Sean Nienow SBA Loan National Camp Association

8/12/2019 Sean Nienow SBA Loan National Camp Association

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CASE 0:14-cv-00178-SRN-SER Document 1-1 Filed 01/17/14 Page 1 of 1411:05 AM BFCESKERPROD > SallieMae Paqe 17 o

1

U.S. Small Business A dministrationNOT

SSA Loan PLP 329 036 5001SBA loan Nama Nationalcamp Association Inc.Date January 13, 2009Loan Amount 613,000.00Interest Rate Variable

National camp Ass


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3 PAYMENTTERMS:Borrower mus make all payments at tbe place Lender designates. Tho payment terms for 1his Nole are:

This Note wlll mature in 9 years from date of Note.The interest rate on this Note.will fluctuate. The Initial Interest rate Is 6.75% per year. This initial rate Is the primerate in effect on the first business day of the month in which SBA received the loan application, plus 2.75 . Theinitial Interest rate must remain in effect until the first change period begins.Borrower must pay principal and Interest payments of $7,589.00 every month, beginning one month from the monthof Initial disbursement on this Nole; payments must be mada on the same day as the date of lnttlal disbursement onthis Note In the monlhs they are due.Lenderwill apply each installment payment first to pay Interest accrued to the day Lender receives the payment,then to bring principal current, then to pay any late fees, and w apply any remaining balance to re


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SBA 47:NotePaga2Contin uatio nContinuationof .''Late Charg e:If apaym ent onthisNote is m orethan 10days late , Lender may charg eBorrower a latefeeofupto 5.00 of theunpaid porti onof ther egu la rly sched uledpay men t.

Page1 Bankers System s, Inc., St.Cloud, M N


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CASE 0:14-cv-00178-SRN-SER Document 1-1 Filed 01/17/14 Page 4 of 1411:05 AM BFC-ESKERPROD SallieMae

4. DEFAULT:Borrower is in default under this Note if Borrower ooes not make a payment when due under this Note, or ifBorrov.-eror Opera1fog Company:A. Fails 10 do anything required by this Note and other Loan Documents;B_ Defaults on any other loan wi th L e n ~ e r ;C. Does not preserve, or account to Lender's satisfaction for, any of he Collateral or its proceeds;D. Does not disclose, or anyone acting on their behalfdoes not disclose, any material fact ro Lender or SBA;E. Makes, or anyone acting on their behal f makes, a materially false or i s l e a d ~ representation to Lender or SBA;F. Defau Its on any loan or agreement whh ano ther creditor, if Lender believes the default may materially affect

Borrower s ability > pay this Note;G. Fails to pay any laxes when due;H. Becomes. the subject of a proceeding under any bankruptcy or insolvency law;I. Has a receiver or liquidator appointed for any p art of their business or prnperty;J. Makes an assignment for the benefit of e:reditors;K. Has any adverse change in financial condition or business operntion that Lender e l i ~ v e s may materially affect

Borrower's nbili1y to pay this Note;L. Reorganizes, merges, consolidates, or otherwise c h a n g e ~ ownership or business structure without Lender s prior

written consent; orM. e c < i m ~ the subjecr of a eivil ur_crimiml actiun lbal Lender believes may materiallyaffect Bor.rower's ability to

pay this Note.S LENDBR S RJOHTS IF THERE IS A DEFAULT:

With1H1t notice >r demand and without giving up any of its rights, Lender may:A. Require immediate payment of all amounts owing under this Note;B. Collect all amounts owing from any Borrower orOuarantoc;C. File suit and obtain judgment;D. Take possession of any Collateral; orE. Sell, lease, or othcrwi.so dispose of, any Collateral et publlc or private sate, with or without advertisement

6 LENOBR'S GENBRAL POWERS:Wilham notice and wt1hout Borrower's consent, Lender may:A. Bid on or buytbe Collateraf at its sale or lhesaleofanothcrlicnholdcr,atanyprico it chooses;B. Incur expenses to o l l ~ amounts due under this Note, enforc;.; the twins of his Noto or M.y other Lonn

Doeument, and pre.serve or dispose of the Collateral. Among other thlng11, t h ~ expen$e.Smay include paymenlsfor property taxes. prior liens, insurance, apprainls, enviro11mental remediation Co f , and re4Sonable attorney'sfees 1md ~ o s t s If Lender incurs such expenses, It may demand immediate repayment from Borrower or add theexpenses to the principal l a n c e

C. Release anyone obligared to pay this Note;D. Compromise, releai;e, renew, e.-:tend or substitute any of he Collateral; andE. Take any action necessary 10 protect the CoJlateral or collect amounts owing on this Nole.

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SSA Form 4 081 )3102} e n ~ i o n 4. t Page3/6Wolters Kll.lw6r F l n a n c i ~ SefVlces, St. Cloud, MN


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7. WHEN FEDE RAL LAWA PPLIES:\\/'hen SBA is the holder, thisN ote will beinterpretedand enforced under federal law including SBAttgulations.

e n d ~ r or SBA mayuse st ale or loeal procedures for filingpapers,recording documents,giv ing no tice, foreclosing liens, andother purposes. By using such procedures, SBAdoes not waiveanyfederal imm unity fromslateor l ocalcontrol, penalty, tax, or liability. As to this Note Bortower may not claim or assert againstSBA imy local or state law todeny any obligation defeat a11yclaim ofSBA t preem ptfederal law.

8 . SU ESSORS AND A SSIGNS :

Under th is Note Borrower and Operating ompa nyinclude the successors of eacb and Lenderincludes its successorsand a5signs.

9 GENERAL PR O V ISIONS;A. All indiv iduals andentities signing 1his Note are jo intly and severalty liable.B. Borrower waivesal suretyship defenses.C. Borrowermusr sign all documents necessary at a ytimeto comply with Loan Documents and to enable

Lender to acqu ire, perfect, o r maincainLender s liens on Collateral.D. Lender m ay exercise any of its fights sepa tately or together smanytimesand inany orde r it choo.ses. Lend er

may dclny or forgo enforcing nnyof its rightswithout giving up anyo.fthem.E. Borrow er may no t use anoral statement ofLender or SBA loco ntradict oralter thewritten texmsofhis Note.l . If anypar of his Noteisunenfon:eable,all other parts remain ineffei;t.G. To thee luent allowedbylaw, Borrower waives all demands and noticC4in connection w ith Ibis Note, including

presentment,dem and, protest, ll ld notice ofdishonor. Bo rrower also waivesany defensesbaSedupon ny claimthe Lender did notoblaina ny gu11rantee; did not obtain perfect or maintain alienupon Collateral; impaiTedCollatera I; ordid not oblain the fair market value of ('.'ollateral at asato.

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SB Foon147 06/031il2)Verskm _1 Page,4/6 Woll&rs Kluwer Ffnandal SelVfces SL Cloud MN


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BFC-ESKERPROD > Sall ieaeL


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11. BO RROWERS N AME(S ) ND SlGNATURE(S ):By signingbelt>w, each in divid ul or entity becomes obligatedunder thisNote as Borrower.

NationalCamp AssociationInc.

SSA Fa


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CASE 0:14-cv-00178-SRN-SER Document 1-1 Filed 01/17/14 Page 8 of 14AM

] ; : : : t t ? T = S l i > ~ f. SallieMae

U.S. Small Business AdministrationUNCONDITION L GU R NTEE

PLP 329--038-5001Naliooal Camp Association lno.

Sean R. Nlenow and Cynthia M. Nienow

National Camp Association Inc.

U.S. Bank Nallonal AssociationJanuary 13, 2009613,000.00

Guarantor unconditionally guarantees payment ro Lender of all amounts owing undllr lhe Nore. This Guarantee remainsin effect uncil the Nole is paid in full. Guarantor mus pay aU amounts due undel" the Note when Lender makes writtendemand upon Guernntor. Lender is oot required to seek payment from any other source before demanding pa)' nent fromGuarantor.

2. NOTB:

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The "Nole" is the promissory note datedSix Hundred Thlmlen Thousand and 001100

January 13, 2009 in the principal amount o

from Borrower to Lender. Jt includes ony 11ssurnption, renewal, .substitution, or replacement of the Note, and multiplenotes under a line o credil.

3. DEFINITIONS:"Ci>llateral" means any property taken as set:urity for payment of he Note or any guarantee of he Note.''l.oaA" means tile loan evidenced by rhe Note.'.'Loan Documents" means the d o c ~ m e m s related to the Loan signed byBorrower Guarantoror any other guamntor, or

nnyone who pledge$ Collateral."SBA" ~ n s the Sm : ll Business Administration, an Agency of the United States of America.

Dollars,

SSA F1>rm 148 (10196} Prellious Wlllolls obsOIQte. Pai:e 115Wolters l


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CASE 0:14-cv-00178-SRN-SER Document 1-1 Filed 01/17/14 Page 9 of 1411:05 AM BFC-ESKERPROD -> SallieMae

4. LENDER'S GENERAL POWERS:Lender may take 1111) of the following actions at any lime, with.out notice, without Guarantor s consent, and withoutmaking demand upon Guarantor:A. Modify the terms of the Note or any. other Loan Document except to incrcas4" the amounts due under the Note;B. Refrain rom taking any action on the Note, he Collateral, or any guarantee;C. Release any Borrower or any guarantor of the Note;D. Compromise or settle with the Borrower or any guarantorof he Note;E. Substitute or release any oftbe Collalernl, whether ornot Lender receives anything in rerum;F . Foreclose upon or otherwise obtain, and dispose of, any Collaleral at public t private sale, with or without

advertisement;G. Bid or buy any sale ofColhtteral by Lender or any other lienholder. at any pricF Lender chooses; andH. Exeii;;ise any rights it has, including lhose in lhe Nore and other Loan Documents.These actions wm not release: or reduce the obligations of Guarantor or create onyrights or claims against Lender.

5. FEDERAL LAW:Wilen SBA ls the holder, the Note and this Guar1111tee will be construed and enforced under federal Jaw, including SBAregulations. Lender or SBA may use state or local procedures for filing papers, recording documents, glvblg notice,foreclosing liens, ond other purposes. y using such procedures, SBA does not waive any federal immunity from state orlocal conttol, penalty, tlllt, or liability. As to tilts Guarantee, Guarantor may not claim or assert any local or state lawagainst SBA to deny any obligation, defeut any claim ofSBA, or preempt federal law.

6. RIGHTS, NOTICBS, AND DEFBNSESTHATOUARANTOR WAJVES:.To the elttent pemiitted by Jaw,A. Guarantor waives all rights to:

l Require presentment, protest, or demand upon Borrower;2} Redeem ony Collateml before or afler Lender disposes of it;3) Have any disposition of Collateral advertised: lllld4) Require II valuation of Collateral before or after Lender disposes or it.

D. Guarantor waives any notice of:I Any default under the Note;2) Presentment, dishonor, protest, or demand;3) ExecutionoftheNole;4) Any action or inaction on the Note or Collateral, such as disbursements, payment, nonpayment, aceeleration,

intent ro accelerate, assignment, collection activity, and incurring enforcement eJCpcnses;S) Any change in the financial condition or businesa operations ofBorrower or any guaranlot;6) Any changes In the terms of he Note or other Loan Documents, except i n ~ r e a s e s in 1he amounts due under the

Note;tind7) ihe tiine or pl11Ce of;my sale or other disposition of Collateral.

C. Guarantor watves defenses based upon any eloim th11t:I) Lender failed to obtain any guarantet;;2} Lender failed to obtain, perfect, or mainlain a securily in1erest in ny properly offered or taken as Collateral;3) LC'1der or others improperly valued or inspee\ed the Collateral;4) The Collateral changed in value, or was neglected, lost, destroyed, o r underinsured;

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SBA Fomt 14 110/911) Previous edlHons obsolete. Page216Wolters Kluwer Flnanclal Seivlces, St. Cloud, MN


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5) Lender impaired the Collateral;6) Lender did not dispose of any of the' Collateral;7) Lender did not conduct a commercially reasonable sale;8) tender did not obtain the fair market vah1e of lhe Collateral;9) Lender did not make or perfect a claim upon the death ordlsablliry ofB


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10. STATE-SPECIFIC PROVISIONS:

NI

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Pai; e4f5Wolters Kluwer Flnaodal Services, SI. Cloud, MN


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CASE 0:14-cv-00178-SRN-SER Document 1-1 Filed 01/17/14 Page 12 of 14

- ~ V l f a . , . t ' t ~ ' _ . . ~ ~ i , . _ . . . , _ . . . . . ,

11. GUARANTOR ACKNOWLEDGMENT OF TERMS.Guanin1or acknowledges that Ouarantor has read and understands the significance o all temu oflhe Note and thisGuar:intee, including all waivers.

12. GUARANTOR NAME(S) AND SiGNATURE(S):By signing below, eath individual or entity becomes obiigated as Guarantor under this Guarantee.Guarantors Acknowledge that this Guarantee s secured by a Deed of Trust infavor of Lende-r on real property located in Isanti County, State of Minnes ota.Property Address: 139 th Avenue SouthwestCambridge , N 55008

Sean R. Nienow and Cynlhla M. N en01.v

SSA l OOll 148 (10196) Prel ious ediUOlls oboo ete. Page0/5Wolters Klui.ver Financial Services, St. Cloud, MN


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U. S.D E PA R TM ENT OF TH E T R E A SU R YFINANC IA L M A N A G E M E N T SER VICE

W ASHINGT ON , D C.A C T I N G O N BE H A L F OF

U S S M A L L BUSINESS A DMINISTR ATION - ( SBA )CERTIFICATEOF INDEB TEDNESS

DebtorName(s) andAdd ress (es):National Camp Associa tion, Inc.139 6th Ave., WCambridge, M N 55008Sean R. nienow1396th Ave., WCam bridge, MN 55008Cynthia M. N ienow1396th Ave., WCambridge, MN 55008Totaldebt due United States as o June 21, 2013:Principal: 558,076.53

FMS & D OJ fees: 189,861.09(pursuant to 31 U.S.C. 3717(e ) and 371 l(g )(6), and 28 U.S .C. 527)

TOTAL: $747,937.62I certify that the U S Small Business Administrati on (SBA) records show that the codebtorsnam ed above are indebted to theUnited States inthe am ount sta ted aboveThe claim arose in connectionwith the codebtors' July 2010 default on a $613,000.00SBAinsured loan.CERTIFICATION: Pursuan t to 28 USC ss. 1746, I certify under penalty of perjury that theforegoing is true and correct to the be st ofmyknowledge and elief based upon infor mationprovided by the U S Sm all Business Administration.

Regina CrisafulliG O V RNM NT

EXHI IT3


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Financial Program SpecialistU S Department o the TreasuryFinancial Management Service

Sean Nienow SBA Loan National Camp Association

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