disputes the validity of, or liability under, any guaranty of the indebtedness evidenced by this Note.
Adverse Change. A material adverse change occurs in Borrower's financial condition, or Lender believes the prospect of payment or performance of this Note is Impaired.
Insecurity. Lender in good faith believes itself insecure.
LENDER'S RIGHTS. Upon default, Lender may declare the entire unpaid principal balance under this Note and all accrued unpaid interest immediately due, and then Borrower will pay that amount.
EXPENSES. If Lender Institutes any suit or action to enforce any of the terms of this Note, Lender shall be entitled to recover such sum as the court may adjudge reasonable. Whether or not any court action is involved, and to the extent not prohibited by law, all reasonable expenses Lender incurs that in Lender's opinion are necessary at any time for the protection of its interest or the enforcement of its rights shall become a part of the loan payable on demand and shall bear interest at the Note rate from the date of the expenditure .until repaid. Expenses covered by this paragraph include, without limitation, however subject to any limits under applicable law, Lender's expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), and appeals, to the extent permitted by applicable law. Borrower also will pay any court costs, in addition to all other sums provided by law.
JURY WAIVER. Lender and Borrower hereby waive the right to any Jury trial in any action, proceeding, or counterclaim brought by either Lender
or Borrower._agai st th!.o.th, r:.. , .......·.,..,.; ..." ..,... ...... . .. ... ...
GOVERNING LAW. This Note will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of the State of North Dakota without regard to its conflicts of law provisions. This Note has been accepted by Lender in the State of North Dakota.
CHOICE OF VENUE. If there is a lawsuit, Borrower agrees upon Lender's request to submit to the jurisdiction of the courts of Cass County, State of North Dakota.
RIGHT OF SETOFF. To the extent permitted by applicable law, Lender reserves a right of setoff in all Borrower's accounts with Lender (whether checking, savings, or some other account). This includes all accounts Borrower holds jointly with someone else and all accounts Borrower may open In the future. However, this does not include any IRA or Keogh accounts, or any trust accounts for which setoff would be prohibited by law. Borrower authorizes Lender, to the extent permitted by applicable law, to charge or setoff all sums owing on the debt against any and all such accounts, and, at Lender's option, to administratively freeze all such accounts to allow Lender to protect Lender's charge and setoff rights provided in this paragraph.
COLLATERAL. This loan is unsecured.
SUCCESSOR INTERESTS. The terms of this Note shall be binding upon Borrower, and upon Borrower's heirs, personal representatives, successors and assigns, and shall Inure to the benefit of Lender and Its successors and assigns. '
NOTIFY US OF INACCURATE INFORMATION WE REPORT TO CONSUMER REPORTING AGENCIES. Borrower may notify Lender if Lender
reports any inaccurate information about Borrower's account(s) to a consumer reporting agency. Borrower's written notice describing the specific inaccuracy(les) should be sent to Lender at the following address: Western State Bank 11 O 4th St SE :Oevils Lake, ND 58301.
SBA PAYCHECK PROTECTION PROGRAM. Lender is making this loan pursuant to the Paycheck Protection Program (the "PPP") created by the Section 1102 of the Coronavirus Aid, Relief and Economic Security Act (the "CARES Act"), which lo.an Is governed by the following (collectively, the "Governing Rules"): (i) the CARES Act, (ii) section 7(a)(36) of the Small Business Act, (iii) any rules or guidance that has been issued by the Small Business Administration implementing the PPP, and/or (iv) any other applicable loan· or related document. In addition to the Governing Rules, this loan is subject to the Program Requirements, as defined in 13 CFR § 120.10, as amended from time to time (collectively "PPP Loan Program Requirements"). Notwithstanding anything to the contrary herein, the Borrower (a) agrees that the Note shalLbe interpreted and construed to be consistent with the Governing Rules and the PPP Loan Program Requirements and. (b) authorizes the Lender to unilaterally amend any provision of the Note or any other document related to or arising from this loan, to the extent required to comply with the Governing Rules or the PPP Loan Program Requirements.,
When SBA is the holder, this Note and loan will be interpreted and enforced under Federal law, including, without limitation, the Governing Rules, PPP Loan Program Requirements, and all applicable SBA regulations. Lender or SBA may use state or local procedures for filing' papers and instruments, 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.:
LOAN FORGIVENESS. As the recipient of a Paycheck Protection Program loan after January 19, 2021, the Borrower hereby acknowledges that the Small Business Administration (SBA) has the final determination regarding loan forgiveness. In the event the Paycheck Protection Program loan is not forgiven, the Borrower will begin remitting payments to Western State Bank based upon the terms outlined in the Promissory Note until the loan is paid in full.
GENERAL PROVISIONS. If any part of this Note cannot be enforced, this fact will not affect the rest of the Note. Lender may delay or forgo enforcing any of its rights or remedies under this Note without losing them. Borrower and any other person who signs, guarantees or endorses this Note, to the extent allowed by law, waive presentment, demand for payment, and notice of dishonor. Upon any change in the terms of this Note, and unless otherwise expressly stated In writing, no party who signs this Note, whether as maker, guarantor, accommodation maker or endorser, shall be released from liability. All such parties agree that Lender may renew or extend (repeatedly and for any length of time) this loan or release any party or guarantor or collateral; or impair, fail to realize upon or perfect Lender's security: interest In the collateral; and take any other action deemed necessary by Lender without the consent of or notice to anyone. Ail such parties also agree that Lender may modify this loan without the consent of or notice to anyone other than the party with whom the modification is made. The obligations under this Note are joint and several.