! !
A. Bid on or buy the Collateral at its sale or the sale of another lienholder, at any price it chooses;
B.
In
cur expenses to collect amounts due under this Note, enforce the terms of this Note or any othe
r
Loan
Document, and preserve or dispose of the Collateral. Among other things, the expenses m
ay
in
clude payments for property taxes, prior liens, insurance, appraisals, environmental remediati
on
cost
s, and reasonable attorney’s fees and costs. If Lender incurs such expenses, it may dem
and
immediate repayment from Borrower or add the expenses to the principal balance;
C.
Rel
ease anyone obligated to pay this Not
e;
D.
Com
promise, release, renew, extend or substitute any of the Collateral;
and
E.
Take
any action necessary to protect the Collateral or collect amounts owing on this Not
e.
7.
WHEN FEDERAL LAW APPLIES:
Wh
en SBA is the holder, this Note will be interpreted and enforced under federal law, including SBA
regulations. Lender or SBA may use state or local procedures for filing papers, recording documents,
giving notice, foreclosing liens, and other purposes. By using such procedures, SBA does not waive any
federal immunity from state or local control, penalty, tax, or liability. As to this Note, Borrower may not
claim or assert against SBA any local or state law to deny any obligation, defeat any claim of SBA, or
preempt federal law.
8. SUCCESSORS
AND ASSI
GNS:
Under this Note, Borrower and Operating Company include the successors of each, and Lender includes
its successors and assigns.
9. GENERAL
PROVISI
ONS:
A.
Al
l individuals and entities signing this Note are jointly and severally liabl
e.
B.
Borrower waives all suretyship defenses.
C.
Bor
rower must sign all documents necessary at any time to comply with the Loan Documents and t
o
enabl
e Lender to acquire, perfect, or maintain Lender’s liens on Collatera
l.
D.
Lender
may exercise any of its rights separately or together, as many times and in any order i
t
chooses.
Lender may delay or forgo enforcing any of its rights without giving up any of them
.
E.
Bor
rower may not use an oral statement of Lender or SBA to contradict or alter the written terms
of
th
is Note
.
F.
If a
ny part of this Note is unenforceable, all other parts remain in effec
t.
G.
To
the extent allowed by law, Borrower waives all demands and notices in connection with this Note
,
in
cluding presentment, demand, protest, and notice of dishonor. Borrower also waives any defense
s
bas
ed upon any claim that Lender did not obtain any guarantee; did not obtain, perfect, or maintai
n
a lien upon Collateral; impaired Collateral; or did not obtain the fair market value of Collateral at a
sale.
SBA Form 147 (06/03/02) Version 4.1
