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U.S. Sruall Business Adminislration ___ _ SBA LOAN Nl~~.~DER _
GP-469,14G-30-08-{NII,
NOTE
Stta~,-i:. ~'~c;rida
-------- fCity and Siate-- - - --
25,000.00 Februar 12 , . ~9 81
3 - - - (uate) _ _ ~Y
t w ~.Jur rtcriYrJ, the undersi~;rnx1 p~omisrs tu pay to the ~rder ut ^--------~.l------_------^-------
t~~rr~r~z~a~ t,u~~'ION~1L I~FWK OF MAI~I'IN oamri~t
------ -- --- --- -- - -- -- ---- (N~~ ce) --
at its oflicc in th~ city oC Stuart __ _ , State of _ F10Y'1C?d ___
ur at hvtdrt's uptiun, at such othre pla~t as m~y br dr~ignstrd 1r.~m tunr tu time by the holdet ~~NI'~-FIV~ -n~sr~m
~1~vU "a'? ~11~0---------------------------------r~.~-------------------
` --- - ----- - ~ a~,it~,s,
-------- - - ------- - _ - - --------- ---- - -- -
, . IN'r~tr i~ut:+mount)
7
w~U~ u~ecrra un unp:ud ~uin~ip.~l cotnputrd (:um thr dale nf r~rh ~d~aner tu thr uuJerui~ncd at thr r.~te uf ~4 1` (x~crnl pet
~nn:~:n, ps} rn. nt tu br :u-r3e in instaltmrnts as fo:l~.«s:
`Iko (2) years fran c3ate of ~]ote, with interest at the rate of f.~~ur.teen ark7
oni~--half ixrcent (14 1/2~) per anr.~z~i ~_k~yat~le r*r~nthly for t-r:f_,;ty-four ("l~ )
i.r_~nt_hs beginning one (1) m~nth frcxn the ~3ate of P3ote and ir_ctal Ln~tiits of
~~rinci ~1, each in the a~~ant af $1?,~G0.00, ~ayat~le ~-~nnually bc~ginning
to-relve (12) r.r~nths frc~n the clate of t3ote; a~~3 t~~e t-Xal~~nce of principal a-~d
interest ~~~yat~?e twc~ {2) years Eran da*_e of ,;~te; a~ith t~'~e f~~rti~cr
provision that each said installmen~ shall he a{~li~d first t~ in*r•rest
accruec~3 t~ t'r:e date ~f receipt ~f said installment, arxj th` i;alal:,ce, if
any t~o principal.
f~nci~~rsignc.~cl further ac~ees that +,zpc~n the expiration of a f~~Il a3ier.c3ar
ci~_iarter sub.~ec~lent tA t}~ e~te of initial c3isbursement on the ?~b.*_ti~, ttle
rate of interest t~iereon shal l increase, . or ck.~crea:~e, t,o a ratc~ ~~f.
orx~-half ~~rcent ( i/2g ) above the lowest prim~e rate ,rx~l isi:c:~, on t}:~
Lirst :3ay of ttie succee~inc; ca~enc~ar c;~art~r in the ~•:~11 5trctt Jc~rnal,
an~? tt;e ct~ar.ge in the rate of interest t.~erc~n shall tr_- ~3~ter:nir.F~;i anc3
tx..~ca ~~ ef fect ive, on tt~e f irst ci~y ~ of ~~ach sc~ccec,~c3inq calendar c;uarter Ut
a rate of cx?~ hal r cxre~nt (1/2~ ) a.'x~•: ~~ the loti,,r•st ~r ir,u~ rate ~a it,l:shec; in
saic~ ~~lall Str~et Jc~rnal as of the £irst c~3v of each sai~3 cale~.:3ar
~_~uarter. ~
(Cantin~.~~Y? - i<<.-;:.r:;c~i
3
~
~..~<~ _ _
Ys~ ~:rut o~ ~n~ :. ~t~ilmrnt uf principa! ur intcre,t o~~~ng un this Ivutr m~y be msdc pn~~r to thc maturit~ latr thereof withuut prr~lty.
9~rc trrm "fndrbtedneu" as usrd hercin shall m~an tlie mdebt~tiln~ ss e~idcnceJ by this Notc, in~luding p:~ncipal, intrrat, ar:d exExn~cs,
uhrthet wntmgrn(, nuw due oi here-rftrr tu be~umc due and wh~thrr hrrctufore or contemporan:~u~lp hrrew•iih or hetrafter contracted. 7hr tLrm
"t'ullatrral" as u~rd in ~iis Note shall mean any funds, guarantics, or other praperty or rights thc:em uf an~ nature w•haUoercr or tht pro~reSi
ti~rn, t khi~h m..y have bcrn, ur, or hereafier may be, h} ,~~~thecatrd, direrd;~ or mSirc~tly by the undetsi~n_d or othrn, ~n c.::,^ection xith, ur as
Yc~cst}• for, the Ind:btcJness or any patt theteut. 1he C~tlateral, and ea:h part tnereof, shall uc~rc thr Indebtcdness and tach paTt tt,rrcof. lhe
..,~rn~nts arut cu:rlitiuns xt furQ~ or re:enrd to in ar~y and all instrununts of hy p~,thr.~tiun .-oruututir-g th~ Collatrral are hereby~ ircorpucatrd in
tt:i~ Kut~ ~s cotirnants and cor.ditiuns of the un~ersiK~ed with the same furce srxl elfect u tnou~l~ such .ovenantsand cond~ti~ns Krrr tully set
t.;s:t~ tirrc~n.
7 hr Indcbtednrss ~hall initnrd4:t~ly bec~~me dur and payeble, w~th.wt nuhct or drm~nd, u~~un ttie ap{wintmtm uf a rccre.e: ur I~yukl::tur,
M?:cU,r- ti~1~r:t~ry ur u~vul~ntap, fur ttic urle:s~Fnrd u: tur ~n, ~~! ~es pruperty, e~s uFr:n thr f~linz vf a petitn~n by or ag~irst thc ur.dcrugn:d under
:t;r jl.~ll"i~Y.::i~ 01 ~n? S:atr ~nwfvency law ot undr~ the ptuvt+~ons o~ the Bankruptcy Rrf~~nn Aei pt 1978, as atr_rnded, or up.~n thr making by Ihe
urd~ nilrnrd uf an assigmnent for the bencftt uf its creditors. liolder is ~uthorized to declare all or ~ny p~rt of Cte Indebtecinas i:nmedist~ly due and
y.,z able up~~r: thc h~ppemr~ o! any uf ihe folluu-ing rvents: (1) I=aJure tu pay any part of the Indcbtedneu when dur, (?) nonpe:fo~m~nce by th~
und~ s~~,:nr;: ut inti• agrermrnt w-th, or an~~ cundrtiun impused by, Hulder or Sm.ill Business Administratiun (hereinatter called "SHA°), ur either of
tl~c~u, w~th respect tu the Indcbtedness; (3) Holder's diuovery of the undeni~:ned's failure in :uiy application of the undrrsigned to fiuliier or SDA
tu dixlusr any tact deemed by floWrr to be matrria! or uf the malcing therein or in .ny ot the s:~id agseements, ur in any affida~~it ot uther du~~u-
m~nb subiiutteJ ~n cunnection with said application ur the ~ndebtedneu, o~ any m~+rrprruntation by, on behalf u[, ot foc the ben.~f~t oI the under-
~3~•ncJ; i4) thr raurganuation Iothrt th~n a rcuresniz~tion pursuant to any uf thr pruvisiuns ut t}tt Bankruptcy Reform Act of 1978, a~ arucn.icY11
ur ux~rrt ur c~~nwtdatiun of the unJersirnal lor Ihc malcing o[ any aKtermrnt thrreC~~r) M•ithuut tl~e prior written eunxnt of Hokiet; (S) shr undr.•
vgn~d's tailure Suly to xco~ nt, to Hulder's satisfacuun, at such tirt~r ot tunea as Hutder nuy req~:re, fvr any of the Collateral, or proceeds thereof,
cuiuir~ into the contrd of ihe undcrsigned; ur (6) the insutaUon of any suit afkrting ;h: unde~s~gnod deemed by Holder to 3ff~ct ~dtierszly its
intraest he~cundt~ in the Collatcral or otherv~~ise. !lolder's [ailurc tu eurcise its n~}~ts undrr this patagraph shall not constitute 3 uanct thercuf.
SDA FGHM ]17 (3-60) REF: SON SO10 PREVIOtJS EQITIONS ARE OBSOLETE. h~;tJK 3~19 PAGEi197