The URL can be used to link to this page

Home My WebLink About1006 . ~ ' ~ 'it~a LideDoedness sh~ll trrYnedla~elY beooa~e dua and paYaDb. wlcho~ut nodoa or demand, ~Pon ~ha ~PDolnu~ac of a ra• oetver or 1[quldao~r. wbatbr volunnry or favolw~ary, tor the undersisned or fos aay of Its property.os upaa d~e ~ of a peticiaa bf? or aastntc ~ha undersl~ned undar the provisians ot aay Snne insolvency law or uader the provtsioas of d~e Bsuk- rupocp Act ~ 1888. u amended. or uDon the malctnQ by the w~derst~ed oE aa asst~uneut to~ ths beuefit of its credlours. Payes Lt author(zed a declsce all or aay Wrt of ths Udeb~edaess inunedlatelY ~4 ~ WY+Wa upoa tha happailc~ oE any oE tAs folb++taQ eveats: (1) Faifura oo DaY u?Y Wtt ot tb Iddab~edaess wben duet ao~performac~ bY tbe undersi~ed of aay agroe~c~eat with. or any ooadiaoa i~r~posed D~r. Payea with respect oo- tb L~debroedness: (9) Payee's dtsooverr oE tt~s undersigned's tsilure tn ury application ot tba uadersigoed co Payee to disclose aay [act deemed b~r Payoe tu be nu~erial or ot the maW~ tt:eretn oe in any of the said agceemeras. ot in ury a(fidav[t or aher documeats subndtted in co~Ioa with said applicacIon or the indebtedness. of any misrepreseucatlonby. on behalt of, or tor the benefic ot che undersigned; (4) che reorgantzattoa (other ehaa a reor~uilzatian purswnt oo aay of ths D~~sjons of tho Baakrupuy Acc ot 1898. as aa~a~ded) or rrargas oc cauoltdatiua ot the undersigt~ed (or tha makL~ of au~? aQreement tt~refor) witlwut tb prior wrimen ooasent of Payee: (S) the wdersi~ed's failure duly m accau~t. oo Payee's sadstacaoa. at such tIrne or drnes as Psyee may cequire. for am? of the Collsceral. or proceeds thareof, oomfng tnm the canuW of the uadersi~ed: or (6) tt~ institutim oE aay suit affecting the undersig~ed daemed by Payee ou affect adversaly iti iatenst hereunder in the Collaural or otherwisa Psy. ee's talh~ra oo exercise its rights u~der this psragrspt? shall na coostto?oe a waiver thecoof. Upon dre noupayment of the Ldeboedness.or any Dan theroof. wt~eu due, Ktiether by accaLeratioa or oti~err+ise. Payee is empovrered m sell, assign. and delieer ths wMb or any part of tl~ColLosralupublicorprivausala.wi~out demand. advar- tisement or notice of the tiim or phceof saLe or of any adjournrc~t thereof.whichareherebyrexpresslywaived.Afoerdeduct- ing all expenses incidental o0 or atisL~g feom such salz or sales. Payee may appty the tesidue of d~e prooaeds theceof oo the payment of ~he Indeboedness. u it shall deem proper. reacatng d~ excess. if any. oo the undersi~od. Tt~e unders~~ed hereby waives to the iWl cacxnt permlttedbylar+ all right of tedemptian or appraisernent whether beforeorafoarsale.At aay s~h sale payoe may booome the purclnser of the wble or any part of tb Collatenl free from aay right of ?+edemp~ion so ; far as permitood by law. Withwt limidug oraffxting such power of sale, Payee is tur~her empor+ered. upon the na~payment i of the Indebtedness. or any partthereof.whendue. o0 oollect or cause m be oollecced or otherwise to be ooavertad inm money all or any part of the Collaoeral. in the aame of Payee or the undersi~ed or othen+ise.bysuicorotherwise.andou surra~der. compromise. release. e~ew. extend. exchange. or subsatuteuiy ioem of the Collateral in uansacaa~s ~+Ith the undetsigned or a~ry third party. irrespecdve of aay usi~uneut thereof by the uodersi~ed. and wi[twut prior naice m or caasent of the w~dersigned or any assIgixe. Whenever any i~em of the ColLtersl shall noc bepaidwhendue.orotherwise stnll be in defaulc. whether or not the indebtedness. or aay past thereof. has beoo~~e due. Payee shall have d~e same rights and por+ers with respect w such item of the Collateral as are granood in respact theroof in this Wragraph in case of nonpayment of the In- debcecLiess. or any parc theroof. when due. None of t6e rights. re,~nedies. prtvtleg~es, or pawers of Payree expressly Provided for herein shall be exclusive, but each of them shall be cumvilative Nith and in additiontoevery ocher right. remody. privi- ~ lege. and po~?er now or hereafter existing in favor of Payee. rvhether st ]aw in equity. by statute or ucherwise. J The undersignad agrees ~o take all necessatystepsto adminisoer. supervise. preserve. and protect the Collateral: and ~ reg,~rdless of any actio~ uken by Payee. there shall be no ~cy upon Payee in this respact. Ttieundersi~~odshall p~ay all ex- penses of any namre. whether incurred in or aut of co~rt. aad r+hether incurred before or after tMs Noteshall becane due at its maa~rity dace or otherwise. incWding butnot limited oo reasaoab1e atLoraeys fees and oosts. which Payee may deem necessary or proper in cau~action with the satisfactian of the ]ndebtednessortheadminisuatim.supervision.preservacion. procection (inclnding. buc not limited to. the maintenance of adequate insurance) of or the realization upon the Collatetal. Payee is autbrIzed ~o pay at any dmeand fmm time to ticne any or all of such expenses. add the amount of such pay[nec?t o~ ~ [he~amoai~t bf [he Ldeb~edness. and charge interest thereon at the rate specifi~ed hereL? with respect Lothe principal amount ~ of this Note. . . . ! . _ . _ . - - - ; The securicy' rights of Payee and its assi~s hereweder shall not be imp~aited by Payee's sale. hypothecationor rehypothe- catian of any no[e of che undersigped or any item of the Cqllateral. or by_any in~ulg~ence, inctiding but not limited L~ (a) any renewal; exter~siao, or modlficattan ~rhich Payee may grant with respect tb the Ldebtodness or any part theteof.' dr (6) any surrender. compromise. release, renewal.exteasioa.exct~ange. or subsanitian ~,rhich Payee may grant ia respect of the Col- I lateral, or (c) ~ a~ry indulg~x granted in respect oi any ardorser. ~uaranoor. or sunet~r. Theputchaser. assi~. uansferee. f or pledgee of d~Ls Note. [he Collau-al. any guaranty. and any? other documei?t (or any of thean).sold.assigned. traasferred. ~ pledged. or reR~. shall fotthwith _b~re yested with ard . entit]ed no e~cercise all the powers aod rigius g,iven b~c this Note and aII applicatians of the w?dersigt~ed oo Payee. u if said purchaser. assignee. uansferee; or pledgee were originally ~ named as Payee in this Nate aixi in said applicaaon or applicatiau. . _ • . - ~ . . . . . . , . ` a xl'~d ttN ~ eat~¦~d ~l13~ ~?t~ t~o w~d aa its lwi~3! bpr its l~siMptt, a~d -its s~al ~a!'lY~i ~ i~ ~ria~ry, tb~ IM~T ~ad ye~r lYs~t aDa~~ t~rilt~a. ti~ill' ~Af~ OO~A1t $877, 50 State Documentary Stamps ~t l~,~~, affixed to original note and cancelled. ^ ~ ~ ~t s~ H. C Davis ~~8•~ ~ • ~ . ~ . _ ~ - . H ~Davis- -Its ?~30~t~- - ~ ~ f ~ ~'t~ s~ Frank Fee ~ ~ ~ Frank Fee Its ~~iiiT ~ . ~ ~ ~ . ~ Note: -Corporau applicants must exewtet+ote,incorporate name. bydulyauthorizedofficer,andsealmust be affixed and ~ duly attesoed;para~ershipapplicants mustexecuoeNoteinfirm name. ~og~ether with sigt~awre of a general parmes. ~ ~ (1 p c~ SB~4 E'orrh 197 (9-631 ~ BUOK ~ IU PACE ~UOJ ~ _ vo •et•~az ~E. t ~ ~ TM +u..x5..... . ~.s -r ~~~v.'~^~~ ~~F,"C',~ ' ~":~i=. ' ~ ~ ~ .