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7. On demaad~ relmburss Holdsr and SBA, rsspsctlvely~ tor~n~Anddll sY~s~s;ocprrfdr oi wht~h ma7~ bt he~eafts~iqcurred by
Holder or SBA fcom tlms to tims le connectlon with or by reason of boeiow~rrs appllcctton tor~ an~ t1r nwElna arid odminiatw- '
tlo~ of, ths loan. ,
8. Cort~pe~sation. Barowsr wlll llmit ths totol annual compenaallon (lncludlnq salarle~~ wlthdrawals. fees. borusss. commit
slons, drawlnq aecounts m~d ui]w: paymsnts whsthn dltect oc indirect~ !n a~oney. or othsrwies) oI aU otilcers, stockholders,
dtrectaca, p~tneca. proprleton o~ others na~ned hsteln to ths tollowinq namsd persane 1n ths amount set opposiN each h-
spectlve nams:
NAME pp,SITpN AMOUNT
and. i! permitted by the Authostzation o~ by Holder, auch addltional amount to each said party as may bs necesa~y to pay h1a
lncome tazea on said compensation computed o~ the 6aaia that such cod?pensation is hLs only lneoms, provided that sueh addf-
tional amount shall ~ot e:ceed the net tas payable by each sold party. Borrower~ if a ootporatlon. mny. upon prlor wtltten
notlce to Bank of ita intentlon ao to do, accrus on ita books or pay addltlonnl compensation to any person named hsrel+~ Pr'v'
vided that, if pald, Buch addltional compensotlon la immedlately loaned to Bocrower by such petaon fot ths uae of Batrower
until the LJoan 1s pold !n full. f
Neaali~e Co~eauts. -'I"Itie Undersiqned covenants and aqrees that. without the p~lor written consent oi the Holder hereof, ths i
Und~siqned wlll not: ~
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I. Create, assume or otherwiae sutEer to esiat any mortqaqe, pledqe oc other incumbcance upon any of the real or tanqible person- i
al property of the Undersiqned. whether ~ow owned or hereaiter ocquired, ezcept (a) liens fot tazes oc other qovecnmental 1
charqea not delinquent or beinq contested in qood faith, or (b) piachase money liens upon property acqulred nftv the date oi ~
tM Note~ and other liens upon auch propetty at the time of the acquisition thereot. F
2. (a) If Underaiqned ls a oorporation, decl~e or pay any dlvldend or mate any dlatributlon upon ita capiMl atock. or p~achase or ~
tetlre any of ita capitul etock, or consolidate or merqe wlth any other oompany, or mnke any advanoe, dlrectly or indltectiy. by }
way of lo~, qift, bonua, eommiasion, ot otherniae~ to any oomp~y ditectly or indlrectly conttollinq or aiflliated with oc o0o- ~
trolled by Undarslqned, oc to any oifices, director, or emQloyee of Undesaiqned, or oi ~y sucfi oompany, (b) iE Undersiqned is u
pattnership or indlvidual. make any dfstrlbutton of asaets of the buslness of Underslqned, other than teasonable co~erinution
tor aervices. or ~mke any adwr~ce~ directly or Lxiirectly, by way ot lo~~ qitt, bonus, oommtssion, or othenwlas, to any partner
or any of its employees, or bo a~y company directly or indlrectly eonttoUfnq or ofiUiated with or controlled by Underniqncd.
Events of Detault. The indebtednesa (tndudinq principal, interest m~d espenses) shall immadlately become due aaid payable.
without notlce or demand, upon the uppointment of a receivet or liquidatac, whether voluntary ot lnvolunt~y, for the Unde~
aiqned or for any of ita pcoperty, or upon the filinq oi a petition by or nqainat the Undersigned undar the provisioaa of any
State lnsolvency law or wider the pmvisions of the Bmakruptcy Act of 1898~ as nmendac~, oc upon the makin9 bY the lh~dei`
aiqned oi an aaaiqnment for the benefit of ita creditocs. Holder is authalzed to decl~e all or any p~t of the lndebtedness
immediately due and payuble upon the happeninq of any of the iollowlnq events: (1) Failuro to p~r any part oi the lndabted-
ness when due; (2) nonperEotmance br the Unde~aiqned of any aqreemenf with, or m~y condition fmposed by,Holdsr ar SBA, or
either of them, wlth respect to the indebtedness; (3) Holder's discorery of the Undetaigned's failure 1n any applicotion of the ~
Undersiqned to Holder or SBA to disclose any fact deemsd by fioldar to be material or of the makic,~q th~el~ qr fa Is~, pf ths -
~ said aqreementa, ac 1n any aifidavit or other documents submitted in connection with said applioation or the lndebtedness, ot
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I oi any missepceaentatlon by, on behalf of, or for the benefit of the Underaiqaed; (4) the rearq~fzatioa (other th~ a rsorqanLso-
i
i tion pursuant to any of the provisions of the B~ikruptcy Act of 1898, as amended) or merqer ot eonsolidatlon oi the Under-
` si lq~ed(a iotlure_ddy,
qned (at the makinQ of ~?y aqreement thetetorl without.the prioc written consent oi Hdda; (S) the Unders ;
to account, to Holdar's satisfactlon, at such time er ti~nes as Holdet awy require, ~or ~y ot the colluteral, ar prooeeds there- ~
of~ coming into the control oi the l)nderaiqned; or (6) the institutlon of ~?y suit affectinq the Underaiqned deemed by Holder ~
to aifect odversely its Intetest hereunder !n the cotlateral ot otherwise. Holder~s taflure to ezareise any of its ri~ta under
this para¢aph ahall not co~titate a waiver thereof.
Upon nonpayment of interest or any i~stallment of prlncipal when due, the lhndersiqned and sureties authacize the Holder to
sell, at public or private sale. any or all collateral deposited ~d ptoperty pledqed to sec~te the payment of thls Note, and c~pply ~
the proceeda of sale, less ezpense, to the payment of this Note.
The aecurity rlqhts of Holder and its asslqna bereunder shall not be impofred by ony tndulqence, relaase, renewal, estension,
or modifieation which Holder may qrant with respect to the indebtednesa or any p~t thereof, or 1n reapect to the oollatetel oc in
respect to any erdoraer, qu~antor, or surety without notice oe consent of the Undersfqned ar any e~docser. qu~antor ot s~ety.
•srw w ~.t .r w. .r a~. .~~r~..t w ~4r .~r... ~
~ er~+rs ~ri ~~rt ~1~~~ ~~~rir •.~ws~1
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~ I/We hereby quarantee payment of thia Note:
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~ (If qua~anty is required in a loan ovsr =50,000, Bcmk ahall ob
tain qu~n(y oo SBA Eoem 146l?.) .
~ Note. - Corporats applicm~ts or quar~tors muet execute te, in c;o~porote name, by duly wthoclzed offtcar, and seal must be
~ afflned and duly attested; pcatnerahip applicants or qu~anton must e:ecute Note at least in flrm r~s, toqstMr with aiqnature
of a qeneral par6ner. ~ ' - - -
SBA Form S30 (5-61) P0~ Z
- u.s. coror+riM r~wtwC acsKC: ~ts~ o--sts~ss
~`c~1648 PacE 397 600K1~1 PkGE~16~
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