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Home My WebLink About0600 , . ~ . ~ * ~ 5. Use the pcoceeds oi the ioan solety tor th~urQos~s set torth in the Authorizatioa for the Loan issued by Payee. 6. On demand. reimburse Payee Eor any and all expenses incuRed~ or which may be hereatter incurred by Pay- ee from time to time ia coanection with or by reason of borrower's application Eor~ aad the malcing and administration of ~ the loan. Ne6ative Covenants. - The Uadersigned covenaats and agrees that~ without the prior virritten cansent of tbe Pay ee, Undersigned will not; 1. Create~ assume o~ otherwise suffer to exist any mortgage~ pledge or other incum&ance upoa any of the real or taagible personal property of the Undersigned. wnei:;.,r now owned or hereaiter acquired~ e:cept (a) lieas Eor taxes or other governmental charges not delinquent or being contest~d ia good ~taith~ or (b) purchase money liens upon prop- erty acquired after the date oE the Note~ and other liens upon such property at the time of the acquisitioa tfiereof, 2. (a) If Uadersigned is a corporation~ declare or pay aay dividend or make any distribution upon its capital stock. or purchase o~ retire any of its capital stock~ or consolidate or merge with any other compan~ ~ or make aay advance~ direcdy or indirecdy~ by way of loan~ geEt~ bonus~ canmission~ or othetwise~ to aay company direcdy or in- directly controlting or afCliated with or controlled by Undersigned~ or w any of6cer~ director~ or emaloyee of Under- signed~ or of any such company~ (b) if Undersigned is a partaership w individual, ~ake any distribution of assets of the busiaess o[ Undersigned~ other than reasonaWe compensation Eor services~ or make any advance~ direcdy or io- directly~ by way of loaa~ gift, boaus~ commission~ or otherwise~ to any partner oc any of its employees~ or to any company directly or indirectty convolling or affiliated with or convol~ed by Undersigaed. Events o( De(aul~ - The endebtedness (including principal. interest and expenses) shall immediately become due and payable, without notice or demand~ upon the appointrnent oE a receiver or liquidator, whether voluatary or in- voluntary, Eor the Undersigncd or Eor any of its property~ a upon the Cling o[ a petition by or against t6e Undersign- ed under the provisions of any State insolvency law or under the provisioas of the Bankruptcy Act of 1898~ as amend- ed~ or upon the making by the Undersigncd oE an assignmeat for the beneCtt of its creditas. Payee is suthorized to declare all ar any part of the iadebtedness imn~~diately due aad payable upon the 6appening of any of the Eollowing events; (1) Failure to pay any part of the indebtedaess when due; (2) nonperEormance by the Un3ersigned of any agreement with~ or any conditioa imposed by~ Payee with respect to the indebtedness; (3) Pay~e's disrnvery of the Undersigned's Eailure ia any application ~i the Undersigned to Payee to disclose any Eact d.eemed by Payee to be materiai or of the making therein or in any o[ the said agreements, or in any aEEidavit or other documentg submitted ia connection with said appiication or the indebtedness. or oE any misrepresentation by~ on be6alf of~ or for the bene- fit oE the Undersigned; (4)_the reorganization (othe~ thao a reorganization pursuant to any of the provisions of the Banlcruptcy Act oE 1898. as amended) or merger or consolidation of the Undersigued (or the making oE any agreement therefor) without the prior wricten consent of Payee; (S) the Undersigned's failure duly w account, to Payee's satis- (action, at such time or times as Payee may require, fa any of the coll~teral. or proceeds thereof~ comiag into the contmi nf the 1_lndcrsigned; a(6) the institution of aay suit affecting the Undersigned deemed by Payee to aftect adversely its inurest 6ereunder in the collaterat oc otherwise. Payee's Eailure to e:ercise any oi its rights under this paragraph shall oot constitute a waiver thereo[. i Upon nonpaymeat oE interest or aay instaliment of principal when due~ the Undersigned and sureties authorize i the Payee to sell, at public or private sale, any or all ooUat~ral d~posited and property pledg-~ to secure t6e pay- ; ment of this Note~ and apply the proceeds of sale~ less ezpense, to the payment of this I~ote. F ~ The stcurity rights of Payee and its assigns hereewder shall mt be impaired by any iadulgence, release~ re- ~ newal~ exunsion, or modification whic6 Payee may grant with respect to the indebt~dness or any part thereof~ or ia ~ respect to the collsteral or in reapect w any endorser~ guarantor. or sureq? writhout notice or consent of t~e Under- signed oc any eadorser~ guarantor or surety. ~ ~M~~j~~~~~~~r~~~~~ ~ ~ ~ns +~~w wrYM~. - ~ ~rt ~a~ r ~~t s~s~ ~ ~ ~ `'-otz~-~ ~ ~tr+s~ ~ ~ ~ IjWe hereby guarantee payment of this Note: A ~ ' ` E- ' ~ • ' ` r ' ' Y3 ' ~ ~ ~ ~ ~ _ ~ Not~. - Corpaart~ ayplic~t~ or quQmton must ~:~cvts Not~, tn oorpocat~ n~, bp dulr wthorta~d ofUosr, Q?d ~sd mu~t D~ altl~sd Q?d dulr att~st~d: p~tn~t~hlp applicmts or quamtws mwt u~cvt~ Not~ ln Ilrm a~r, toq~tMr ~rlth slp~atur~ ol a y«rtal patwr. ~ . - ~ ~ SB/1 Fwm 3260 (7-65) aoo,c 1~7 PAC~ vo s~s•~a~ .2~