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~O ~ E SBA LOAN N0.
(For Die~et Loai Not Ov~~ S2S,000)
Cicy ~c Scace Fort Pierce, Florida
~ 1s~.~ Date February 1 , 19~58
i~1L~ C. ~ Js. aod
For value received, ~ ~ti (herei~after called
"Undersigned"). promises to pay to the order of Small Busiaess Admiaistratioa hereina[ter called "Payee"), at
Payee's Office in the city of ~~e , State of .
or at Payee's option, at such other place as ma be designated from time to time by the Pa~ree, the s~m of (write
out amount) r~ ~"'~•""•w d.ollars. with iatrrest on the un aid princi al
computed from the date of each advance to the Undersigned at the rate of
perccat per annum, paymeat to be made ia installments as follows:
~aft~li~~ ~ d ~ ~~Oh ~A !ht ~m~t Ot +197.O~t
~ ~ ~,~C? ~r ~ ~adr~ ~04 ~1 l~Si~rat
to D~ l~cst ~1i~d Oo l~ae~e ~o~rd ~s ~fis ~Ot ~ sro~t n~d ~
~oit, aod tl~t ~aLe~oh !f aop?. m ir~s~o~a1, ~ui tlr b~L~r~ Ncjoal~al ~od
i~e0eewt ~bit ~a tt D~&~rs ~t ~ y~ra !t~ Ml~.
Undersigned further agrees that if at any time SBA elects to sell or transfer its interest in the Loaa to a non-
goveramental uansferee and SBA determines in its sole discretion at that time that a reasonable rate ot interest,
taking into consideration all pertinent factors, on commercial obligations, with approximately the remaining term
II of this Note and similar repaymeat experience, in the t~on of he co tr which the Undersi or its prin-
ciPai place of business is located, is greater than percent ( ~ 70)
per annum, then SBA is hereby authorized to speci[y that such higher rate oE interest shall be the rate on the un-
paid principai computed from the date of such transEer, but such rate shall not exceed seven and one-halE percent
(7}~7e) per annum. The Undersigaed shall be notified in writing aot less than thirty (30) days before the effective
date of the increase in the rate of interest resulting (rom the aforesaid transfer by SBA. This obligation to pay
such increased rate of interest shall be binding upon the Undersigned, its successors or assigns.
Payment of any installment of principal or interest owiug on this Note may be made prior to the maturity date thereof
wituont penaity.
A/firmative Covenants. - The Undersigned covenants and agrees that, uatil the payment in full of the moneys
owing on this Note~ the Undersigned will:
1. Deliver to Payee within ~IS days after the end oE eac6 fiscal annual period. a batance sheet of the Un-
dersigned as of such date and a profit and loss statement of the Undersigned for such ~scal period. in form satisfac-
tory to the Payee;
2. Deliver to Payee with reasonable promptness such other financial data at such times and in such Eorm as
Payee may request;
3. Pay all tauces, assessments and other governmental charges to w6ich the Undersigned, or the property of the
Uadersigped~ is or shall be subject before such c6arges become delinquent, eacept that no suc6 charge aeed be
paid so long as its validity or amo~mt shall be oontested in good faith by appropriate proceedings a~ the Under-
signed shall have set up on t6e books of the Undersigned such reserve with respect thereto as shall be required by
sound accounting practices;
4. Keep all of the real and tangible personal property of the Undersigned insured in such amounts and against
such risks as may be satisfactory to the Payee or as are commonly insured against in the same areas by owners of
similat property~ and maintain in force policiea oE iaewance, satisfactory to Payee, against liability for damage to
persons or property and under all applicable worl~en's compensation laws.
?lICROFII~1 1~d0 ~ SBA Fwm 326D (7-b5)
f1Q~^-'t
Legibility of writing, typing ~ BOOK ~U PAGE1421
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