Document:

Document

Exhibit 4.5.3

THIRD SUPPLEMENTAL INDENTURE, dated as of December 2, 2020 (the “Third Supplemental Indenture”) between Meritage Homes Corporation, a corporation organized under the laws of the State of Maryland (the “Issuer”), the Guarantors named therein, Meritage Services Company, Inc., a corporation organized under the laws of the State of Arizona (the “Additional Guarantor”), and Regions Bank, as successor trustee (the “Successor Trustee”) under the Indenture (as defined below).  Capitalized terms used and not defined herein shall have the same meanings given in the Indenture unless otherwise indicated.
WHEREAS, the Issuer, the Guarantors thereto and the Trustee are parties to that certain Indenture dated as of June 6, 2017 (the “Indenture”) pursuant to which the Company issued its 5.125% Senior Notes due 2027 (the “Notes”) and the Guarantors guaranteed the obligations of the Issuer under the Indenture and the Notes;
WHEREAS, pursuant to Section 4.08 of the Indenture, if the Issuer acquires or creates any additional subsidiary which is a Restricted Subsidiary, each such subsidiary shall execute and deliver a supplemental indenture pursuant to which such subsidiary shall unconditionally guaranty the Issuer’s obligations under the Notes;
WHEREAS, the Issuer, the Guarantors thereto, Meritage Homes Insurance Agency, Inc., and the Trustee are parties to that certain First Supplemental Indenture dated as of May 31, 2019, pursuant to which Meritage Homes Insurance Agency, Inc. was added as a Guarantor;
WHEREAS, the Issuer, the Guarantors thereto, Meritage Homes of Utah, Inc., and the Trustee are parties to that certain Second Supplemental Indenture dated as of October 2, 2020, pursuant to which Meritage Homes of Utah, Inc. was added as a Guarantor; 
WHEREAS, the Additional Guarantor is a Restricted Subsidiary of the Issuer;
WHEREAS, the Issuer and the Successor Trustee desire to have the Additional Guarantor enter into this Third Supplemental Indenture and agree to guaranty the obligations of the Issuer under the Indenture and the Notes and the Additional Guarantor desires to enter into this Third Supplemental Indenture and to guaranty the obligations of the Issuer under the Indenture and the Notes as of such date; 
WHEREAS, by entering into this Third Supplemental Indenture, the Issuer and the Successor Trustee have consented to amend the Indenture in accordance with the terms and conditions herein;
WHEREAS, each Guarantor hereby acknowledges and consents to amend the Indenture in accordance with the terms and conditions herein; and
WHEREAS, all acts and things prescribed by the charter documents of the Additional Guarantor (as now in effect) necessary to make this Third Supplemental Indenture a valid instrument legally binding on the Additional Guarantor for the purposes herein expressed, in accordance with its terms, have been duly done and performed. 
NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Issuer, the Guarantors, the Additional 
        

Guarantor and the Successor Trustee hereby agree for the benefit of each other and the equal and ratable benefit of the Holders of the Notes as follows:
1.Additional Guarantor as Guarantor.  As of the date hereof and pursuant to this Third Supplemental Indenture, the Additional Guarantor shall become a Guarantor under the definition of Guarantor in the Indenture in accordance with the terms and conditions of the Indenture and shall assume all rights and obligations of a Guarantor thereunder.
2.Construction.  For all purposes of this Third Supplemental Indenture, except as otherwise herein expressly provided or unless the context otherwise requires: (i) the defined terms and expressions used herein shall have the same meanings as corresponding terms and expressions used in the Indenture; and (ii) the words “herein,” “hereof,” “hereby” and other words of similar import used in this Third Supplemental Indenture refer to this Third Supplemental Indenture as a whole and not to any particular Section hereof.
3.Trustee Acceptance.  The Successor Trustee accepts the amendment of the Indenture effected by this Third Supplemental Indenture, as hereby amended, but only upon the terms and conditions set forth in the Indenture, as hereby amended, including the terms and provisions defining and limiting the liabilities and responsibilities of the Successor Trustee in the performance of its duties and obligations under the Indenture, as hereby amended.  Without limiting the generality of the foregoing, the Successor Trustee has no responsibility for the correctness of the recitals of fact herein contained which shall be taken as the statements of each of the Issuer and the Additional Guarantor, respectively, and makes no representations as to the validity or enforceability against either the Issuer or the Additional Guarantor.
4.Indenture Ratified.  Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect.
5.Holders Bound.  This Third Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of the Notes heretofore or hereafter authenticated and delivered shall be bound hereby. 
6.Successors and Assigns.  This Third Supplemental Indenture shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.
7.Counterparts.  This Third Supplemental Indenture may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original, and all of such counterparts shall together constitute one and the same instrument.
8.Governing Law.  This Third Supplemental Indenture shall be governed by and construed in accordance with the internal laws of the State of New York without giving effect to principles of conflicts of laws.
[Signature Pages to Follow]

    2

IN WITNESS WHEREOF, the Issuer, the Guarantors, the Additional Guarantor and the Successor Trustee have caused this Third Supplemental Indenture to be duly executed as of the date first above written.
ISSUER:

MERITAGE HOMES CORPORATION
By:    /s/ Hilla Sferruzza        
    Name:        Hilla Sferruzza
    Title:        Executive Vice President and Chief Financial Officer, Chief Accounting Officer and Assistant Secretary

By:    /s/ C. Timothy White            
    Name:        C. Timothy White
    Title:        Executive Vice President, General Counsel and Secretary

ADDITIONAL GUARANTOR:

MERITAGE SERVICES COMPANY, INC.
By:    /s/ Hilla Sferruzza            
    Name:    Hilla Sferruzza    
Title:    Executive Vice President, Chief 
    Financial Officer, Chief Accounting Officer and Assistant Secretary

    
TRUSTEE:

REGIONS BANK, as Successor Trustee
By:    /s/ Craig A. Kaye            
    Name:  Craig A. Kaye    
Title: Vice President

    [Signature Pages to Third Supplemental Indenture]    

GUARANTORS:

MERITAGE PASEO CROSSING, LLC
By:    Meritage Homes of Arizona, Inc.
Its:    Sole Member

By:    /s/ Hilla Sferruzza        
    Name:        Hilla Sferruzza
    Title:        Executive Vice President and Chief Financial Officer, Chief Accounting Officer and Assistant Secretary    

MERITAGE PASEO CONSTRUCTION, LLC
By:    Meritage Homes Construction, Inc. 
Its:    Sole Member

By:    /s/ Hilla Sferruzza        
    Name:        Hilla Sferruzza
    Title:        Executive Vice President and Chief Financial Officer, Chief Accounting Officer and Assistant Secretary    

MERITAGE HOMES OF ARIZONA, INC.
By:    /s/ Hilla Sferruzza        
    Name:        Hilla Sferruzza
    Title:        Executive Vice President and Chief Financial Officer, Chief Accounting Officer and Assistant Secretary

MERITAGE HOMES CONSTRUCTION, INC.
By:    /s/ Hilla Sferruzza        
    Name:        Hilla Sferruzza
    Title:        Executive Vice President and Chief Financial Officer, Chief Accounting Officer and Assistant Secretary

    [Signature Pages to Third Supplemental Indenture – Continued]    

MERITAGE HOMES OF TEXAS HOLDING, INC.
By:    /s/ Hilla Sferruzza        
    Name:        Hilla Sferruzza
    Title:        Executive Vice President and Chief Financial Officer, Chief Accounting Officer and Assistant Secretary    

MERITAGE HOMES OF CALIFORNIA, INC.
By:    /s/ Hilla Sferruzza        
    Name:        Hilla Sferruzza
    Title:        Executive Vice President and Chief Financial Officer, Chief Accounting Officer and Assistant Secretary

MERITAGE HOMES OF TEXAS JOINT VENTURE HOLDING COMPANY, LLC
By:    Meritage Homes of Texas, LLC 
Its:    Sole Member

By:    Meritage Homes of Texas Holding, Inc.
Its:    Sole Member

By:    /s/ Hilla Sferruzza        
    Name:        Hilla Sferruzza
    Title:        Executive Vice President and Chief Financial Officer, Chief Accounting Officer and Assistant Secretary    

MERITAGE HOLDINGS, L.L.C.
By:    Meritage Homes of Texas Holding, Inc.
Its:    Sole Member

By:    /s/ Hilla Sferruzza        
    Name:        Hilla Sferruzza
    Title:        Executive Vice President and Chief Financial Officer, Chief Accounting Officer and Assistant Secretary

    [Signature Pages to Third Supplemental Indenture – Continued]    

MERITAGE HOMES OF NEVADA, INC.
By:    /s/ Hilla Sferruzza        
    Name:        Hilla Sferruzza
    Title:        Executive Vice President and Chief Financial Officer, Chief Accounting Officer and Assistant Secretary    

MTH-CAVALIER, LLC
By:    Meritage Homes Construction, Inc. 
Its:    Sole Member

By:    /s/ Hilla Sferruzza        
    Name:        Hilla Sferruzza
    Title:        Executive Vice President and Chief Financial Officer, Chief Accounting Officer and Assistant Secretary

MTH GOLF, LLC
By:    Meritage Homes Construction, Inc. 
Its:    Sole Member

By:    /s/ Hilla Sferruzza        
    Name:        Hilla Sferruzza
    Title:        Executive Vice President and Chief Financial Officer, Chief Accounting Officer and Assistant Secretary    

MERITAGE HOMES OF COLORADO, INC.

By:    /s/ Hilla Sferruzza        
    Name:        Hilla Sferruzza
    Title:        Executive Vice President and Chief Financial Officer, Chief Accounting Officer and Assistant Secretary    

    [Signature Pages to Third Supplemental Indenture – Continued]    

MERITAGE HOMES OF FLORIDA, INC.
By:    /s/ Hilla Sferruzza        
    Name:        Hilla Sferruzza
    Title:        Executive Vice President and Chief Financial Officer, Chief Accounting Officer and Assistant Secretary    

CALIFORNIA URBAN HOMES, LLC
By:    Meritage Homes of California, Inc.
Its:    Sole Member and Manager

By:    /s/ Hilla Sferruzza        
    Name:        Hilla Sferruzza
    Title:        Executive Vice President and Chief Financial Officer, Chief Accounting Officer and Assistant Secretary

MERITAGE HOMES OF TEXAS, LLC
By:    Meritage Homes of Texas Holding, Inc.
Its:    Sole Member

By:    /s/ Hilla Sferruzza        
    Name:        Hilla Sferruzza
    Title:        Executive Vice President and Chief Financial Officer, Chief Accounting Officer and Assistant Secretary

MERITAGE HOMES OPERATING COMPANY, LLC
By:    Meritage Holdings, L.L.C.
Its:    Manager

By:    Meritage Homes of Texas Holding, Inc.
Its:    Sole Member

By:    /s/ Hilla Sferruzza        
    Name:        Hilla Sferruzza
    Title:        Executive Vice President and Chief Financial Officer, Chief Accounting Officer and Assistant Secretary

    [Signature Pages to Third Supplemental Indenture – Continued]    

    [Signature Pages to Third Supplemental Indenture – Continued]

WW PROJECT SELLER, LLC
By:    Meritage Paseo Crossing, LLC
Its:    Sole Member

By:    Meritage Homes of Arizona, Inc.
Its:    Sole Member

By:    /s/ Hilla Sferruzza        
    Name:        Hilla Sferruzza
    Title:        Executive Vice President and Chief Financial Officer, Chief Accounting Officer and Assistant Secretary

MERITAGE HOMES OF THE CAROLINAS, INC.
By:    /s/ Hilla Sferruzza        
    Name:        Hilla Sferruzza
    Title:        Executive Vice President and Chief Financial Officer, Chief Accounting Officer and Assistant Secretary

CAREFREE TITLE AGENCY, INC.
By:    /s/ Hilla Sferruzza        
    Name:        Hilla Sferruzza
    Title:        Executive Vice President and Chief Financial Officer, Chief Accounting Officer and Assistant Secretary

M&M FORT MYERS HOLDINGS, LLC
By:    Meritage Paseo Crossing, LLC 
Its:    Sole Member and Manager

By:    Meritage Homes of Arizona, Inc.
Its:    Sole Member 

By:    /s/ Hilla Sferruzza        
    Name:        Hilla Sferruzza
    [Signature Pages to Third Supplemental Indenture – Continued]    

    Title:        Executive Vice President and Chief Financial Officer, Chief Accounting Officer and Assistant Secretary
MERITAGE HOMES OF FLORIDA REALTY LLC
    [Signature Pages to Third Supplemental Indenture – Continued]

By:    Meritage Homes of Florida, Inc.
Its:    Manager and Sole Member 

By:    /s/ Hilla Sferruzza        
    Name:        Hilla Sferruzza
    Title:        Executive Vice President and Chief Financial Officer, Chief Accounting Officer and Assistant Secretary

MERITAGE HOMES OF TENNESSEE, INC. 
By:    /s/ Hilla Sferruzza        
    Name:        Hilla Sferruzza
    Title:        Executive Vice President and Chief Financial Officer, Chief Accounting Officer and Assistant Secretary

MERITAGE HOMES OF SOUTH CAROLINA, INC.
By:    /s/ Hilla Sferruzza        
    Name:        Hilla Sferruzza
    Title:        Executive Vice President and Chief Financial Officer, Chief Accounting Officer and Assistant Secretary   

MTH REALTY LLC 
By:    Meritage Paseo Crossing, LLC 
Its:    Sole Member and Manager

By:    Meritage Homes of Arizona, Inc.
Its:    Sole Member 

By:    /s/ Hilla Sferruzza        
    Name:        Hilla Sferruzza
    Title:        Executive Vice President and Chief Financial Officer, Chief Accounting Officer and Assistant Secretary

    [Signature Pages to Third Supplemental Indenture – Continued]

MERITAGE HOMES OF GEORGIA, INC.
By:    /s/ Hilla Sferruzza        
    Name:        Hilla Sferruzza
    Title:        Executive Vice President and Chief Financial Officer, Chief Accounting Officer and Assistant Secretary

MTH GA REALTY LLC
By:    Meritage Homes of Georgia, Inc.
Its:    Manager and Sole Member

By:    /s/ Hilla Sferruzza        
    Name:        Hilla Sferruzza
    Title:        Executive Vice President and Chief Financial Officer, Chief Accounting Officer and Assistant Secretary

MTH SC REALTY LLC
By:    Meritage Homes of South Carolina, Inc.
Its:    Manager and Sole Member

By:    /s/ Hilla Sferruzza        
    Name:        Hilla Sferruzza
    Title:        Executive Vice President and Chief Financial Officer, Chief Accounting Officer and Assistant Secretary

MTH FINANCIAL HOLDINGS, INC.
By:    /s/ Hilla Sferruzza        
    Name:        Hilla Sferruzza
    Title:        Executive Vice President and Chief Financial Officer, Chief Accounting Officer and Assistant Secretary

    [Signature Pages to Third Supplemental Indenture – Continued]    

MLC HOLDINGS, INC., dba MLC LAND HOLDINGS, INC.
By:    /s/ Hilla Sferruzza        
    Name:        Hilla Sferruzza
    Title:        Executive Vice President and Chief Financial Officer, Chief Accounting Officer and Assistant Secretary

MERITAGE HOMES OF GEORGIA REALTY, LLC 
By:    Meritage Homes of Georgia, Inc.
Its:    Manager and Sole Member

By:    /s/ Hilla Sferruzza        
    Name:        Hilla Sferruzza
    Title:        Executive Vice President and Chief Financial Officer, Chief Accounting Officer and Assistant Secretary

MERITAGE HOMES INSURANCE AGENCY, INC.
By:    /s/ Hilla Sferruzza            
    Name:    Hilla Sferruzza    
Title:    Executive Vice President, Chief 
    Financial Officer, Chief Accounting Officer and Assistant Secretary

MERITAGE HOMES OF UTAH, INC.
By:    /s/ Hilla Sferruzza            
    Name:    Hilla Sferruzza    
Title:    Executive Vice President, Chief 
    Financial Officer, Chief Accounting Officer and Assistant Secretary

    [End of Signature Pages to Third Supplemental Indenture]pppseconddrawnote

Compliance Systems LLC 2020 - 2021 ITEM 716BAL1 (9/2021) Page 1of 7 www.compliancesystems.com  NOTE SBA Loan # SBA Loan Name Date Loan Amount Interest Rate 1. PROMISE TO PAY: In return for the Loan, Borrower promises to pay to the order of Lender the amount of Dollars, interest on the unpaid principal balance, and all other amounts required by this Note. Borrower Operating  Company Lender DEFINITIONS:2. "Loan" means the loan evidenced by this Note. "Loan Documents" means the documents related to this loan signed by Borrower, any Guarantor, or  anyone who pledges collateral. "SBA" means the Small Business Administration, an Agency of the United States of America. "Collateral" means any property taken as security for payment of this Note or any guarantee of this Note. "Guarantor" means each person or entity that signs a guarantee of payment of this Note. 4356708401 

 

Compliance Systems LLC 2020 - 2021 ITEM 716BAL2 (9/2021) Page 2 of 7 www.compliancesystems.com  2 of 7SBA Form 147 (06/03/02) Version 4.1 3. PAYMENT TERMS: Borrower must make all payments at the place Lender designates. The payment terms for this Note are: Paycheck Protection Program: This Note is issued under either the SBA’s Paycheck Protection Program  under section 7(a)(36) of the Small Business Act (“PPP”) or the SBA’s Paycheck Protection Program Second  Draw Loans under Section 7(a)(37) of the Small Business Act (“PPP-SD”).  This Note is subject to the terms,  conditions, and provisions of the Small Business Act (“SB Act”), the Coronavirus Aid, Relief, and Economic  Security Act (the “CARES Act”), and the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues  Act (the “Economic Aid Act”), as each may be amended from time to time, governing the PPP or the PPP-SD,  as applicable, together with any and all rules, regulations, and other guidance issued by the SBA or the U.S.  Department of Treasury implementing, interpreting, or otherwise governing the PPP or the PPP-SD, as  applicable (collectively with the SB Act, the CARES Act, and the Economic Aid Act, the "PPP Rules").  The term  “PPP Rules” shall refer to the PPP Rules which apply to the program (either PPP or PPP-SD) under which this  Note has been issued.   Maturity: This Note will mature 5 years and 0 months from the date of this Note.   Repayment Terms:   The interest rate is 1% per year.   The Borrower’s obligation to begin making monthly principal and interest payments is subject to and determined  by the PPP Rules.   If Borrower submits a loan forgiveness application to Lender within 10 months after the end of the Borrower's  covered period (as defined and interpreted by the PPP Rules, the "Loan Forgiveness Covered Period"),  Borrower will not be obligated to make any payments of principal or interest before the date on which the SBA  remits the loan forgiveness amount to Lender or notifies Lender that no loan forgiveness is allowed. Lender will  then notify Borrower of remittance by SBA of the loan forgiveness amount (or notify Borrower that the SBA  determined that no loan forgiveness is allowed) and the date Borrower's first payment is due. If Borrower does  not submit a loan forgiveness application to Lender within 10 months after the end of the Borrower's Loan  Forgiveness Covered Period, Borrower must begin paying principal and interest after that period. Interest will  continue to accrue during the applicable deferment period.   The amount of principal and interest payments due hereunder shall be calculated pursuant to and in  accordance with the PPP Rules. The unpaid principal balance of this Note, together with all accrued interest  and charges owing in connection therewith, shall be due and payable upon maturity as set forth in this Note.   Lender will apply each installment first to pay interest accrued to the day Lender receives the payment, then to  bring principal current, then to pay any late fees, and will apply any remaining balance to reduce principal.   Loan Prepayment: This Note may be prepaid, in full or in part, at any time, without penalty.    Late Charge:  If payment on this Note is more than          days late, Lender may charge Borrower a late fee of  up to                    % of the unpaid portion of the regularly scheduled payment.   Additional Provisions: To the extent that any provision of this Note is inconsistent with the PPP Rules, the  PPP Rules shall govern, and any such inconsistent provision of the Note shall be removed, but the remainder  of the Note shall continue in full force and effect. Borrower has not relied on and will not rely on any  representation or statement (whether written or oral) by Lender, or any of its officers or agents regarding  Borrower’s eligibility for, the benefits of, and Borrower’s choice to participate in the PPP or PPP-SD, Borrower’s  ability to receive loan forgiveness under the PPP Rules, or any other requirements or benefits of the PPP, PPP- SD, or PPP Rules. Borrower hereby affirms, re-certifies, and incorporates by reference herein, any and all  representations, warranties, certifications, and authorizations made by Borrower in making its application for or  otherwise in connection with the PPP or PPP-SD loan evidenced by this Note.   Loan Forgiveness: Borrower may be eligible for loan forgiveness of up to the full principal amount and any  accrued interest owing under this Note pursuant to the PPP Rules. Borrower hereby agrees, acknowledges, and  understands that the amount of principal and accrued interest which may be forgiven shall be determined in  accordance with the PPP Rules. Borrower further agrees, acknowledges, and understands that the forgiveness  amount may be less than the full principal amount and any accrued interest owing under this Note if the  Borrower does not fully comply with or does not meet all the requirements of loan forgiveness as set forth in the  PPP Rules. Borrower shall remain responsible to Lender under this Note for any and all amounts of principal,  accrued interest, fees, costs, and any other amounts which are not forgiven pursuant to the PPP Rules. 

 

Compliance Systems LLC 2020 - 2021 ITEM 716BAL3 (9/2021) Page 3 of 7 www.compliancesystems.com  3 of 7SBA Form 147 (06/03/02) Version 4.1 DEFAULT:4. Borrower is in default under this Note if Borrower does not make a payment when due under this Note, or  if Borrower or Operating Company: A. Fails to do anything required by this Note and other Loan Documents; B. Defaults on any other loan with Lender; C. Does not preserve, or account to Lender's satisfaction for, any of the Collateral or its proceeds; D. Does not disclose, or anyone acting on their behalf does not disclose, any material fact to Lender or  SBA; E. Makes, or anyone acting on their behalf makes, a materially false or misleading representation to  Lender or SBA; F. Defaults on any loan or agreement with another creditor, if Lender believes the default may  materially affect Borrower's ability to pay this Note; LENDER'S RIGHTS IF THERE IS A DEFAULT:5. A. B. C. D. E. Require immediate payment of all amounts owing under this Note; Collect all amounts owing from any Borrower or Guarantor; File suit and obtain judgment; Take possession of any Collateral; or Sell, lease, or otherwise dispose of, any Collateral at public or private sale, with or without  advertisement. Without notice or demand and without giving up any of its rights, Lender may: G. Fails to pay any taxes when due; H. Becomes the subject of a proceeding under any bankruptcy or insolvency law; I. Has a receiver or liquidator appointed for any part of their business or property; J. Makes an assignment for the benefit of creditors; K. Has any adverse change in financial condition or business operation that Lender believes may  materially affect Borrower's ability to pay this Note; L. Reorganizes, merges, consolidates, or otherwise changes ownership or business structure without  Lender's prior written consent; or M. Becomes the subject of a civil or criminal action that Lender believes may materially affect  Borrower's ability to pay this Note. LENDER’S GENERAL POWERS:6. Without notice and without Borrower's consent, Lender may: 

 

Compliance Systems LLC 2020 - 2021 ITEM 716BAL4 (9/2021) Page 4 of 7 www.compliancesystems.com  4 of 7SBA Form 147 (06/03/02) Version 4.1 WHEN FEDERAL LAW APPLIES:7. When 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. Under this Note, Borrower and Operating Company include the successors of each, and Lender includes  its successors and assigns. SUCCESSORS AND ASSIGNS:8. GENERAL PROVISIONS:9. A. All individuals and entities signing this Note are jointly and severally liable. B. Borrower waives all suretyship defenses. C. Borrower must sign all documents necessary at any time to comply with the Loan Documents and to  enable Lender to acquire, perfect, or maintain Lender's liens on Collateral. D. Lender may exercise any of its rights separately or together, as many times and in any order it  chooses. Lender may delay or forgo enforcing any of its rights without giving up any of them. Borrower may not use an oral statement of Lender or SBA to contradict or alter the written terms of  this Note. E. If any part of this Note is unenforceable, all other parts remain in effect.F. To the extent allowed by law, Borrower waives all demands and notices in connection with this Note,  including presentment, demand, protest, and notice of dishonor. Borrower also waives any defenses  based upon any claim that Lender did not obtain any guarantee; did not obtain, perfect, or maintain  a lien upon Collateral; impaired Collateral; or did not obtain the fair market value of Collateral at a  sale. G. A. B. C. D. E. Bid on or buy the Collateral at its sale or the sale of another lienholder, at any price it chooses; Incur expenses to collect amounts due under this Note, enforce the terms of this Note or any other  Loan Document, and preserve or dispose of the Collateral. Among other things, the expenses may  include payments for property taxes, prior liens, insurance, appraisals, environmental remediation  costs, and reasonable attorney's fees and costs. If Lender incurs such expenses, it may demand  immediate repayment from Borrower or add the expenses to the principal balance; Release anyone obligated to pay this Note; Compromise, release, renew, extend or substitute any of the Collateral; and Take any action necessary to protect the Collateral or collect amounts owing on this Note. 

 

Compliance Systems LLC 2020 - 2021 ITEM 716BAL5 (9/2021) Page 5 of 7 www.compliancesystems.com  5 of 7SBA Form 147 (06/03/02) Version 4.1 STATE-SPECIFIC PROVISIONS:10. The following provision applies when a borrower is a resident of WISCONSIN:  Each Borrower who is married represents that this obligation is incurred in the interest of his or her  marriage or family.     The following Confession of Judgment provision applies when a borrower is a resident of DELAWARE:  WARRANT OF ATTORNEY/CONFESSION OF JUDGMENT. In addition to any other remedies Lender may  possess, Borrower knowingly, voluntarily and intentionally authorizes any attorney to appear on behalf  of Borrower, from time to time, in any court of record possessing jurisdiction over this Note and to  waive issuance and service of process and to confess judgment in favor of Lender against Borrower, for  the unpaid principal, accrued interest, accrued charges, reasonable attorney fees and court costs and  such other amount due under this Note.      The following Confession of Judgment provision applies when a borrower is a resident of MARYLAND:  WARRANT OF ATTORNEY/CONFESSION OF JUDGMENT. Borrower authorizes an attorney to appear in a  court of record and confess judgment, without process, against Borrower in favor of Lender for all  indebtedness owed in connection with the loan, including but not limited to service charges, other  charges and reasonable attorney's fees.      The following Confession of Judgment provision applies when a borrower is a resident of OHIO:  WARRANT OF ATTORNEY/CONFESSION OF JUDGMENT. In addition to any other remedies Lender may  possess, Borrower knowingly, voluntarily and intentionally authorizes any attorney to appear on behalf  of Borrower, from time to time, in any court of record possessing jurisdiction over this Note and to waive  issuance and service of process and to confess judgment in favor of Lender against Borrower, for the  unpaid principal, accrued interest, accrued charges, reasonable attorney fees and court costs and such  other amount due under this Note.  WARNING: BY SIGNING THIS PAPER YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT TRIAL. IF  YOU DO NOT PAY ON TIME, A COURT JUDGMENT MAY BE TAKEN AGAINST YOU WITHOUT YOUR  PRIOR KNOWLEDGE AND THE POWERS OF THE COURT CAN BE USED TO COLLECT FROM YOU  REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR WHETHER FOR RETURNED  GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT OR ANY  OTHER CAUSE.      The following Confession of Judgment provision applies when a borrower is a resident of PENNSYLVANIA:  WARRANT OF ATTORNEY/CONFESSION OF JUDGMENT. Borrower irrevocably authorizes and  empowers the prothonotary, any attorney or any clerk of any court of record, upon default, to appear for  and confess judgment against Borrower for such sums as are due and/or may become due under this  Note including costs of suit, without stay of execution, and for attorney's fees and costs as set forth in  this Note and knowingly, voluntarily and intentionally waives any and all rights Borrower may have to  notice and hearing under the state and federal laws prior to entry of a judgment. To the extent permitted  by law, Borrower releases all errors in such proceedings. If a copy of this Note, verified by or on behalf  of the holder shall have been filed in such action, it shall not be necessary to file the original Note as a  warrant of attorney. The authority and power to appear for and confess judgment against Borrower shall  not be exhausted by the initial exercise thereof and may be exercised as often as the holder shall find it  necessary and desirable and this Note shall be a sufficient warrant for such authority and power.     The following Confession of Judgment provision applies when a borrower is a resident of VIRGINIA:  IMPORTANT NOTICE: THIS INSTRUMENT CONTAINS A CONFESSION OF JUDGMENT PROVISION  WHICH CONSTITUTES A WAIVER OF IMPORTANT RIGHTS YOU MAY HAVE AS A DEBTOR AND  ALLOWS CREDITOR TO OBTAIN A JUDGMENT AGAINST YOU WITHOUT ANY FURTHER NOTICE.    WARRANT OF ATTORNEY/CONFESSION OF JUDGMENT.  In addition to any other remedies Lender may  possess, Borrower knowingly, voluntarily, and intentionally authorizes Lender to appear on behalf of  Borrower, from time to time, in any court in Virginia having jurisdiction over this Note and to waive  issuance and service of process and to confess judgment in favor of Lender against Borrower, for the  unpaid principal, accrued interest, accrued charges, reasonable attorney fees and court costs and such  other amount due under this Note. 

 

Compliance Systems LLC 2020 - 2021 ITEM 716BAL6 (9/2021) Page 6 of 7 www.compliancesystems.com  6 of 7SBA Form 147 (06/03/02) Version 4.1 STATE-SPECIFIC PROVISIONS (CONTINUED):10. The following Oral Agreements Disclaimer provision applies when the borrower is a resident of MISSOURI:  Oral or unexecuted agreements or commitments to loan money, extend credit or to forbear from  enforcing repayment of a debt including promises to extend or renew such debt are not enforceable,  regardless of the legal theory upon which it is based that is in any way related to the credit agreement. To  protect you (Borrowers(s)) and us (Creditor) from misunderstanding or disappointment, any agreements  we reach covering such matters are contained in this writing, which is the complete and exclusive  statement of the agreement between us, except as we may later agree in writing to modify it.     The following Oral Agreements Disclaimer provision applies when the borrower is a resident of OREGON:  UNDER OREGON LAW, MOST AGREEMENTS, PROMISES AND COMMITMENTS MADE BY  [BENEFICIARY]/ US CONCERNING LOANS AND OTHER CREDIT EXTENSIONS WHICH ARE NOT FOR  PERSONAL, FAMILY, OR HOUSEHOLD PURPOSES OR SECURED SOLELY BY GRANTOR'S/ BORROWER'S RESIDENCE MUST BE IN WRITING, EXPRESS CONSIDERATION AND BE SIGNED BY [AN  AUTHORIZED REPRESENTATIVE OF BENEFICIARY]/US TO BE ENFORCEABLE.      The following Oral Agreements Disclaimer provision applies when the borrower is a resident of  WASHINGTON:  Oral agreements or oral commitments to loan money, extend credit, or to forbear from enforcing  repayment of a debt are not enforceable under Washington law.     The following provision applies when the borrower is a resident of  ALASKA:  The Mortgagor or Trustor (Borrower) is personally obligated and fully liable for the amount due under  the Note. The Mortgagee or Beneficiary (Lender) has the right to sue on the Note and obtain a personal  judgment against the Mortgagor or Trustor for the satisfaction of the amount due under the Note either  before or after a judicial foreclosure of the Mortgage or Deed of Trust as under AS 09.45.170-09.45.220.     The following Oral Agreements Disclaimer provision applies when the borrower is a resident of IOWA:  IMPORTANT: READ BEFORE SIGNING. The terms of this agreement should be read carefully because  only those terms in writing are enforceable. No other terms or oral promises not contained in this  written contract may be legally enforced. You may change the terms of this agreement only by another  written agreement.      The following Oral Agreements Disclaimer provision applies when the borrower is a resident of UTAH:  This is a final expression of the agreement between the creditor and debtor and the written agreement  may not be contradicted by evidence of any alleged oral agreement.     The following Oral Agreements Disclaimer provision applies when a borrower is a resident of TEXAS:   THIS NOTE REPRESENTS THE FINAL AGREEMENT BETWEEN PARTIES AND MAY NOT BE  CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL  AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENT BETWEEN THE  PARTIES.     The following provision applies when a borrower is a resident of FLORIDA:   By Executive Order Number 20-95, the assessment and collection of taxation imposed under Chapter 201,  Florida Statutes, was suspended for all notes and obligations such as this Note made pursuant to Title 1 of the  CARES Act and thus no such taxes are due and owing on this Note.     The following provision applies for all states, to the extent permitted by law:   WAIVER OF JURY TRIAL. To the fullest extent permitted by law, all parties to this Note hereby  knowingly and voluntarily waive any right to trial by jury of any dispute, whether in contract, tort, or  otherwise, arising out of, in connection with, related to, or incidental to the relationship established  between them in this Note or any other instrument, document, or agreement executed or delivered in  connection with this Note. 

 

______________________________________________________________  Signature of Authorized Representative of Borrower/Borrower Compliance Systems LLC 2020 - 2021 ITEM 716BAL7 (9/2021) Page 7 of 7 www.compliancesystems.com  7 of 7SBA Form 147 (06/03/02) Version 4.1 BORROWER'S NAME(S) AND SIGNATURE(S):11. By signing below, each individual or entity becomes obligated under this Note as Borrower. ______________________________________________________________  Name of Authorized Representative of Borrower _______________________________  Date _______________________________  Title If this Note is executed by electronic signature, Borrower agrees that this Note is intended to be and shall be  treated as an effective, enforceable, and valid transferable record. PAUL A. ROMANO

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