HomeMy WebLinkAbout0234` ~ YEA LOAN N0.
NOTE ~..
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port ,rw.r. s
Address ~ ~~~ ~~ ~ -
(Clty, State, ZIP Code)
Date ~ ~ ~ , 19
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For value received, (hereinafter callcd
"Undersigned"), promises to pay to the all Business Administration ~r called "Payee"), at
Payee's Office in the city of , Sute of ,
or at Payee'~~p~y~i me to time by the Payee, the sum of (write
out amount) dollars, with inter~he unpaid principal
computed from the date of each advance to the Undersigned at the rate of
percent per annum, payment to be made in installments as follows:
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Undersigned further agrees that if at any time SBA elects to sell or transfer its interest in the Loan to a non-
governmental transferee and SBA determines in its sole discretion at that time that a reasonable rate of interest,
taking into consideration all pertinent factors, on commercial obligations, with appro:imately the remaining term
of this Note and similar repayment ezperience, is the section of~wuntry in which the Undersigned or its prin-
cipal place of business is located, is greater than percent ( x)
per annum, then SBA is hereby authorized to specify that such higher rate of interest shall be the rate on the un-
paid principal computed Gom the date of such vansfer, but such rate shall not esceed seven and one-half percent
(7y~,K) per annum. The Undersigned shall be notified in writing not less than thirty (30) days before the effective
date of the increase in the rate of interest resulting from 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 intt:rest owing on this Note may be made prig to the maturity date thereof
without penalty.
Ajf~rwative Covesaata. -The Undersigned covenants a~ agrees that, until the payment in iull of the moneys
owing on this Note, the Undersigned will: _
1. Deliver to Payer within 45 days afar the end of rach fiscal annual period. a balaace sheet of the Un-
dersigned as of such date and a profit and loss statement of the Undersigned for such fiscal 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 form ae
Payee may request;
3. Pay all ta:ea, asseaaments and other governmental charges to which the Undersigned. a the property of the
Undasigped, is or shall be subject before such charges became delinquent, except that no such charge need be
paid so long as its validity or amomt shall be oontestrd in good faith by appropriate proceedings and the Under-
signed shall have set up on the books of the Undersigned sucb reserve with respect thereW as shall be required by
sound accounting practices;
4. Beep all of the real and tangible personal property of the Undersigned inarrred in snc6 amounts and against
sucb risks as may be aatiafactory to the Payee or as are commonly insured against in the same areas by owners of
sitiilar property, and maintain in force policies of insurance, satisfactory to Payee, against liability for damage to
persons or property sad under all applicable workmen's compensation laws.
f~A iORY 72~D 112-~71 EDITION oI 7•~f WILL •E UfEO UMTII iTOCK If tXMAUfTED ~W11i~V ~I~{IC ~~/~