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HomeMy WebLinkAbout0235S. Use the proceeds of the loan solely for the pucpo~es set forth in the Authorization for the Loan issued by Payee. 6. On demand, reimburse Payee for any and atl ezpenses incurred, or which may be hereafter incurred by Pay- ee from time to time in connection with or by reason of borrower's application for. and the making and administration of, the loan. - Nesative Covetsaurta. -The Undersigned covenants and agrees that, without the prior written consent of the Pay- ee, Undersigned will rat: 1. Create, assume or otherwise suffer m ezist any mortgage, pledge or other incumbrance upon any oI the real or tangible personal property of the Undersigned, whether now owned or herea[ter acquired, except (a) liens for fazes or other governmental charges not delinquent or being contested in good •faith, or (b) purchase money liens upon prop- erty acquired after the date of the Note, and other liens upon such property at the time of the acquisition thereof, 2. (a) If Undersigned is a corporation, declare or pay any dividend or make any distribution upon its capital stock, or purchase a tedte any of its capital stock, or consolidate or merge with air other company, or make any advance, directly a indirectly, by way of loan, gik, bonus, commission, or otherwise, to any company directly or in- directly controlling or affiliated with or controlled by Undersigned, or to any officer, director, or employee of Under- signed, or of any such company, (b) if Undersigned is a partnership a individual, make any distribution of assets of the business of Undersigned, other than reasonable compensation for services, or make any advance, directly a in- directly, by way of loan, gift, bonus, commission, or otherwise, to any partner or any of its employees, oc w any company directly or indirectly controlling or affiliated with or controlled by Undersigned. Eveats of Dejaslt. -The indebtedness (includiag principal, interest and ezpenses) shall immediately become due and payable, without notice or demand, upon the appointment of a receiver or liquidator, whether voluntary or in- wluntary, for the Undersigned or for any of its property, or upon the filing 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, orupon the making by the Undersigned of an assignment for the benefit of its creditors. Payee is authorized to declare all or any part of the indebtedness immediately due and payable upon the happening of any of the following events: (1) Failure to pay any part of the indebtedness when due; (2) nonperformance by the Undersigned of any agreement with, or any condition imposed by, Payee with respect to the indebtedness; (3) Payee's discovery of the Undersigned's failure in any application of the Undersigned to Payee to disclose any fact deemed by Payee to be material or of the making therein a in any of the said agreements, or in any affidavit or other documents submitted in connection with said application or the indebtedness, or of any misrepresentation by, an behalf of, or for the bene- fit of the Undersigned; (4) the reorganization (other than a reorganization pursuant to any of the provisions of the Bankruptcy Act of 1898, as amended) or merger or consolidation of the Undersigned (or 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, for any of the collateral, or proceeds thereof, coming into the control of the Undersigned; a (6) the institution of any suit affecting the Undersigned deemed by Payee to affect adversely its interest hereunder in the collattxal a otherwise. Payee's "failure to ezercise any of its rights under this paragraph shall not constitute a waiver thereof. Upon nonpayment of interest or any installment of principal when due, the Undersigned and sureties authorize the Payee to sell, at public or private sale, any or all collateral deposited and property pledged to secure the pay- ment of this Note, and apply the proceeds of sale, less ezpense, to the payment of this .Note. The security rights of Payee and its assigns hereunder shall not be impaired by any indulgence, release, re- newal, eitension, or modification which Payee may grant with respect to the indebtedness or any part thereof, or in respect to the collateral a in respect to air endorser, guarsntor, or surety without notice or consent of the Under- si N~ ~ Mi ~d Ny! ~ i~ ~i ~ ~~~! ~ Jar . A~ aARlS ~~ . I/We hereby guarantee payment of this Note: l 1 ~ \. L~ ~/~ Notes - Coeporat• appitomt. «auQOntors clot •>n•wb Not., to onrpor~• oom~, M 8Jr aatboris.d otttar, and ••d an.t b• oitta.d cad dale adbsbd; potm•rbtp appltomt. «a.armtoes w•t .z•ont• Nob to ttre nm., to~•tMr .rtt6 algwtar+ of • Q~r~•rat pata.r. fflA "BORN t12~D 1t2-171 ~; , a R 179 ~ 235 ~.o ,25•{,t ,a_ 800K