HomeMy WebLinkAbout0454 ii?.,u s:i• oon~avmeut ot the IDJebIr.UOCY~i, or aav part tbeteot, whes due, whetne~ by acceleratiuo or otberr+ise, Ho{der i~ empuw-
~rrd to >~l~, a.s~ga. and deliver ~ba ~.Luie ot aor patt ot tAe Collate~~l at prbiic o~ ~rirate sale, wi~huut demand, advertiYrmeet o~
nc~?ice uf c!~r. time ot pise~ o( sal~ ot of yar adjourasest tl~ereo(. whicb are here6r eapreaelr r+aived. A(~er deductio6 all C[PlpfO!
ini iJentsl ~u a~ arisioR fm~ ~atck ssle or sales. Hotd~< <aYr •pply ~?e ~esidoe oi the p~oceeds ~Lareof to the pnyeae~t o( tbe Iodeb~
tr,pZYi, .13 1t tihall ~ieem p~op~t, retucn~u~ Wt eicess. it aay. ~o t!?~ nadersigned. 'fl~t uedErei,pied he~ebp waives ail ~ipbt ol te-
lrmptios ~r app~~ise~aeot whetl~tr belors o~ ~Itst sals. - •
ti~:~lrr i~ `urcae? e~powe~e~, to collect o~ ca~se co be collec~ed or oihen+iye to bn coeverted into moaep all ot sny p~rt of tse
t:ollaienl, by cuit or othenrisa~, sn1 to sYaoder. coo~pcomist. nla~ae. reoev.. estesd. e:c6ao~e. o~ ssbstitete a~r ite+e oF the Col-
I.~trral in traosactiooa wieb th~ ueders~go ed ot mr tbird parq, irtespeclive o( any ayxi~meot thereof bp ehe undersign,ed. aod wit~-
uut ptior autira to or con~eat oI ttie uude~aigned or asr assi~ee. Ahmever aop ites o[ t6e Collstenl shal) not be p~id whee dae.
~r otherwise ~hall be ia de(aolt. whether ot oot tbe iodabtedo~sa, or aor p~rt theteol. haa become doe. Holdet +h~U have tl~e aame
. ri~s +~o~ powe~e v+it6 reapect to src6 ite~ ol the Collate~l as an Srsated ia respect tlsreot ia tbis pa~~~p6 in case o( oonpay-
meQtbf the ~ndebtedae~~. or aor p~tt tbsreei. rr6re dae. Noee of d~e ri~~s. ~eoedie~, privileses. or power~ o( Holder espreaslr
p:uvided [or herein sLall b~ e:clssive. bu~ eac~ oE tbeo sh~il b~ cs~nlative ~vit5 aod i~ additioa te eveep othe~ rip~q ro~e~lr, privi-
ta~e,~aad.po~rer no~+o~ he~(ter e:istu~ i• tavor oi Holder, nhethet ~t I~w or is eqoiq, bp statote or othenvise. .
,The uoderai~ ed aRrees to take ali necessary ~tepa to admioiater, superviae, prexrve~ and protect the Collatenl; aud re~rdlesw
oi'aar. sctioa taken bq Holdet. tberc sh~ll be no daq opoo Holder ia tbis re~pect. TLe ondetsi~ed al~all pap all espeeses of aay na-
tuce, whether incorred ia or oot oI oo~tt, and wbetaet incorred before or aEter ~is Vote shsll beeome due st its maturity date or ot6er-
wive. ine!v~ling but not lisited to teesooaDle attomey's feea aad costa. whicb Hotder m~y deem necessary or proper in conaectioo
,~~th the satisiactios of the Iedebtedaess or tLe administn~ioa,,sapervision, presenntio~. ptotectioa of (incloding. bot not limited to.
~he maiaieaance oi adeqnate insu~ance) or the realiza~ion npo~ the Callatenl. Holder i~ aathorised to par at anr time and f?om time
io iime aar or ail oi sac~ e:paases. add_t4e.a.oaat_oE sueh p~~ent m.the amonnt ot tbe Indebtedaesst and ehar~e iaterest thsreoo,
nt the rate speciGed heteis witb respeet to tbe principal ac~oaut of t6is ~lote. ~ ~ ~
Tl~e securitp ri~ts o( Holdet aad its sssi~a heteooder ~Lall not be impaired by Noldat a sale, nrpothecation ot rehrpotheca~io~
ot anr note of the uadsrsi~ed o~ asr its o[ the Collatersl, ot by aar iadnlgeoee, includin6 boc uot limited to (a) aar reuewal. e:-
iensioe, or modificatio~ wLiei 8older wJr ara~t r+i~ reapcet to the lndebtedaeas or anp part t6eteof. or aey sorrender. comp?o-
miae. r-les~e. rene.+al. e:teasio~. e:e~ia~e, or s~bstitatios rrhich Halder may grast io teapcet oF the Collatenl. or (c)"any isdni-
~eace granted in respect o[ aa)r ead~rsetL ~oat~ator. ot s~rety.. ~e-pYrd~sser. auip~see. trans[etee, or pledsee of d~is ,lots. the•
. Coilater~{. auy guara~r~, at+ ahr otLer doc~se~t (or asr of thae). sold. asai~ed. tnnaferted. pledaed. or repledged. s6a11 tonh~+i~h
become ve~ted wri~t a~ ettidad to e:ertist all tLe porren aad ri~u aiven bp t6is Note and all applicatioos oi the ondersigoed w
Holder or SBA. as ii said pareraser, ~ssi~ee, transieree. ot pled6ee ~rere origin~lly ns~ed as Pupee in this Note aad i~ ~aid ~ppli-
catioa or aoplicatioas.
'(his prooissory note is p~ea w senre ~ lou r+hic6 SHA is makin~ or in v+hich it is partieip~tiss and, parsuaat to Ps~t l01 of
ehe Rules and Restl~tioas of SBA (13 C.F.R. IOI.I(d)). tbis instm~eeot is w 6e coaatrned and (whea SBA is the Holder or a parep)
in u?terestl enforced ia aeoorda~ee witk applicabls Fedewl la~r. •
The undeni~ed u~denunds and agees that in tbe ~vent 6e wrongfully misapplies the proceeds of the loan obtaiae~l under
f'L 92-38i he shall be cirilr liable to tLe ~dministratioo in an amount equal to one and one hal( tl'/=) times the original principle
amouat o[ :he loaa.
It is understood t}i~t the te~m "iodebtedaess" as defined above shail include t6is amouut, if imposed by the ~dministration
, under ciaase D PL 92•385.
- The uncersigaed andentands aod apQees that it is mandatory that he retum SB~ Fortn 1018, duly executed within l2 months.
t and sach otl~er evidmce as is neceasarr and satisfactory to Small Bo~iness :~dministration wit6io oaeyear ot the date oi the
; execnted note, whic6 evideace shell indicate chat the fnnds rcceived hare beea used as directed by the authorization. Failurc to
? furnish such evideece ~+it6in the l~ month period snall raise a presumptioe th~t the proceeds of the loan have been wrongtully
a misapplied.
i
~ The undersi~ed acknowledges t6at 6e 6as beea advised that torgiveness bene(its have ber.n granted, aad the repayment
~ schedale has beeu computed upoo the redaced balance oI the loan. The undersigned further ~grees that aay funds in ecc~ss of
~ nne tiuodred (100) dollars in nis posxsion bot not needed Eor t6e purpose set forth ia the authorization snall be ret~~merl to
~ ~:nall Business .~dministraiioo as sooo as possible bat in no eveat later than one year Irom the ~late hereof.
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~ N07tCE TO BORR0IMER
~ You have a legal right ander Federal Law to cancel tfiis transaction, i( ~ou desire
~ to do so, with out any peoalty or obligation within three (3) business daps (rom date
of this note.
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FILE4 t.k' ~c~~RDEO ~ , , -
,i Sj ;3i~?.tY F~~ ~oseph P! Sardouche
F~~., _ ~ JI'R\S t ~
r'~ ofCt}Er•r.. ~ ~ut~ :,6U~ `J j .I~
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_ _ c 1 ~ ~ ~f`` _ ,Y ~"/w/ r-';~~~-~`l~~
~-a { Ee 2Z 9 4
;_-=r porothy Ba~che
~~s~2s ~
IVote.-Corporate applicsnt~ au~t e:eente Note, i~ corponte nawe. br dolr aot6orized o(ficer. aod sesl mosc be a(fizedaod doly
- attested; pertnership applicaots mn~c ezecote Note ia 6rm oame. to~et`er writb signatore of a genenl parmer.
SBA FORM 147 8 110-72)
~ ~ . - ` } 224 e,~~ ~ 453 PAGE 2
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