HomeMy WebLinkAbout2650 •p ~ ,wi~
.a.' ` • ~t1~'
t
I~PuA IIIP AOlIP7iYlNPp1 OI lI1! Ind~bteJnecc, o: apy pa~l ih~~ro1. ~?hrn du~. whether by acc~lrtatiuq or ~Ih~~~vci~e. {lold~? i~: ~mpuM'-
ered to ~cll, a+siKn. and dclivc~ tb~ Nhole or any part ot ~A~ (:olla~era: at publir or pri:a~e sale, wi~hout dra~aad, adver~i.~•m.~et o~
notic~ u( th~ time or plyce ot xale or o( any adjuurnmen~ tl~ercot. Nhich ¦rc Aeteb~ e~pressly Naived. Atte~ deductinR ell !1~![IttlA
iocideatal to or arisiaK (rau such +nle or sales, {lolder may ~pplp the residue o~ the procecdx thereo( to the paymra! o( thr Indrb-
teJaess. as it +hsll dera propcr, returaios ihe excess, it any. ~o the uadersigaed. T6c under~igsed heteby w~ives a!! right af r~-
demption or apptaisemeat wi~et6er belore or ~tter sate. t
Holdrr is furihet empoweced. to colleot ot canse to be collected or o~hetwise to M.' COOV!(1lrl iato mooep ai! o~ any pa~t o( the ~
Cullateral. by wui~ or atheraise. aad io sur~eode~. .waptomise. rc:leaxe, rcaew. extead. r:chan6e. or substitote any itan oI the Col- ~
lateral ia tcaasactious ~it6 the uadersign ed or any ~hird party. ir~especii~e ot aay assi~pument ~6e~eot bq ~te uadetsi~ned. sad Mit6-
out p~~o~ nu~ice to or conseat oI the undersig~ned or any asaipee. ~'heoever avy i~na o( the Coliatetal sl~all not be p:id wheo due.
o~ otherwise shall be ia default. ~vhether or not the iadebtedness. o~ any p~tt ~he~eof, has become due. Holder s6~11 hsve ~he same
ri~ts and powera tiri~6 respect to such item oI the Collateral as a~e grauted iu ~espect thereo[ ia this psta~aph in caae of aoopay-
meat e( ihe lodebtednesa, or auy patt thereof. ~Aen due. i~oae o( the riRhta. remediea. pririleRes. or powers o( Holder e:ptcssty
provided [o~ hereia shali be exclusive, but eacl~ o( them sbaU be eumulative with and io aaditioa to every ot6er ri~~. remedy. pnri-
lege. and power nowor hereafter eaistinR ia tavor of {lolde~. whether at Iavr or ia eqoity. hy statute or otl~en~iae.
The aadersi~p ed ~grees to take all necessary steps to admioister. supervise. pres-rve. aad protect the Gollaterel; snd rcga rdless
of any actioa takea b~r Holder. there shall be ao dury upos Holdet in t6is respect. The oadersigned shail pay sll expeoses o( aor oa-
turc, whethe~ iacu~~ed in or out o! conn. aad whe~het iocorred be(oce or a(ter t6is No~e shall become due at its maturity date o~ other- ~
v.ise. inclodin~ bnt not limited to reasonable attomey's fees and costa. whic6 llolder may drem oecesaary or proper io conaection t
ti11I1 tLB SiIISIiCIIOp OI~IIIE IndlbirdlllSS Ot lI1@ B~IAISlMl10D. supervisioo. preservstion. ptotection of (including. bot uot limited to.
~he maintenanc~ o( adcquate insnraace) or the realisa~ioe opoa the Collatnral. Holder is aathori:ed to paJr at any iime and (roe+ time
to ~ime an) or a11 ot socA expeuses, add the emount o( soch payment to the aaount ot the Indebtedneas. ~nd charge interest thereon
a~ the nte speciGed herein Mcit6 respect to the principal amount oi this I~ote.
'I~e security rigbts ot Holder and its assi~us heteoader sh~il not be impaited 6y Holder's sale. hypot6ecatioa or re6ypotheca~ion
ot aoy noee oi the undersi~ed or aar item o( the Collateral, or by aay indolgeace. iacluding but not limited to la) aay ~eaer?al. e:-
teasioa. or modi(icatioa rrhich Holder may grapt with respect to the Indebtedaess or any patt theteot, or (b) any sutrender. compto-
mise, release, reaewal~ e:tension, e:change. o~ substitntien which lloldet may grant ia respect ot the Coli~teral, or Ic) any indul-
Reoce granted in respect ot any eadorser, gueraator, or suretp. The pu~chaser, assignee. transteree. or pledRee oI this l~ote, the
Collateral. aoy guaranly, and auy other documeni (or aoy of the+e). sold. assigned. trens(ened. pledged. or ~epledged. shall iorthwitb
become vested vrith and eotitled to exercise all t6e powers and ri~ts givea by this Note and all applications o( the undersigae3 to
liolder or SB?1. as it said purchaser. assi~ee. trans(eree. o~ pledgee wece origioally named as Payee in this ~iote aad in said appli• ~
cation or applicaiions.
This promissory• note is givca to secure a loan which SBA is making or in which it is participatiag and. pursuant to Part 101 0( ~
the Rules aad ReRulations o[ SB~ (l3 C.P.R. lOl.lld)). this instnimeat is to be coustmed aad (wbeo SB~ ~s ~he flolder or a party)
in interest) ~n(urced ia accordaace Nith applicable Fedcral lanr. 1
i
4
~
~
~
I
i{
I _ '
7
f
~
~
~
Nosn~wt E. Ha~+~lip and Thoma• C.
H ~ P ~~P~
" g~ /s/f~h~~_ma$ C. Hayslip
8~ /s/ Norman E, Hayslip
~
,
~O~il~.e~~ PAGE~~
_ ;
rote.-Corporate applicants mu~t P~ecnte \o~e, in corporate name. by duly au~horized of(icer, aad seal musl be a((ixPdand duly `
attested: partaership applicaots ~aust e:ecute ii~te ia (irm name. toRether Nith si~ature ot a~eeaeral partner.
SBA FORM 117 1e-711 PAGE 2
~ • o{~.S.GOVERNMENI?1lINTINGOfFICE~?,:1 tt5-IiZ:{_~1-?
_ - ~ - ~ :~~_4~=a'~ -
i_Y';_:;,~11i ~d"s-r. _ _ . ! ..i` 7i ~ _ ' " _ `