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Home My WebLink About2344 , f t Upoa ihe noppayn~rnt of the Iud~'LteJaesa, or eay p•rtl the~col, whrp due, Mhc~he~ by aco~le~ation or ulherwixe, Ilol~l~r is e~opow- ered ~o acll, ~ss:Ro, and dr.livet ~hc Nhole or any p~rl ot lhe (:ulla~i•~a! at ~wbli~• ot p~~va~r sale, Ni~huut Jenu~nJ, ad~~•rti~~~m~•nt o~ aotice of ~he time or plrrr ol ~ale or o( any adjouramcal theteoi. +~hich arr herebq expreti~ly waivrd. A(ter deducliog all ripenar~ incidra~al to or. ari+ing (com such 2GJIC O~ tiJIP~3~ Hulder may apply thr resiJue of the proce~•ds ~hereul ~o ihe paym.~a~ ol th~• lndi•h- _ tedness. rs it xhull drrm prop~•r. re~urainR ~hr exceas, if any, io Ihe unde•r+igneJ. 'fhc unJcroigned he~eby Naives ell riKh~ oi tc- demp~ioa or app~aiscmrat whrthrr !,c(u~e or alte~ sale. : : Nolder is tunher empowered, to collac~ or cause to be collected or o~herwise ~o be coove?ted iato money all or say pan of the t Colleteral. by suit or otherwi~e, aaJ to xutrcnder, comptumisc, ~elrase. rcncw, cx~cad, exchaAge, or tiub+~itute aay item of the (:ol- ~ latcra) IQ lqtlyaCl10113 NIIII lIl! UIIIJClSIgn eJ o~ aar ehird par~q~ i~respec~ive oi any assi~meat thereof by ~he uadersigaed. aad wi~h- , out prio~ notice to or caaseat ot the u~dersi~ed or any assigaee. ifheaeveT auy itEm oi the Colla~era) shal) nol be paid when due. or othetwise shall be ia default, whcther or not the iadebtedaess, or aay pa~l thcreol, has become due, Holder sbal) have ~he seme rights and power~ with reypect to such i~em o( lhe Collatcral as a~e gruated ia reapect thereol iu this patagraph ia case ot noapay- - meat ol the (ndebledne~s, ot any part ~hercol. whro due. (Vune ot the tight~. ie~rdirs. p~i~ilegea. or powets o( Ilolder exp~esxly provided (or herein shalt be cYClusive. bu~ e•rch o( ~hem sl~all bc cumulu~ive wi~h uud iu additiaa to every othe~ righ~, rem~dy, ptivi• lege. aad power oow or he~ea(~rr existiag ia favor ol Ilold~r. whcther at (aw~ or io eyuity. by stalute or o~herwise. ? The undersi~ ed ag~ees to take all aecessary steps to adminiater. supe~vise, p~e~erve~ aad protrct ~he Collaterel; and regardless ' ot any actioo takea by Ilolde~~ there ~hull 1?e ao. dutq upon Uoldcr in thix reapect. TAe unde~signed ahall pay all expenses ot aoy ae• ~ ture. whether incurred ia or oo~ o( cv>urt, aad whether incur~ed be(ote or a[ter this Note shall become due at its ma~urily date or other- wise. iacludiag bul not limited to reasoaable attorney's (ees ead costs. Nhich Itolder map deem aecessary or proper in connectioq with tAe satis(actioa ot the (ndebtedness or the aJ~aioist~atioo. supervisioa, preservatioa. prolectiou of (includiag. but aot limi~ed te. the maiuteoaace o( adequate iasu~ance) or the realiza~ion upoa the Collateral. 1lolder is autho~ized to pay et aoy time aad from time to time any or all o( such e:penses. add the amoun~ o( such payment to the amoun~ of the Indeb~ed~e~s, and rharge interest thereon at the rate speci[ied hereia ~vith respect to the priacipal amuuat ot this Note. Tfie security rights ot Holde~ and its assi~s hereunder shall not be impaired 6y Nolder's sale.hypothecation or rehypothecstion ot aay note ot the nndersi~ed or any item of the Collateral, o~ by any indulgeace. iaciudiag bnt aot limited to (a) any reaewel, ex- teosioa, or modificetioa which Holder may grant with respect to the lodebtedoesx or aay part thereot, or (b) any sutreader. compro- mise, telease. tenewal. e:tension. ezchaage. or ~ubstitution whicA llolde~ may graat ia respect of the Collateral. or (c) any iadul- gence granted in respect o( any endorser. guacantor. or surety. The purchaser. assipnee. traas(eree, or pladgre oF this Note, the Collate~al. aay guaraaty. aad any other documeot (or aay o( thcml. sold, assiRned, ~raasferred. pledged. or repledged, shall (ort6with become vested with and eati~leJ to exercise al) the povxers and riphts given by this Note and all applications ot the undersigned to Holder or SBA. as i( said purchaser. assignee~ traos(etee. or pledgee were originally named as Payee ia ~his Note and io said app)i- catioa ot applications. - '~1iis promissory note is given to secure a loan which SBA is makiag or in which it is participating aad. pursuaat to Part i01 ot , the flules and Regulatioas o[ SBA (13 C.F.R. 101.1(d)). this instrumeat is to be construcd aad (when SBA is the Holder or a party) , ia iateresi) en(orced in accordance Nith applicable }'edrral law. t . i ~ i i ~ The Furniture Center, Inc. b ' / ` ~7 n P. e s L• ~ - -G' - on ie . r~ess ~ ~ h in r t ~ ~ ~ - a~h ^A. Sprin er ~ , ~ ~ n" . ess, Presi ent Prentiss, Irtc. ' °ooK2~~ Pact2344 - 6 Note.-Corporate applicants must ~:ecu~c Note, ia corporate name, by ~uly autt~crized o(fic~r. and seal must be af(ixedand duly attest~d; partoership applicants mu+t execute Note in (irm nam~, together with signature of a general partner. 58A FORM 147 18-711 ~ ~ PAGE 2 eUs GOVE11hMENT?111Ni1NGOifICE'i97) ll!•~!:l~tv t-~ - , ~ ~ ~~~u ~ ` ~ . . z ~ _ { ~