HomeMy WebLinkAbout2248 _ ~t. ..r-
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7. On dsmand. nimbura~ Hoid~ and SBA. s~sp~ctlr~lr. foc any and all ~:p~i?ses tnc~sr~d, or whtcl~ ma~r b~ Mc~aitu fncurnd by
liold~r or SBJ1 fto+n iLo~ to tlm~ in coaeMC.Kbe~ wtth ot by c~osou oi batcow~e's appUeatlan fo~. ad tir makle+q aad admtnlstro- ~
tlon ot, tM~ loan. ~
8. CoapnwUun. 6orwwK wlil Ilmlt th~ total annual comp~e~wtbn (taci~dLq sclarl~a, with~awab. 6MS. bo~?uNS~ eaaialr
sions. dcawinq acooue?ts md oM~r po~rm~ab wMtl~s dlr~ct o~ 1nd4rcl. 1n ~noasy. or oth~wls~) oi all ottlcKS. stockMldK~,
dlncton. Pate~us. P~op~M~oes or oth~es a~d l~in to tA~ toUo~rla9 nam~d p~saM !a tir a~ao~wt s~t aPPodb ~och tw
specUv~ ea~t ,
Nl1ME E'061'1~1~N
and~ u p.anltted by th. Authorisauon oc br HoW.~. sud, odaufoual amount co wch .md p~r o. ma~r b. wo.s.arp to par t,fs
lncome taz~s on aafd comp~nsatiaa coeopubd oa th~ bo~1s that ~uch comp~~tioa 1s hts oolr inooa, poridsd tlwt ~uch addi-
tionol am~t shall aot ~casd tlr n~t twc PoY~I~ by iucb wW paaty. Baerovr~e. !i a oo~P~ow ~+Pa+ PKo~ vrritbn
notfce to Bnnt ot 1ts lateation w to do, accru~ oa lb books oe par addlt' .aal ooop~awtba to ~7 p~e'~au oamd h~e+~fu Pro-
•id~d tMt, if paid, snch oddltbnal camp~~satfon L fmmedtot~ly loan~d to Barornu by sudi ~ tae tl~ ur of Bae~aw~
until tbs I..oQn !s pald ia full. .
Neaatl~?e Cn~eaaat~. -'Ib~ Unda~siqnsd co~reaanb and oqnes that. without t!r prLoe writt~a cans~nt ot t!~ Holder hereof, t!r
Undsrsiqnsd will not: .
1. Ceeate, assuoe oc otlrQnries suffes M e~st any mortqaqs. pledq~ o~ otber facumbcQOC~ apon miy ot tM tsal a~ tanqibl~ pcaan-
al prop~tty of tbe Undersiqnsd. whstbsr now ownsd or bsr~afbt pcqufrsd. ~zcsPt (a) Lens bt ta~es ae othee qore~nmsntal
cl~qes oot dslinquent ar befnq con~ssted in qood falth, or (bI Puehose monsy Wns upon P~aP~tr ooquired attae ~the dote of
th~ NoLe. aad other lieas upon such propKty at the time of ihe aoaul~itbn ther~of.
Z. (a~ If Uadaratqn~d is n oocpacation, decla[e or pay amr di~ida~d oe make any dlsteibutbn npon its oapital s~ock, or p~rchase or
reths Qe~ of ib oapital ~txk, or conwlidnts or merqs w!W mr ofhet aompa*n?. or moke aay adv~as, dlnctly er 1edltactlY. b7
wa~? oi lom~. 9lit. bonus, oommfssioa, or othezv.iss. to ~p aompmy dlt+eclly a~ fndlrectly controllitq ~ afHlieted with oi oD1r
~oUed bp Undersiq~~d, os to any offiess. dlrector, oe employ~ oi Urdersiqnsd, o~ ot any sud~ oompaaY. (W ii Undecsiqned is a
p~t~rshlp or ladlvfdual. maike amr dfshlbution ot ass~ta of tbe business oi Undsrsi¢ied~ othsr tlwn raasomble oomp~nsattoa
~or wMces~ or mabs wn/ adwnce, a~ctr o~ s,~at~.~eir. b7l ~Y of lom, qfit. baaus, oommission, oe otherwise, ~o aay Partner
or u~ of its smployees, or b ony campany dfr~etly ac indlcectly oootrollinq o~ aHtllated vrith oe ceatrollsd br Unda~stqied.
Eveats of Dsfodt. T'!r indsbtedneas Ifacludinq p~lncipal. iot~rset m~d e:pensss) s6a11 lmmedW~ely Mcom~ dus m?d payobls.
Mrithout notice a demand. upon the oppolntment ot a rscelrsr ac llqufdatoe. whethae ~ol~at~y ar fmrolunLaty. 6oe the UndeN
siqnsd a~ Ea m?y ot its ProP~ll. a~ t6e Ulfnq oi a pstitioo b~? or aq¢tnst tbs Uadecaiqo~d undar ths pcbvlsf~oas of any
` Stat~ insolvenclr lo~v oe undse t6e pro~isioas of tbe Bm~supCcy' Act oi 1898, as mnended. at upon th~ makinq by tbs Lirdst~ `
aiqn~d ot an asslqnm~nt for tM beaefit oi its aeditan. Hoider 3s authaixed to dsclme all ot mr paet oi the indebtedness
~eeir a.~ ~a .,~oo tt~ ~ ot anr ot t~ touo«~~ .r.~cs: (p Fau~. eo var ~r ~ ot ~s ma.be.a-
! ness wrMn dus; (Z) aonperfo~mancs by the Undsesiqned of amy oqreement vvtth, ae aay condition im~posed by Holdsr ar SBA, or
eitha: oi them. vvith rNpsct to tM fadsbtedn~ss; (3I HaW~r'~.dlUCO~rr of the Usd~sslqoed's ~llua~ 1n aay appli~cation ot tbe
~ l)ndsrsiqtid to Holdar or SBJ1 to dtsclose any fact desimd by Holder to be mat~rfal o~ of tbt matlnq tbsrsin or 1n aay of tbs
soid aqewmsnts, ~.1n aay affiduiit oe oths: docum~zds avbmitt!d 1n cunn~c.Kion wit6 ~nid aPPUoatlo~n ar tbe ltdabbdioess, ot
of anr misreprssentvtlon by, oa behali of, or foe ths 1~nefit oi ths Unda:~t¢rsd: the caarqaalzatLon (other tham o reae+qcwfzn-
tion p~asuant to a~/ oi ths pe~o~isioas of ths Baavkrup~cp Act of 1898. as amendsd) or marq~er or oonsolldatiou of tbe thdae~-
al~d (ar ths mukinq of any o¢eemeat tM:aforl witLwit.tlr~ prioc written eo~ssent oi Hald~c; (S) t6s Undarslqnsa(s ~ailuri duly
to acco~t, to Holder'a wtistartbn. at au~ tlme ar timss as Holder ma~r rsqufre. ~ my oi ths caltat~ral, ae prooeeds t!?ete-
oi, cominq into the conlrol oi tM U~darsiqosd; c~ (6) ~he lastltutloa ot ~y suit affectlnq the Uaderslqnsd deemed by Holde~
to afiect adrersely tta fateieat hste~ 1n t6e oollatsral o~ othecwise. Holder•s ~aflure to e:ereise any of ita rlqhts iaider
thls p~aqraph sha11 not oonstitut~ a wairer tMreof. -
Upon ~w~ayment oi lntersst o~ anr fastallmeat of pelnetpgd ~wrhen dne, ths llnd~rsl~qasd aad suretiss autl~oriu the HoWer to'
sall, at pubiic or priwt~ sale, anr or all oollaberal deposited ~d ProP~Y Pladqnd to esctre the paymeat of this Nobe, aad appiy
ths prooeeds oi sale, less e:pense, to the paymet~t of this Note.
Tbe ssc~ity rlqhb of Holder and !b asslqms Mrsunder sbnll aot bs impaired by any indulqsacs, release, re~wol, eztensfoo,
or modifloatba w6ich Noldae ela~ q~mrt ~rith respsct to tM indebte~eas or any part ths~of, or 1n respect to tbe oollatecal or in
~t~~~
e~ 5ea~. ~
By:/s/ Marian F. Comer By: /s/ Jemes Franklin Miller
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I/We l~ebr qoarant~e purmset of thls Notet .
, ~ (Ii yuar°ntY fs tequired ii? a lovn or~ i50,000, B~k shall ob~
EaLi quacanty on SBA Fwm 148A.)
Plo~e. - Carporaa appltoanb at qu~+mitan ~nust e~scub Nots, 1n oatpoeab nmw. bY ddy authalsed oftlcas, ~d seal must be
' afilued ~d dnl]? att~sbd: Datn~eahfP aPPlf~o~b a qu~cmtots mwt ~~cute Note at lw~t 1n flrm cwm~, toq~thar v~rith slqnat~
of a q~n~[al partrwt. . ~
SBA FoA S30 (9-611 PO~ ~
~0~168 ~2243 ~.~,~.R~..~~
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