HomeMy WebLinkAbout2447 ~ ! , . ~
lipon the nonpaym~at o( the InJrbtedoe+s, or any par~ ~hereo(, v~F1P0 due, whether by acceirratiou 6~ UlI1CENISP. Nolder is empaw•-
<-red to sell, assiRo, and deliver th~ whole or any part oI the CoUeiera! at public ot priva~e sale, vcithout drmand, ad~ertisemeut or
nutice of the timr or place of sal~ ot ot any adjournment tl~ereo(, w~Ai.~ are hereby cYpressly Naived. A(let deducting alI e:pensea
:nc identsl to or arising ftom such sel~ or sales, Nolder may apply the residue o( th~ proceed~ Iheteof to the payment ot the Indrb-
«dne.s, as it shall deem p~oper, returnin~ the e:cesc, i( any, to the under~i~poed. 'il~e ~ndersigned hereby waives a!1 ri~t o( re-
uc~mption or appraisement whether be(ore or a(ter sale.
Holder ia furt6er empowered. to collect or cruse to be collected or otherwise to be cooverted into mooey all ot any part ot the
(:ollatenl. by soit or othe~wise, and to sortender, comptomise, release, reaew, extend, exch+wge, or su~~itute any it~m ot the Col-
fa:~ra! in transections with the nndersi~ued ot any third parry. irrespec~ive oi any assippment thereof bv the undersip,ncd. and rvith-
.~ut prior notice to c+r consent of the undersi~ed or rny assi~ee. wheaever eny item oi t6e Collateral s6a11 not be peid when due,
~~r othe~wiae shall be in de(avit. whether or not the indebtcdness, or enr oart t6ereof. 6as become dae, Holder s6a11 hove the sa~e
r;~ts and povren with respect to such item of t6e Collaters) as sre 6ranted in reapect thereoi in this pera~aph in cese of nonpay-
n:Pnt o( tlie Indebteduess. or any part thereot, w6en dae. None oi the ri~ts. remedies. privileges, or poM•era of Holder e:pressly
provided (or he~ein s6all be exclusive. but eacb o( them shall be camnlative writ6 and in addition to every other ri~t, remedy. privi-
I~Re, and power oowor 6ereaiter e:iating in (avor oI Holder, whether at law or in eqoiry, by statute or ot6erwise.
The nndersi~ ed agrees to take all necessary steps to administer. supervise, preserve. and protect the Colleteral; and rcgerdless
of any actioo taken by Holder. tbere s6a1) br no daty upon Holder in t6is respect. 71~e uudersigned shall pay all expenses of aay na-
tur~, whetber incuned in or oot of coon, and rr6ether incarrcd before or atter t6is Note shall become dne at its matarity date or other- _
N ise, inclading bot not limit~d to reasonable attomey's (ees and costs. which Holder may decm necessary or proper in coonection
~ith the satistaction o( the Indebtedness or the administration. snpervision, preservatioo, protectioo oi iiocluding, bot oot limited to,
~hr mainteaaace of adeqaate insorance) or the realization opon the Collaterel. Holder is aothorized to pap at aoy time and troa time
~o time any or al1 ot socb e:peuses. add the amonnt o! such payment to the amount ot the Indebtedness, aud charge interest thereon
a~ the rete speciGed herein witb respect to t6e principal amount of tliia !,ote.
'Ibe sec9rity rights oi Holder snd its assi~s hereander s6a11 not be impaired 6ry Holder's sale, hypothecatioo or rehypothecation
ot any note oi the nndersigued or any item ot the Collaterel, or by any indolgence, inclading but not limited to (a) any reneNal. e:-
iensioa, or modi(icetion which Nolder may grant writ~ respect to tLe Indebtedness or any pen thereo(, or (b) any snrrender. compro- t
mise. rdease, renewral. e:teusion, e:change. or substitution wr6ic6 Holder mey pjrant ia respect o( the Collateral, or (c) aoy indul-
~ence gtanted in respect of any endorser. guarantor. or sarcty. 'Ibe purc6aser, assignee, transferee, or pledgee o( this Note. Ihe
(:o]laterel, any guaranry, and any other document (or any o( them). sold. assi~ed. trans(erred. pledged, or repledged, shall torthwith ~
become vested wit6 and entitled to e:ercise aU tLe powers and rip~ts given 6y this Note and all applications ot t6e undersigaed to
Nolder o~'SBA, as it said porchaser, assig~tee, trans(e~ee. or plcdgee were originally named as payee ia this Niote and io said appli-
cation or applications.
'(1~is promissory notc is given to secnre a loan which SBA is making or in which it is participating and, patsuant to Part 101 of {
the Roles and Regulations of SBA (13 C.F.R. lOl.lld)). this iostrumeot is to be construed and (when SBr1 is the Holder or a party) s
interest) eniorced in accordance with applicable Federal law.
I> Y'i!'riit i~t~Ot. ~~sw ~s+~s Nt ~t ~da a~i se~ts t~ da~ add tlr ~?ws ti=st
aia~~ trsitta~.
t
.
,
; '
~
;
~
~
f
~
~
~
k~j
5
~
~
~
gF
~
~
3
ti
~ .
~r~l~~ ~ • ~t ~d TiQ~~ ~ ~f/ ~
~ f
~
. .
:
~
7~C~ ~ ~
~~S
S
1
_ `
i
Note.-Corporate app)icants must e:ecote Note, in corporate name, by daly aothorized o(ficer, and seal moat be aftixedand duly
: att~ed; partnership applicants mast e:ecate Note io firm aame, together with si~ature o( a geoeral permer.
~
~:r
SBA FORM 147 (4-71) ~I1R y~r~~~~ PAGE 2 ;
w,~? r~ ~
-Y~ _ r.>r, ~ 1'r.e.5~
„ - . . . . . ~ _ - . _ . . . ~