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Upoa th~ noop~ysnt ol t6e Iadebtedsess. o~ ssy part ~berrof. ~rhes d~e, w6ed?er bp ~cceleatioa o~ othernris~, Uolder is e~pow•
e~ed to sell, assi~, sed d~livsr th~ w~ol~ o~ ur paet of th~ Coll:tenl ~t puslic o~ privat~ sale. v~rit6ont de~~sd. adrertise~at or
ao~ice ot tbe tiae or place of ~~le o~ o( ~ey ~djorrana~ thereot. wMic? ~n henbJr e:p~~ssl~r rv~ired. Atter dedoctina all e:pee~e~
iecide~ta) to or ~~i~iss /ro~ wcL sale or sales. Holder w~y ~pplr t6e residu~ o( th~ proceeds the?eof to the paroe~t ot t6e Indeb-
tedsess. ~s 1t sh~ll deew proptr. ~eto~iss t6e e:cess. if aor, to t4e onde~si~ed. Tlte undeni~ed I~~~ebp w~ives ~II ri~t ot re-
dsaptiw or ~pp~~iaeseet whet6~r betore ot dtK sale. ;
bolde~ i~ (urtbe~ eiepowe~ed. to collect ot c~use to bs collected or ot`ennise to be cooverted ioto ~wep all ot asr part o! Ih•
Collatehl. bp srit o~ othervnise. asd w wRaader. cosprosise. release. re~er+, esteaa. exc6w6e, or a~b~titnte ur ites of tL~ Col- t
latetd 'u tn~sactio~s wit6 tl~ uadtni~s~d or ~sr ~ird partp. iRespective ot ur ~asi~~e~t thereol bp ~hs o~deai~sed. sad wit6-
oot priot aotic~ to o~ coeant ot tl~e wdnsi~ed or or ~ssi~qnee. wbaaev~r ~r itaa o ths Coll~teral si~ll ~o~ be psid ~rh~ dne. ~
or othewia~ sL~ll bs i~ defaol~ ~r?e~Le~ or aot t6e iadebted~ess. or asy p~n tl?e~eof. 6~~ beoowe dne. lloldet s6~11 6sve t6s saee
riahts aad powen with ~espect w wck ite~ of 16e Collatehl as ~n ~ranted i~ reipec~ tiie~eot is this pua~p` i~ c~se ot aoapay- ~
me~t of ~Ae Iadebtedae~s. or ~e~ p~rt ~henot. were due. No~e ot ~e ri~ts. resedies. pri~ileses. o~ po~ets ot Hold~t e:presalp s
providea tor de~~i~ s6~11 be e:c asire. brt eacti ot the~ sL~ll be aaolatire v?iti and 'u addit~o~ to eveq o16s~ ri~y re~edp. p~i~i-
le6e, asd po~ret aow or 6etea(ter e:istin6 ia t~vor o[ Holder. ~r6et6er ~t I~r+ ot fs equitp. b~r atawte o? othenrise. •
T6e anderai~ ed s~ees to take al) necessary steps to adsisister. supervise. preunre. and pwtect ~he Coll~tenl; ud re~ardleai
ut asr ac~ioa t~keo bp dolde~. thero ahdi be no duq upon Hoider is thia respect. T6e node~sig,ned sh~ll pay ~11 e:penses ot uy n~- i
ture. whether inco~red in or ont ot oo~n. aad wbet6er iocnrred beto~e or atter t6is Note s6~11 becoa~e dne ~t its maw~iry d~te or ot6eti ~
wise. incindios but aot lisited to ~eas~able ~ttomer's tees ~od costa. whic6 Holder map deem aeceasary or ptope~ io connectloa
with the satiefactiou oI the Iadebtedaesa or t6e advisistatioa. anpervisioa, preservatio~. pcotectioo ot (ioclodias. bat.aot lisitela to.
tbe maiotenanee oi ~deqnats Inaursace) or the realisatioa upoo Ihe Coliateral. Holder is aot6orised to pay at aoy time and fro~ tIae
to time any or ~ll ot wc6 e:peases. add t4e aoonet ot such paroeat to the amount ot~the iodebtedaess. ~nd ch~r~e ioterest thereon
at the ~ate specitied herois wit6 respect to the prtncipa! ~aoust of /6is Noce. ;
'['~e secaritr ri~ts oI Holder aad its assi~ss 6ereaoder s6a11 not be impai~ed bp Holde~ s sale. hppothecation or rehrpot6ecatioa ~
o( aor eote of Ihe uodersi~aed o~ ~sy Itw of the Collateal. or bJr aoy iadalgence. includia6 but oot lioiited to ~oy teaev+al. e:-
tension. or ~uodificatioa w6ic6 Holder msy 6?ant with respect to the ladesteduesa or aar part thereo(. or (b) any sntreride~. co~pro- i
miae. release. rcnewsi. exteoaioi. e:chan6e. or anbstitntion which polde~ mar grant in ~espect of t6e Collateral, or (c) anr indol-
gence granted in ~espect ot ~ny endorser. gaaraotor. or aorety. TAe parchaaer, ~~signce. transleree. or pledaee o( thia Note. tbe
Collate~sl. eny g~,arznry~ ~nd any other document (or soy o( ~hea~). sold, ac+ig~ed, traas[erred. plclged. or tepledged. shall torthwith
become revted with and entitltd to e:ercise uii the powe:s and ri~t:~ ~ivcn by tbis ~ote eud all applicatiun~ ot the uodersigned to
Nolde~ or SBA. as if said purc6aser, assi~oee. t~aasferee. or pledaee were origioally named aa payee in t6is Note and in said ~ppli- ~
catioa or applicationa. ~
This promissory note is given w secare a loao which SBA is making or in which it is participatiug xnd. parsnaot to part 101 oi
thc Rules and RP~:lations of $R,~ (l3 (:,F.H. 101.1(d)). this iastrument is to be construed vnd (wl.ea SI3A is the iloldr.r or a party)
in intetest) en(orcrd iu accordance. wit!~ applicnble Federal law.
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e urtdersigned uuder>.tands and agrers O~at it is mat~datury that he return CH~ F'orm 1018. duly executed Nithin 12 moaths. ti
and snch other e~•i~lence a~ i~ ncccs..an- a~d ~ati.L~etury to Sma~l I;~sinrxg ~dmini~tntiun zYithin oneycar o! the datr uf tl:e ~
execated note,~hich evi:i•~ncr shall indicate that the (uods receired ha~•e been used ~as directed bp the authorization. Failurc to
furuish such eridence withia lhe 12 mooth period ~hal! raise a precumption tha~ the proceeda of the loan have been wrong(ullr
tnisapplied. _
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The undersi~ed underctands and aRreeti that in the eveet hr wrong(ully misapplies thP pmceeds oI the loan obtain~d. z
hc ~!~all be civil~• li:+bli• te th. Ad~nini.tc:sti~~n in aU aer.ounl rqu.il to one and onr h..fi ~1!4) ti:ncs the oriKinal priaciple
amount ot the loan. It i~ understood th.~t Ihe term "indebtednrss" as deiined abov~ shall include Ihis amo~at, if imposed by the
Admioistratioo •
NOTICE TO BORROWER
'i You have a legal riKht under Federel Law to cancel this transaction. i( you desire
to do sa. wi~h out asy p••nalty or obligation within three (3) b~isiness days frum date
o( this note.
I~i WZZ'yF.SS Wl~I~OP we hava here~to set our haads aad seals the dap and pear
first above written.
Norman E. Hayslip and Thomas C. Hayslip -
(a Partnership) d/b/a HAYSISP LA:JDSC71P~3
.
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~ r.orman E. I3ays p PnlrrrrEx j, -
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`,G-~-~ ,
Thoa?as C. Hayslip ~Ri'piBA
Itiote.-Corporate applicants must e:.cote Note, ia corporate name, br dnlr authorized oi(icer. and sea) mu~t b~ af(ixedaud dnly
a!tested; partnership applicsuts mnst ezecute Note io (irm oame, together writh si~oatare o( e geaera) parmer.
SBA FORM 147 g(5~74~ ~ p~rC pAGE 2 ,
;PO BT7.1i7 ~.ivz Fr
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