HomeMy WebLinkAbout1347 ~ ~ + F } ~1i ~i _ ,
~ ~ ! ~ a~ ~ t.~ ~
S. Use the pcoceeds ot tbe loaa solely Eor the pu~poses set io~ in the Autbociutioa tor the I.oan issued by
Payee.
6. On demaad. reimburae Payee Eo~ aay and all e~ensea incn~red, a which may be be~eafur incurnd bp Pay-
ee from time w time in oonnection with a by reason of bonnwer's applicatioo for, and the making and administration
of. the loaa
Neastive Cove,~ases. - Tbe Undersigned oov~enaacs and ag~ees thac, wit6ouc ihe pcioc wriaen conseac of che Pa~
ee, Undersigned will aot:
1. Create. assume or othecwise suffer ~o e~at aay moctgage. pledge oc other incumbcance upon aay of the roal
or tangiWe peraonal property of the Undaaigaed. whcther now owned a hereafter a~qpired~ e:cept (s) lieas fa ta:ea
or other gov~ernmental chuges not delinqnent or being oontested in good •faitb, o~ (bj pnrcbsse money liens upon pro~
erty acquired after the date of the Nou. and other liens upon anch property at the dme of tbe acquisi6en diereof.
2. (a) If Undersigaed is a oocpaation. declue o~ pay aay divid~end or ma1~e a~r distri6ution upon its capital
stock. or purchase a retire aay of its capital stock, or consolidate or merge with a~r ot6er company~ a make any
advanee. directty a indirecdy. by way aE loan, gift. b~onna. commission. oc othecwise~ m aay company direcdy or in-
di~ecdy oontrolling a af~iliaoed with or oontrolkd by Undersigned. or to my officer. dicecta. a emplayee of Under-
signed. ac of any snch eompany. (b) if Undetaigped is a putnerahip a individnil. make any distribntion of assets of
the business of Undersig~ned, other thaa reasonaWe compenaation for suvices~ or mal~e any advance. di~+ecdy or io-
~ dirccdy. by way of loan, gift, bonus. oommisaian. o~ othenvise, to any partner a any of its employeea. or to any
oompany direcdy or indirecdy oontrolling a aEfiliated ~vith or controlled by Undersigoed.
Bvests o j De~a~l~ i T6e indebt~edaesa (including pri~ipal. inuceat and e~enses) shall immediately beoome
due and payable, without notice or demand. ~pon the sppoin~ent of a receiver or liquidat~r. whetha voluntary ar in-
volmtary. for the Undersigned or Eor a~r of ita property, a npon the &ling of a petition by ot against the Undasign-
od unda t6e provisions of any Stata insolvency ia~v or under t6e pc~oviaions of the Baal~ruptcy Act of 1898. as amend-
ed, a upon t6e making by the Uaderaigped of an assi~umeat fa the bene6t of its creditors. Payee ia aathaized to
declue ali a any put of the indebtedaesa immediately due and payable upon the happening of any of the follorving
eventa: (1) Failure to pay any put of the indebtednesa when due; (2) n~nperformanoe by the Undersigned of any
agceemeat with. ac anq coadition imposed by. Payee with reapect Lo the indebtednesa; Payee~s disoover~? of the
Undersigaed's Eailure in any application of the Undersigned m Payee to disclose a~r fact deemed bq Payee w be
material a of tbe making thuein a in any of the said agreements. or in any sf~davit or otha documenta submitted
in connection Mrith sud applicatioa or the indebtednesa. or of any miarepresentation by~ on be6alf of. a fa tbe beno-
6t of the Undersigned; (4) the reaganiz;tion (other thaa a reorganiution pursuaat to any of the provisions of the
Bankiuptcy Act of 1898. as ame~ed) or merger or ooasolidatien of the Undasigned (a the making of a~r ag~reement
thereEa) ~vithout the prior ~vritten conseat of Pay~ee: (S) the Undusigned~s 4iiuce dul~ w aocoun~, ~o P:yee~s suis-
faction. at such time a times as Payee msy reqnic~e~ fa aay of the collateral. ar pcocoeds thereo~ ooming in~o the
coatrnl of the Undersigned; a(6) the instiwtion of any snit affecting t6e Undersigned deemed bryr Payee to affect
adversely its interest huemrder in the collateral a otharvise. Payee's failnre tn ezarciae aay of its rights uada
this puagraph shall noc oonstimte a waiver thereof.
~ Upon nonpayment of intaest or any instillment of principal when dne, the Undersigned and sureties auworiu
~ the Payee w sell. it public or private sale. any or aU oollaLaai depos;ced aod p~openy pledged co secure che pay-
~ ment of this Nou~ and apply the pcnceeds of sale. less ezpease~ w t6e paymeat of this Note.
The security rigbts of Payee and its assigns herennder shall not be impaired by any indulgence, release. re- ,
newal, e:tension~ ar modi6cation +vbich Payee maY grant with respect tp the indebtedness or any put thereo~ or in `
respect w the oollatersl or in respect to a~r endaser. guuantor~ or s~ety ~vithout n~tice or oonsent of the Under-
si~ or an eadorser :
~r~. ~ ~ ~ ~ ~i ~ ~ ~ ~
tl~i~.
atla ~ ~
~/la ~i~i L~iO~ ~ ~ii~'!
~ ` ~
I/We hueby guuancee payment of this Note:
~1~ ~ ~
, .
Not~. - Corparat~ oppllc~mt~ or qa~toe~ out ~scvt~ Not~. !n aorpo*ab n~. M mly aatlwM~d oldo~r, md Md vn~t b~ atil~d md
du11 attMt~d: P~~ri~lp appLomts ot q~araitoes ~ut ~s~rnb Nob m tleo om~. toq~t6s ~fth s1~aRUn ot a qdtol patos.
d~K ~i.~~ PACEi347 SBA Form 326B (2-66)
6I0 9Q~.~22
~F.. _ ~ _ ~-~ss;~_""
- ~'"~,-~:i:
~,a'~ i
:
'c=?
s:x~