HomeMy WebLinkAbout2446
i •
'i
Payment ot any installment o( principa! o~ interest owiug on tbis Note may be made prior to the metarity date thereot withoot
peaalty.
'Ibe term "Indebtedness" as ased 6erein s6a11 mean t6e indebtednesa evideaced by t6ia i~tote, iocluding principal. iatereat.
and upensea, w6etLer rnatingeat, now due or 6creaher to become doe and rrhether 6ereto{ore or contemporaaeoasly 6erewith or -
herea(te~ coutracted. 'Ibe term "ColiateraP' aa used ia this Note s6a11 sem any funds, aaarantiea, or ot6er propertp or ria6ts
therein o[ anr nature w6atsoever or theproceeds thereof which may have been. are, or 6ereafter m~y be, 6ypot6ecated, directty or i
indirectly by tbe uodersi~ed or others, en conaection with, or as secaritp (or, the Indebtedness orany part ¢6ereo(. 'Ibe Collater-
al, and eacL pan thereoi, shall secort t6e Indebtedness and eac6 part thereof. '(be coveoanta snd conditions aet forth or referced
to in any and sll instmmeuts o( hypothecation coastitotin6 the Collateral are 6ereby incorporated in t6is Note aa covenants and
conditions of the andersi~ed wit6 the same force and eifect as thoogb suc6 corenants ead cortditiooa xere falir set lortb 6erein.
'Ibe ~ndebtedness s6a1) immediatelr become due and peyable, wit6oat notice or demaed, upor t6e appointment o( o receiver or
liqaidator, vrhether volnntary or involantary, (or the andersigned or for any of ita pmperqr, or upon the (ilin6 ot a petition br or
against the ondersi~ed ander t6e provisions of any State insolvency law or ander ~he provisioos of ~he Baakrt~ptcp Act o( 1898,
as amended.or upon tLe makiog by t6e nndersi~ed o( an assi~mcnt (or the beue[it of its crcdiWrs. Holder ia aot6orized w de-
clare aU or any pan o[ t6e Indebtednesa immediately dae and payable apoo the 6oppening of any o( tbe fotlowiag ereats:
(11 Failure to pay aor pan of rhe Indebte~ess whea dae; (2) noaperfoimance !ry the undersigned of anr agreemeat wit6. or any con-
dition imposed by, [Iolder or $mall Bneiness Administration (6ereinafter called "S$A"1, or eit6er of them. r?ith tespect to tLe (o- ;
debtedness; (3) Holder'a discovtry ot the nndersi~ed'a feilare io auy application ot t6e andersidped w~oider or SBA w disciose
any fact deemed by Hoider to be matcrial or of the making tberein or ea aay of t6e said a6reemeota, ot in aoy •ttidavit ot ot6er doc-
omeats so6mitted in comectioo MitL said application or the iadebtedness. o( anr oisrepreaeotatios b~, on beLal( o(, or for 1be bene-
(it o( tbe anderai~o ed; (41 the reorganiution (o~her than a reorganization porsaent w any oi tLe proviaionw o( the Baakrnptcp Act of ~ r
1898, aa ameoded) or merger or coasolidatioo o( t6e andersi~ed (or t6e makiaa o! anr agreemeat t6etefor) witbout the prior written
consent ofHolder; (S) t6e ondersi~ed's (ailore doly to account. to Holder s satialaction, st sacb time or times as Holder may re-
qaire, tor any ot the Collateral, or proceeda t6ereof, coming into the control oi the uodersi~ed; or (6) tbe institatioo o( anr soit
a(lecting the andersi~ned deemed by Holder to attect adversdy its interest hereonder in t6e CoNateral orot6erwiae. Holder's (ai1-
are to e:ercise i~s ri~ts oader tbis paragraph s6a11 aotcoostitote a waiver t6ereo(.
59A FOitM it7 (8-7t1 REF: ND 5f0-1 PREVIOUS EUlTIONS AND SBA FORMS 154, 326A, S30 ANO 590A ARE OBSOLETE
~o~K199 ~f2445
. . - s - - - - ~ .