HomeMy WebLinkAbout2350 Upoa ~he aoapaymcn~ ol ~he lodeb~edoe++, or aay pan ~he~rol, wh~~a dur, Nhrther by acc•rlera~ioa or otherwixr, IIoIJP~ i+ rmpuw-
ered lo xcll, asyi~. uad Jrliv~r ~hi• whole a~ any part u( Ihr (:ullalc~u: el ~wblic or ptivatr sali•. withuut drmuad. a~l~~•r~i~eaii•nl o~
uotice of ~he time or plucr u( ~ali• or of aay adjournmen~ ~hercot. Nhich arc he~rby. expre+sly waived. A(~r~ deduc~iag all rxpeasrs ,
incideaial to or arisiaR ?rom su~•h aule or r:ul~•+, IIuIJ~•r may apply thr rcaiJue ol ~6e pror~•rdr lh~rcul !a ~he puym~•n~ u( th~• (nd!~b- i
teJaess. as it xhal) dceni p~opr~, tcwraing th~• rxcess, it ~ny, lo ~hr unJcr~?iqneJ. 'I`hr unde~sigaed hereby ?~+ivca all r~~ch~ ot ~r- t
drmp~iua or app~aisemea~ whoiher b~•furr o~ a(tet cele. ,
tiolder is [unhe~ empowered, to collrc~ or cause to bc collected or othttwise lo be coover~ed iato monEy all o~ aay patt o( lhe
Colla~erel, by suit or otherw•isc. and to surreader. compromise. «•Icase, tenew, e:tcad, exchaage, o~ subs~itute any item o( ihe Col- ~
I~tetal in traasactioay with the undersi~n ed or aay third pa~ty, itrespective ot aay :isyip?meat thereot Ly the uodersigned. and with-
out p~ior notice to or coaseat o( the uadersigoed or anr as~ignce. Nheaever aay item o( ~hc Collatera) ahaN aot be paid wheo Jue.
ot otherwixe shall be in de(ault, whethe? o~ not the iadeb~cdoess, or any part the~eo(, ha~ become duc. Ilolder shal) have the same
rights and poree~a wit6 respect to ~uch item ot thc Collateral as are g~uated iu tespecl thereo( io this parag~aph ia casc o( aoapaY• ~
meat ot the Indebtedaes`. o~ auy part the~co(, wheo due. None o( thc right~. ~r~i•Jirs. p~ivilcRes. or pow~rs ot Ilolder ezpresxly i
provided for hereia shall be ~zclusive. bu~ each at them ~hull Le cu~wla~ive wi aud io addi~ioo to every other riqh~. remedY. privi-
lege. aod power aow or hereattet existiag in (avor o( Ilolder, whethet e~ law ot ia ~quity. br stalutc o~ olAerwise.
'~'he uadersigo ed agrees to take all aecessary steps to admiaister. supervise. preserve, aad protect the Collaterel; and ~egardless
ot auy actinn takeo by Ilolder, lhere aholl be no duty upoo Fioldet ia this respect. •The uadersigaed shal! pay all expenses ot nay na-
ture. rvAether incurced io or out ot court, and whether iacurred before or atter this Note xhall berome due et its maiurity date or other-
wise, iacludiog bu~ not limited to reasousble auomey's (ees aad costs. which Ilolder may ~eem aeces~ary or proper ia coouectioa ~
with the satistactioa oi the ladebtedoess or the admioislratioo, supervisioa, prese~ration, protection ot lincludiag. but not limited to.
the maioteaaace oi udequate iasurance) or the realization upoo the Gollateral. ilolder•is aut6arizeJ to pay at aap ~ime and from time
to time any or all ot such e:penxes, add the amouat ot such paymen~ to t6e amount o[ the Iadeb~edoess, and charge iaterest theteon
at tAe rate specitied heteio with respect to the priacipal amoun~ of this Note. .
'll~e security rig~tts of llolder aod its assigns herenader shall not be impaired by liolder's sale.6ypothecation or rehypothecalion
oi aay uote ot the undersigaed or aay item ot the Cotlateral. or 6y aoy indulgeoce. incluJing bu~ aot limited to (a) any renewal, e:-
leasioa. or moditicatioa which Holder may grant with respect to the Indebtedacss or aay part thereo(, or (b) any surrmdet. compro- ~
mise. release. reaewal. extensiou. e:chenge. or sabstitution which flolder may graat ia respect o( the Collateral, or (c? aoy indul-
gence granted in respect oi aay endorser, guarantor. o~ surety. The purchasec. assignee. tra¢sferee. or plydgee o( this Note. the
Collatetal. allr g118faqlr. and any o~her document (or aoy o( theml. sold. as~igped. lraoslerred. pledged. or repledged. shall torthwith
become vested with apd entitled to exercise all the~poveers and ri~ts given by this No~e uad all applications of the undersigned to
floldet or SBA, as i( said purchaser. assignee, traoaferee. o~ pledgee were originally named as Payee ia ~his Note and io said appli-
cation or applications. ~
Tfiis promissory aote is given to secure a ioan which SBA is makiag or ia which it is particigating aad. parsuaat to Part 101 0( •
the Rules and Regulations o( SQA ll3 C.F.R. 101.11d)). this instrumeat is to be conslrued ~nd fwhea SBA is the Nolder ot a party)
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ia interest) eo(orced in accordaace with applicablc Federal law. ' -
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. ~a h A. Sprin er
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Pxentiss, Inc.
BOOK~~ f'ACE~ 'JCQ .
a Note.-Corporate applicaots musl execu~e 1io~e. in corpora~r name. by duly euti~crized o(licrr. aod Scal mutit be aftixedaod duly
attest~d; partnership applican~s must execu~e• Not~ in tirtn nam~. ~oRether with si~earorc o( a genetal par~ner.
SBA FORM 1~7 IS-711 PAGE 2 i
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' ~ • >US GOVEPNMfNtMINTIhGOFfItE~.1~11 72t•N:r~!•. 1-1
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