HomeMy WebLinkAbout1096 ' . ..3;
" ~ ~1' .
Upoa the ponpaym~ut o( the IndebteJaess, or any part thereot, when dur, Mhether 67 ac~elerotiua or otherwise, ~~oldcr is empow-
en~d to vell, asxi~n, aad dclive~ the Nhoie or uuy part o( the Gollateref at public or privatc ;~ale, without Jemaad, advertisemeat o~
no~icr ot the time or place ot sale o~ o( aay adjoummeAt theteot. which are hereby expressly waived. A(ter deducting al) expeasea
iacidentel to or arising (rom +uch sale or salea, Ilolder may apply the residue o( ~he proceedx thereof to the paymeot p( the indeb-
tedacws, as it shall deem proper, returniug the excess, if aay, to the uadersi~ed. Thc undersigoed hereby waiv~s all right o( re-
demption or appraisemeot whether befure or ~Itcr sale.
Nolder is (ur~her empowered, to coliect or caune to be collected or otherwise to be convened into money all or any pan of the
Co!latcrel. by suit or o~herwise, ead to surrender. compromise. releaxc, renew~ eztead. exchange. o~ substilute auy item o( ~hc Col.
lateral in treasactions with the undersi~ed or anr lhird partr, irrespective o( aar assi~meat thereof by the uudersigned. aud with-
out prior noiice to or conseat ot 1he nn ersi~ned or aur assi~nee. IFhenever auy item o the Collateral sha!! not be paid when due,
or otherwiae ahal) be ea ~ietault, whether or not ~he indebtedaeas. o~ eny patl ~6ereot. 6as become due, ~Jolder shall have the seme
rigb~s aad powe~s with respect to suc6 item oi the Collaterai es are granted in respect theteof in this paragraph ia case o( nonpay-
ment o( t6e Indebtednesa. or any part thereo(. when doe. None of the ~ights. remedies.•privilegea. or powers o[ Holder expressly
provided for herein sdall be exclusive. but eacb of them shall be cwaulative with and ia addition to every othet right. ~emedy, privi-
leRe. and porver now ot heteatter e:isting ia tavor ot Holder~ w6ether at larr or in equitr. 6y statute or otherwise.
T6e undersi ed a~rees to take al! aecessary steps to admiaistet. supesrise~ preserve. and protect the Collatetel; and, rtsardless
ot aay action ta~en br Holder, there shall be no dnty opon Holder ia this respect. The uadersi~ed s6a11 pay all e:penses of any na-
tute. whe~her incarred in or out o( coun, and whet6er iacur~ed be(ore ot after t6is Note ahall 6ecome due at its matnrity date or ot6cr-
wice. incinding bat not iimited to reasouabte attorner's (ees aad costs, whicb Holder may deem necessary or proper in connection
with the satisfaction of the Indebtedness or the administration, supervision, preservation, protection of (including, but not limited to.
the maintenanee ot adequete insu~aace) or the realisation upoa the Collateral. Holder ia aut6orized to pay at any ~ime and fmm time
to time any or al! o! soc6 expenses, add tse amouut of such paymeot tv the amount o! the (ndebtedness, and charge intertst thereou
at the rate specified 6ereia witL respect to the principal amount of this Nota
'I1~e security rights o( IIolder and its assigns 6ereander s6ail not be impaired by Holder's sale,hypot~ecation or rebypotbecation
of any oote of the undersigued or aay item ot the Collateral. or by any indulgence, including but not limited to (a) any renewal~~x- -
tensioa, or modi(ication which Holder may grant ~ri~h respect to the lndebtedness ot any par~ thereot. or (b) any surreader~ compro-
mice. release, renewal. e:tensiour exc6ange; or substitution wbic6 Hoider mey grent ia respect o( tLe Collateral, or (c) aoy iadul-
gence granted in respect of aay eadorser. guarantor, or surety. 'I'he purchaser, assip,nee; transferee. or piedgee o( this Note~ the
Collaleral, auy guaranty, and any other document (or any o( them). sold. assigned, t~aas(erred. pledged. or repledged, shalt (orthwith
become vested with and entitled to exercise all the powers ead ti~ts given by this Note and all applications o( the andetsi~ed to
Holder or SBA. as ii said purchaser, assignee, transferee, or pledgee were originally named as Payee in this Note and in said appli-
cation or applications, , ,
'fhis promissory oote is given ro secure a loan w~ich SBA is malcing or in which it is participating and, pursuant to Part 101 ot
the Rules and $el;ulations of SBf!"~13 C.F~R. 101.1(d)). this instrument is to be construed attd (whea SBA is the Nolder or a party)
in interest) en[orced io accordance with applicable Federal law.
/ , -
. -
t
' TOM'3 FURNITURB,-INC.
~
~ ~'L/ •
Ite~President Inc: ~
~
~ -
~ t se tary
~
~iote.-uo:porate applicants must execute !\ote, in corporate name. by duly authorized ofFicer, and seal must be a((ixedand duly
attested; parinership applicants must Pxecute ~iote in firm name. toget6er witb si~atore of a geaeral parmer.
! SaA FOFN 1~7 f8-71) OOO~~~~ P~` t PAGE 2
1~ GPn ?17.553
~ . .
~ : : ; -
,
~
~ °
`~3~ ~ _ ~ ~ j
_ , ~ _ , _Y_..- - _ _ =w~ r