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HomeMy WebLinkAbout2780 Upon the occurrence of an event of default, tM BatNr may institute eppropriaa legal procMdtrtps apsittst tM Obligor to obtain judpntettt On tM Nou and/ or exercise its rights and remedies ss a secured party undo tM Florida Uniform Commercial Code a otMr apptlgbla law. If tM Bank hoe tteerrted itself insecure or upon the occurrence of an event of default, tM Bank shall haw tM right, imrrtetliatNY and wiMout turtlter action by It, to tee off epairtst fhb Note all morwy 1 owed by tM Bank in any capacity to each and eny Oblptx, and Nso to at oll spaiMt NI other IiabilitiM of each MNter to tM Barth all rttortey owed by tM Bank i to any capacity to each and any Maker, and tM Bank shall be dNmed to haw exercised s1rCh right of set off and to haw made a charge agairat any wch matey tmmediatNv upon the occurrence of strelt default even though such charge is made a Mtered on tM books of tM Bank wb»gWnt thereto. Unless tM Collat• oral is {wrishable a threatens to declt+te speedily in wlw a is of a type customarily soW on a reoopttited market, tM Bsnk will give the Maker rwsonabb notice j of tM time end place of arty public saN dterpf a tM rims after which any privaa sorb or any other intended disposition theretl b to bt made. TM require- ~ rrtent of reasortable notiq shall be met it sud? notloe b rrtaited, patepe Prepaid. to any IlAaher at the address given bNow a a any other attdrea shown on tM ' retords of tM Bank, at test 5 days.betore tM time of tM ale a disposition. Upon disposition of any Collateral attar tM oocw.ena of eny default, tM Obligors shall be and remain jointly and awrNly liable for any deficiency. TM Bank shall account to tM Maker for any wrplus but tM 8enk shall haw tM right ~ to apply aN a any pert of srxh wrplus lor hold the :ante as a reserve against) any end all other Inabilities of each and any Obligor to tM Bank. TM Obligors hre j by waive any ?ights of redemption after default, I All patties Itabh Irrr tM payment and cdlectton harwl: 111 spree to lxrV :JI expenses nrtcurrenl w {arid nn tM {nratectirNt ul Cdl.ttr!r.tl W Ilse entutcettte,tt horn uf, whNher tM Bank ns obligated tlrerelor a not, inchrdirnp attorney's lees 4.1w1 to 10%01 the atrwntrr?t M r1el:wlt tw sut:h letgnr :uttrwnt to may lre teaon:tl,M for cervices and expense incurred in the enlorcerttent hereof NtMr prig a wbsegirant to judgment and whether to judicial proceedings a otherwise, and also those costs, e:penset and reasonable sttorrtsY's fees irteurred in appellate Proceedirtp:; waive presentment fa payment, demand, notice of non-psYrrtent. j notip of protest and protest of this Note; 131 consent to end waive notice of any and all renewwls or extensions of time, vwivers, or modifications that may ba i granted by iM BaNc with respect to tM payment o? other provisions of this Nos or to tM obese of any Oblga a tM Collateral or any part thereof, wiM a without substitution; and 141 spree tMt tdditiortal maker, endorsers, pusranwrs or wreties may become parties ttersto without notice to tlterrt a atfectir?p rhea liability ttpwnder. . The Bank may at any time in its tole discretion compromise. Mttb or extend tM rims of psymertt of any of iM demands a obligations, repnanted by any of tfie securities pledged hereunder and ell of the parties liable for tM payment hereof Mreby make, constitute and appoint tM Bank, his a tMir trw and lawful attorney fa this pwpoa with full power and authority t0 cornpromise, attb or extend psymertt of aid demands or obligations and to acquire, atbty or drs- charge iM ame of record a otherwise as tM psrtbs IiabN for the payment or collection haeoi night or could do it personally present. TM Bank shall not be under any liability or obligation to take arty steps whatsoever to lix any liability upon or to collector to enforce payment of any oblipstion pldged as security hereunder tMtethar by giving any notice, preserttinp, derrnandirtp payment, protesting, instituting wit or otlnsrwise. TM Bank shell not by any act of omission or corrwrtission be detmed to waive any of its rights or remedies hereunder unless such waiver shall be in writing and sgned by the Bank and then only to tM extent specifically at fortA therein; a waiver on orts event shall not be construed as continuing or at s bar to a waive. of such rght or remedy on a subsequent event. The liability of each Obligor shall be absolute end unconditional and without regard to the liability of any other party hereto. Any notice shall be wtficiestt- 1 Iv served upon all Obligors by serving such notice upon any one Oblgor. TM notice shall be wtficiently served it placed in tM mail, postage prepaid, addressed to, or lelt upon tM premises of any Obligor at arW address shown on tM Bank's records. NOTICE: SEE OTHER SIDE FOR IMPORTANT INFORMATION EACH MAKER ACKNOWLEDGES RECEIPT OF A CONFORMED COPY OF THIS NOTE ON THE ABOVE DATE. j P. O. Box 260, Otto, N. C. 28763 ISEAL) - AOORESS SIGNATURE OF MAKER Norman 'C. lilarett (SEALI ` ADDRESS .NATURE OF MAKER . Olive can hlarett ENDORSEMENT In addition'to the liability as erndortars, which tM undersigned hereby aswms, for value received and intending to be legally bound, the undersigned land it more than one, each of them jointly and severally) Is1 Mreby unconditionally guarantee the payment of tM within Note and all extensions or renewals thereof and all wms payable under or by virtue thereof including, without limitation, all amounts of principal and Interest and all expertsss (inNrrding attorneyi tees, whether incurred in trial or appellate ptoesedittps) incurred in the collection thereof, tM enforcement of rghts therwrnder or tivith respect to arty security tMre- ~I • for and the enforcement hereof, and waive presentment, demand, notice of dishonor, protest, notice o1 protest and all other notices whatsoever; yrtd Ibl consent and agree that they are bound as Obligors under tM terms of and_are wbjeet to all provisions set toidt on tare tact of aid Note as fully ss though they were each ~ a Maker thereof, and to the exercise by tM holder of each end erery right thereto set forth or permitted by Isw, all without notice to or consent of and without affecting tM liability of the urtdersipned, end further cortsent sod agree that any of the undersigned may be wed by the holder hereof with a without joining 'f any of tM other endorsers or Makers of said Note and without first or contemporaneously wing any wch other persons, a otherwise seeking a proceeding to collect from them or any of them. i ISEAU E! ADDRESS SIGNATURE OF GUARANTOR S ISEAL) ~ ADDRESS SIGNATURE OF GUARANTOR 1 t ~ k 7, g~~7 Pa~2778 r -l. - - - ..w2°r_"° tee..