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it ~.wlhbl~ Int~rest raU is not Ap~l~cstfla and it this note ~s payabie on demand, Bank reserves, and ~s hereby gram~rl ihe ngM, to sdjust the
~ ~ rtt~ ftCAI tkM to time by furnishiny M~ker with wrltten notKe ol such adjusted rate, prov~ded, however, ehat no ~uch acljusted rate s~all axceed
~ Imum rit~ Nlow~d, from time to Nme, by law.
-ilddttlOM t0. r~ductiom or exchanpes ol, or wb~titutioni tor the Collatersl, payments on sccount ot this losn or Increases oi the same, or other
- ~ ~Nflolly upon the CW1~tes~t,-+n~y f~om t~me to time, be made wi~hout sf fect~nq the provisio~s of this nole.
}~l~dMfM itNM in~CUre, or upon the happeninp of eny of the lollowing events, each of which shall constitute s de(ault hereunder, ~II
~ ~y
I 'Ot ~MMcir to B~nk fhall th~nupon or ther~sfter, N tM optio~ ot Bsnk, without not~ce o~ demand, become due arui payable: fd ~~~~urt of
lobl: tfrtn iMull rt?~~n ~~d lnclude each M~ker, endorser, wrtty and guarantor o( this note? to perform sny agreement hereunder, to pay
, y ~ I~ fwtW11 wlNn du~ or ?puat~d or demsndeA, o~ to pay sny other liability whatsoever to Bank when due; Ib) the deam ot iny Obliyo~; (c) the
;,y fN{ef~ O~ M1Y p~tk10~1 und~t tM B~nkruptey Act, or any similar fedtral or state sutu[e, by or agains~ any obligor, (d) an spplica~EOn 1or the appointment
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of ~~60N11M Of tM makfnp ot ~ qeneral sssignment for the benefit of credirors by, or the msolvency ot any Obligor, le) tAe entry ot a judgment agamst
! ~I~Or' thf iplJl o} +n writ of attathment o~ writ ol arnishment, or the tilin ot an lien, ainst the x ert oi an Obl~ r, l 1 the tak~
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` OS p0l~OMFOf1 oi M1y lubft~niNl part Ot the property ot any Obl~gor at the instance ot any gweinmental authority; (h) the d~sso~ution, merger, consolida
`~a"~ ~ tiC~t~y,Ot tiOr'q~111t~tb~ O( st~y ObliQor, (i1 the auignment by any Maker of sny equ~ty ~rt any ol thc Collateral wnhout the written tonu~i o1 ~a~k.
~ BsRk b AYnby piven ~ lien upon and ~ security interest in ~11 property of each Obi~gor now or st any t~me hereatter in the pouess~on of Bank
~'f= e+~Clty MIMttO~v~~, includinp but not limited to ~ny b~lsr?te or shsre of any depos~t, trust, or ayent eccount as secunty for the psyment o1 th~s
~ 5i~ i~1d a fln111K IIM upOn and seeurity iMerest ~n all such property ot each Maker as secunty tor the payment ot alI other I~abitlt~es of each Maker
(ThCkf~ Ifabllitiet ot each Msker and any other penon~; and Bank sha~l have the came rigfits ss to such property as it has wNh respect to the
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~ 1f 8~nk dMmt ~bel/ intecure or upon the occurrence of any detault hereunder Bank shall heve the remecl~es ol a iecured party under tAe
~ OpnNflM~d~1 C,od~ ~ad, without limiti~g the gananlity of the ton ing, Bsnk shalt have th. right, ~mmed~ately and w~thout IurtAer acuon by it,
to eK'o#f pMn~t thb ~ote ~H money owed by Bank in ~ny wpsc~ty to each or any Ob~igor, whether or not due, and also to set olt aga~nsl •II other
µ x~" i1~bi1~NM 01 MCh M~kN to Bank dl money owtd by Bank In any upaciry to each or a~y Maker; and Ba~k shall be deemed co have exerused :uch nght ol
iytil~.~11d_t0 AM n1W~ a tharQ~ peinst ~ny such money immedistely upon the occurrence of such default even though such a charge is made o~ entered
' Cfi~~ bOOkt of BM~ksubsequent thereto. Unless ~he Collsterel is pershsb~e or threatens to Jectine speed~Iy in value or ~s of a typt customar~ly sold on
R ~-izid m~rRtt, B~nk will give Maker reasonabte notice ol the ume and place oi any public sale thereot or ot Me Ume after whlch any pnvate sa~e
otAN lnt~nd~d difpofition thereoi if to be m~de. The rcquirement of rea:onable ~otlce shall be met ~f sucA noace is maded, postage p+epa~d,
~ `!O ~IcK ~t tM Wdrsu yiven below or at any other sddress shown on the records of the Bank, at least (~ve days betore the time of the sale ot dis-
3 podHBn. l1po~~ dbpOSition of sn Collaterel after the occurrence of an default hereunder, Maker shall be and rema~n liable tor an deficienc and
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~ ~af1 crth~ll ~CCOUnt t0 Maktr for sny wrpt~, but Bank shall have the right to apply all or any part of such surplus (or tn hotd the same as a reserve spainst)
~ N ..~fiy snd ~1! otMt li~bility of esth or any Maker to bank. The Ob6gors, jointly and severally, prom~se and agree to pay all costs and expenses ol collection
~:(Ntornblt attomeys' tees, including costs, expenses and ressonab~e attor~eyi iees on appeal, ~t collected by legal proceedinr~ or through an attorney
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j B~nk sh~lt txercise reasonab~e cere in the custody and preservat~on o( the Cotlaceral m the extent requ~red by appl~cab~e statute, arxl shall be
~ t0 Aeve exert+sed reasonabts ta?a it it takes such sCtion for that p~rpose as Maker sha11 reasonably request ~n wnt~ng, but no om~ss~on to do any
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F,; fwt nqutst~d by Msker sh~Il be deemed ~ fs~~ure to exeruse reasonab~e care, and no om~ss~on to comply w~ih a~y reques~ ot Maker shatl ol ftutf
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;:~w ~;~b~ de~msd ~ t~ilurl to exercise reponeble care. Bank shall not be bound to take any steps necessary to piesene any nghts ~n the Collateral aga~nst piior
~g4, ._::;,.~,partlti Md MskK sA+N take atl ~ecessary steps ior such pu?poses. 9ank or ~ts nominee neecl not collect interest on or pr~napal of any Colfateral or grve
_~t[ir flOt1C~ wlth tNp~ct to it.
_ If tlw Coliattrsl shall at ~ny time became unsatis(~ctory to Bank, Maker shatl w~th~n orte day alter demand ptedge and depos~t w~th Bank as
~~fltt Of th~ Collat~ral additeonsl prop~rty which is satisf~ctory to Bank.
Bx~k shNl have the right, which may be exertised at any t~me whether or not this note ~s due, to not~fy the Obl~gors on any coltrterat to make
~ ,~In~M to B~nk on any smou~ts due or to become due thereon, In the event of any delault hereunde~, bank sha11 iherea~~er have, b,,+ shall not be
!ltnltld to, tM ~ollowinp rightf; to pledge or transle~ this note and the Collstersl snd Bsnk shall thereupon be rel~eved o~ all dut~es and respons~bilit~es
tyflytxl~t ~nd fNi~ved irom any snd ~II I~abil~ty with respect to any Collateral so pledgeci or transferred, and any p(edgee or trans~eree shatl for aH pur-
_ pOMr tLf1d in tM plit~ ot B~nk hereurxfer and have all the ~ights of Bank hereunder; to transler the whote or any part oi the Cotlateral ~nto the neme
' - O1 ltf~N Or itf no1lfinee, (iii) to vote the Coltaterat; (iv) to demand, we icr, coltect, or make any comprom~se or tettlement it deems des~rable with re~er-
«~Oi to tM Cdl~t~rsl; ~nd (vl to take control ot any proceeds ot Coilateral.
.i ' NO dd~y o~ omissio~ on tAe psrt o( Bank m exercising any nght hereunder sha11 operate as a wsiver oi such r~ght or oi any other right under
•=~tAM nOtl. Prysntmtnt, demand, protest, notice of d~shonor, and extens~on of t~me w~thout not~ce are hereby warved by each and every Obl~gor. Any •
fl0tlp to MNter /MI1 b! tu(fitiently served for alt purposes if placed ~n the ma~l, postage prepa~d, addressed to or teft upon the prem~ses at, the address
~IfOrM~ b~lOw or ~ny Other ~ddrets thown on the 8ank's records.
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- GUARANTY
`~s ,111 ~ddKion to the tiebitity as endorsers, wh1~h the unde~s~qned herehy aswme, 1or value recerved artd ~ntend~ng to be legally bwnd, the under-
;~f~o,(N~d,f~ mOff than one, each of them jointly and severally{ Ia) hereby brcome wrety to the payee of the w.chin note, its succe~sors, endorsees
~6= ~nd M~ipM, fOr tM payment of the within note, and hereby uncond~tlonally quarantee the payment oi lhe wrthm r;;te ar~d all ezte~s~ons or renewals
<~11N?!O~ N1d all qfTq payable under Or by virtue thereof includ+ng, w~ihout hmrtit~on, sll amounts ot pnnupat and .-terest artd all expenses (includ~ng
~?`~ttORlhr~ iN~ InCUrr~d in the cotlection thereof, the enforceme~t o} nghts thereunder or with respect to any secunty theretor snd the eniorcement
hlf~Ot, MO vv~hl~ presentment, demand, ~ohce ot dishonor, protest a~d all other not~ces whatsoever; ar+A (b) consent and agrer that aIl or any of the
` COtlat~rN may b~ ~xchsnged, released, surrendered or sotd trom time to rme, (~~1 that the payn,ent of the note, or ar.y of the 1~aG~t~nes of the Maker
'~f -~.-tAM~01, m~y b~ ~xtended or said note renewed any number oi t~mes and for any per~od (whethc~ o~ not longer than the ong~nal per.od ot sa~d notel,
(i{~'t~1tt th! hOldlr Oi ~aid note may grant a~y refeases, comprom~ses or ~ndulgences w~th respect to sa~d note or any extens~ens or re~ewajs thereol ur
=`~~r+ry MCUrity ther~fot Or to any psrty I~able thereunder or hereunder (inctud~ng but not timrted to fadwe or refusa~ to exerc~se one or more of the r~ghts
~ Or fstrNdles provided Dy said notel, and (iv) thst any ot the prw~s~ons ot sa~d note may be mod~t~ed; aR w~thou~ nohce to or conse~t o~ and w~thout
lf1~Ct(fq thf (iability Of the undersigned as endCrsers and wret~es, ~nd further tonsent end agree that any of the unders~gned may be sued by the ho~der
F»riG~ Mrith Or without joinin9 eny of the other indorurs or makers o} said note and w~thout fust o~ coniempo.aneously su~n7 a~y such other persons,
~~tSt tlBNfWbe Mekinp or proceeding to collect from them or any at them, and w~2hout f~rst or contemporaneousty unde~tak~ng i•, enforce any nghts w~th
--=~r0~iei to My ~eeurity.
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