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Upon the aoopaymeet of the ladeb~edoeas. o~ ~ay p~rt the~eol. v~rAee doe. wheths~ b~r acceleratioe or o~erwis~. liolde~ is empow-
e~ed to sell, aisi~. aad daliv~~ tke xhole or aay p~n ot ths Collat~ral •t pobllc o~ Prirste ssle. wi~oot desasd. ~dve~ti~e~ent o~
sotlea o( tl~e tise or pl~ce ot aale or ol asy sdjoarosat tbereoi, wbic? ~~e henbp eapreaslr w~ived. Af~er dedocttea ~11 e:peos~a
incideotal to or ~risiss (roo aoc6 sal~ o~ s~les. Holdet ~aay ~pplr tbe ~esidue o( the proceeds t6erool to tbe p~yses~ of t6e ledeb-
tedaess. ~s it sA~ll dee~ p~oper. tet~roiss the e=cess. it anr. to the uddetsi~ed. The ~adersi~?ed 6ecabp w~ive~ ~11 ri~t ol re-
dewptio~ o~ ~ppraiseseat whether be(on or ~(tet sale.
8older Is iurt6er ewpowered. to collect or esuse to be collected or ot6ernise to be co~verted ioto mooep ~11 or ~or pan o( ~he
Collate~l. Iry wit or ottierv+ise, aod to sonaader. cosprooise. relesse. ra~e~r. e:te~a. a:chao~. ot wbititate ur ites ot t6e Col- ;
Iste~al is tnos~ctioas with ~e asdeai~ed or asr ~ird psrq, iRespective ot asy assi~ae~t tLe~eoi bp the oodersi~ed, aad wit6• _
out prior notice to o~ ooosest of tLe w ersiyied o~ ur assi~~~. Rh~srst aor its~ o[ ~he Colisteral a6dl eot be paid w~e~ due. ~
or other~vise sd~ll be ia defaolt. rr6e~Ler or ~ot the iadebtedsess. or nr part the~eof. ?~s beoo~e doe. Nolder skall have ~s sase {
~i~ts aad po~+e~s wiJ~ ~eapect to wch itew ot t6e Collateral ~s ~ce 6nsted is ~eapect d~ertot ia ~6is psn~pi Is ess~ ot aoepar• ~
meot ot the Iadebteduess. o~ wr p~rt the~eo[,~vhes doe. No~e ot ~Ae ri~ta. reeedies. p~ivilesas. ot poaen ol Holder e:p~esalr
pw~tded for 6e~si~ sh~ll be e:closive, bot eac6 ot tsea s6~11 bs co~olativ~ wi~ aad i~ additlo~ w e~eq otrer ~i~t, ~eaedp. privI• .
le~e. ~nd power oor or he~eattsr existioa in (~ror ot Holdet. whet6e~ at 1~~? or is eq~ity. 1ry stawte ot oehen+ise. ~
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'1'f~e underai~ ed a~ees to t~e ~Il neceasary stePi w~dminister. snpervise. presenre, and protect the Cotlste~~l; ~nd rep rdless
ot snr •ctioe akea bp Iiolde~. there s6~11 be no dutp opon Noldet io ~6is tespect._ 'Itie dndersi~ned sL~ll par •11 e:penses ot aar ea-
ture. whether iacnrred is o~ oat o( eourt. and vr6et~ec isen~ced betore or after ~is Note s6~11 become dne at its maturiqr date or other-
wise. iacludin6 but uot limited to resson~ble attomep's tees asd costs. rvhic6 Holder wsr deew neceusqr or ptoper in cosaectiou j
wi~h the satietactioa ot the lodebtedaesa or the adaainiatatioo. aopervisiao. preser~atio~. protection oi (inclndias. bot not lisited to. ~
the maiatanance oi adoqnate inau~~ace) or the realisatioa opoa tLe Coll~terd. Holder ia ~othorised to pay •t anr time and troe time
to time ~ny or all ot sue6 e:peaaes. ~dd ebe ~mooot ot anc6 parmmt w the ~aount of t6e Isdebtedoess. ~nd c6~r~e interest tbeteoa ~
at the tate specified hereis vnith respect to the principal aoonnt ot tLis Note.
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T6e secaritp ri~ts oi Holder aod its assi~os hereunder a6all not be impaired bp Holder's sale.6ypo~hecatios or re6ypoc6ee~eion
ot any note oE ~e naderai~ed or anr item of the Collatenl. or bp aoy indolgeace. iacladins bot oot limited to (a) any reoevral. es-
teosiaa. or modific~tion w6icL Holder mar stast witl? respect to the ludebtedness or auy psrt thereof, or (b) anr surreuder. compcw
mise, celeaae. reoew~l. exteusioo. e:c6aaae. or substitutios whic6 Holdet mar ~ant iu respect o~ the Collaterai. or (c) anr indal- ~
geuce gnoted in respect ot aoy eadocser, gu~raotor. or snretr. The purchsaer. essi~uee, tnaaferee. or pledgee oI this Nole. t6e
Collateral, enr guarantp. aud auy other document (or auy o( t6em). sold. asaiped. tnns(etred. pledged, or repledged. shal! to:tl~Mrit6
6ecome ~estoJ with eod entitltd to e:eccise sll the powets and rig~ts giveo b~r thia Note and all applicstious of the nndersi~ned to ~
Holder or SBA. as it soid pnrc6aser. assi~ee. traos[e~ee. or pledgee wete originally named as Papee ia lhis Note and in said appli-
cation or applicatious.
71tis ptomissorp note is given to stcorr a loan which SHA is making oc iu whic6 it is pattieipating and. pursuaot to Part 101 0[
t6e Rulea and Re~n~lations of SBA ~13 C.E.R. IOl.l~d~)1. this instrument is to be construed and (vnc~n SBA is thc Ilold~r ur a patty)
in iaterest) ee[orced in accord~nce ~rit!~ apolicable Eederal law..
The undersi~ed understands and aRrers that it is mandatory• that hc tr.tum SHA Form 1018. duly execated ~.it6in 12 mooths,
asd such ut!~er evid~ar.i• as is acressar~~ and ~:asi~factary to ~~n:.ll liasines~ Administr~tiun ~vithin oaeyrar uf the date uf the
execuled note,~nfiich .-vidence shall indicate that the tands recei.ed have been used as directed by the authorization. Pailure to
(umish suc6 evidence Nithin the l2 munth period shall raise a presumption that the proceeds of the loaa have been ~.wng(ully
misapplied.
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7'he undcrsi~ned understands aad n~teec tnat ia the c~~ent h~ :.~rongfully misapplicg the pruceeds o[ Ihc loan oAtaioed, ~
he sha{1 be ci~ily liablc tu thc A•!~ninistr.~:i,i, in un aTOUnt ry~;~1 t~ un~- and onr hal( l15'=) tir.~es thc oriRinal principle
amount ot ~he loan. It es understood that the tertn "indebtedarss ' a~ defined abore shall include ~his amount, if imposed by tl~e
~ldministration ~ ~
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i NOTICE TO BOltR01MER
~ Yon have a leKal right under Federal Law to caacel ~his transaction. if yoo desire
to do so, with out any prnalty or obligatioa :.ithin three (3) business days (rom date
of this note.
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IN '~IZTYF.S.s WHBRSOP Me haVd heZeuRto 9et Ou]C haads and seals the dap atsd pear
first abov~e wrfttea.
Worman S. Hayslip and Thomas C. Hay911p
(g na.r,.orshio) d/b/a HAYSLIP LA:JDSC~'S
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- ~tiormaz? E. .i3ysl p - PA~R? ~ ~
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~?:=.~'`~'c~ ~ ` /r i
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T s C. Hayslip /BA.~1'~EA
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~ tiote.-Coryorate applicants must execute tiote, in corporate oame, br doly authorized ofticer, and seal must 6e at(izedaad daly ~
attested; partoership ~pplicsnis moet ezecute hote io (irm uame. ~oRe~her xith siBoatur. ot a geoeral p~rooer. ~
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SBA FORM 117 B 1~74) ,^p PAGE 2 ~
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