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• Upon tl~e nonpayment o( the Ipdebtednesa, or aoy part thereof, whea due. whether by acceleration or otherwise, yolder is empow-
ereJ to sell. assi~o, and deliver tlee whole ur any part o[ the Collateral at pablic or privatc sale. without demand, advcrtisement or
notice ot tF?e time o~ place o( sale ot of any adjoorameat theteof. w6ic6 are here6y exp~essly waived. After deducting ell e:pensea
iacidental to or arising ttoa? snch sale or sales. Nolder may apply 1l~e residue of the proceeds thereot to the payment of the lodeb- ~
teduess. as it si~el! deem proper. tetnraina tha e:ceas. ii aay. ~o t6e ande~si~ued. '[1~e undersigned herebp waives sll ~i~t of ~e- ~
demption or oppraisement whether before o~ after sale. ;
Holder ia (a~ther aapowered, to collect or caaae to be collected or otAecwise to be converted into mouryr all or a~~ part ot the
(:ollateral, by soit or ot6erwise, and to suReuder, compmmise, release, reuew, e:te~td. exchange, or sahstitute auy itaa o( t6e Col-
late~al in traasactions wit6 the anderaigu ed o~ any t6itd pa~ty~ itrespective oi any ssai~meot thereof by the ondersigued. aad with-
out prior notire to or conseat a( the ondersigped or ~y aasigpee. Nheuever any itea~ ot the Collateral ah~ll not be paid wheo due.
or otherwise ahall be in de(ault, w6etl?er or not tAe indebtedneas, o~ aay part the~eol. hss become doe, Holder ahall have the seme t
:ights'aad povrera wit6 respect to snch item of the Collateral ea are graated in ~espect t6ereo[ in t6is paragraph in cese oi non{?ay-
ment oI the lndebtednesa. or an~ paM thereo(. when doe. ~Ioae o[ the ti~hhts. remediea. privile6cs. or powers ot Holder expressly
provided for herein shell be e:clasive, bnt each o[ t6em shall be camolative witrt md in addition to every other ~igbt, re~uedy, privi-
lege, and porver nowor 6ercafter esisting in tevor ot Holder. whethe~ at larv or in equiqr~ by atatute or otherwisc.
'fAe uadersi~ ed agreea to take all necessary steps to aiiaister. sapervise. preserve, and protect the Collaterel: and regardleas ~
of any action taken by Holde~. there shall be no doqr opon Holder in this respect. 'Ibe nnderaigncd shall pay all eYpeoses ot eny na- s
ture, whet6er incurred in or oot o[ coan. md whet6er incn~red before or efter thia Note shal) become due at its maturity date ot other
~•ise, inclnding but not limiced to reasoaable atiorney's tees aad costs. which Holder may deem aecessary or pmper in connection
.,•ith the satistaction of the ~ndebtedness or the administration, supervision. preservation. pmtection o( (iucloding. bot not limited to. ~
~he mainteaance of adeqnate insarance) or the realization opon the Collatenl, Bolder is aathorized to pay et enr time and !rom time f
to time any or atl of sac6 ezpenses. sdd the amonnt ot suc6 payment to the amonnt ot the Indebtedness, end charge intereat thereon
a~ t6e rate speciCed he~ein with reapect to the principal amoont ot this Note.
T6e secnritp ri~ts ot Holder and its assips herennder shall not be impaired by Holdet's sele. bypothecatioo or re6ypothecation
o[ aay note ot the a~deraigned or any item oi the Collateral. or by enr indalgence, iucluding bat not limited to (a) any reaewel, es-
ceusion. or modification vrbich Holde~ msr grant wi~h respect to t6e Indebtedneas or aay part thereof, or (b) auy sarreader. compco-
mise. release, renewal. e:teasion, exc6ange. or sabstitntion w6ic6 Holder may grent in respect oi the Collateral, or (c) any indol-
gence g~auted in respect of any endorser, guarantor, or saretr. '~'he parchaser, assigoee. ttans(eree, or pledgee ot this Note. the
Collateral, any goarantp, sud eur other docnment (or any o( t6em). sold. assi~ed. trensterred. plcdged, or repiedged. sheil forthwitb
become vested wit6 and entitled to eYetcise all t6e powers and rig~ts given br this 1Yote aud al) applications of t6e ondersigned to
t{older or SBA. as iE seid parc~aser, assi~uee, transteree, or pledgee were originally named as Payee in Ihis Note.and in said appli-
cation or applicatious.
'ibia pmmissory note is given to secure s loan w6ich SBA is ma~ing or ia rrhich it is participating aad. parsnaut to Patt 101 ot
the Roles end Regolatioas ot SBA (13 C.F.R. 101.1(d)). this instniment ia to be coostrued and (rrhen SBA is the Holder or a party)
in interest) catorced in acrnrdance with applicable E'ederal law.
Ill YT17iES8 ~0l, ~a b~a~re ber~u~to set ous hs~ds a~d ous ssala tbe da~r an~d tly ~esr }
fisat atio~rs wri+tte~n. ;
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Note.-Corporate applicaats must e:ecnte 1lfote. in corporete aame~ br doly aathorized olficer. and seal must be aifi:edand dalr
attested; partnera6ip opplicants mast e:ecate Note in finn name, toget6er with sipatare of e general partuet.
SBA FORM 117 (9-71) bO~K~~ ~ PAGE 2 ~
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