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Home My WebLink About0283 `1~ i ~ r. S. Use thc proceeds of the loaa solely for the pu~poses set torth ia the Autho~izatioa for t}?e Loaa issued by Payee. 6. On demand. reimburse Payee fo~ any and all ezpenses incurred~ or which may be hereafter incurred by Pay- ee irom time to time ia conuection with or by reason oE borrower's applicatioa Eor. and the makiag and administrateoa ot, the loan. Neaative Covenants. - The Undersigned coveaants and agrees that~ without the prior writtea coaseat oE the Pay- ee, Undersigned wi21 not: 1. Create~ assume or otherwise sufEer to exist any mortgage~ pledge or other incumbrance upon any of the real or tangible personal propecty of the Undersigned~ whether now owned or hereaiter acquired, e:cept (a) lieas fa t~ccs or other governmental charges not delinquent or being coatested in good~faith. or (b) purchase money liens upoa prop- erty acquired after the date of the Note~ and other liens upon such property at the time of the acquisition the~eof. 2. (a) If Undersigned is a corpocation. declare or pay aay dividend or make any disttibution upon its capital : swck, or purchase or retire any of its capital stock, or consolidate or merge with any other company, or make any ~ advance, dicecdy or indirecdy, by way of loan. gift. bonus~ commission, or otherwise, to aay company direcdy or in- direcdy controlling a afFliated with or controlled by Undersigned~ or w any officer~ director~ a employee of Under- signed~ or of any such canpany. (b) if Undersig~?ed is a partnership or individual~ make any distribution oE assets of the twsiaess of Undersigned~ other than reasonable compensation for services~ or make any advance. direcdy or in- direcdy. by way of loan, g~ft, boaus. commission~ or otherwise~ Lo aay partner or any of its employees. or to any company directiy or indirectly convolling or af~liated with or controlled by Undersigned. Events o j De jaul~ - The indebtedness (including principal ~ interest and ezpenses) shall immediately become due and payable. without notice or demand~ upon the appointment of a receiver or liquidator, w6ether voluatary a in- voluntary~ for the Undersigned or for any of its property, ar upon the Gling of a petition by or against the Undersign- ed under the provisions of any State insolvency law or under the provisions of the Banluuptcy Act of 1898, as amend- ed~ or upon the making by the Undersigned of an assignmeat for the beneCit of iis creditas. Payee is authorized to declare all or any part of t6e indebtedness immediately due and payable upon the happening of any of the following events: (1) Failwe to pay any part of the indebtedness when due; (2) nonperEormance by the Undersigned of any agreement with~ or any condition imposed by, Payee with respect to the iadebtedness; (3) Payee's discovery of the Undersigned's failure in any application of the Undersigned to Payee w disciose any fact deemed by Payee to be material or of the making therein or in any of the said agreemeats~ or in any affidavet or other documents submitted ia connection with said application oc the indebteduess. or of any miscepresentation by, on behalf of~ or for the bene- fit of the Undersigned; (4) the reaganization (other than a reorganization pursuant to any of the provisions oE the I Bankruptcy Act of 1898. as amended) or merger,or consolidation of the Undersigped (or.the making of any agreement ~ therefor) without the prior wcitten consent oE Payee; .(5) the Undersigned's Eailure duly to account, to Payee's satis- E faction~ at suc6 time or times as Payee may require~ for any of the collateral. or proceeds thCreof, coming into the = ~ conuol of the Uadersigned; a(6) the institution of any suit affecting the Undersigned deemed by Payee to affec! ' ~ adversely its interest hereunder in the collateral or otherwise. Payee's failwe to ezercise any of its rights under = ~ this paragraph shall not constitute a waiver thereof. ' ; ~ . . ~ Upon nonpayment of interest or any installmeat of principal when due, the Undersigned and sureties autnorize ~ the Payee to sell, at puWic 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 eapense, to tEe payment of this Notc. $ The securi ri hts of Pa ee and its assi s hereunder shall not be im aired b an ~ndul nce reiease re- = tY 8 Y 8~ P Y Y 8~ ~ • ~ newal, extension~ or modification which Payee may grant with respect co the indebtodaess or any part thereof~ or in ~ respect to the collateral or in reapect to any endorser, guarantor~ or surety without notice or consent of the Under- i signed or any endorser~ guarantor or surety. . ~ Ilt iRtl~3 i~OR~ 1K haq h~l~wa~tt0 N~t. Ou:' bmds aa~d NaL th! daq/ atld t~N ysai' tltstr abo~+s vritt~a. ~ ~t. 1~I.B~!? J.~ CAllT~ ~ l~IICE K. C1R1'SR ~ ~ i~ _ ~ ~ . ;s ' ~ . . ~ ~ ~ I - I/We hereby guazantee payment of this Note: - • i ~ < y ~ ~ 'j ~ t ' ~ y!i 2-' 1 xr , - Note. - Co~porate appilemta or qu~~tors muet ezecvte Note, 1n cwrporate n~, b7 daly wthortzed ofUoet, md ~eal must oe uttlud md dulr atleated; pcatnerahlp apDllcmts or quaacmtors muat ezecute Note ln ilrm name, toqether Mith slyaature oI a qaneral palner- r-~ ~;s SBA FORM 3266 (i i-677 ~ R 181 , _ 600K ~ ` . ~ GPO 932-9p) ~ s"?- ~ r:,. ~ - - - - - - - ~ - - - ~ ; ^ ' _ a~, n.'~`~~ .a.~:_,~._ _,1`,._ . . . _ .~i . , r,_ . .e#~""^-~~~