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Home My WebLink About0795 . , S. Use the ~a:eeds oE tht lwn solely Ior the purpose~ set torth ia the ~utho~izatiou for the l.w?n issucd by Pnyee. 6. On demand, reimburse Payee for aay aad a11 ex}xnses incurred. or whicb may be aetea[ter incuned by Pay ee from time to time ia conaectioa with o~ by teason oE bonovrec's app{:cation for. aad the makiag aad administratiae oE. the loaa. Nesutive Coveaauts. • The Undersigned covenants and agrees that. wit6out the prior wriKen consent of the Pay- Uudersigned will not: 1. Create. assume oc othocwise sufEer o~ exist any mortgage. pledge or other incumlxance upon any ot t6e real . or taAgible persoaal properey of the Undersigned, whetbe~ oow owned or hereafter acquirtd. e:cept (a) liens Eor tau~es o~ other goveranenta) chuges aot delioqueat or being rontested ia goal Eaith. or (b) purchase money litns ugoa p~op- erty acquired after d~e date oE the Note. and other lieas upon such property at the time of tbe scquisitian thereof. 2. (a) IE Undersigaed is a corpantion. dtclue or pay any dividend or make any disuibution,upon its capital stnck, a p~chase or retice any of its capital stock. or consolidate o~ merge with any other compaay. or make any advaaco. dicecdy oc iadicecdy~ by way of loan. gih~ bonus. commission, cx othenvise, to any compaay direcdy or in- direcdy coauolling a aEGliat,ed with o~ controlled Sy Undersigned. or w any of~cer. direcwr. or employee oE Under- signed. or of any such company, (b) if Uodasigaed is a pactnecship o~ individual. mafce any distribuUon ot assets of the busiaess of Undersigned. otLer than reasonablt compensation for services. or malce auy advance~ direcdy or io- direcdy. by way of loan. gik. boaus, commission. or otherwiae, w any partner or any of its emptayees. o~ to any company directly or indir~cdy controlliag or af6liated with flr. controlled by Undersigned. Eveats o j Dc(oalt - Tbe indebtedness (including principal~ inurest and expeases) shall immediately become due and payable. without notice or demand, npon the appointment of a receiver or liquidator, whether votuatary a in- voluntary. for the Undersigned or Eor any of its property. ar upon the i'iiing oi a petitipn by or against the Undersign- ed under the provisioas of any State insolvency law or unde~ the provisions oE the Baalcruptcy Act of t898. as amend- ed. ot upoa the making by the Undersigned of an assignment for the beaefit oE its cceditcxs. Payee is aut6orized to deciare all or any part of the indebtedness immediately due and payable upon the 6appeaing oE any of the Eollowing eveats: (1) Failure to pay any part of the indebtedness whea due; (2) nonperformance by the Undersigned o? any agreement with, or any conditioa imRosed by~ Payee with respect to the indebtedness; (3) Payee's discovery of the Unde~sigaed's failwe in anY application oi the Undersigned to Payee to disclose any fact deemed by Payee to be material or of the makiag thereia or in any of the said agreemeats~ or in any atfidavit or other docwnents submitted in connection wit6 said application or the indebtedness~ oc of any misrepresentation by, oa behalE of, or for tt~e bene- fit o[ the Undersigned; (4) the reorgaoization (other than a reorganization pursuant to any oi the provisions of the ~ Banlcruptcy Act of 1898. as amendod) or merger or consolidation of t6e Uadersigned (or the making of any agrcement ~ thereEor) without the prior written consent of Paye~; (S) the Undersigned's failure duly to account, to Payee's satis- iaction~ at sucfi time or times-as Payee may reqnire, for any of the collateral. or proceeds thereof~ coming into thc ~ control oE the Undersigned; ar (b) the institution o[ any suit aifecting the Undersigned deemed by Payee to affect adversety its interest 6ereunder 'sn the collateral or ot6erwise. Payee's failure to eacrcise any oE its rights uada this paragraph shall not constitute a waiver t}?ercof. . - . . I Upon mapayment of interest or any :nstallment of principal when due~ the Undersigned and sweties aucnorize ~ the Payee to sell. at public or private sale. any or all oollateral deposited and property pledged to secure t6e pay- meat oE this Note~ and apply the proceeds of sale~ less ezpense, to the payment of this Note. . The secvrity :ights of Payee and its assigns hcreunder shall not be impaired by any indulgence, release, re- newal. exunsioa~ a modification whic6 Payee may gtant with respect to tht indebtedness or any paR thereof, or ia tespect to the collatetal or in ~espect to aay endorser, guarantor, or surety without notice or consent of the Under- signed or any endorser, guarantor or surety. { .:IT~~:~.i3 ~he seal of the corgoration and th~ sicaaturPS of t~~ ~]u~y author3z~d officers. ~ hereby nvarantze ~ayment of this :lote: ; , ~ ~ ~ : : . 3. a l te ~s~<K~G ! ~~i;~ ~=J_..:I i J..... I:..,. .~Tie~e .ia ters`~~~~ j(Vle hereby guarantee paymenc of this :Vote: ~ :res~_~nt !~oroorate ~~al~ ~ ~ , ~ . ..-.~3~:~ ~ , ~ ~ ~ ~ ~ ~ : letch~~I ld:e~:~ Jp~`_,~ L'~~ j! C~.L~~ ~~~~,c ~Lc~z.~i. - rida :..ari s `ii ldre±~ - (~tots. - Corporate oppllcm~s or ~a~anton muat ~tecvte Note, ln corporate br dulr wtAorized olLLcrt, u~d seal must be atfl:sd md ~ duIr alt~sted; p~tnerNlp appllc~ts ot qu~r~tors ~aust a=eNte Note ln f1nr. r..IIne, toqether w~lth slquatufe of a q~ral patner. ; f i < SBA Fc.•m 3265 (2-6b) ~ da0~ ~ QACE .7~ GPO 9pJd2? ' • . - -~a