HomeMy WebLinkAbout0328 _ _
~ . _ ~ • ~ !
; . i,. . ti . ,
~ . ' , , . . ~
? ~ S.' Use the pracceds of tha lcwa eolcly fo~ tha purposes sct fattb ~r~ tha Authorizatiaa for thc I..oan Iosued by
~
• { Psyoa. , ' i
;
6. Oa dea~and, ceicnburse p~yee for Any and all espEnaes iacurred~ ar which may bc htreaftcr incuRGd by P~?y- i-
~ ea from dme ta dane ia coanection wlth a by reason of bcarto~ver's applic~tion foe~ xnd t6e malcing ~nd Aci~iwatr~tioa
~ of~ the loan. . . . ~ • ~
r~ Neaattve Covena~ta. i The Underaigaed covenanta and agreea the~t, wtthout thc prior written conscnt of the Pay- ;
; ee~ Un+deraigned wiil aot: t
i ;
1. Crea?te, asaumc or otberwiae sufEtr to exisE ~ny mortgage~ pladga or other incumbraace upon auy of the rcat #
or taagible personal property of the Undereigned~ whethcr now owaed or hertafter ecquircd, e:cept (a) liene fa tues j
' a other governmcnial chuges aot delinquent a being contestcd ia good f~ith~ or (b) purchase moaGy liena upon pcop- ~
~ erty acquirod after the date of th~ Note~ and otLe~ liens upoa such pcaperty at ehe time of the acquisidaa ~ereof. f
( , , '
;
2. (a) If Uaderaigned is a corpcxsdon~ declare or ~xy any dividcnd or make any diecributioo upan its capital
stoCk~ of purchsae a redre Any of ita eApital stock, or conaofidate a merge with any other company~ ot make oay
. adv~ace~ dic~cdy a indirocdy~ by way of loan, gih~ bosus~ commiasioa~ or ot}~ecwiae~ to aay compuiy dir~ecdy or in- Z
direcdy oontrolling a affiliated with or controlled by Underaigned~ or to auy officer, direetoc~ a employee oE Under• ~
t>.~ ai~rel~ a of any such c.~mpaay~ (b) if Undexaigned is a partuerahip or individu~l, make any diaVibutioa of aeeeta of ~
~ the buainess of Underaigncd~ other t6an reasonable compensation Eor aenriccs~ or m+ilce any advance~ directly a in- -
~~y~ direcdy~ by way of toan, gift, bonua, commissioa~ or othe~rise~ to aay partner a any of its employees~ ar to any
j' , oompaay d'uectly or iodirecdy controliing oc :ffilieted with or controlled by Underaigued.
Eve~ts o~Da~aut~ L The iadebtied~ess (including principal~ iatereat and cxpensea) shall immedi~tely become
~ . due and pays~We~ witt~out nodce or demand~ upon the appointrnent oE a receivar cr liquidao~r~ ~rhetliu volunt~ry a in- '
votuntsry~ for the Uaderaigned or foc ~ay of ita property~ a upou the ~ling of petition by or against the Undersign-
. zd uoder the proviaions of any StaLc iusolvency law or under thc prorisioas of the Banktuptcy Act of 1898~ as ~mend-
ed, a upoa tha mAlciDg by the Underaign~d of s~n asaignmeat fa the benefit of ita creditAra. Payee is autbocized to
~ declare all a~uy part of the iadebtednesa immcdiAtcly due aad payable upon the happeniag of aay of the following -
eveats: (l) Failure to pay aaY put oE the indebtednesa wheo due; (2) nonperformance by the Underaigned of any
agreemeat with, o~ any coadition im~waed by~ Payee with respect to the indebtedness; (3) Payee'e discovery of the
Underaigned's Eailure in any applicatioa of the Underaigned to Payee tu disclase any fact deemed by Payee Lo be
. material a of the makiag therein or in any of the ssid Agrecments, or in any aE~davit or other documeats submitted '
? in connecdon with said ~pplication oe the indebteduess~ ar of any misrepcesentadon by~ oa beh~?lf of. a tor the bene- •
~ 6t of the Undersigned; (4) the cetirganizatioa (other than a ceocganization purauant tp aay of the proviaions of the
~ Baalcruptcy Act of 1898. as a~ended) ot merger or consolidation of the Uadersigned (oc the ~aalciag of aAy agteement
~ therefor) without the prior written conaent of Payee; (S) tha Undersign~d's failure duly to aecount, to PAyee's satie-
faction, at such time a times as Payee may requiee, fa any of the collateral~ oc proceeds thereof~ soaoing iato the
control of the Undersigaed; a(6) the institudoa of any auit affec~eng the Undetaigned deemGd by Payee to affect
adveracty its ~ntcrest hueuader in th~ collatzral a othcrwise. Payee's failure to azercise any of its rights uuda
, tAis paragraph shail uot coastitute a w~iver t6eteaf.
_ . .
~ ~ -
Upoo nonpayment of intereat or any inatallment of priacipal when due, the Underaigned aad suretiea authorize
- f the Payee tQ aell~ at public a pcivate sale, any or all oollateral.depoaited ~ property pledge~ to secure the pxy- :
ment of this Note~ snd apply the proceeds of sale, lesa ezpenae~ to tha ps?ymeat of this Nate.
The security rights of Payee and ita a~aigns hereuader shall not be impsired by any iadulgence~ relcase~ ro-
~ ~~val~ extenaion~ or modi~icatioa which ~Payee m~y grsnt with roapect te the i4debtodness or say part t6ereof, a ia -
reape~t to the cotlatera! a in respect to sny endocaer~.guaranta, or sarety ~rith+~ut notice a oanaent of the Under- ~
aigncd or any endarsu~ gouaator or aurety.
IN.aITt~~s w~1w:~'r~F, re twva hsrenato aet onr haad~ aad s~eal~ tbs d~qr ~ y~sr lirs~
- 4born~ vrittea.
; -
. .
; _ . _
, ; _
` . ~ ~ ~C= L. ~MGLD9 a~d ~ A~tIfOLDO
: 3 ~ d,/b/a ~i~IT6 ~ifTO STO~t~
P-_ . _ ~ ' _ ' . . . . . . -
I/RI~ h«eby guusatee paymeat of tbis Note: ~ (ji,S~~
. ~ a~ ~
: , , . •
, ; • ' . . t~8+~
Es~ R.~oa~d. . t~it.~ . . . ~
- . . 1= - . r: •
~ ` ' • _ • . - ~ ~ ~ ~ - - ~ ~ '
~ ~ . ' . -
. . ; ,
; • ~ _ .
~ ~ '
j
~ j~t • t7~pae~oe• ~pilomt. «~e, .r.e ~ore. ?ioi~, N oae~o[at• aar. bs ~i~ a.tiotta.~ ot~o.e, .sd ..d ,w.t ti. das.a a~i
A~h? ~IMlydt v~l~ app~ea~w ac ~ sw~t wvrt~ Iiot~ ~(ls~ nar, foy~IbK wttb d4wt~e o! a v~d pe1~ ' .
- i : ~ . ~ ~ ~ ~ORK 1a~ ~ ~~E 328 ~
, . . .
~ ra. ~s~s cts~ ' ' a- w• ~~NM
- .
. ~ , . ~ ~
~ .
~ , .
; ~
M-.,~,,,,~,,y,~ -„~._~,,4:~,~..,.__._.______._