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Home My WebLink About1427 • ~ S. Use the pcoceeds of the loan solely Eo~ the~yu~se~ set forth in the Authorization for the Loaa issued by Payee. 5. Oa dea~and~ reimburse Payee for any and all ezpenses iacuaed~ o~ whic6 may be hereaEter iacuaed by Pay- ee from time W time in connection with or by re~soa of bortower's application for, and the makiag and administration of~ the loan. Ne6ative Covenants. - The Uadersigaed covenants and agrees that, without the prior written consent of tbe Pay- ee~ Uadersigned will not: 1. Create. assume or otherwise suffer to esist any mortgage. pledge or other incum&ance upon any of the real or taagible personal property of the Undersigned. whether now owaed or hereafter acquired~ eacept (a) liens fa taaes or other governmental charges not delinquent or being contested in g~ood•faith. or (b) purchase money liens upon prop- erty acquired aEter the date oE the Note. aad other liens upon such property at the time oE the acquisition thereof. 2. (a) If Undersigned is a corporation. declare or pay any dividend or make any distribution upon its capital ~tock, c~ purchase or retire any of its capital stock~ or consolidate or merge with any other company, or make any advance~ direcdy or indirecdy. by way of loan, gift. bonus, commission, or otherwise~ to any company direcdy or in- directly controlling a afCliaud with or controlled by Undersigned. or to any of6cer~ director. or employee of Under- signed. or of any such compaay~ (b) if Undersigned is a partnershep a individual. make any distribution of assets oE the business of Undersigned. other than reasonable compensation for services, or make any advance, direcdy or in- directly. by way of loan~ giEt~ bonus~ oommission. or otherwise~ to any partner or any of its employees. or Lo any oompany directly or iadirectly controlling or affiliated with or controlled by Undersigned. fivents u~Defaul~ - The indebtedness (iacluding principal. interest aad espenses) shall immediately become due and payable~ without notice or demand, upon the appoinmsent oE a receiver or liquidator~ whether voluntary or in- ~oluntary. for the Undersigned or for any of its property. a upon the Eiling of a petition by or against the Undersign- ed under the provisions of any State insolvency law or under the provisions of the Bankruptcy Act of 1898. as amend- ed, or upoa the making by the Undersigned of an assignment for the beneCt of its creditors. Payee is authorized to declare all or any part of the indebtedness immediat~ly due and payable upon the happening of any of the following events: (1) Failwe to pay any part of the indebiedness when due; (2) nonperformance by the Undersigned of any agreement with~ or any conditioa imposed by, Payee with respect to the indebtedness; (3) Payee's discovery of the Undersigned's failure ia any application of the Undersigned to Payee to disclose any fact deemed by Payee to be material or of t6e making therein or in any of the said agreements~ or in any affidavit or other documents submitted in connection with said application or the indebtedness~ or oE any misrepresentation by~ on behalf of~ or for the bene- Ft of the Undersigned; (4) the reorgaaization (other than a reorgaaizatioa pursuant to any of the provisions of t6e Bankruptcy Act of 1898. as amended) or merger or consolidation of the Undersigned (o~ the making of any agreement therefor) without the prior written consent of Payee; (S) the Undersigned's failure duly to account~ to Payee's satis- faction~ at such time or times as Payee may require~ Eor any of the collateral~ or proceeds thereoE~ coming into t6e control of the Undersigceed; or (6) the institution of ariy suit afEectiag the Undersigned deemed by Payee to afEect adversely its interest hereunder.in the collateral or otherwise. Payee's failure to ezercise any of its rights uader this paragraph shall aot constitute a waiver thereof. Upon nonpayment of interest or any installment of principai when due, t6e Undersigned and sureties authorize the Payee tn sell~ at puWic or private sale, any or all rnllateral deposited and property pledged to secure the pay- ment of this Note~ and apply the proceeds of sale~ less e:pense~ w the payment of this Note. The security rights of Payee and its assigns 6ereunder shall not be impaired by any indulgence, release, re- newal~ eztensioa~ or modiFcation which Payee may grant with respect tn the indebtedness or any part thereof~ or in respect to the oollateral or in respect to any endorser, guaranwr, or surety without aotice or consent of the Under- signed or any endorser, guarantor or surety. ~ Y~/ ~a M LM~t 6~e+~e~t0 ~t a~e ~r~1~ds asl ~ali ~tM d~ ~0~4 ~6a y~+s !l~rse abw~ Mrl~e,t~. ~ftlll~ C. ~ln6i Js. ~~tel~ls L ffi~ • wA?/. t~ ~s, ftsL~ - . . ~ ~ ~ . I/We hereby guarantee payment oE this Note: ~ Note. - Cayacale appllemts or quaQmtors muat szacvte Nota, !n eocpotats n~, by duly wthorized ottlcBr, u~d ~eal must Ds afflied a~d dulr atteated; p~t+~erehlp applic~ts or quQmt:xa muat ~eate Nota In (1rm n~e, toqether vrith sl~wture ot a qanerol pQtnsr. NICROFI1111 1?~11[0 ' SBA Fo~m 326D (7-65) Legibility ot writing, typing BOOK~ Io PACE1422 or printing unsatisfactory in ~ -z- - ~ t!zis ~iocument for microfilming ; ~GS q ~ _ ~ _ - _ _ - - - _ _ = -