after t6e date of t6e Note. and other liens upon such property at the time of the acquisition thereof. 2. (a) If Underaigned is a cocporation. dcclue or pay any dividend or make any distribution upon its capital stock, a purchase a retic~e any of ita capital awc1~. or coasotidatc or merge ~vith a~r otber company. a make any advaace. direcdy ot indirecdy. by way of loan, gift. b~o~s. oommission. or ot6erovise. to any oompany direcdy or in- direcdy o~ntrolling ar afEiliated with or ooatrolkd by Undersigncd. a Lo aay ofGcer. diceetor. oc employee of Under- signed, q~ of any such campany. (b) if U~eraig~ned ia a pannerehip a individual, make any distribution of assets of the buainess of Undersigned, other thaa ~easonaWe compeasation br services~ or make any advance, difecdy o~ io- direcdy. by way of loaa. gih. bonns. oommissian. or otLe~vise~ to aay partner o~ any of its employees. or to any eompany direcdy or indirecdy o~ntrolling or a~liated with or coatrolled by Undcrsigned. Bvesta of Dejadl~ i 1'he indebtedneae (includiag pri~ipal~ interest and ezgenses) shall immediately become due and payaWe. witbout notice or demand. upon tha appoinbqent oE a receiver or liquidator. ~vhcther volunt~y a in- wluntary. for the Undersigned or for any of its p~operty. a upon the ~ling of a petition ly or against the Undersiga- ed under the provisions of any StaLe insolvency law or under the provisiona oE the Bankruptcy Act_ ot 1898. as amend- ed~ a upon the makiug by the Undersigned of an assi~ment fa the benefit ot its creditas. Payee is authorized to declue all a any put of the iadebt,edaess immediately due aad payable upon the happening of any of the follo~ving events: (1) Failwe to pay any put of the indebtedneas ~r6en due; (2) nonperformance by the Undusigaed of any agFeemeat with, o~ any condition ia~oscd by. Payee with respect to the indebtedaess; (3) Payee's disooveryr of the Uadersigned'a fiilure in any application of the Undersigned Lo Payee ta disclose any fact deemed by Psyes to be material or of tbe malung therein or in any of the said igreements. or in aar afCdavit a other documents submittod , in oomection ~ith sud application or the indebtedness. a of any misrepresentation by, on behalf of. a fa the beno- = 6t of ffie Undetsigaed; (4) the reaganization (otha than a reaganization purswnt oo a~? of the provisions of the Bankruptry Act of 1898. as amended) o~ merger or oonsolidation of the Undersigaed (o~ the making of any agrcement ~ therefar) wichout the prior .vritten conseat of Paree: (S) the Unduaigned's fi?ilnre dnly w account, ~o Payee's satis- faction~ at suc6 time or times as Payee may nqnire. fa iny of the collateral. or pooceeds`Yhereof, ooming into the oonuol of the Undasigaed; a(6) the insdtution of a~? snit affecting t6e UndersigAed deemed by? Pa~nee~ to affect adversely its interest hereaader in the coUateral a otherwise. Payee's fulure to ezercise any of its rights under t6is puagFaph ahall not oonstitute a waiver thereof. ~ • ! ~ Upon nonpayment of intuest or aay installment of principal when due. the Undersigned and sureties autnoriu ~ the Payee to sell, at public or private sale, any or all oollateral deposited aad proQerty Pledged to secure the pay- ~ ment of this Nou~ and apply the proceeds of sale~ less espense~ w the payment of tlua Note. } ~ i ~ The security rights of Payee and its assigns Lereundec shall uot be impaired by any indulgence, release, ro- . ~ newal. e=tensioa, a modification which Payee may grant with respect to th~ indebtedness or a~? part theroo~ a in ! respect tn the oollateral or in respect to auyr endorser~ guarantor~ or swety ~rithout notice a oonsent of t6e Under- ~ signed or any endorser~ guaranwr or sorety. ~ .r.w.~ s r.. ~...~.r.s.~r ~.r r.r rr «r.r ~.s ~ ~ ~ w~ ; . ~ . ; ~ ~ I/We hereby guarante~ paymeat of this Note: ~ ~ s' t ~ Not~. - Capard~ appltcmt~ or Qu~ton mwt ~~e.vt~ Not~. la coepotat~ am~. M B~Ir ant~or/z~d-oido~r, ad wal mos! b~ aEilsd md d~lr att~st~d; partn~nhlp appUemts o~ qu~mtas euat ~~wt~ Not~ In tle~ n~s, toq~th~r vidth sl~atur~ ot a q~o~r~ol pvtrwe. • ~ . ~ YICROFIIJd l~Q][0 ~ Legibility of writin~, typing g~K~~+~? sBA Form 3268 (2-66) or printing nnsatisiactory in ~ W thia docuesent tor ~aicrofilming . ` ~ • a~. : ' . ~ ; _ ~ _