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Upon the noapaYment ot the Indebtedness, or aay part thereof, whea due, hi?ether by accele~atioo o~ otherN•ise, Holder is empow-
ered to sell. assi~n, aod delive~ the whole or aoy part of the (:ollatera! at public or private sele, withou~ demaed, edvertisemeu~ or .
notice ot the time or plece ot sale ot o( any adjournmenl tAereol, NAich ere hereby cxpre~sly v?sived. After deducting all e:penaea
incidental to or arisiag trom auc6 sale or sales, Holder may apply tbe residue ot the proceeJs ~Itereof to the paymeat of the Indeb-
tedaeas, as it shall deem proper, retucnios ~de e:cesa. i! any. ~o the uoderaigped. The undersigaed hetebr weives all ri~t o( re-
dea?ption or appreisement whether befote or ~tter sele. .
Holder ia [urther empowered. to collect or cause to be collected o~ otherwise to be convetted into money all or any port of t6e
Collaterel. by auit or otherwise, aad to surrender. compromise. release~ renew, e:tend. e:change. or substitote anr item o( t6e Co1-
lateral in t~ansactiona with the nnderaign ed or any ~hird pacty. irreapective o[ wy asai meat thereo( by ~he andersigued, and with-
out prior notice to or rnnsent ot t6e undersi~ued or any assi~?ee, wheaever any item o~t6e Collalet~l shall not be paid wben due.
or ot6erwise s6All be io de(ault, whetber or not the indebtedneas. or any part the~eof. 6as become dae. Holder ahall bave t6e aame
rigbts and powers wit6 respect to auc6 item ot the Collaterol as are grented io reapect d~ereof ia t6ia paragaph in case of uonpay-
ment ot tlte (udebtedness. or eny part thereol, when due. Noue ot ihe righta. remedies, privileges. or powero ot 8olde~ expressly
provided for herein shall be exclusive. bnt eacb of tltem ahall be cumulative with and in addition to every othe~ ri~t. remedy. pnvi-
lege. and power now or herea(ter e:isting in tavor o( Holder, nrhethe~ at law or in eqoity. br stawte or othenrise.
'1'he undersi~ ed agreea to take all eecessary steps to admioister. snpervise. presetve. aud pmtect the Collateral; and re~a rdless
o( any action taken lry 8older. there s6a11 be no duty upon Nolder in thie respect. The oudersigped shall pay all e:pensea of aoy na-
ture. whether incntred ia or out ot court. and whethet incutred before or atter this Note shaU become due at its matarity date or other-
x•ise. inclading bot not limited to reasonable attomey's [ees and costs. whic6 Holder mey deem necessary or pmpe~ in connection
with the satistaction o( the Indebtedness or the administration. eoperviaion. pteservation, protection of (incloding. bnt not limited to.
the maintena¢ce of adequate insurance) or the tealiaation upoe Ihe Coliateral. Halder is authorized to pay at aay ume and Irom time
to time any ot ell oi sac6 e:penses. add t6e amount oi sach paymmt W tlte amonnt ot the lndebteJness. aad charge interest thereoo
at the rate speci~ed herein wit6 reapect to the principal amount o( this Note.
'11ie security rights ot Holder and its assigns hereunder shall not be impaired by Holder's saic, 6ypothecatioa or rehypothecation
oi any note of the underaigped or aay item o( the Collateral, or br any indalgence. including but not limited to (a) aay reaevral, e=•-~
tension, or modification w6icd Holder may grant with respect to t6e Indebtedaess or any pert thereof. or (b) asy surrender. compto-
mise. release, renewal. e:tension. exchange. or substitution whic6 Holder may grant io respect of the Collateral. or (c) any in~ol- ~
geuce granted in respect of aay endorser. guaraotor, or surety. The porchascr. assignee. tranaferee. or pledgee of thia Note, ihe
Collateral, any guarmty. and any other document (or any of theml, sold. assiped. transferced. pledged. or repledged, al~all fortAwith
become vested wit6 and entitled to exercise all t6s powers and rig~tts given by this Note and all applica~ions o( the nndersigned to
fioider or SBA, as i( said purchaser. assi~ee. traos(eree. or pledgee were originally oamed as Payee in tLis Note and in said appli-
cation or applications.
This promissory oote is given to secure a loan Mhich SBA is making or in w6ich it is participating and. pursoant to Part 101 oi
the Rules and Regnlations ot SBA (13 C.F.R. lOl.ild)), this instrument is to de constmed and (when SBA is the Holder or a party)
in interest) enforced in accordance Nith appliceble Federal law.
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';~`'i ~iote.-Corporate applicants must execate Note, in corporate name. by daly aathorized officer. and aeal must be a(Fi:ed aod duly
~~z atteated; partnerehip applicaots must execote Note in firm name, together wi Os~atare ot a generel artner.
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SBA FORM 147 18-711 , . PAGE 2
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