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IN nil! COURT OF COMMON III.MS 011
CUMlmRI.AND COllNTY. I'ENNSYl.VANIA
NO, l)Cl.4136 (WII.
JAM!!S KAAAOIANNIS.
Illallllllf
NEW VIEW CORI'ORATION, f7d1b/a
LEO ENTElUIRISES, INC"
LEO ENTERPRISES. INC., "lid
nONNIE LEO,
Defelldunt
: CIVIL ACTION. LAW
: QUIET TITLE
l'Wm:.t:
You have been sued In C1l1ll1, If you wish 10 defend agRlnstlhe c1RbIlS sel forth hi the
following Iluges. youlllUSf. lllke IIcllon with III twenty (20) dRYS IIncr lhls cOllllllRl1Il Rlld 1I0llee are
served. by enterillg II wrillclIlIPllelll'lllIce personlllly or by IIltomey IIl1d lillll!!, III wrltlllg with lhe
court your defcuses or objcctlous to tbe dllillls sClli1l1h Rglllust you, You lire wllmed IhRllfyou
fRllto do so the CRSC IlII1Y proceed wilhout you IlIId II jud!!llIeUIIllIIY be elllered IIgRllIsl you by the
court wilhout tilrtbcr uotice till' lIuy llIouey dllimcd iuthe COlllp11l11l1 or lor lIuy olher dllllllor
relief requested hy Ihe pllliulltr. Y OUIllIlY lose money or propel1y or olher rightt; IIlIp1ll11111110
you.
YOU SIIOULD TAKE TI liS PAPER TO YOUR LAWYER AT ONCI', IF YOll DO
NOT IIAVE A LAWYEI~ OR CANNOT AFFOIW ONI'. GO TO OR TELEPHONE TilE
OFFICE SET FORTIIII'.LOW TO FIND our WllmE YOU CAN (jET LEGAL IIEUI.
COlll1 Adllliulslrntor
Oue Courthouse S'lu"re
CRrlls1e,PeullsylvRulll 17013.3387
(717) 240.6285
,
,
May 15, 1981. a tnlO and correct COl'Y of which Is ulluched hereto and marked as EHhlhlt HA,"
6, For the IlUl'JlIlSO of socurlng the ~ebt under the Agreemelllof Sule, 1'lohllUf granted
o mortgage tolMclldont which was dnted Febl'lllll)' 24, 1982. and recorded In the omce orthe
Recorder of Deeds, lIook 705, l'oge 748.0 tnle IInd correct cOI'Y of which Is nllnched hereto nnd
mnrked os Exhlbh "II,"
7, '111e omountofthe mOl1goge wlIs11m:e lIundred Twellly-Flve '111ousAnd Dollars
ond OO/too ($325,000,00) with Inlerosllll E1evenl)ercelll (II %) olllortlzed over Fifleen (15)
yellrs,
8, The recorded mort!!oge Incorrectly staled II COllllllencemenl dOle of AI,ril I, 1982.
tor the pnymenls, whell III tDcllhe PAYlllOlIlS hod slorted In July of 198 I, As a result, on Febl'\lAry
24, 1982, Ihe bnlallce remaining and due Ilulhe mortga!!e was opprllxlnlll\ely '11lree IIwldred
Elgbleen '111Ousand '111ree Hundred Twenly-Four Dollars and 28/100 ($318,324,28),
9, On or aboul June I, 1996, 1)IIIIIIIII1'pAld to Defendnlll A check Inlhe omOWI\ of
'111ree '111ousond Six Ilundred Sevell Dollars olld 76/100 ($3,607,76) represelltlngthe IInAI
IIA)'IlIenl due under Ihe Agreemenl of SAle liS evidenced by the 01ll0rtl1Jlllon schedule, R lrue And
correcl COllY of which Is Auached herelo and marked as Exhibll "e. to
10. Defendanlllrollllsed 10 sotlsly Ihe llIortgo!!e of record ollhe time oflla)'ll1ellt.
II. Desllite 1)lallllll1's lIer1ol'lllonce under the Agreemenl of Sole, Defelldanl hos
refused 10 satisfy Ihe llIol1goge of record ond continues 10 refuse to do so desplle repealed
requests by PlAintiff.
12, DefendAnt's fAilure 10 sAllsfy Ihe llIortgAge creAtes A cloud upon I'IAllIllI1's title 011
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~aJ\SBMlnIT 01" SM.I!
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THIS ^GIUIlBMINT, made this Is day of May, 1981, by and between
LEO INTI!RPRISBS, INC., a oorporation organhod and exhtl.n'il ,under the
lawa of the Commonwealth of. Pennllylvanill (hereinafter refer'red to III
- '
"Se11er"1 and JAMES KAllAGITlNNIS, /Ill adult l.ndividual (hereinafter
referred to 8S "Duyer").-
W 1 T N R a a ~ T " I
WHBRE^S, tho RlIlJ,er 111 the ownOl" of oertain real property and
"
improvements known and numbered 1\11 the Sierra Madre Saloon, 4035
Market Street, Itampden Township, cumberland county, Pennsylvania
(hereinafter referred to as the "Premises"), and
WHBREAS, the Seller is the lioensee under Restaurant Liquor
Lioense No. 20227 issued by the Pennsylvlln11l I.iquor Control Board
and operates a bal" and l"estsul"lInt faoility on the premiaee under
paid license, and
WHERE^S, the Buyer wishes to purchllse the Premises, togather
with all fixtures, appliances, equipment and stock in trade situate
on the Premises, and wishes to have transferred to him all rights
and duties under the existing Restsurant Liquor License issued to
Seller.
NOW, THBREFORE/ in cons1deration of the mutual oovenants
contained herein, and intend'ing to he legally bound, the perties
hereto agree as followsl
1. SALE AND DELIVERY.'
The Seller heroby IUJl"eOS to Doll 1\11<1 ,'oliver to Buyer, and
,,'
Buyer her'Jby ftlJrooB b" llocopl fnll" Anl10r, the afol"esaid bal" IInd.
restaurant facility, including Ii 11 fixtul"es, appliances, equipment
and etook in tl"ade which are situate on the Premises and idenlified
on the inventory attached llt!reto as Exhibit "A". Seller further
.., '.....
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,SI',OGO, !lu. 1.1\ monllhly lUtllll1n.nt. ..
hereinatter provided
TOTAL PUnCIIIIBE PRIC~1
!lll, 000.110
$425,000.00
4. LUMP-BUM PAVMENT.
The unpaid prinoipal amount of Twenty Thousand Dollar. ($20,000),
together with intereot thereon lit the rate 'of ten peroent (10') per
annum, ehall be paid to Beller in a single payment within one year
,
aft.r the date of Settlement. 'rhe prinoipal amount, together with
adcrued interest, mey be pre-pllid by Buyer at any time without penalty.
5. INSTALLMENT PAVMENTS.
The unpaid principal amount ot Three lIundred Twenty-five ThouDllno1
Dollar. ($325,000), together with internat at the rate of eleven
percent (11') per annum on the unpaid balanoe, or in the event that
tax-tree mortgage tinanoing can he arranged through an appropriato
indu8trial development authority, interest at the rate ot eight and
one-halt percent (8 1/2') per annum, shall be paid in one hundred and
nineteen (119) equal monthly inotllllmento calculated on the basis ot
a fitteen \15) yo..tr lI'lIort11.l,tion period and ir. one (1) final in8tallment
equal to the entire unpaid principal and interest balanoe. The tint
such monthly installment oha11 be due and payable Utty (50) daY8 after
the date of Settlement and each subsequent installment shall be due and
payable at one month intervals thereafter. Buyer acknowledgeo that the
installment financing provided for horeunder is for a term of ten (10)
.
year8
ation
and that any principal halnnce which remains unpaid at the expir-
,
of the ten (10) year periorl, together with any acorued intereot,
mu~t be paid in full with tho finll1 installment hereinabove provided,
notwithL l:anding the faot t.het thu installment payment amounts are other-
wi8e oa~oulnted on tho basls of n fifteen (15) year amortization period.
ThB (lrinc~ pal "lmount, tOlJetllcr wilh "CCI: .led interest, may be pre-paid
by Buyer at any dme without ponlllty.
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Buyer Bhall execute in Seller's favor such BecurityagreementB
or cther dccuments, including but not limited to, an inrltallment
note or nOtel, II purohaoe monoy mOl,'tqB'JO and Uniform commercial
Code finanaing statements, BS Boller'e attorney may rellsonebly
determine are necessary or Bdvieanlc to eeeure Seller's right to
payment hereunder.
All such dooumenta aha11 evidence Seller'S first
"
lien Becurity interest in the oncumbel!od L1eaeL Moreover, Buyer
acknowledges that upon any ,'cfault by Iluyer. under the terms of thh
Agrel!lmen~ all right, title Bnd tntereot in, to and under Restaurant
Liquor License No. 20227 aha 11 forthwith revert to Seller and Seller
shall have the right to make immediate applicaticn for re-transfer
cf the License to Seller. Iluyer hereby appoints Heath L. Allen,
Esquire, ae his true Bnd lawful ottorney, to do all lawful things in
his stead, for the purpoae of ro-tranaferdng the said Restaurant
Liquor License to Seller upon any default by Buyer.
7. SETTLEMENT.
Settj,ement horeunder allah take place within forty-eigi'.t' (48) houre
efter the receipt of approval. for transfer of l'ennaylvania R/!staurant
Liquor Licenee No. 20227 to Buyer. 1\J.l deeda and aecurity doouments
required hereunder ahall be executed l:Jy the partiea at Settlement and
shall thereupon be recorded Bnd/or f !led immediately. In the event that
the Pennsylvania Liqllor control Hoard rcfuaea to transfer the License
to Buyer, thia I\greement, Ilho~l be null find void and Seller ahall be
cantitled to retain the deposit money of Ton 'rhouB8nd Dollars ($10,000)
as liquidated damageB. POBSPOS ion of the premisea Bhall be given to
Buyer a" the time of BottlelJl'H1t.
8. '!:.IU\NSFER OF 'rI'l'l,E.
Titl~ to the Premises shall he uonvey~d to nuyer at Settlement.
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9. W^"~NTIeB or TIT~e.
Title is to bill . good And
marketable tee simple tit~"'free and
" IJ '
but sUbjeot to building reltriotld : lon1ng
ole.r from all liens,
regulations, eaeements, rights-ot-way (inoluding but not limited to
all highway rights-of-way), r.eservations end restriotions of reoord
or vidble on the PremisOB at allY time up 'to and inoluding the Ume
,..
of Settlement. Titlesh~ll be oertitiable by Buyer's attorn~~~or
insurable at regular rates by 8 reputable title ineuranoe company
without exoeptions objeotionable to Buyer. Beller shall oonvey by
general warranty deed subject to the provisions of this Agreement.
Buyer shall have sixty (60) days from this date to examine Htle
to the property to be conveyed. If, within said period, Buyer doee
not notify Seller in writing of any defeots in said title, it shall
be oonolusively presumed that there IU'/] no suoh defects and that the
title meets the requirements of this Paragraph 9. In CUIll mll,terial
detllots are, within said period, found to exist in that title, and
are so reported to Beller, then, if such defects are not cured by the
Seller wi.:hin air.ty (60) days uf the notit:a, this Agreement shall
beoome null and void and there shall be no further liability upon
the Seller or Buyer, whereupon Beller shall return Buyer's deposit
payment forthwith.
10. WARRANTIEB OF FITNESS.
Except as otherwise specifically providsd for herein, Seller makes
no express or implied warranties with respect to the physioal condition
or possible uses of the eubject property or any improvementa located
thereon. Buyer acknowledgeR thaI: improvements are being sold on an
"liS is" basis.
11. INBURANCE.
Until the date of. Bettlun1onl:, Beller shall carry, at it. own
expense, fire insurance on the Premises with extended coverage endorse-
ments. In the event that any lmprovement is destroyed or damaged by
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will be the 801e property of Beller.
'i~a a~ a.her aaaualty prior to Het~l.m.nt, all !neu~ana. proaaade
, .
If ssid insursnoe loe.dl are
"~It "
reoeived by Beller on or before the date of Bettlemlnt, 'total
purohase Prioe Ihall be reduoed by the amount at suoh proceedl. In
the event that laid insuranoe prooeeds are not received bYf~eller on
.
or before the date of Settlement, Seller shall assign itl right to
Prioe shall remain as hereinabovu stated. In either
,',I "
total PU~~,~8Be
event, there
oolleot said proceeds to nuyer and the amount of the
"
shall be no duty on the Seller to restore, rspair or rebuild the
improvements or any appurtenancos.
Sublequent to tho date of Settlement, nuyer shall carry, at his
own expense, tire insuranoe on the Premises with extended ooverage
endorlements and naming Seller as oo-insured. In the event that any
improvemen~ is destroyed or damaged by fir~ or other oasualty lub-
sequent to the date ot Settlement, the parties shall agree as to
whether the improvements shall be rcstored or repaired by use at the
inlurance prooeeds or whether the insurance proceeds shall be applied
to the r.d'l.Iotiun of tholl' unpEdd prinoipal and interest bala'.l'e.e'due
hereunder. Seller shall not be required to contribute any funds
whatsoever in the repair or restoration of damaged improvements.
12. INDEMNIFICATION or SEI.I.ER.
Buyer will indemnify and hold harmless the Beller from any debts,
liabilities, liens, claims, taxes, encumbrances, obligations or suits
of any kind imposed upon Seller by reason of, based upon, arising
out at or 08usod by any act, omission or other thing ooourring at any
time after the date of Settlement if caused by any act or omission of
Buyer in connection with his use of the Premises.
13. TRANSFER TAXES.
Real e.tate transfer tnxoa (>>tatc and looal) will be divided
equally between Buyer and Seller, 1 \ to he paid by Buyer and 1\ to
be paid by Beller.
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14. ~DJUBTMl!:tlTS ""r SE'I"rr,l!:MBN'I'..
Real eetate taxes, water, sewar renta, ele"ltrl.o and ItjilS/ if "hy /
shall be apportioned to the dB te 0 f Set Hement. BIJyer ahall' be respon-
sible for all real estate taxes, water, sewer rents, eleotrio and gas
charges incurred subsequent tD the date of Settlement. ~,
15. DEFAULT.
Upon default of the payment of any sum of prinoipal or interest
"
herein agreed to be paid fot the space of thitty (30) days after the
same shall beoome due and payable, ot upon teoeipt of notioe from the
Pennsylvania Liquor control noatd of II suspension 01' revooation (or
intent to suspend at tevoke) of ~estllutllnt Liquor Lioense No. 20227
for the spaoe of thitty (30) days or. longet, or upon the filing of a
petition in bankruptoy putsuant to ptovisions of the Bankruptoy Code
of 1979, or upon btellch of any other term of this Agreement, the whole
of the unpaid prinoipal sum, togethet with interest, costs and other
oharges required to be paid heteundet shall, at the option of Bellet,
beoome immediatelY due and payable. upon such default, the Buyer hereby
authorizes and emt'owel s any attul:ney 'if any court at reoord 'to appeal'
for him and confess judgment for the whole of such sum, with a ten
peroent (10') attorney's commission ot fees, hereby waiving the right
of exemption and inquisition so far as the property herein desoribed.
In addition to othet remedies availllble to Bellet hereunder, upon
default by Buyer, Beller may declare this Agteement terminated, null
void and ptoceed by action of foreclosute fat recovery of the Premises
herein conveyed.
16. BROKERS AND AGENTS.
Buyer and Seller covenant to save the other party harmless from
any claim to fee or commission hy any real estate brokers or agents
dealt with in connoct.lon with thin 111110, due or to be due by rea eon
ot acts of Buyer ot Sellet, as the case may be.
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1;~1. ::::~:::~U::::::::D:::'.n~ire under.tanding b.tj~~~~h~ ~
o iIlN ~ . ~w
partie. hereto, and BupercBdeR any prior written 0~tOral~9reementl
between them rellpecting the wd tten Bubjeot matter, i~~lUding o~~t n'ot "
I,
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11mited to the written agrellment dllted Maroh 17', 1901. There ar'e
,no reprelSentatione, Ilgreements, arrangements or ~'nderstan"~~ "foral
or written, between and among the parties hereto relatin~o the '
lubject matter ot this irystrument whioh are not tully expreleed herein.
18. HEIRS AND ADMINISTRATORS.
All rightl given in this instrument tu Saller and Buyer shall
aocrue to their heirs, executors, administrators, Buccessorl and ISllignll.
19. CONSTRUCTION..
This Agreement shall ba interpl'eted and construed in acoordance
with the laws of the commonwealth of Pennsylvanla.
20.
RECORDING.
to
This A'iJreement may be r.ecorded in t.he Office of the Reoorder of
Deeds of Cumberland County, Pennsylvania.
21. RECEIPT OF C,m.
All parties hureto acknowledge n,ceipt of a fully ~xeoul~ed copy
of this Agreement.
22. INTENTION TO DE DOUNP.
It is the intention of each of the parties hereto to be legally
bound by the terms of this Agreement and 1:0 bind their exeoutors,
administrators, heirs, suocessors and assigns.
IN WITNESS WHEREOF, the,parties hereto have set their hands and
seals the day and year first ahove written.
ATTEST I
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r.EO EN'l'ERl'RISES, INC.
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/~\:r~'tary
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"Beller"
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Pulident
WITNESS I
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Ja~es arag an~-
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"Duyer"
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hmh_. hlU Ct,. Itll ~1I1l "'I ,,,",. '1 h,
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our Lord QU, OlnllllJtlfJ '1 ill II 1111/111,..11 ,"'.,
~,tw,t"
fm'ln I ~, JJ) 6jf~,~. ~~'" rf5
~L!P;'&9~jlj c"~~' 21 'u'3 :1~2 }U::ll~rn~t
~'~j,i ,~' ..<t:.~, 't!P.4.... ".., '.' f/ IJ' ~~..l rll
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,/1111 Ilf l"ub&."UIll.'Y
Ol\lhty~two (10U2).
II~ II.. U'.' '1/
JAMES KARJlOIIINNIS, an adult in<lillldual
, ,
"
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(1""11111//" ",,1/,,/ II" ~'""~"~o, ), olllt.~~"t pn/t;"dIlJ
LEO ENTERPRISES, INC., a Ponnuylllania buuinuuu corporAtlon, luaaol-
lor by mer90r to E9\1head, Inc.
.
(lIMlt'I"fla L',JII,d Old ,l/rJ"~'3~U ), 0/ till ..cunei po,t,'
I
~ll'rtl1"~ th. ",M IIIIJ,tt,JI1IJr '" 1111.1 llll II r:atllill ()lJIi~I"t{,," 0' Wril''',} Qhll~llt'JfIJ U.Hf/t"r
hand and uflI flu/IJ Uto/tltd, IJIIJfjll~ Illtll 1'lHd hl1rd/lJltll,~llllld IJlIII,,,l ,,/llo lhll .rJ/,1 morljlJt,.
I~ Ih. ",n,o/I'hto. lIundt.d 'l'I.nty-tlvu Th",,""nJ /lollllru (~32S.000), toglthor IIlth Lnt rllt,
If1IJ'luI mon'lI nl th. United Srure'" III ,.JlHtrilJIJ, J;tJ/ldltiIHldd fur rht! IJIII/HI 1111 0/ till J,.,e "tin 0/
Thru Uundud 'l\i.nty-f Iv. Tllou.oll.1 /lo ll"r. (~32 5, 000) -----.~/II"'/II/ "'on.u d. o/O'''./d.
together with intorest at tho rllte 01 ulullon percunt (11\1 per
annum, sold prindipal And interout to be puid in one hundred
nlnsteon (119) equal 1110nthly in6tullr.lont6 c.,lculated on the basis
of a flfteen (15, year AlHortl.atlon p"rlod I1nd in onu Il) final
lnstAllment equal to the ontire unpaid principal and intureot
balanoe. The t1rot ouch mOllthly inutllllmont ahnll be due and
payable on Aprl1 1, 19U2 and each suhsequent installment shAll be
due and paYAble at one month intervals thereafter. Mort9agor
aoknowledgeu thAt tho inutalllHunt paYlHents provided for hereunder
are tor a term ot ten (10) yuar6 Alld that any prlnclpal bAlAnce
which remainu unpaid at the uxpiratioll of tho ton (101 yoar
perlod, together with any aCCJtued int"re6t, lHuat be pAid in full
wlth the flnol lnutallmont hereinabolle provided,
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Iatl<tlbK~ItKtMolltOlb(:dUtllb/K~"b1JI l\IjX#"x~~llill 1I1VllltorKX
pa~ "
without dlal/lroud 0' /urtlll, detail,' (JfIfJ lor tlld l,r/Jdlll!tilJH lu Old ."CJrtl!(4ddd ,iLl 8Iloou,or., 0'
oI"t~n', on or b'lo,. th,"rlt day 0/ Septcmbo r of t!ach IHld 11/1t!'l1l1,a,. 01 "ortplr for 'Ill t~...,
muntolpol aU.llm.ntl 0' o/lfl"~u 01 Olll CIU'd"t YCIJf IJneued II/HJ'llIlfJ Innrti!flr!Id P"In"u,' and 01'0.
,rom. rim. to tlnu, and at all Untu, uHUt patJmetlt Ol'cli" IJ,illcl/iotl '1'1Il, (dr Ihd kl1t!I,lntolt1~. buildlnt
"lifeI'll "'''/lliO/llltl illWfed attJinlt lOll or d(Hnat. bu
/1/1/0' Ih. b.n'/l1 o/lh. .Al0'1~1I~..1" II" "".. 0/ Four lIundrad Twanty-five Thousand
Dollars ($425/000).
;Pro".i bt~, 1'0\Ut'Utr t and il is t'ltuuy r!Xljf.!.u/r/lI~f,rf.,J, tllIJtl/ IJI (U111 Ume d'lallle .hall b. 'nod.
in ehtJ poum"lt 0/ pri'l~ip(J1 Or illltU,t IU IlfIJrtltlllJ lor tllr~ .'Iulct! of tan (10) clay' a/ldr anll
pavm.nt thd'dol ,halllqll clut, or ill tf,ch /IrOd/l~tloH lo tilt l/lirt .l!u'Ir!(J~u ,ill .sUOOIU"'II, or
dillIn" on or b,'ore l'ld It"t illltJ 0/ SapttJmbcr Ilf t'lJllJI (llld '!UIl'IIIJ~rJr, alluch {',oalph 10'
lu.oh tl1~", m"nio/pal tJII"UUlI!lIt1'Jf c1lllfj}'!", fOI' thc o..;Iffrt!llt Il"llr UpOIl lh" pr"m/,,, nlc)'t~Gt,d,
01' In. a.. mCJ(ntenanot, 01 "lCh i'IIIUfJl!llll, thell fllI./ {II ludl C,IH' Ulfl whold /lrillcipnl <<dl,' IJ/Or"did
,hall. C1t the option. 01 the 'ui" ';'lorll!fJr!u ,Ill SrlllCI!ulIn, or .1VAii!IU, IJllC01/JC dUll fwd flfJ!labl. 1m-
n\lldtotel'N dnd pOtJlluut of ,aid ",illfJipl1t 'litH fmd tlU". ll!fctt lhl'1l:flll. m"U lJIi ctI/CJrc,d ond ffOIJ/I".d
at ono" C1nlltht"t Ih",,(n conlollU" 10 tlld elm/r,lf!! tllCfl!ol ""twilhHIUl/Jilll!:
~"b llru'Uibt~ rlll'lI~tr~ JIflWClIr!f, Imll It i, tho,d,!! '!.fWI'I"lIlll!rl!f'd, IIllIll/ .,l flHtJ tlm. ther..
of I." bu "0'0'" ol'HllJ de/Quit III p"l/mull, dltlat:r III IoI"" /lfllll.l/lllI.lIll/~ lit nltll.uitV. 0' o/.ald t"",ul,
0' In produolton 01 'oid r.IJ.lph fM l(u~" "I/Willl/hlt cu ,t '''''t'''' or r:1l(Jrl!II IUItMn Ole Un,,' 'p.al/lltt,
0,1" t/l' molnt.n4,ac. ol.u.ch ''''''f(.I1II1I1. (I Wrtt 01 ,l;,,""llfifJlI "/lf1l/lfJrl/J iU'lt.l/lfPOn. th"Judtm."t
obtaln.d upon ,aid Oblltolioll, ar by lJi"lu 0/ J(JI'd W"ff/lllt of ."uomey, or fJ morlqud' lur(1olo...". pro.
tJlullnt I, P,optrly i,ufitulell U{Jon Ihi, hlelMturlJ vf .UCif{l.ffl~IJ, IJn IHlllrnl!tJ" comml"iOll/o, coll.o-
11011,11I',1 f!lIe(SX)pl/ ellll., ,111111 b"I<'U"bl., Il/III ,/,,,1/ I,. '"""""<1/,, odditlon to all p,l~a'pd/.nd
Int"lIt th,,~ dr'tJ, bll,tdu COlli 0/"'0. Iwd all tXIJtIIlI!_' CJf tlTtctjll~ we" /nJIUcwc" cU t,~ amJ blJ the
laid I'."it,d Obllf!dtlon dtl~J the COtl(lilifJI~ thereof, nl.lti,HI brln~ t1ltrtlUllo 11411, mtJV mOff/ully and
al/o'lf. .pp,u" ,
tllll( '; II;> !'.',',~ 'il (i
EXHIBIT
"','T ,.".
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13
ALL ITAU.'~TI"NAllONAI
,0
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~Il", ,11,1. :lnbmlnfl ~lHln,..,II" 1'11,"0"""'/)/11"1"1'" ,'..w.III.,.n.llnoo,..,d"a.
II.n .'I~' arumald J.bl,,' p'/II./p"/IIIIII 01 'l'hruu lIundred 'l'Wenty-t ive Thouaand
Dollen ($J2~,OOO), toqllthur with Inturout,
0,,1/ /0' b,"" ,uu",., ,,~. PUll""'" III th. ',WII, lUll I. ,,,,,,,,,, IW'U Ilu uld N.,f',al" ,II. Su,..
""UfI find ""'tf", ,,. .Jlu/I.",_ vI tli~ ..d.' "1,'1",/ OIdI~iJfflJn, ", ItJf IIn,lln .,,,",1"""'/011 010..
Iw,th."um.1 On. /Jail., ""1111h. '0'/'/ )/""1"'''' ,111"'''''/ 1U.llanJ l,ulU p./d bU lh.../oJ "'./1,.,,, ,
., .nd b"." II" .../11., """ d./t""U """'I. lh, ""//11 w/''''''II. h".bU ../<naUl/.J,.d,
h.. _,u",&I1, bUftu/u.d, ,u/l/. 1111111"'. ,"/r'J!T"'j "hu",111I1I1 iluII/I,,,,,J, ond bW tll.., p,."""
do.. ,rull', /Jllr'IIIIa, ull, u/l'II. ",'/.U/1. "/~iJ" 1111" rUII/I,m IIII'C} ,h. Idld .Mof'tatu ,II,
8",,,...,, .nd Jul"",
,,"LL that' certain piece or l'"r';el ot lun,l ultuatn in Uampden .
.',. Town.hil" CumlJur ~and f:ounty, l'unnuy 1 vunia, more part ioularly
"boundad and ducribe<t au toHowu, to wltl '
o BEaINNINa .t a point on thu Qouthern Hide ot the Carliulo pika
.', (U, S.noute No. Ill, eaid point buinq located ono hundred
tUty"one and tl.tty-nin8 one-hundredthe (151.591 teet eut: ot ihl'l,o
, aoutheaat corner ot thu CarliKle Pike and Control Boulevard,
,thenco no~th eighty-ono (81) de~reuu ton (10) minutee eaat one
hun,sred Itl.tty"one and titty-oight one-hundredthe (151.58) teet to
a point ,on the wcuterly eide of oak ~vonuel thonoo along oak
"venue .outh ueventeen (17) degreou oi~ht (08) minutes eaat,on.
hundred ,.eventy-eix and oixty-ulyht ane-hundredthu (176.681,t.et
to a point! thenoe south HAventy-two (721 duqreee titty-tour (5~1
minut.. weut ono hundred fifty (150) feut to 0 poi~t, 'thence
Aorth .eventeen (17) dogrecs'ciqht (001 mlnutee weat one hundred
ninety"eight (19BI toet, moro or loos, to ~ point on the soythern
.ide ot the CarlLelo Piko, the place of D~DJNNING. , '
BEING Loti I, 2 , 3, Dlock "B" on tho Plan at Oakwood Park, Plan
"Dook 2, ,Pago 59, cumberland County recorda.
" PRIOR-Grantor hao expreouly reserved unto itoelt an eaeement
tor a right-ot-way tor purpeoau of inyroos and sgreee over a
twenty-aix (26) toot wide otrip paralleling the oouthern boundary
ot the atorementioned tract butween othur lande ot the Grantor
end Oak ~vonue. The oald right-ot-way utrip beinq more particu-
larly delcribod ae tollowul
DEGINNING at a point on the weoterly side ot Oak "venue laid
point beinu loceted one hundred ueventy-six end eixtr-olght
one"hundredths (176.68) teet south of the Carliule P ke/ thence
I louth .oeventy"two (72) degrees fitty"tour (5~) minute. we.t one
hundrad titty (150) teet to a point, thence north seVenteen (17)
degreee eluht (OBI minutee wuot twenty-eix 126) toet to a point/
thenoe north uovonty-two (72) deqreeo titty-tour (54) minuteu
eeot one hundred fitty (150) feut to a point on Oak "venue,
thence along Oak ~venuu south sevollteon (17) degrees eight (08)
minutes eoot twenty-six (26) feet to A point, the place of
llEGINNING.
DEING thu uame premieeo which ~merican Diversified corporation,
hy ita Deed dated October 18, 197~, and recorded in the ottice ot
the Recordur ot Deede ot Cumberland County in Deed Dook K, Volume
25, Psge 539, granted and conveyed unto Egghead, Incorporated, 0
predoceoeor corporation merged into Leo Enterprisel, Ina., the
Grantor herein.
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iiofli ';:115 P!r.[ i,li
D;~tl,th....wl"i 11/1 dW/ ,/"~,,/llf tllft /I"'M,,,,/~ '''lfl 1IIIIItHII,'IIJJ'II,",. S'"l""j ',,"u'" '/IIf1I/" """"i"',
IVIIIII, Wdl~,., "'II""'CI.I""", Hlihh, I.OI"IIII..I','wllr~I'., IIflr/'IIi'f"".I;.', ,,,,,/'~/'P""tt"IJI"f'lU/lI'"
'OIU" II",,,m'lJ b,'u"II'"I. ur I,. fHlUIlIIJf, "/IIJlU',,'''fll~ .",d '1111 ""II'~r"UII' 11,,,1 H,,,,nl,,,t..,,, nit''''
1",," ""J I',oll" 11"".1,
ll:'" ',n\lt ""~ III 1.."11 II" ,"M
J;'"'/)Iu"u,.,, IHld /1"1'111,, h"""I/ I1rUllhd, u, IIIIf"lill".." utili 11"""""" .., ,,, I'tI, wltll II" "PI""_
Itlnan,,,,,, 'III'n tI.. ..,ill ,4/ur'l!fJlltt.,'h SUUII"", a ,.,1 ,J/"'~'UI
II) Gwl lor "" U"'U fUU/'II' "... 'W'/ li,/,.m/u/ "" ,,,/11 .Alu,' ~f'/"d ,It. S"a12'"U" dlld ,~."I'u /0"1111',
I,
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~"b II,,, .1111I ,A1l/flltll/u, f,,,d ,4Iu"1101111" ,III ,",,""" ,'''''I'II'UlI""., "V"'" ,,,,,, II tI,,.. 11,,1,' .41",,~
~lJilJ' , /1"/,,, h'.l'I,.,,,/u'1I, ,./11"""/11/"/'''11 ", ,/H/ll'" .h"II ""I1I"f'l u, r"I"",' 'f' "','r/, ,,,
loru 0.. IJ/orua',l I,u,.rl",e", ur I"'" 1111 111,\'1111, 11111 ~"M ,1""/~I'd"" ,1111 ,V""I'I''''''f'' Uf ,1ultll" .1",11
"."1 lllO,,,/III,.t_, '/t',I"'"I,I/oII Itllll""" II,,, "'''' I",II"I,,~. (II II", """ '''II/r/,,"' /11 '~.II" 1'/'11'" fill
010.. ."iII ",/ucl"a' ",1It Iu I1U.,' "I IJr." 11111111' /1IIt/ItlIId ",,~'I'.t, ,,,,,1 ,,11 ,'m'" "111/ f1KI,r""111f III"/Trll,t/"t
.uel.. I".,,,,,,.,,. 0' lOk"" .hull,/'1l """.'., '" III'"~ 11II1'lUlI" II 1"'" "I ""t 1"',,,'Ilml ,I"M I"" ,,,11 "1"'" 111I4
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;Pl'&)ulbtb,. .\hU&lUO IIl1l1l1ftll"II1*", 1111I1 II ./lid ,1/"r/~"I1"r. his /1"1,", ~;""t'''''''Jf,
;!,'lII/u/rtrutur. O~ '''1Il1~1I', II/Wit ,,,,,, 1/11 11I1'11 "",1 IffllU IHI,,, "r """'11 III h" ,,,,1,1, ""In 1111' """,
,'/u"lulu ,/b SUfJuauurll 0' ../"Itll., tlHllllu'"""bl I/flM 'If 1"I",'I'ItI'II11'" of Thr.. Hundred 'l\Iant)'..
flv. Thou.and Oollarillll 11lt'l,lflU UU" '/11I11 IIUNI"/'''/''f'' ""'",i""",/ ("11111/"'11/"/11I/ IIIr /ml/""I,,', III
II" .um" 'otftl.., wtth ''''lfflflll, awl .1l/,tlllrlJlIIIllIJ III tllt'lllll/" ,I/UftC"Il"1I ,it" ,'fllrter"..."'II Of ./"...Ilfu.,
em 0,. bIJltJ'd IIu, /I,1Il IluII vI Sept.. ul tdull ",,,1 "I'I'ru UI','r, ""'t'I",.w lur ull I !f.rdll , """ IIwlIl,'Ilml
an,,,mllll, or "IIart~1I ul Ille 011""" I UI'II' !f._HU:tl"/Il/",II I I". 11I111111"/111" 1",'",/1",", wI'''"", 'lUll I",,,,,
'If /",e'6Ir dfJ/ulJ, o/lf/lflillltml "1111 /111,JlfuliIlH. '''"/11/..,''""", ", 1//"",flllt'"I, III h,1 """/,, '" ""11''''''11,
hefllu IIU/U/ouurl IU b. IHII" fI' 1/'11$'1, fl"" 11",,11 1",11'1' "I' 1111I ,_,tll/ i"""r"","', lI"" '''till, ,"'" I,,,m
t'IIJ/u'tJfurtl., 0' wulI ,M, 1"....lmt 1",/uII/Hrd. 1111,1 a,1f ,'II,.,lll ""f""1I 11"011,',/, 1111 lI". IIIIId r"l'/lm/
oblltfat/"" ,/UJtI OddU. tld/a,,"llld dud lI.cllutf t.'oi". ,UIII,hi,,/! 11,1'11/"''''/',,12 f1UH'fllllfHI tll Ill" rlHl',urU
0''''0/ /,. auu wi" lIulll'ttlllllIJ",IIIII1.
,
1,...nJibtb, 1\1... 'Ilu'" ,,)/UII'"111 mllY 1111 111/11/"//0' Ill/! 1IIIM ,l/l/fIL'IIl!"" ,II" 's'II'(.'.'''",,,,,, 'If ..1"/1111",
lilli'" uwl U, "(1(11" "' tlllt fI,.'Het,JUI ,Ialll u, rum IIIJfIJIIIIIIIJl:llfl',J .",,1/ luwumo tI,U lIIul plJlJubln a, %r.,.
/fa/d, 0' In Ddld dr/,JIl" .Iwlll,., IItildd lur ,lie 'IJUl.'" 01 ten (to) I/OtJ. I" tI" /ldIJIIt"'" v/
IlIt",ut uu th, _old p/ue/IIIII ./tln f'IIe, tJIIU 1m II III I'" , tlIIJf"'JI./H'U lull ""'" 0' II~ cald '''11'' ,110/1 bll
delault 1'~"1iI p,odueltoll 'U ell" .a/'" .UorltlJ#dd . it.. ,'),,(;c,~utlr. 01 ,'/Hill"", au or lulord 'h'lIrft dOlJ
01 B.ptembe..' a/_nail "wI IWlJrll 1I111J', olulI'lll '''l.c/pllllu, lUJ:CI, ""Hl/ellmt "",um",.,.
Of O/UJ'I" 01 tl.. ell"'",' lidO' luu:ucd II/IUU 0", "'llrlll"':"" I'f,wti:tdll, ur iu tI,. Indlll""1U1CiJ uf the
II...IIrallo" u. UIOf,uullt, 10 '''HIttite 'Ill ncUu" ul '''f1fll1''~j' /01"elo""11 /l/UJII till" 1""."t,If. ol.'fu"t,,~.,
and to p,uoud t/'''.fJn tn Jutll1lHdUt fJllllt,l:iCI, ('u" I'" Ihl! f,tctlvdrll (II "H' whu/a ul .ul" prlnclpdl ",bt
Gild 01/ t"e.,ut Ill" thilfeolt, 'odel".r I/,JlI/I 011 uttUftll'fI' I cum "'/"'1011 fO' (mU.ot/,m, Ill,,: f tv. (,5%) /In,
c.ut, bel/d.. co,t, a/lilli, mll/"It e;r'JlHII~' uf fJlf',fltl/lr/llIff:h """'''IIIr:". wltl,,j,.t /'frlll" ,,'ltlY, ""Y IOIU,
luat. 0' ollltom to the cunt,ury uutwitlul'III,IiUI!. '.:'..~, I.' '
~"b th, .ultl .A/o"tallo, ,Iu, hh 1I,l/;,',./....reautu", ,1'/",1"",,,,.
tUff emd .full1ll', ',,',cLII w.1illt Still! ''''''', III IIlI/"i,ill'/lI 1111'11'11 '1",1 '1lIhl/t! 'hul IIII'Y b. /"u/tlll "110 It
mader Q /Ul/dtllfJHt tiblu/lam) by IJ/'tll" "It'r"II/, "'11/ 1'11/""''''01/ /:0111/"11I1/5 tlHllfUlfI1I uml IIIIt/wr.
i.". tll. dut'lJ 01 'lu:l. crmdl1ulfwthm IIlmll 1111I ",,,, III fA'I','I"'11ll owl"Iffl.I'1 Ihot ,". .oM
feollf,'at. may be ,ur" U/jlJf!' 11I11...,"'d. 1111,1 I/I'fllI'l/j"" U ,11I11 fdUIl""I,h 81 ull (Hffllt/lt o/mll/dllll rJllt/rll
'dIU now In /Of"., or whloll ",,,tJ bu aWleld" I'tlr"ufttf (0 ct.I'I"'I/,t lrum IcvU Ulld /laid on Uflc"t/'m th~
"aid mfJ'l~lJttd prdm/,u fI' Imy utfldr 1"ullc"1I I"hulwlH'flr, II' 1I11I1I/rUI III tll" pfOC"". Qrl"'"~ Imm
till '01. tI..,,,o/,
~n ~lHnC6!i ~1l1,ICl'CI1f, 110. ...,<1 .I/."I~,.~..r I.. 110... "'.....1.
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houd ",ul ulJI I/lfl ""II ",lIll1l1u, Ilr~1 '411lHlil lu,iU"",
~iS"tb, ,$tnltO nllll ;Dtlhltrtll \
ill lilt l'rtUlItt &If I
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HOl\'rCAGOIt ,
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u" ",/, II,. .:L,,/4L. I/"u u( t'eLJruary .111"" 0011I/"1 ,,8 ~h/o" III..
a notary publio in and tor .aid oounty and oommonWealth,
,,,,,uII.llu ./1/""",1 II,. .,b"u, ""III.J JMIf:S KAMQIANNIS
jl .',
.IIJ /11 JU'(",1Il U('''IU ".''''UIII,.I/t.I/ lit, II/JU'" I.'t'/lh'.\"f/ll/N O~. .1101/ reMONlo h.
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I"''''d 011 /li/, .lIO"t.,." 10th and l.owther street., Lemoyne, Penn.ylvln1a
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~ou" U Of L/.-<:<...,~,.fr'..,..( ."'r." ."" " ....
. ,.....i':.f..~i~ -',',
~ltnb.b III tho 0111 co /0' Rooorrl/llt 0/ need, j."Jd~~~}~;' ''.'f,! ~ .
';:) .,# ~ r'I',' ,i.'6,
C...-u-..I'>4-<.{..:./ c;,.., "1 il/ _"or/tllto nook \:".~;<, ~~~,~,:~~"":7f!S
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11111"... 1/'/1 IIl11,d Imd leal 0/ O/fLco tM, /~
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PAYMENT "
. ,~-,
11 . -:tAl" h 't 'f..-/...-'6b
369",13 Cr.7~{"., \f;fflr<.1!...~G:1.1~!1'.~" / /fl.' 2-r--11:)
"RINCI AI. ~ INTEREST flALANCE
"1'U'i./("'f 714,96 ::1'179,17 32428lL04
~1 ~ 721,~2 ~97~,61 J2J~63,~2
;ffP 6/ n8.13 ::1'166, 00 J2::!B3~.J9
dC'(1/ "'34,81 2'1/S9.3::! 32::!100,08
N,u 'II 741.:O;L+' 2'1:0;2. ~9 3::! 1 30'1,04
Of!. c. '8' 748,31+ 2'140.79 3::!0610, 70
:rAN J:J- 7:'j:'j,::!0 ::!938 ,'13 319800,l'J0
E..!~ lJ 76:!.1::! 2'i'J2, 01 319093,:.>19'
ttrLilL K:J. 76'J,11 :!9:!/S,02 318324.28'
776.16 ::!917.97 311~~
... -:!910.86 316764,80
790 , 4:'j 2'103,68 310974,39
797,70 ::!896.43 310176.70
.80:'j,01 ::!889 , I::! 3il+371 ,69
al:!,39 ::!861 ,74 313:'j09,30
,84 2874 , ::19___ ...'.u ,_11~73'L~E._
~. 2666.78 311912,11
3694, 13 Zv 834, 94 28:'j'1, 19 J 11 0 7'7, 17
3694.13 13 BII::!.~9 ::1B~1 ,/S4---"".'-h3T[i234~8-
3694,13 . 8:'j0, 31 28113,82 '..-..--. 309364,27
.56'/'1, 1,\ " 13:'8. 11 2tl36 , O::! 30e~j26, 16
....,) ~, II -J. { ... ... , 307660,~
369'+.1:. 1/, . .. ~ ,_2 306786,213
3694,1:\ .1'J/.J1E-,__88.!.:y2. :!aI2,::!1 --30:'j'104,3~
3694, 13 J'~" 890, 01-'-'- h':!r~iJl~-:-T:!' ,,":3'i!:'j.!!:fi(.-:iI'.i'
36'~4.13 Au(')-;?o 8'70,17 --.---;!7'7:'j,96 304116,113
".3694, 13 .s~p. r '106,1+0 2767, n 303209,78
~ 36'i'1+,13_~--.;.. 914-:.'1 2771/,42 30:!2"1~,OB
.56'i4,13~ '1::13.0'1 21'71.04 301371.99
3694,13 '., 931,:'j5 :!762,~tl 300440,43
~3.---':':.",h 940,0'1 :17:'j'1,0'1 299:'j00,34
369q-:T~ '. r ~ t,?4i3: 71 274:'j. 42 ::198:'j:'j1. 63
3694, 13 -L)J:i.t_-'?~:;:.! ~L, 2736, 72 :?n~94 ,22
369.i.:E___,_n.r:.f-"-_____.1.(,~,}B . iii"7. i;>~ 296{'28, 04
~694.1~..___J!?J'I, n~!04:!719,09 29~6:'j3.00
36.91+.J~_ :r,,,,E.. 983,98 2"110,1:'j ::194669,02
3694. 13 ;:'~'::,i-...9~} ,0.0 2701 . 13 293676.03
3694.13 ~, C:-~~LL...l!!.Q..:?~I.U 2692.03 ::19::!673 , 93
3694 . 1~":'(r.1Im."'! ~ .1011 ,29 .A6s:f;e4 ::191662,64
369'''13 ()ar.tJ~1l.. 10::10,:'j6 26'i3-'-~7' ::1906~2.0B
36'14.13 ... !'.'{/" rJt (( 1029.91 2664,22 ::189612.17
3694, 13l'Jf'Cnt~~i3E-D1l39,3:'j ..:t~'l!f.7.~ d 288072 .82
3694. .13 .::r A~UAIlY. ',OJ+B-:-1iir-.-----.. . . ::!640. 2:'j ::i E17:'j 23 , 94
;3694. . 13 F"j,1,'H ,/ 1 0:'j8 . '+9 263:'j. 64 286'+6:'j ,4:'j'
3694.13!!.""., / 1068,::1,0..__,__._, n_. :?62:'j.93 285397.2:'j
:3694.13 ", ~ 1077.99 "2616:'14'-- _.:,:___.:..:Jfeii31~L2';-
3694,13 ~A~ 1087.87 2606,::16 ::183231.39
3694.13_.,:!u'il:.- 109-t,8'~ 2596,29 28::1133.!'i!'i
.3694.13 4Vl~{ 1107,91 2~86.:?;:! 28102:'j,611
369'+,13 ,I1u.f.~ 1118,06 2~7{,,07 279907,:'j8
3694,13 Sfi..r r 1128. 31 2:'j6~, 8::1 278779.27
".3.~?~.:..~3 n ~ T 1138, 6:'j 2:'j:'j:'j. 413 277640,62
3694,13 ~IU 1149.09 2::;4:'j,04 ::!76491.~3
.3~'i'l . .~.~_'nlJ€. ~ 11 :'j9 , 62 2~34 , :'jl 27::;331 ..'l.!l
-i~:tH'__:~,~_ .._ ___~~~~: ;~ __ _. _ _~t~_.=-=-jjii~:i,
ANI~UAL RATE
1
2
3
4
o
6
7
9
9
10
11
12
13
14
1:'j
16
17
18
19
::10
::11
~t .,
..~
23
::14,
::!~
:!{:
27
::18
::19
30
31
3::1
33
3'+
3:'j
36
37
38
39
40
41
42
43
44
4:'j
46
47
48
47
::;0
:'jl
~2
in
:'j,+
~~
._--~~
PAYMENT
EXHIBIT
c
.
PAYMENT
369'+,13
369'+.13
3694,13
3694, 13
3694,13
3694,13
3694.13
,i69~ . 13
69 .13
3694.13
36'14,13
.3694, 1
3 9 .13
""ill4. 13
~€-
-_---.1.
LOO
L 0 1
L O;!
"',07-- ,:,ii\Tt:tl:- 3ffi",13---"'Il19l:61---'-X2oo2, j2---- 2717fTfiiii'
~l"~\lMI.'L:-:_:'lIJ..!tI~_'''. --no:!:'?:]----- ; ~9T::~!:~~-' 27015B6'~{"t5
159 'MA-f 3694. 121 J. '16 (2480,37 21!l 'I' J72 , J7
60 "'liNt 3694,1" 1221f:lie-------- ---:N69.2~___ 268147,~'I'
6 t - "-I...-----.-----..----.......-lT-'------"--'-..pm -.r., ., 69 1 36
1 J1Jl .i!69...~ ->_ _., 1",.,,,, 'L ._ __,t.iI",L.~, __ ~O I .
6:! ,..0 J.f.I'l....LJ__ J;!'tJLI1'L ___--<:~_lj6Jb'L_ 2615663.n
63 :'.I.I"T SQ'i"!.U.. 1:.l~e.ell__,,___.2!*JtL2~_ 2641+015.06
64 (.;,(t ~694,13 ___..__12,7~..'.'+_:!h__ _ ___.-'1!!.;!~_J7.L 2631J4.64
615 N.;V :fli9li~iJ ,d--!~.Q-:!&,! .~.. ._1LlJ12.D'l 261130:!,~1l
66 Jlte.- fV''":'lli'rlf~T:!-- I OJ 12'J:!,131;i1: 21+00, J:' __--.iU>~.J.6-
-'Y!J'T -~7 \11>I'."1 ' , 130~,67 2JBl1.46 259253,0'1'
- 8 '-~-- --.30"1+,13 ----1....,,6'.--- .:..lrb,...,----~079J::l...ll
69 ,;....1'7 J694.13 13:'9,7:' "lJI.II...LU._ ';1"'440'5.7..1-
70 'I'll f 3694.13 13111.91 2302,:!2 205263,61
71 ~li-.-n---------rJW, :! C.-------- 2339 .-'i:f.----.-----. 20390'1'. 6D .
1r, 13 1 366,63 2327.50 :;!'52042 .118
, -r3n-:10 "2J14. 913 . 2~1163t.!!L
'3694. 1:3 1391. 7'1' 2302..1.!L_ 249772.'OJ
369~, 13 1404,00 _----2l1lY,_:iJL 24B3117.4B
, . 3 ~-- :!;;!76 , 70 246900,00
36'1'4.13 1430,42" ~.J.JL.. :'IH..!'l19....J
. ~694, 13 11+4~~.J__ ",_ k-:!2~n~.6O'-_--n-~....U16,_4_'jl
Tf~T!=rr%!J.lk-rr.~6 ,.?]'!7W!r1L2:!J7, J_~. 24:!61'1', 3,;L
4.13 L470,L:! :!2:!4,01 :141149.21
37.i'1~ 14~0 :1:!1 0 .l';J :139660.61
.-----~_--\a!t4. 3674,13 L4n,~0 :1196.93 :!JI3168.4:1
. ---' A/".:'. ..:".2. .34'1.!l.LLL------______llL\.9-J.;;_.____._;).1J3;.1,~.L____.._.__.231111::;_7~::;J1-
. --"-'--. 81~ I',; I :!"~... 3/J94 , LS ,,-;.,11 "'17 ~'1 Ar) ~/. ..,"tr,J 1" 7~l-
Bl'; ',,; ~l694"':1'3 1 ~33. 7~ _-n.f~..J!L_._______ :!J]~9~.L.'l!L
136,.1 36711, l3 1~l';:1, 8~ ______~~.!-:.~.a-..-..--__..__~3:!OH..LJ.J...
--.--~~:.:.....:.;'-;- 3,\'1'1,13 I ~E.!..Jt7_ "'" _ ,___-"'-L.,_!~11 ._..__ _____;;!.:3lL'*-7H-OU"
-- RR .......'t"',,'~694,1:"5 . l~al,l~~ _ :.'11.,--63-____n._.__~~E.lSSZ--~9_
a~~., ~/_J694, J. ,3 ..__ ______._.t~~~ Lcr.~.__UO._'h_..__~~.92a. 18___u__... .. _.._:;~J~9~.!_jJ_I:L
~~.,.,. . \" ',.l....,q4. t It ~ I '1 1 l.1 -:6 :JOEl] ...~ _'-h-n.._-;l.;t:i.~Q
91 \fc~,.;:;,'3694.13 Ig~!~~.rJ. l6:'0,34:,_1:Z.t2PJi-.:llUlD-l.1.'L----__..". ___2.'!,*0l>D-_'ZZ-
1'I~q 9:' 1." ~'.> /,' 3694,13' - 1640.:11+ .zJ)l'i.J..JJY..________ "'''''''I~''(l.
93 ';:>:.f, J69'+.13 16~0,:!a" --:!03G.e~ ::!:!076~,:11
941,\t..,"'':'4 3694,13 1670,4l'; 20::.!3.68 -----:!i;iil7!i..}'];.:::
9l'; ,--- 3694,13 160!:i.711 :!008,37 ::!17409,00
J694.13 1'701.:!1 199::!.9:! ::.!1~'107,78
If: 1.3 17L6, 61 L'rn ,3:' ." J99U 'j/'i
3694 l:~ 1 .'3:!, ~~ L 961 . ~R ? 1 ""IIjR U:l
3 17'18,4J 1'1'4:!i.70 :!10:!il0.00
3"94.1=3 1761~,4~ 19:.!Y.tJts 2Q""JIlr, ~1Ij
J694, 1:5 1760.63 191 3.:!i0 :106964. 'I'~'
3694.13 17'16, 9:!i 1897, 18 :!0:!i167 ..,7
~3 18IJ.4:!\. 10GO,71 "lOJ3~ 54
1830,0~ 1864,00 ::!01~:!4,:!i0
1846,8:! 1047.31 199677.67
186J.7l'; If -- 3 1971311 , 'I':!
1880,84 18l3,29 19:!i9J3,09
.. I ..
177B,6~ 19:!119.:!i3
,qnlRA -"in
188:'t3~. 7~
!f!I>:'I> 7. II
184:'80,43
18227~,~~
-;H
e-.
.
5f!:t-
0'-
V
o
106
107
013
10'1
1
III
112
113
114
I OJ
'"
11'7
l1G
3694,13
3694, 1~3
3691+ , 13
13
J694.13
:5{}1
31194. 13
36'1'1, 1~3
3694.13
36'/4.13
1?l~,I~F.l
1'1~0.7~
1968.64
19136,66
:!004,89,
,
.. ... .<L. .
1743,J8
17:'~. 4-9
17117.4:'.;
16139,:'4
16 0.136
1652,~
1633.60
11.1" 71
3694,13
_ 1,82
2060,~3
"n79 LL"
2098,48
:1117.7:!
P - ~ .~_;.~_;_~~ __~.
1~9~.6~
2~??7
1 'f8Z1.lL,_-,t.:L
171>'''9 91 ,
'7L1.n7n lI.Q.
17197:'.nl
1690:!i4.:!9
167717.16
_ _.16~60.'lJ_
120
I::!I Vk~
12::! :SIJLi
.. ..-,_._~~__ "___ ___.1:..._.
4 , 1:l
3694,13
3694,13
36_9~ ' 1_:5
1:!i76 ,41
1:!i:!i7,00
.+.1.:';,;H_L.4L _
- '1:!:S' 'Md.:' ---361>11';"[::5--
t'21+ '~.f' 3694. 1:3
12~ . 4r1 3694.
126 N411 3694.1.3
12 C 3694.p
128 U 3694.13
129 ~!I\94,13
130 3694,13
131 lIP 3694.13
132 HAt 3694,13
133 -ruN 3694, 13
134 J1;L. 3694. 13
13~ Aurr 3691+.13
136 ~f't 3694,13
1:37 4e. , , 3691+. 13
138 rJ4i1 3694,13
1 DfC I
140 'j 3694,13
141 f:',ft. 3694.1.3
14:! ~~ 3694,13
143 . '''1 3694,13
144 Mtr 3694,13
14~ ~" 3694,13
146 ~J~ 3694,13
147 AlJGr 3694,13
11.11 ~e-(J 3,,9'\ .13
11\'1 ~d ,3694,1:5
:21 " 1~0 IV 3694. n
1;2-,7,.j.3l':i1 . .,'
1~:; A 369',,13
1~3 if/:! ,369',,13
15'\ ,Y'f' 36'N,L3
1 ~j5 APR ~l!Jq4. L~
1::;6 NItf 3,'>9l! , 1:1
1::;'7 :f~1'I :\694,13
1::;13 :rl}~ :\6'74,U
1::;9 IVJG- 3694.13
160 ~FJ:,. 3694,13
161 ~I 3694,13
1.-1~.",-tU 162 HI 1/ 36'14, Ll
0('1"/' ,r 163 ~C36'14, 13 :3
164 ~ 36'll!,1:5
16~ 3694.1:3
166 369l!, 13
167 lop... 369l!.13
1613 /'hi 36'll!.13
169 "fi;t/ 3694,13
170 ::rli'- 369l!.13
171 hJtI- 369', .13
1 72 ~t''' 36'll! , 13
In QC1' 369'1.13
I.'''_~ "t'17'1 No'</ 3694.13
~':2.-p 1 7~ C 3 l!
176 36'74.13
177 ~~ 3694.13
I, 78 ~ 369'1,13
~...J,-4~ 179 369', ,.13 /t,Jlf. 87
I
YOUR LAST PAYMENT WILL
ElE AS FOLLOWS:
,~
..... ". -"'"2iY6';ijij" ..-. "'-'-'--~-17:64--'-"- -16j-ie37,4 '
2196,44 14'i'7.69 1611B7.l'0
2216,l::;fl 147'1,1::;1::; 1~8970,92
;?236. 90 111~7. 23 11:l6734, 02
-).;775",,-"" 2;)~7,40~1 L1if3.'lJ 1'136,73 1::;4476J~
227El.09 11U6,1l4 1~2198.~3
2298.96 139~,1~ 149899.150
2320, ll~ 137',.1113 147079, ~O
2341.32 13~j2.81 14l:i23B,1B
236:.2.78 )' 1331.3~ 142870,40
2384,'14 1309.1\9 1401190.96
24 ~,30 1213'7.83 138084.66
24:!8.3rl 126:';.78 1306156.31
24l:i0,61 1243.52 133200.70
2473,08 1221.0::; 130732.62
24915 , 7~ 11913 . 38 128236 . B7
., f ;'1/. .,.. .,..
2l:i41.,"N7:1. 11:';2,~ 123176.153
2t56~,01 1129.12 120611.152
2t5~8.~2 110~,~f I1B023.00
2612,2~ 1081.l:ld lll:i410.ni
2636,20 1007. 9J 11 2774 . O~
:!660,36 1033,77 110114,18
2684,7~ 1009.30 107429,43
2'70'7,36 984,77 104720,07
;! 7J 'I ,20 9::;S'.n 10198~,BB
:.27~9. 26 93"1,67 99226.62
2784,~::;>,\-, 909,~0 961,42.07
"l 1 ",.,. ~ ....2.2....
203~, 64 e~n.:2'7 '70796, 1~
2661.83 832.30 87934,3:2
;)1380.07 006, 06 8~0I'6, 2::;
:2';>111,::;4 77,?,09 82131,71
;!'}41 ,26 7~2,ei 7'11'10.46
:.2968, 22 7:.J~, 91 76:!2:!. 24
29'7::; :1+3 6nl, 70 73:226,81
302:2,86 671.:2ei 70203,93
311~0,~9 643,~4 671~3.34
307fl.~6 61~,ei7 64074,78
3106.76 ~B7,35 60968,00
313~, 26 U ~tjx.. ~~B. 87 e;7832 , 74
4, 0 OJJ , ~4668 I 7~
3193,00 eiOl, 13 ei147ei.7ei
3222,27 471,86 482ei3.48
32~I,Bl 442,32 4ei001,67
3261,61 412,ei2 41720.06
3311,70 382.43 38408.36
3342,Oei 3ei::?,08 3~066.31
3372,69 32l ,'14 31693,62
3403.61 :29'), ei2 26290.01
3434.80 2:\9, 33 246~ei , 21
3466.2911~ 227.84 21366,92
34 6,061' 19{" 07 17890. Be;
3~30,1'3 164.00 14360,72
3ei62,49 13l,64 10798.23
3~9~,1~ 913.98 7203,09
3628,IO'lh -t{,Q,U} 66, 03 3~74, 9'1
PRINeI PAL PAYMENT MAt 3ei74. 99
INTEREST 32,77
TOTAL PAYMENT t 3607,76
May 15, 1981, a true and correct cOllY of which Is RlIached hereto and marked as Exhibit "A,"
6, For the Ilul1lose of securinl! the debt under the Agrecment of Sale, l'lainlllf granted
a mortgage to Defendont which WIlS dRted Fehrullry 24, I'IS2, Ilnd recorded !nthe ofiice of the
Recorder of De cds, nook 705, Page 748, a tme IInd cOlTect copy ofwhlch Is aU ached hereto and
marked os Exhihlt "n."
7. TIle amount ofthe mOl1goge WIlS '111rec Hundred Twcnty-Flve '111ousond Dollors
and 00/100 ($325,000,00) with Interest at Elevenl'crcelll (11%) amorti7.ed ovcr Fifteen (15)
years,
8, '111e recorded m0l1goge Incorrectly stol,ed 0 conunencement dote of April I, 1982,
for the poyments, whcn In filctthc poymcnts hod started In July of 1981, As a result, on February
24, 1982, the holoncc remaining IInd due on the mortgllge was IIppl'OxhnDtely l1lree Hundred
Eighteen 1110uSDud Three lIundred Twcllly-Four Dollllrs IInd 28/100 ($318,324,28),
9. On or IIbout June I. 1996, Plllilllifl' pllld to Defendant a check In the Dmowlt of
TIlree TIlOusond Six Hundred Seven Dollars and 76/100 ($3,607,76) representing the finnl
poymcnt duc Wider the Agreement ofSalc as evidenced by the amorti7J\tion schcdulc, 0 true and
corrcct copy of which is Iluached hereto and mill' ked liS Exhibit "C"
10, Dcfcndant promised to satisfy the mortgage of record at the time ofpaymenl.
II. Despitc Plaintiffs perf0l11lllnCe uuder the Agreemcnt of SlIle, Dcfendant has
refused to sotisfy the m0l1gllge of record and cOllllnucs to refuse to do so despite repeoted
requests by Plaintiff.
12, Defendant's failure to satisfy the m0l1goge creates a cloud uponl'laintitrs title on
,I
It :~I..lq4.- U
.~
,-
'.
~ORBeMENT OF SA~~
.. ....
THIS AGRB!M!NT, made this I~ day of May, 1981, by and between
LEO ENTERPRISeS, INC., a corporaHon organhed and exilt1nr,r .under the
laws of the commonwealth of Pennsylvania (hereinafter referred to al
. '
"Seller") and JAMES J<J\IVlOIANNIS, nn adult l.ndividual (hereinafter
referred to as "Buyer")'"
WITNI~RfJF.TIII
W1IEREAB, t.ho flClJ.ler III tho owner of oert.ain real property and
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improvements known and numbered as the Sierra Madre Saloon, 4035
Market Street, lIampden Township, Cumberland County, Penneylvania
(hereinafter referred to as t.he "Premises"), Dn~
WHBREAS, the Seller is t.he licensee under Restaurant Liquor
License No. 20227 issued by the Pennsylvania Liquor Control Board
and operates a bar and restaurant faoility on the Premises under
said licenss, and
WHEREAS, the Buyer wishes to purchase the Premises, together
with all fixtures, appliances, equipment and stock in trade situate
on the Premises, end wishes to have transferred to him all rights
and duties under the existing Restaurant Liquor License issued to
Seller.
NOW, TlIBREFORE, in consideration of the mutual covenants
contained herein, and intend'ing to be legally bound, the parties
hereto IIgree as followsr
1.
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SALE AND DELIVERY,
. The Seller hereby pgrees 1:0 soll nnc1 deliver to Buyer, end
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Buyer her'Jby sCJrees t.' socept from Soller, the aforesaid bar IInd
restaurant facility, inclUding all fixtures, applisnoes, equipment
and stock in trade which are situate on the Premises and identified
on the inventory Dttached hereto as Exhibit "A". Seller further
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avree. to take any and all aotion neoeaaary to effect a trlnafer
to the Buyer of all rights and duties under Pennsylvania ae.taunnt
Liquor License No. 20227.
2. PUaCIIASI!l PRICE.
Upon the terms and conditions hereinaft:er stated, Buyer a\lue.
to pay to Seller the total Purchase Price of Four Hundred 'l'Wenty-t:'ive
Thousand Dollars ($425,000) in oonsideration of the sale and delivery
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of the aforesaid bar and restaurant faoility, said consideration to
be allooated as follows I
(a) The sum of TWenty-five Thousand Dollars ($25,000)
for the fixtures, appliances, equipment and stook in
trade identified on the inventory attaohed hereto as
Bxhibit "A",
(b) The sum of Twenty-two Thousand Five Hundred
Dollars ($22,500) for the land upon which the bar and
restaurant faoility is situate, and
(0) The sum o.~ Three Hundred Seventy-seven Thousand
F J.Vli! HUllu", t!u P.:l.le.:c~ i ~ 3 i 7 , SOa) ;;ur ,.1-0.. ~uHl&J.r'\l whial.
houses the bar and restaut'ant faoility.
3. TBRMS OF PAYMENT.
The total Purchase Price of Four Hundred Twenty-five Thousand
Dollars ($425,000) shall be paid by Ouyer to Seller as follows I
$10,000, due prior to the execution of this
Agreement, which amount is non-refund-
able and shall serve BS liquidated
damages in the event of Ouyer's
default hereunder, receipt of whioh ie
hereby acknowledged
$10,000.00
,
$70,000, due on or befo~a t~o date of Settle-
ment
$70,000.00
$20,000, together with interest of 10\ per
Annum due in a single payment within
one year aftar the elate of Settlement
$20,000.00
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fll.,OOO, dU. In man_hly In.~~llm.n~. ..
hereinafter provided
TO'l'I\L PUIlCI\I\SE PIUC~~
p~5.000.00
$425,000.00
4. LUMP-SUM PI\YMENT.
The unpaid principal amount of Twenty Thousand pollars ($20,000),
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together with interest thereon at the rate of ten percent (10') per
annum, shall be paid to ~eller in a single payment within one year
after the date of Settlemont. The principal amount, together with
aoorued interest, may be pre-paid by Buyer at any time without penalty.
5 . INS'l'I\LLME!!!~MEN'l'S.
The unpaid principal amount of 'l'hree I\undred Twenty-five Thousand
Dollars ($325,000), together with interest at the rate of eleven
percent (11\) per annum on the unpaid balance, or in the event that
tax-free mortgage financing can be arranged through an appropriate
industrial development authority, interest at the rate of eight and
one-half percent (8 1/2%) per annum, shall be paid in one hundred and
nineteen (119) equal monthly installments calculated on the basis of
a tiJ:teen (15) yo,u amortiZE,tion period and in aile (1) final. inlltll11ment
equal to the entire unpaid principal and interellt balance. The first
such monthly installment shall be due and payable fifty (50) days after
the date of Settlement and each Bubsequent installment shall be due and
payable at ono month intervals thereafter. Buyer acknowledges that the
installment financing providod for herounder is for a term of ten (10)
.
years and that any principal, balance which remains unpaid at the expir-
/ltton of the ten (10) year period, togcther wtth any accrued interest,
mu~t be paid in full ~ith the ftnal inatallment hereinabove provided,
notw:l.thL tanding the file::' that tho installmont. payment amounts are other-
wise en~culated on the basis of a fiftecn (15) year amorti~ation period.
Tho princ~pa1 ~mount, togother with ~cc~Jcd interest, may be pre-paid
by Buyer at any "i.me wi thout penn 1 ty.
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Buyer shall eKecute in Sellor's favor such .ecurity avreements
or other docWftllnts, includJ,ng but not limited to, an installment
note or notes, a purchase money mortgage and Uniform Commercial
Code financing statements, as Beller's attorney may rea.onably
determine are necessary or advisable to secure Seller's right to
payment hereunder. All such documents shall evidence Seller's first
lien security interest in the encumbered asset. Moreover, Buyer
acknowledges that upon any default by Buyer under the terms of this
Agreem.n~ all right, title nnd into rest in, to and under Restaurant
Liquor License No. 20227 shall forthwith revert to Beller and Seller
ehall have the right to make immediate epplication foor re-transfer
of the License to Seller. Buyer hereby nppoints Heath L. Allen/
Esquire/ as his true and lawful nttorn~y, to do all lawful things 1n
his stead, for the pur.pose of re-transferring the said Restaurant
Liquor License to Seller upon any defnult by Buyer.
7. SETTLEMENT.
Settj,ement hereulIder sllal~ take place wit:hill forty-eigr.t' (48) hours
after the receipt of npprovnl for transfer of Pennsylvania Restaurant
Liquor License No. 20227 to Buyer. All deeds and seourity documents
required hereunder shall be oxecuted by the parties at Settlement and
shall thereupon be recorded and/or filed immediately. In the event tbat
the Pennsylvania Liquor Control Hoard refuses to transfer the License
to Buyer, this Agreement, s~ 11 be n\lll and void and Seller ahall be
entitled to retain the deposit money of Ten 'rhousand Dollars ((110,000)
as liquidated damages. Poss~ssion of the Premises shall be given to
Buyer at the time of Settlement.
8. TRANSFER OF TITLE.
Title to I:he Premises shall be uonveyed 'to Buyer at Settlement.
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,. W~"RANTIeB or TITLe.
Title is to be a good and marketable fee simple ti~~i';fr.~ and
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cl.ar from all liens, but subject to building reBtrict10 ; loning
regulations, eaBementB, rights-of-wey (inoluding but not limited to
all highway rights-of-way). reBervations and restrictionB of record
or visible on the Premises at any time up to and including the time
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of Bettlement. Title sh~ll he certifiable by Buyer's attorn~~~or
insurable at regular rates by a reputable title insurance company
without exceptions objectionable to Buyer. Seller shall convey by
general warranty deed subjeot to the provisions of this Agreement.
Buyer shall have sixty (60) days from this date to examine title
to the property to be oonveyed. If, within said period, Buyer does
not notify Seller in writing of any defects in said title, it shall
be oonclusively presumed that there are no such defeots and that the
title meets the requirements of this Paragraph 9. In case material
defects are, within said period, found to exist in that title, and
are so reported to Seller, then, if such defects are not cured by the
Seller wi~hin sh.ty \60) days uI: the notice, this Agreement shall
beoome null and void and there shall be no further liability upon
the Seller or Buyer, whereupon Seller shall return Buyer's deposit
payment forthwith.
10. WARRANTIES OF FI~~.
Except as otherwise specifically provided for herein, Seller makes
no express or implied warrantios with respect to the physical condition
or possible uses of the subject property or any improvements located
thereon. Buyer acknowledges that improvements are being eold on an
lias ie" basis.
11. INSURANCE.
Until the date of Settlement, Seller shall carry, at its own
expense, fire insurance on the Premises with extended coverage endorse-
mente. In the event that any improvement is destroyed or damaged by
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fi~. a~ other oalualty prior to "ettl.m.nt/ all inaurana. proaeeda
will be the lole property of Beller. If said insurance, p~'ceeda are
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reoeived by Seller on or before the date of Bettlement/ ~ total
Purchas. Price dhall be reduoed by the amount at such proceeds. In
ths event that said insurance prooeeds are not reoeived by~~eller on
or betore the date of Bettlement, Seller shall assign its right to
oolleot said proceeds to Buyer and the amount at the
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total PUitihase
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event, there
Price shall remain as hereinabove stated. In either
shall b. no duty on the Beller to rostore/ r~pair or rebuild the
improvements or any appurtenancea.
Subsequent to the date of Bett1ement, Buyer shall carry, at his
own expense, tire insurance on the Premises with extended ooverage
endorsements and naming Beller as co-insured. In the event that any
improvemen,t is destroyed 01:' damagod by Hre or other casualty sub-
sequent to the date ot Bettlement / the parties shall agree as to
whether the improvements shall be restored or repaired by use at the
insurance proceeds or whether the insurance proceeds shall be applied
to tt.e red.sctiun of tile unpaid principal and interest ba1anc.e due
hereunder. Beller shall not be required to contribute any funds
whatsoever in the repalr or restoration of damaged improvements.
12. INDEMNIFICATION OF SELLER.
Buyer will indemnify and hold harmless the Beller trom any debts,
liabilities, liens, claims, taxes, encumbrances, obligations or suits
at any kind imposed upon Seller by reason of, based \'pon, arising
out at or caused by sny act/ amiaBion or other thing occurring at any
time after the date of Settlement if caused by any act or omission of
Buyer in connection with his use of the Premises.
13. TRANBFER TAXES.
Real estate transfer taxoa (etsto and local) will be divided
equally between Buyer snd Seller, 1\ to be paid by Buyer and l' to
be paid by Seller.
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14.
^DJUSTMBNTS Nr SB1'TLl!:MEN'r.
Real e.tate taxes, wAter, Nower rents, electric and,9~., if ahy,
.hall be spportioned to the date of Settlement. Buyer shall' be respon-
sible for all real estate taxes, water, sewer rents, electric and ga~
aharge. incurred subsequent to the dato of Settlement. ~
15. PEFAULT.
Upon default of the payment-, of any sum ot! principal or interest
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herein agreed to be paid for the space of thirty (30) day. after the
seme shall become due and payable, or upon receipt of notice from the
Pennsylvania Liquor Control Board of a suspension or revocation (or
intent to suspend or revoke) of Restaurant Liquor License No. 20227
for the space of thirty (30) days or longer, or upon the filing of a
petition in bankruptcy pursuant to provisions of the Bankruptoy Code
of 1979, or upon breach of any other term of this Agreement, the whole
of the unpaid prinoipal sum, together with interest, costs and other
charges required to be paid hereunder shall, at the option of Seller,
become immediately due and payable. Upon such defaUlt, the Buyer hereby
authorizes and emt,owoLS IIny attvl."ney Ilf IIn~ court of recoJ:'d to appear
for him and confess judgment for the whole of such sum, with a ten
percent (10') attorney's commission or fees, hereby waiving the right
of exemption and inquisition so far as the property herein descJ:'ibed.
In addition to other remedies available to Beller hereunder, upon
default by Buyer, Seller may declare this Agreement terminated, null and
void and proceed by action of foreclosure for recovery of the Premises
her.ein conveyed.
16. BROKERB AND AGENTS.
Buyer IInd Beller covenant to Nave the other party harmless from
IIny claim to tee or commissIon hy any reol estllte brokers or agents
dealt with in connection wi th tltl s Balo. due or to be due by reason
of acts of Buyer or Seller, as the case may be.
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17.
COMPLETE UNDERSTANOINq.
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~hl. ^9~e.m'ne GGn_.ln. tih. .nel~. under..endlnu b.~W,eh'~h. .'
:AN. .W
partie. hereto, and BuperoedeH any prior written or oral~9reement.
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between them respeoting the written "ubjeot matter, inoluding ~ut not
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limited to the written agreement dated Maroh 17~ 1901. There are
,no representations, agreements, errangemonta or u'nderltan"g~, ,oral
or written, betwoen and among the partioa hereto relatinJlto the
Bubjeot matter of thia il)atrument whioh are not fully expresaed herein.
10. HBIRS AND ADMINISTRATORS.
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All rights given in this instrument to Seller and Buyer shall
aoorue to their heire, exeoutors, administrators, suooeseors and aBsigns.
19. CONSTRUCTION.
This Agreement shall be interpreted and oonatrued in aooordanoe
with the laws of the Commonwealth of Pennsylvania.
20.
RECORDING.
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Thia Agreement may be recorded in the Office of the Reoorder ot
Deeda of Cumberland County, Pennsylvania.
21. RECEIPT OF C':2!X.
All polrties hf!reto acknowledge n.ceipt of a fully ~xeoulted oopy
ot this Agreement.
22. INTENTION TO BE nOUND.
It is the intention of each of the parties hereto to be legally
bound by the terms of this Agreement and to bind their exeoutors,
administrators, heirs, successors and assigns.
IN WITNESS WHEREOF, the,parties hereto have set their hands and
eeals the day and year first above written.
ATTEST I
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LEO ENTERPRISES, INC.
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"Seller"
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PreBident
WITNESS I
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James arag anng--
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"Buyer"
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llol.l..
hthlilt hIli ~.,' HII to"ll 'I., .MII,', h.
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uu, Lu,d 0'11 tllfJl"'1II11 "t,." IWIlJ/,rd ullli
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rmm ~~ ~X' '"\'. rf1
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~ ,~~,~'t+... ~~ .... ~ "',:; .v. ""'';'v~R1gJ.f4U..91
'J. ffJ\
dO/1 'J/ l"ubl:uary
uightYMtwo (lDO~).
, I" Ih_ u.., 0/
JAMES KARAGIANNIB, an adult individual
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(1"""",/,,, .'ul/," II" .Alo"I"IO' ),., "":~'" pOll. and
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LEO ENTERPRISES, INC., II Pannuylvania bUslnoss corporation, .UCCI.-
aor by murQor to E\1ghosd, Inc,
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("'"'''''/''' "ul/,d ,,,. ."orldot.. ), 0' II,. ...and 1'0'11
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il11lll11't"., Ih. ",101 ",.,'toto, III ,md hll 0 0"1/"1,, OMitoll,," ", II',/lill" .Mlt",o,U ,,"01(,')'
hand and 11,11 dllllJ u'Ola~tI, IIII"tllt '11", alrHff !Ju,ellltlh, .'lJn,J lJillulfl ,,,.to tla. '0/,1 mo,ttcJt..
1..lh. ,"", 0/ 'I'hr.. Ilundr~d Tlionty-liv. Tho..l/nd Uolll/ro (1325,000), to.ethar v1th int Ult,
/41J11ul mon.v fit th, United .'Uul,u "I ,'me,lca, crmd,.,i""tal/I)r till IJUtJIf.."t tJf th.Ju,e '!Un of
Thru lIundud Tlionty-t1va 1'liou.and Oolll/ro ($J2~,OOO)--.----lowl'" ...on.u., o'o,...ld,
togothur with intcrost at tho rato of olovon parcont (11\) per
annum, said prinoipal and intoreot to b. paid in ono hundrod
ninoteen (1191 equal monthly inatollmonts calculatcd on the basis
of a fiftoen (l5i year amortization purled end 1n ono (11 final
installment equal to the ontiru unpaid principsl and into rust
balance. Thu first SUch monthly inotal1mant "hall bo dus and
payablo on April 1, 1902 and oach subsoquant installment shall be
duo and payable at ono month intorvals thoreaftur. Mortgagor
acknowlod9aa that the installmont payments provided for heraunder
are for a term of ton (10) year. ond that any principal balancs
whioh romains unpaid at tho oxpiraticn of tho tan (101 year
periOd, togother with any accrued interost, must be paid in full
with the final instal1mont heroinebovo providod,
IatX/lIOIllllDllIK lblI:lI/ICU(ZlutIlCl'P\Ol~1l1llll XJj llHi6XH>4IO"l' l'llVllllonlx
pal<~
without anlllrdtlll 0' "",tllt, dellJl/,' and for tlld p'Udl.l1t{tHl to tlu ,'lu,t4r'dOd I It, SIIOOdUO'., or
./../tn., on 0' b./o" IIII/1"t d"y 0/ september 0/'.." oll.lo."u 11'.', ./"..Ipt, '0,.11 t.....,
muniCipal d'U"In.nt, 0' ohnrll'" o/Ou Oll"".t "tlJ' CUItUfJd "pon Old mo,tllal1ed p'~lnl,.", and olio.
',om tI.... t. II".., .,,01 at .11 tl",.., UlltII p.y......t 0/1010/ p,ille/pol "'tn,/o, till k..~lnt o/Ih. bulloIlnt
h"rella ml'lIti"tltltJ itllllred atolr..,t lOll 0' do mot_ bV
/I" /0' Ih. b.II./lt o't", .Mo't~ot..III tho ,"'" 0/ Four lIundrad 1'wenty-f'ivo Thousand
Dollars ($425,000).
:jJ:rIl\J I b tb, IIoW t'lltr I olld it I, O,.,.hy ,"p,.",,, "t',ltd, ,,,., i'.t .ny II",. d./o"1t '/'011/11 modo
I.. tho p.un"'" 0/ prl"plp.' ., l"t"tll .' ,,/",tll//I//or tI.. "10'.'.' tan (10) .Ioy' o/t., anv
payment thd,eof ,halllqll diU, 0' in IIlch production to thl .lJid J.lurtt!olu ,Ill SuooellO'" or
~"it"A, on 0' bd/ord th~ "flt dOli 01 Sopturnbo r d/ daal. aUtI ,wdrl/ lIlfar, ol'llch 'dco/ph fo,
II..,,, to.l'II, ml.nicipal n'uuftltllt, Of ClhUI.'t." II;' lhlf CI,rrlt.t ljlllU LI./lm. tll' prdml", morttaldtl,
0' in tnd mointtnanall, 01 ,uch IIl"ulmcd, tlat,. lJ/"t "I luah cau the whole Pliftdpal d,',t a/or."aid
.holl, at the opHon of the 'aM l.Atortl!lJ~u ,ill S"cIltUor., 0' >'Iull/tll, bllcome ./ue and payable 1m-
m,diahl,n and povme'lt of ,aM priflolpal ,um o"rl ull i"tllr!!.., thlfrtUHl, mlJY b. dll/uro,d and "oOII."d
at ono., anllthtnt eh",in conllJitu,1 eo tl.. contrrlrll thdfdO/ tlUtwtautanJinl/,'
;!>."b llro'Uibtb (,,:rll/n, """""", onollll, t"".hy """"'y od''''/, t""t I/ot ."U tI....II..".
oft.r, bU "o,on of 0"11 d~fafjlt 1ft p~lJmfHt, ~ith" 0/ ,aid princi/JlJlllw. at mtJturU", or of ,aid int.,ut,
or In pro(lucHon 0/ 'Old "c"pt, fo, ta.tu, "wnioiplJl au,",'mtntl 0' chart,. within. the tim,' 'p.ol/ud,
or in a.. mointtmtHlCIl ol'uch 1'III.,once, a Writ 0/ ;;.r'~f'lftj(m i, /lrO/Jtrl/J i..,UIl upon th" JUdtm.nt
obtalntd upon lold Oblll!olion, or by uirllu 01 Nill W""fllll o/.ftlo".ty, or a morll!fJl' /u'flclo.ur. p'o-
cudln.ltl. properly In,tituttd upon. thi~ IIItJlln e 1"4 of .4fIJrll!f1d,I, Iln lJU",ftdlJ', commillltnt. 10' col/.o-
11M, .1/,,: live (5X)p., "wt., ,/,,,11 h. /I"yabl., ,,,,<I ,''"" lit ,ceo.,,.oIl,, oddWan to.1I p,l..e/polond
int"d,t th.1I diU!, bill/del COlli of ",it, .".d IJII ~.t/Jf:lIlf!1 uf t./Ttc'ltillt .14ch In,u,anc., 0' I,~ and by tI~d
laid "cie.d Oblil!lJtion Gtm tlu Condition. therdtJ/, rdlJtlol. ')tint th",uI.to h4d, nwV tno,. l!llIv and
ollo't. .pp..,.
~IIIII, ';11;) 1',\',[ i:ln
EXHIBIT
t'J
~ l1'ulI,l" :lllblll hn, ;llll hltl .,11" TI,.,' I"...M ~/.,".'.' ,.' w,II/., .mJ'.. ..",/d"..
1/... ./,11. ./.".,.Id d.", ., I"IlInlp.,I"""./ 'I'hroo Hundrod 1'Wunty-f iVII Thoullnd
Oollan (0325,000), t09othor with Intorust
, .
.",1/., b.lI" .....',..' ,/.. P.W""'" ./ Ih. ""''', ",/II,llIlmll, IWI. Ih. .old ,V.",o,,, ,II, 1111.'
.".." .tuI ,A"""" /" dl,.,,,,,,. ./Ih. '01,1 ,.eil.., Old/t.H.", o. I"' ".,1111 ,"..,Id"."... ./,h.
/1I"h."..m ~/O". 11.110' 1I,,'.'h. ",101 ~/""'.t"' ,III ",'/i.1 wdl .",.I"IIIU polll bW Ih..dld .It."t.t" ,
., ...d b,/." ,'', III"/llt olld d.llurru ",,,./, Ih. """" ",1""./1, hl/.bU .ok...wl.dt.d,
h.. 1'''''''''/' bUfldllUd, ,olllt lJUII't,I, '/lftlJfTrd, "It./U" IIl1d OlJlII1",..J, GM b~ tI.... p""n,.
doe. """,, hurl"/II, "II, .,11'", ','{t1ltT, fr/tIJU un" ccmJ1,,,. unlu 'hi lu/d ~"fJ"tat.. ,U.
1111.""." ...d ,A"'t'lt,
~LL that cartsin piece or parcel of lond situate in Hampden
'fownahip. Cumbur land ~ounty, l'ennsy lvanie, mora par.ticularly
bounded and described as folL~ws, to witl
DECIJlJlIJlG at a point on the southern side of the Carlisle Pike
(U, ll, 1I0uta Jlo. 11), 61\id point being locatad ono hundred
fifty-ona and fifty-nino ono-hundredth6 (151,591 foet eaat of th~,
aoutheaat corner of tho Carli61c l'ike and Control Doulevard,
thence north eighty-one (01) dogre06 ten (10) minutes e..t one .
hundred H tty-one al1d f irty-eight one-hund):'cdths (151. 58) feet to
. point :on tho weeterly 6ide or oak Avenue, thence along Oek
Avenue ~outh seventeen (17) degreeu oight (00) minute. ea.t one
hundred uventy-.ix and sixty-eight ono-hundredths (176,68), teet
to a point, thJlnce south "eventy-two (72) degreos f.ifty~tour (54)
minutes west one hundred fifty (150) feet to a point, 'thence
ftorth .evonteen (17) degroes'oight (00) minutes west one hundred
ninety-oight (19B) fuet, more or loss. to ~ point on the 60,thern
.ide of the Carli.lo Pike, the pleco of B~GtNNING. '
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BEIJlG Lot. 1, 2 , J, Blook "B" on tho Pl.n of Oakwood Pork, Plan
Dook 2, Page 59, Cunworland County rucord..
A PRIOnGrontor hae exproesly re.erved unto iteelf an eauement
for a ri9ht~of~way for purpo606 of ingre.. nnd egr06. over.
twenty~six (26) foot wide 6trip paralleling the southern boundary
of the aforementioned tract between other l~nds of the Grantor
and oak Avel1ue. The said right-of-way "trip being more particu-
larly described e6 folloW61
DEGINNING at a point on the weBterly .Ide ot Oak Avenuer .aid
point being located one hundred eoventy-six and sixty-eight
one-hundredth6 (176.60) feet eouth of the Carlisle Pike, thence
aoutheeventy-two (72) degreeu fifty..four (54) minutu west one
hundred fifty (150) feet to a pointr thence north 6eventeen (17)
degrees eight (OB) minutes west twenty-six 126) feet to a point,
thenco north eevonty~two (72) degree6 fifty-four (541 minutes
east ono hundred ri!ty (150) feot to a point on Oak Avenue,
thence along Oak I\venue south Beventeen (17) degroo6 eight (08)
minute6 east twenty-six (26) feet to n point, the place of
I\EGIJlNING.
DEING the Bftme premisee which American Oiver.sified Corporation,
by it. Deed dated October 10, 197~, and recorded in the Ottice of
the Recorder of Deeds of Cumberland County in Deed Book K, Volume
25, Page 539, granted and conveyed unto Egghead, Incorporated, a
predocee60r corporation merged into Leo Enterprise6, Inc., the
Grantor henin.
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MORTGAGOR,
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UII 11", tIll .:z."I4l. a"u "I Feb~uaty .~lInu Domini" 8 ~b,/o" nu,
a notary publio in and to~ ssid oounty and oommonwealth,
/,,,,,,",,lIu "/1/1''''''/ II,. "/'''''' 1I"""tI JANES KANlOI^lIl1IS
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In,."" Oil IIi/, ,.IJo"tat.l, 10th and Lowtho~ Streets, Lemoyne, Pennsylvania
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KEEFER. WOOD. ,'LLEN 11 RMtl1L
HORTn,'UE AI10/1 r 1/,\ r ION ~JCItEOUL E
PAGE
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Pr~pareJ tor: LBO Entornrl~a5.
Re: Sierra Hadre BBloon
PrincIpal 325000.00
Inter~5t nata LL.OOO
Compounded 12
111<:.
1
YelJr5 0 r
Inter"5t
PHym~nt
~'m'H' 1.1.~III: I"n 1 'j. 00
tHctor 1.009166666667
369'1. U
,.____.__ .________ __'. _......... _~.___...... __. __..... _.......__ _....... ...... _.. ......_..._.. ..... '.""" ... .. . _.., _._._ M" _.__ K' '..h.".._ __.
Payment rotal Interll,;l: Prlnr::lpill 13111.1nc<I .)1' Cum Int p,,,,
Oat.., NUlllb"I" Payment Payment: Pllynmnl: LOlln Per Yr nl'!1II
'~lo-: -2..... -- - - --- _.. - -.. - -- - -....- --""" -......"........ '" ,. -....- "...' - ...... -.......... -. ... - .... ---.. - - -............ -.'
II", <:11/02 325000.')0
I1pr 01/02 1 3694.13 2979.17 714.9b 324205.04 2979.17 97.9S
HIlY 01/H2 2 3694.13 2972.61 721.52 323563.52 5951.78 97.73
Jun 01/02 :5 3694.13 2966.00 726.13 322835.39 8917.70 97.52
Jul 01/02 4 3694.13 2959.~2 734.81 322100.58 11877.10 97.30
Auy 01/U2 5 3694.13 2952.59 741.54 321359.04 14829.69 97.08
Sep 01/02 6 3694.13 2945.79 748.34 320610.70 17775.4~ 96.85
Oct 01/82 7 3694.13 2930.93 7~5.20 3L9855.50 20714.41 96.63
Nov 01/82 8 3694.13 2932.01 762.L2 319093.38 23646.42 96.40
Dee 01/82 9 3694.13 2925.02 769.Ll 318324.27 26571.44 96.L7
H:t<,~CCUMULrHED INTEREST FOR HtE YE,W ENDED m:c .H/fJ2 26571. 44
Jlln 01/U3 LO 3694.13 29L7.97 776.16 317548.Ll 2917.97
~ab 01/0J 11 3694.13 2910.86 783.21 316764.84 5020.83
11.1r 'll/US 12 3694.13 2'~')3.61.l 1'~').4o; 315974.3'1 13732.51
ApI' <Jl/H3 13 ;56')4.1." 20'16.4." 7'n./o .H';176.(,'~ l.l628.'14
"lay')l/ns 1'1 36'14.1;5 2Il8'1.12 HI)S.l)l .H43/1.6tJ L45113.06
"lll'll/i.l.5 L5 36'14.13 20131. 7'1 1.11:'.3'1 ,HV;';?:!9 L73'1'I.B')
,1lJ\ 01/H,5 V, 3694.1:5 21374.2'1 11 1.',1. '.i,1 31'n3'.'.4'> 20;U4.09
0ug 1)1/"3 L7 3694.13 2066.78 827.3~ SL1?L2.LO 23L40.87
~op 0L/83 113 3694.13 2859.19 D3".~4 311077.16 ~6000.06
Oct: 'H/1l3 1.'1 36'14.13 2851.5,1 1342.5') ,5102:54.'>7 ~'llASt.(,')
NoV,)j/i)3 20 3694.13 2843.82 0'>')..51 30'}:51i4.26 '516'15.42
Dec 01/133 21 3694.13 2836.02 850.Ll 308526.15 34531.44
'**,~CCUMUL,HEO tNrEFIEST FOR HtE YEAfI E:NDELl DEe 31/0;5 :54531.44
.J.111 01/04 22 3694.13 2828.16 865.97 307660.18 2828.L6
Feb 01/84 23 3694.13 2820.22 873.91 306786.27 5648.3fJ
Har 01/84 24 3694.13 2812.21 881.92 305904.35 8460.59
Apr 01/84 25 3694.13 2804.12 890.01 305014.34 11264.71
May 01/84 26 3694.13 2795.96 898.17 304116.17 14060.67
Jun 01/84 27 3694.13 2787.73 906.40 303209.77 16848.40
Jul Ul/04 28 3694.13 2779.42 914.71 302295.06 1.9627.82
Aug 01/84 29 3694.13 2771.04 923.09 301571.?7 22398.86
Sep 01/~4 30 3694.13 2762.513 931.55 300440.42 25161.44
Oct 01/B4 31 3694.13 2754.04 940.09 299500.33 27915.4H
Nov 01/84 32 3694.13 2745.42 940.71 298551.62 30660.90
O~c 01/84 33 3694.13 2736.72 957.41 297594.21 33397.62
*:t<*ACCUHULATEU INTEREST FOR THE YEAR ENDED D~C 31/84 33397.62
Jlln 01/85 34 3694.13 2727.95 966.10 296628.03 2/27.95
Fab 01/0r,:'\5 3694.L.5 2'1L?O'J ',7!;,<)4 295652.'19 ','14/,,04
/1ar 01/115 36 36'14.1.5 :l.71Q.l!, 91J3.Wl 2'1466'J.'H dl'.J/, 1'1
ApI" 01/0'; .S., 36'14.13 2701..J.\ 993.0~) 7.'1367(,.<)l J.')l1~',,~'l
/1i.lY 1)J./h~ ,'jH :S6'}4.t.~ "~(Jt~2.()~) J.l)O~~.I.IJ '29~~67~~.r~)1. I ',I~'~,l).'~r\
.IIHI 1)1./I-.i5 ~9 ~6'}4.l,~ '.?f.,8:.?..001 l.()ll.~~'" 2'/1 667..6',? J.~'/j.'1,'J.I.'.~
.Jlll l)l/H~) Ill) .'~61--)4..L'j :":I.Jl/J..'.J1 .l.q'.~~>";,t:i }'}O'~tl:~'.l'f'~ 1;"\':i1)i,. u.
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~jt;tfJ l)l.j85 tL~ .~6(.l4.J..~ :U,'.."~.l'~ tl),-;'.).:'!~ ,\HH')':?..~1tl :)""'~!':,.16
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'l:~. 50
t),'J.2,1
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')'.2.72
92.46
92.20
91. 93
91. 66
91.38
91.11
90.83
90.55
90.27
139.98
89.69
139.40
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EXHIBIT
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KEF.FF-II, WOOl), "unl /1. R,\lI,)[,
MI)lnG(lOE ,'11111'1 r 1/') r lilN ',iClIE"UI.JL I:
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rlf, . 66
136 .~4
~lov ol/B!) ,1<1
O<:lC GLIB') ,,',;
,~'" "'AGGUMULA TF.O
Jon 01/136 <16
Feb Ol/fJ6 41
Mar Gl/06 <10
Apr ol/1J6 .'I'}
May 01/136 50
,,) un l) 11136 51
Jut 01/136 57-
Aug 01/116 53
Sap 01/136 5<1
Oct 01/06 55
Nov 01/116 56
Due 01/fl6 'S7
H:t<ACCIjI~IjI_() lED
,lUll ,)\,/'" 'jf)
F'3b ,) 1/1;1 5'1
11M' Ol/".! 6()
np'" 'Ji/',; 7 (Jl
11'!y ,)l/dl 62
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,J III \l J./ ",;' ("I
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(llJV I) l/H' (J..i
I.h~e o!.i:J, ,,'I
(''\I*HI:CUI1lJLI\ I ED
.Ian 'Ji/*l N
Feb 'H/m3 71
H.l'" 01/08 7'2
,~pr ,ll/"l3 I,"
May 01/130 74
.lUll GIIBI3 7';
Jul 01/138 76
,)u<,j OI./flB 77
Gap ol/0B '1/1
oct '1l./fiB 1"
rlov 011 tHl ,_le
Doc 01./n8 t1l.
"'*"ACCUt1Ul.l~H,D
.ll.1ll Ol/WJ 02
1"<9b 0 l/n') 03
11,,').1' 1'>1./:)') H4.
r~pl' ~) 1./ r\') Hr,
11.:.\y l)\ /HI) :I"
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26:~5. ~,"
26:!!L'1.3
FOn rHE Vgr111
261,6.14
;)006.26
;)596.7-9
7-586.22
'2!;76.07
2565.82
2555.413
2545.04
2534.51
~~523. 88
251,.5.15
2~02.;32
FOI~ THE VE,\I?
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SHEHIFF'S RETURN - NOT FOUND
CASE NOI 1~~6-04136 P
ggnn~~W~~Lt~"g~RE~~MSYLVANIAI
KARAOIAN~IB JAKES
VB.
NEW VIEW CORPORATION ETe ET AL
H. Thom.. Klinw . Sheriff, who being duly aworn auaording
to law, .aya, that he made a diligent aearch and inquiry far the within
named defendant, to witl LEO BONNIE
but was unable to locate Hwr in his bailiwick. He therefore returns
-
the NOTICE' COKPLAINT - QUIET
TITLE
NOT SERVED. as to the within named defendant
LEO BONNIE
PER ATTORNEY. DEFENDANT'S ATTORNEY IS ACCEPTINO
SERVICE. RETURN PAPER TO ATTORNEY.
Sheriff's COStSI
Docketing
Service
Affidavit
Surcharge
6.00
.00
.00
2.00
50 answersl ~
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Ii.! rho mas KJ.1ne, /9her1U
KaLLAS , KENNEDY
08/0I/I~~6
.6.'-"'"
Sworn and aubscribed to before .e
this :J AUt day of {J<'jIL..r
l~~_ A. D.
(';'1'''- K. )kJi!.~ -4-1),
rothonotar1
MIY 15, 1981, I truo and correct copy ofwblch I. aU ached hereto and nwltod la EKhlblt "A."
6. For the purpose of securing the debt under the Agreement of Sale, PlalntiJf granted
I mort8lSe to Deteudant which was dated February 24, 1982, and recorded in tho offico of the
Recorder of Deeda, Book 705, Page 748, a true and correct copy ofwblch Is Ittlched hereto and
marked as EKhlbit "IJ,"
7, The aJl\owtt of the mongage was Three Hundred Twenty-Five Thoul8lld Dollars
and 00/100 ($325,000.00) witll interest at Eleven Percent (11%) amortized over Fifteen (15)
years.
8. The recorded mongage incorrectly stated a commencement date of April I, 19112,
for the payments, when ill fact tile payments bad stoned in July of 1981. As a result, on February
24, 1982, the balance rell14illing and due on tile mongage was approximately Three Hwtdred
Eighteen Thousand nuee Hundred Twenty-Four Dollars and 28/100 ($318,324.28).
9. On or about 1wle 1, 1996, Plaintitfpaid to Defendant a check in the amount of
Three Thousand Six Hwtdred Seven Dollars and 76/100 ($3,607.76) representing the ftnal
payment due under the Agreement of Sale as evidenced by the ilIlIonization schedule, a true and
correct copy ofwblch 15 attached hereto and marked as EKhlbit "C."
10. Defendant promised to satisLY the mortgage of record at !he time ofpaymenl.
II. Despite Plaintlft's perfonnance under the Agreement of Sale, Defendant has
refused to satWY the mongage of record and continues to refuse to do so despite repeated
requests by Plaintiff.
12. Defendant's failure to satisfy the mortgage creates a cloud upon PWntlff's title on
..
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llQJU!B~mN'r OF 11M,"
, ....
THIS AOIU!\!lMBNT, made this Is day of May, 1981, by and between
LBO ENTBRPRISBS, INC., a
laws of the commonwealth
oorporation organized and elCiBting ,under the
, '
of Pennsylvania (hereinllfter refer'red'to ae
, ,
"Seller") and JAMES J<AnMII\NNIS, un adult: individual (hereinafter
referred to a. "Buyer") .',
WITN~~HflETIII
WHURBAS, the fl(llI.er ill tho owner of oertain J:Qal property and
improvements knolm and numbered as the Sierra MadJ:Q Saloon, 4035
Market Iltreet, Jlampdlllll Township, Cumberland county, Pennsylvania
(hereinafter referred to liS the "Premises") I and
WHBREAS, the Seller is the lioensee under Restaurant Liquor
License No. 20227 !.Bsued by the Pennsylvania I.iquor Control Board
and operates a bar and restaurant faoility on the Premises under
said lioense, and
WHEREAS, the Buyer wishea to purchaae the Premises, together
with all fixtures, appliances, equipmllnt and stook in trade sit.uate
on the Premises, and wishes to have transferred to him all rights
and duties under the existing Restaurant Liquor License issued to
Seller.
NOW, THEREFORE, in consideration of the mutual oovenants
oontained herein, and intenMng to be legally bound, the parties
hereto agree as folloWlI1
1. BALB I\NP OELIVF.RY"
'he Sollor hereby 8greell to uoll nn~ deliver to Buyer, and
.,.
Buyer her'Jby a~reee b' aooopt frolll floller, tho aforesaid bar lind,
restaurant facill,l:.y, 1,,01\1<11"'1 1'011 flxt,llro/l, appliancos, equipment
and stook in trade which aro sl,tul\to on the Premises and identified
on Ithe inventory attached hereto ns F:lChibit "1\". Beller further
-, '...
"
. .
, ..
.,..,dQO, dUB in monthly !n.."ll~.nt. ..
heroinafter provided
TOTAL PUIlCIIIIBE PIlIC~~
$J:l5,000.00
$425,000.00
4. ~UHP-BUM PAYMENT,
The unpaid prinoipal amount or Twonty Thousand Dollars ($20,000),
together with interest therson at tho rate 'of ten percent (l0') per
annum, ahall be paid to Seller in a single payment within one year
, ,
after the date of Settlement, The principal amount, together with
Bdcrued int.erest., may be pre-paid by llllyer at any time wit.hout. penalty.
5. INSTALLMENT Pl\YMEN'l'S.
The unpaid prinoipal amount of 'rhree lIundred Twenty-tlve Thousand
Dollars ($325,000), t.ogether with interest at. the rat.e of eleven
percent (lU) per annum on the unpaid balanoe, or in the event t.hat
tax-free mortgage finanoing can I>e arrangod through an appropriat.e
indust.rial development authority, interest at the rate of eight and
one-half percent (0 1/2\) per annum, shall be paid in one hundred and
ninet.een (119) equal monthly inBtallmontB calculated on the buh of
a fUteen (15) YColr al1lortlu.tion period and in olle (1) tinal installment
equal t.o the entire unpaid principal and interest balance. The first
suoh monthly installment shall be due and payable fifty (50) days aftar
the date of Settlement and each subsequent installment shall be due and
payable at. one month intervals thereafter. Buyer acknowledges that the
installment financing providod for horeunder is for a term of ten (10)
.
years and that any princlpa1 halnnce wh lch remains unpaid at the expir-
,
ation of the hen (10) year period, together with any acorued inter.est,
mu!t be paid in full with the final inBtallment hereinabove provided,
notwithL l~an~in9 the fao~ that thu Installment payment amounts are other-
wise ca~.Qulntec1 on the basis of n fifteen (15) year amortization period.
Tho prino!pal nmount, togGthcr with ~cc~~ud interest, may be pre-paid
by Buyer at any dme without punn ll:y.
-:.1-
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/
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.. ".C1UIUTlt.
Buyer shall exeoute in Seller's favor suoh seourity avreements
or other doouments, inoluding but not limited to, an inltallment
note or notes, a purahase money mortgage and Uniform Commeroial
Code finanoing statements,
determine are neoessary or
as Beller's attorney may reasonably
.
advieable to seoure Beller's right to
payment hereunder. All lIuoh doouments shall evidence Beller IS first
lien security interest in the enoumbered asset. Moreover, Buyer
acknowledges that upon any default by Ouyer under tho terms of thie
Agreemenf all right, title and interest in, to and under Resteurant
Liquor License No. 20227 sllall forthwith revert to Beller end Beller
Ihall have the right to make immediate applioation for re-tranlfer
of the Licenee to Beller. Buyer hereby appointe lIeath L. Allen,
I.quire, a. his trud and lawful attorney, to do all lawful thingl in
hie etead, tor the purpoee of re-traneferring the said Restaurant
Liquor License to Beller upon any default by Buyer.
7 . SETTLEMENT.
.&
.
Settj.ement hereullder al,ah take place within forty-eig;.t' (48) hours
after the receipt of approval for transfer of Pennsylvania Restaurant
Liquor License No. 20227 to Ouyer. 1\11 deeds and seourity documents
required hereunder shall be executed by the parties at Settlement and
shall thereupon be recorded and/or filed immediately. In the event that
the Penneylvania I,iquor Control Iloard refuses to transfer the License
to Buyer, this Agreement, alia 11 be null and void and Beller shall be
,
,
I
.,.
antitled to retain the deposit money of Ten Thousand Dollars ($10,000)
.
as liquidated damages. POBBf,laaion of the premiaes shall be qiven to
Buyer at the time of Rettlement.
8 . :tRANSFER OF TI1'I.E.
Title to I:he Promiaes shall he tJOnvllyed to Buyer at Settlement.
.
.,
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,. W~"RANTI!8 or TITL!.
Title i, to be e good and
marketable fee limple tit~"'free and
" '14 '
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but subjeot to building reatriotid , loning
olear from all liens,
regUlation., eaaements, rights-of-way (inoluding but not limited to
111 highwlY rights-of-way), reservations and restriotions of reoord
or visible on the Premises at any time up to and inoluding the time
I,'
of Settlement. Title ,sh~ll he oertifiable by Buyer's attorn~~~'or
inlurable at regular rates by a reputable title insuranoe oompany
without exoeptions objectionable to Ouyer. Beller shall convey by
general warranty deed subject to the proviaions of thia Agreement.
Buyer shall have aixty (60) daya from this date to examine title
to the property to be conveyed. If, within aaid period, Buyer does
not notify Seller in writing of any defeota in aaid title, it shall
be oonclusively preaumed that there are no auoh defecta and that the
title meets the requirements of this Paragraph 9. In case material
defects are, within said period, found to exist in that title, and
are so reported to Seller, then, if such defects are not oured by the
Seller wi.:hin sb.ty \60) days u! the 1I0ti..:e, this A\lreement ehall
beoome null and void and there shall be no further liability upon
the Seller or Buyer, whereupon Beller shall return Buyer's deposit
payment forthwith.
10. WARRANTIES OF FITNESS.
Except as otherwise specifically provi.ded for herein, Seller makes
no express or implied warrant.ioe with respect to the physioal condition
or pOIsible uses of the subject property or any improvements looated
therson. Buyer acknowledgefi that improvements aro bsing sold on an
"al is" basie.
11. INBlIRJ\NCE.
Until the date of Bettlenwnt, Boller shall carry, at its own
expenee, fire insurance on tho Promises with extendsd coverage endorse-
mentl. In the event that any improvement is destroyed or damaged by
-5-
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fl~. O~ oth.~ a..u.lty p~1o~ to ".ttl.m.nt, all 1n.u~.na. p~oa..d.
will be th.. lole property of Seller. If laid insurance" ,tf,~;'dl are
reoeivtid by Beller on or before the date of Bettlement, ~ total
Purahale Price Ihall be reduced by the amount of such proeeedl. In
the event that sald insurance proceeds lire not received by l'~eller on
or before the date of Settlement, Seller shall amsign its right to
colleot said proceeds to Buyer and the amount of the
"
,,',i '.
total Pu~~.hase
, ,
event, there
Price Ihall remain am hereinabove stated. In either
Ihall be no duty on tho Seller to restore, repair or rebuild the
improvements or eny appurtenanoes.
Subsequent to the date of Settlement, Buyer shall carry, at his
own expense, fire insurance on the Premisos with extended coverage
endorsements and naming Seller as co-insured. In the event that any
improvemon~ is destroyed or damaged by fire or other casualty sub-
sequent to the date of Settlement, the parties shall agree as to
whether the improvements shall be restored or repaire~ by use of the
in.uranee proceeds or whether the insuranoe proceeds shall be epplied
to the red.sctiun of t106' unpaid prinoipal and interest bal~'rleoii'due
hereunder. Seller shall not be required to oontribute any funds
whatsoever in the repair or restoration of damaged improvements.
12. INDEMNIFICATION OF SEI.I,ER.
Buyer will indemnify and hold harmlcss the Seller from any debts,
liabilities, liens, claims, taxcs, cncumbrances, obligations or suits
of any kind imposed upon Seller by reason ~f, based upon, erising
out of or caused by any aot, omission or other thiryg occurring et any
time after the date of Sett.lement if caused by any act or omission of
Buyer in conneotion with his UBO of the Premises.
13. TRANSFER ThXES.
neal estate transfer tnxuB (atatu and looal) will be divided
equally between Buyer and Sallar, 1\ to be paid by Buyer and 1\ to
be paid by Seller.
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14 . ADJUSTMBNTS AT SI!lTTLI!lMl'lN'I'.
R.al .atate tax8ll, water, sower rents, electric and,pa, if ehy,
.hall be apportioned to the date of Settlement. Buyer shall'be re.pon-
.ible for all re41 estate taxes, water, sewer rents, electric and gas
.'
charges inourred subsequent to the date of SetUllment. 1\,
15. DI!lFAULT.
Upon default of the payment of any sum of principal or intere.t
herein agreed to be paid for the spnce of thirty (30) daye after the
e~me .hall become due and payable, or upon receipt of notice from the
Pennsylvania r,iquor Control Iloard of a suspension or revocation (or
intent to Buspend or revoke) of Restsurant Liquor License No. 20227
, ,
,', ,',
, "
~II.~' ,
"I'r
for the space of thirty (30) daye or longer, or upon the filing of a
petition in bankruptcy pursuant to provisions of the Bankruptoy Code
of 1979, or upon breach of any other term of this Agreement, the whole
of the unpaid prinoipal sum, together with interest, costs and other
oharges required to be paid hereunder shall, at the option of Seller,
become immediately due and payable. Upon such default, the Buyer hereby
authorizes and eml,oweL II allY att.vL'ney I)f IIn~ court of record 'to appear
for him and confess judgment for the whole of such sum, with a ten
percent (10\) attorney's commission o~ fees, hereby waiving the right
at exemption and inquisition so far as the property herein described.
In addition to other reJl,edies available to Seller hereunder, upon
default by Buyer, Seller may declare this hgreement terminated, null
void and proceed by action of foreclosure for recovery of the Premises
herein conveyed.
16. BROKERS hNO AGENTS.
Buyer and Beller covenant to Kava the other party harmle.. from
any claim to fee or commission hy flny renl estate brokers or agents
dealt. with in oonnect Ion w 11:11 1:11 III UI,I 0 I <tlla or to be due by reaeon
of acts of Buyer or Beller, ns tile cose may be.
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17. ~IiPLETB UNDERST^NDI'~G.
~ht. A9...m'n~ aDn~.tn. ~h. .n~tr.
undll'uendtn" b.tj~~;;"~h~ ;;
"~I ~ ~, ..
perU... h.r.to, and superoedos any prior writtel'l or I,or.l 'l'I9r..m.nts
IS'" >.:,1'
b.tw..n them respeoting the writl:on subj oot matter, inoluding ,~~t n'ot
.I,
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limit.d to the writl:on agroemont dated Maroh 17', 19B1. Thenar'e
,no repre.entations, agreements, arrangements or ~'ndersltan''''~~ '",oral
or written, between and among the parties hereto rellltin40 the'
subjeot matter ot this instrument whioh are not tUlly eXprell8Bti herein.
,
lB. HBIRS AND ADMINISTRATORS.
All rights given in this instrumont to Seller and Buyer shall
aoorue to their heirs, exeoutors, administrators, suooessors and
19. CONSTRUCTION.
This Agreement shall be interpreted and oonstrued in lIooordllnoe
with the laws ot the Conunonwelllth of Pennsylvania.
20.
RECORDING.
.'
Thi. Agreement may be recorded in the Oftioe ot the Reoordar ot
Deeds ot Cumberland County, Pennsylvania.
21. RECEIPT OF c:~.
All pLArtles hllreto aoknowledge [(Ioeipt of a tully ~xeoul~ed oopy
ot this Agreement.
22. INTENTION TO BE BOUND.
It is the intention of each of the parties hereto to beleYlIlly
bound by the terms of this Agreement and to bind their executors,
administrators, heirs, successors and assigns.
IN WITNESS MIEREOF, the,parties hereto have set their hands and
sellls the day and year first above written.
ATTESTI
)
LEO ENTERPRISES, INC.
, .
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"Beller"
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President
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ny
WITNESS I
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ol~hty-two (19U2).
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LEO ENTERPRISES, INC., u Poonaylvania buainoall corporAtion, .ueee.-
lor by mor9or to E9Qhoad, Inc.
.
Olllf,i'lll/f" ellU,,, Old ,t/o"1!4~" ), 01 ",. ..':unci prlfl:
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iUl'ltl't".' Ih. '.10/ III."~,'~., I" 0",0/ /'11 0' ,'.",,,,, (nl,~oll"" on II""'''''~ ""U~,'I"'Y'lIJo/(,l
hand ond ual dulU UdlJl"t!d, IJd."i"1! "Id" dlllrl hllftWI',Ii, "IHld IJlHltld III.tt, the ,,,(,1 Ina,ttlJtu
I,,'h. """./ Thrae Ihllldrod 'l'vollty-tivo 'l'lto"",,,,,! llol1,... (~J25,OOO), tOBethor with lilt rllt,
IQIJllul mon'l/ fll th. UlItt,d StlJtd~ ,,/ ,1mlttlJ", cOIlI!itlIJll.d IlJr tllrI/)(Jf/IIl"It 01 the JUlt "Hn 01
Tllr.. Ifulldrld rweJlty-t1vQ 1'holJ.OJld no u"." (eJ2 5.000) ----"--1"'''/1/1 III0nlY 0' 0/0,...1,1,
tOQethor with intaroat at thu rBtc of cluvell percllnt (11\) per
a"num, Baid principal and intercut to be pald in ono hundred
nineteen (119) oqual monthly inutnll~~nt5 calcUlated on the baais
of a fifteen (l51 year amorti,-otion pUrl <1<1 and in ono III final
inatallmlnt equal to tho entire Unpaid principal and intorost
balanoe. The first SUch monthly inul:l\llment ahall be due and
payable on April 1, 19U2 and each s"bnoquent inotnllmont shall be
due and payable at one month intervals thoreafter. Mortgagor
acknowledgeo that the installment paymonta provided for hereunder
are for a term of ten (10) yoars and that any principal balance
which remaine unpaid at tho oXplration of tho tan (101 year
periOd, together With any accrued intureut, must bo paid in full
with tho final installment hereinabove provided,
.
I
I
I
,
HJPtJ/IlIK)(D/ IlK lblI:ltlltUllUutll<lf1l ~~ WlI X/I XHi6XlW Illl>jC 1II1l1X lion/X
pa~.."X
without anl/froud 0' f'tftlu, rle/all,' and 10' tllr, }Jrud,.ctioll tu tlu ~Vo'td(IdlJd ,it, S/'OoeuorA, 0'
,i"ltn',....' b./." Ih'/I,,' day 0/ September 0/'001. 0/111'""1111'." 0/ "o.lpt, lor aliI""'..,
municipal O'U'u,untl or oliar~" 01 flu Ol"'dut IIt'Jf aUl!ucclll/1on tlld mo,tdar!td p,ctmi,u,. and 01'0.
I,om ~inu to tim., tin" at all ttUUI, lwt" poumttJt v/ 'di,1 prtHci/JoJIIIO'I., 10' tlu kU/Jin~ 01 t/~. bUildln,
J~d'till m"',lioll'lcJ i'"llfcttl adtJ/n't lOll 01 domGt. blJ
""10'1111 b,rulll .fllll .AlO,ldat..I" II.. "'III 0/ Four lIundred 1'wonty-fivo Thouland
Dollars (9425,000),
',prll'lJl/ltll, 1/lllUt"tr,on" " I, O"'o/J/J apt/HI" "~,",d, ""II 1(", ""11 Ii",. 01'(",,/1 ,h,,/I b. ...od.
,..Ih. paU"''''' 01 P"II~ip.1 0' 1111..", 0,' "/0""'''01 /fI' 1/" "",c. fI( ten (10) dOli' allor onv
pal/m.,.t thtJf,ol ,halllqll cllet, 0' in IIlch p,odllctf(Hl f(J tilt "11'1/ ,).(vrt/fatu ,ill .suoceuo,., "I'
.,I"ttu't 0,.. 0,. b,tor. al., ",It dau 0/ Scptcmbo r 0/ t!dCl. iJlld fUMY Utor, a/ '140/\ fdfJOlptllo'
,uoh tau" mltntotpal fJ'UUHLttJt, or c1l1Jri!IJ.9, (or Oil! C''''IfHl !l.rur "I'Dt, Old preml'tI morltGt,tI.
I)" in. the matntctnano., 01 "H~h itlllHIHlCld, tllen O/ht iI, we,', Clh~ llit whole principal d,bt ,,/off,aid
,hall, Qt the optlan 01 the 'aid ).fvnl!iJ~u ,ill S"I:'!'~Ull", Of' .1'1"',!III, lJi!comCl tlu" ,mil pOlJable 1m-
nudiatll,It' and pounutlt 0/ 'fJid prt'llJc'palllull (HId 11111/1 fllrlllt tJlI)'~fl/l, "'''II fJIl all/oro,,J and "oo"".cl
ot e,"OI, o","tl\l"l th"ctin contaitu,l '0 fho lJolltr'''lJ 011!f1111/ 'ilit/llitJllt(Jn,dint:
,'lI."llllrll'llilltll ru~lJ,n. how".." ond II i. liJ".I'Y"'I"""'U "~'""I, ""'I i/al o/JYllm. 110.".
a/t", bU 'U'on olo'll/ ad/aldt in paumeflt, either lJ/ Nt" /1"'H'I/JlJI "WI IH tHrHuritv. 0' o/,ald I'''"ut,
0' In p,oductlon 0/ 'aid Tlellpt, /0' ta.tu, municlp\J1 GUUJIIlltntl or c1/{Jrt!tIA within the time' 'p.cl/hll,
0, In 11111 mal,..r.'"J/lclIl)/,ud~ i'U."tHl~<I, Illl'nt IIf "_h"II/j",. U /irll/lerty iUlttd "PO1&, tIlIfJud;m,nt
obloln,,1 UIJo" 'old Obli~"".", ., /'11 "ltl'" "/ IIJ,d WoJU,,,,I o( .Hlo'''.!I, .,.. 1Il0"~.,. /"'""0,"" p,o.
."dlnt I, P,oPltlylnl/ll",.o/ "pan II", (I/d,,,,,,,. ./."orl~II~d, om all."..y', comml../.." /0' .011.0.
II..., III,.: f1vI(5%)plt "nl" ,hall b. pOYGbl., 0",1 ,liall b. ,.CO"",O/ /1/ oddlllon to all prl..alpal and
In/".,/,h,.. du., b"/d.. 00'/' 0/ IIIil, o"d all ","'".. "/.ff.alll/t "'011 Inlll,an.., a. I".nd bU tI..
,old "all.d ObUtaUon o,ullIi. Con,lill.lI ti...../, "/0'/111" b"II~ ti'."""lo hod, mal/ "'.rt /''''1/ and
al ta't' app.." " '
tOOl, 'it IS 1'.\1,[ 'i:l (j
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-.-.-...,........ '. -.,.. .
'I"....., ,-'"
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,
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H... .'I~' .,.,.../11 d,/,I ", """./p,,1 ""'" "I '1'111''''' lIulI,lr,," 'l'Wonty-t iv. Thouund
DoUan (~J2~/0001, to'Joth"r with llll","".t, .
(md /." b,u., ,u''''lIt 1111 pIIumUI' III 1111 """'/ lilli" tll,,.,.,f, IHI'" Ou ,riM 'v1J"tdtll "" S&UO
""11" .nJ .-"1/,... ". dhIJIllu_. 01 ,!I. fll'll ,U,"" (Hdj~,'tlU", III 101 .,".tln crm,Itt.,altun rJl ,h,
fu"lt., ,"m vI 0'11 11"/1., ""'" 'h. ,,,,,/ .\f",lt"t'" ,,,,It,,,,,t w,/I ',"'//I"'U po/,t bU Ih".toJ .AI.,lt.t.. /
AI find b't",. II" IIIIIIIlI ",,./ .,.Ull"1I ""ttll, fl... r.cll}lt IlI'""ul h I""tJU rulmowl"lt,d,
h.. ~j'Jmh.d, b.U'IJ/II,./, lolli, ull""H/, rll/~IJITt'.I, "I,uUI/'JIld lluII/1",..II, and bU 'hi" p,...,."
doo. tru/", hutt,"H. u/l, ,,"rll, t11l/t' 111'1 rrh.,u lilli/CUll"''''' '''''0 'h. 'Ill.' ..vor'tdtu ,II.
8u.un." ""oJ .4../t'II,
ALL that' Ilertal,n piece or parcel. of tnnd situAtn in Uampden
,,',Townahip, cumbunAnd r;ounty, l'ennsyl.vAnit\, more partioularly
"bounded Ind dnoribe<t as fonow., to witr '
, BEOXNNINO at I point on tho Nouthern eide ot the Carli.te Pike
I' IU. B. I\oute No. H), eaid point bein<J located ono hundred
fifty-one and fifty-nin~ one-hundredths (t6t.591 foet elst of th_"
.outhel.t corner of the Ct\rliote Pika ond centrol Douleverd,
thence nocth eighty-one (01) degreus ten 1101 minutes east one '
hundred1fifty-one t\nd titty-eight one-hundredths (15t.5BI teet to
I point on the westerly side or OAk ~venuo, thence olong OAk
~vonue Bouth seventeen (17) degree" eight (00) minutes ea.t,one
hundrldlseventy-six and sixty-eight one-hundredths (176.60) ,fe.t
to a point, thence south oftvanty-two (72) degreoA fitty-tour (54)
minutes wost one hundred fifty (1501 teet to 0 point,'thence
~orth .eventeen (17) degrees'elght (00) minutos woet one hundred
ninety-eight (1901 feot, more or less, to b point on thQ yo,thern
.ido of tho C4~lLsle Pi~e, the place ot O~or"NrNG. . :
BEING Lata 1/ 2 , 3, Blook "D" on tho Plan of OAkwood PArk, Plan
"Book 2/ ,PAlle 59, CUlllberlnnd County record..
A PRXOR'Grentor has exprQnsly reoerved unto itsolf an eAsement
tor a right-of-wsy for pu~posnu ot Inqrosu and ogress over a
twenty-eix (26) toot wid" "trip pnrallellng the southern boundary
of the atoremontioned trt\ct b"tween other tt\nds of the Grantor
And OAk Avonue, 'rhe soid right-of-wny strip be in\] more particu-
larly deecribed os followar
BEGINNING at A point on thQ westorLy aide of OAk ~venua aaid
point bQin<J lOCAted one hundred eeventy-aix And sixty-e[ght
one-hundredths It76.60) feet aouth of the CArlioln Pike, thence
eouth,seventy-two (72) degrees fifty-four (54) minutes weet one
hundred fifty (t50) feet to a point, thence north seventeen (17)
, degrees eight (08) nlinutoB wost twonty-eix '(26) toet to a point,
thence north seventy-two (721 degreee fifty-four (54) m1nut81
ealt one hundred fifty (150) feet to A point on OAk Avenue,
thence along Ook l\Venue soulh acvantecn (17) degrees eiqht (08)
minutQB east twenty-eix 1261 foot to n point, the place of
BEGINNING.
-
DEING the CAme premines which ~l1\ericon Diversified Corporation,
by it. Deed dAted October 10/ 1972, and recorded in the Oftice of
thl! Recorder of Deede of C\I\lIherlolld l.uuntl' ill Deed Book K, Volume
25, Page 539/ granted and convoyed unto Egghead xncorporated, a
predeceaaor corporation merged Into Leo Enterprises, Ino., the
Grantor herein.
~ ,f,l
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10 Gild 10' ",. u"IU pro/lu, ."" fUll/II./,UlI! III "" ,,,I,' ,UI"'~"t1lfll I I,. :1"o."..u" .Hld ,tll'tn. 1""1/",
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ul"" ,"/1/ pll"cll'"I,I.1iI1/1 co", "111",. "/1,1111/11I/1 ",''' III,",.,., 11/111 1111 ",..,. lIill/ ckl'"'.... "f"IT"dllli
,,,,,1. 'H''''''''"" iJ" IOk"t .hull '''I ",Id,," 'n ,,,"llwf'lUIl" ., ''',,' "111,,, "'/11"'/11I1 ,/lft,t "."''''1 "Im" ,"'.
lIIo,';ot..
'Prd\Jlbtb, .\hUI\\lo lIuUIJ"hl1/lJ..'. tI"" 1/ .,,;d ,I/II"V"!]"', his /I,.'f', ";~''''''''fIf..
.ldmlul,t,uto,. or ,'iul~u" ./HIII .,,,,1 "" w"" 'W" l,ulU 11fI1I, II' ,',,,,.,1 III Ill' /I"M, ",,'n 1/11' .",,,
~t/lJ"lu~" ,Ill SlIcJcJU.U'1I a, ,'/..IlulI, IIHluffl,",uld "aM II' ,1t/nrtl,ItII.II". ul Thr~. Hundred '1\Ionty-
five Thou.and Dollar.,,,. II,,, "llY al/lllilll'l IIIJ'I';"""{"''' Ullr"lill"m/ 1111I/",,/'"1,,',',11'" /"'11""'111 "/
"u,am" 10Id/", with 111''''0''', cUIII .hul/ /lffll/fl.11J /I, '"11 It,"" ,1/""I1"I!"" ,I'" ."illrlUU'"" II' .h'/dll',
~n U~ btJ/urI Ih. /I,,,, flulI ul Sept, u/'II11/1 ,11,,1 til""1I UI"", '1lI'l'I,IIif fll' ull I U"'''" , filii/ "',,"/,'I,ml
GItI",m.n/, 0' cl,a"" u{ till C",ff'7ftt U"'" UHf'",,"1 "1"/11 1111' "'''''lfll'''II,/""',,,III''II, wl"ltm' """ Imlld
n, {llrtJu, J.luU, lJll,1 ",ltIWIII flI'Y ,II!IIl1utiUII, II"("/""IIIIU, "' "/11I"'1111'/", '" brl I/I,,,ltl a/ ""lItMoll,
ho,d" 11I.,,1101&.,11 10 bl IlIIid u, demu, ""d .,/",11 I,'I'HI' "I' "or :u"" '''.''''1/11I''', 1/11I' 11,,,",111I,1 {,"/11
'''''IOC/u,tli, 11' lUull 1M. IlrrllllJllt lIl1/lJ"t"'tJ, .11I11 "Ill "11/11/11 "01'''11 11m"'",,, 1111 I/,It If"'" "rl'/'III1
oblldutlo'~ ,!lall OddU, tI,ta,mIHfJ alld IJdCulII. L'L,d, UII/J'IlI'l/t II,r'lr/"/IlI/II'O CIIIl,"/ut" lu IIIfJ t,,,,'m,y
,Ii."o/ in dUll wi.. IIulllJlth.llJ/uU"I1,
,
1'rllul btb, a\ I.at IIlal It ,.Iwlt ,11I1/ m"u hlJ "''''/111 fll' ""l .Il1il/ .11""/11'/1"'1 ,it. ~""l1lllf""., ,,, .-/""111111,
wll,,. amJ '" ll'Ut. '" Ih. ",I"tI"", dcbt u, "0'" 11I1fdhfl ulJ'lfl'd .h,,1I IIl1culllc diU IIIul puuubl" a. alure.
.tlM, 0, In Oold (J'/dUIt Ilwll be uwdll fu, tJiIl NllfIClJ tit tun (lO) day_ t,. thl floYIIUltt a/
i"t,,"t 1m tlu _aid }J,I"ci/Jot 'fUlL ,,{le, I'IIIY P"l/IIOl'" tllIl"'IJ/ItIIt,ltlu/l """, Of 11& tdllll Chllrd .11011 b"
deltwlt iu. Ihe ,,,adllotiol. tu Old '!Jill .'/0"11""111 ,11.1 .1)1I'J!W....flfll 'If .o/.'d~',II, em Of bt{o,,, tll./I,., "~ay
01 S.ptember ol.aoh ull/l elJd'l/l/lwr, of wr./i ,.If.'CI/IlIt fur ltJ~a.. II..",Iol,UlI '"'lIlt1lUtlllh
0'0/1"'11__ 01 tl,,, o"",,,t ya"r lJuc.ued "/IUII tllll /I'flrl~lIl1lt1l/j',""/."JIi, u, i" lIu "lol"I"uIWOd tll the
11l""UIIOO u, uloruul,/, 10 IIIIalllle 11/1 ar.lifJlI ul IIHUll1r'I1IJ!IJ'"Olo\/",1 "/um ali"IILI};""'", o/."u"dl'f1',
dud to prooeed t1u~dfm 10 jllt/tlll'''t 'Hili C~tc"IIUIl {II' tI,u '1IClIlJdl'l/ ul tlllI w/wlu 01 ,lJttI p,lnol/lal ,I.bt
al&d ollluhrd,t du. thC'COI', tol1elho, luit.1a IHllllt01/,.'/I'. CutHlIl/u;Utl/O, oflllltotlfJIl, v/~,; f tVI (~%) fJ"
o.nt, bC!.idlt, 1I01t. 0/ ",It, olld ull UPItIlId' 01 olTofllill(/ IflllJh 1IlIlIlf,UlOC, 1,"tho"tll;,tIl~, hay, anu law,
u.ot. 0' oUIlom to lIu crml,arllllulwit/u/ullflil&l!, ~ .:' '" \,' ,.;
.' ,.., ,.'
~nbt1u .ald .Alofttdl!or ,lor hh 1I"/;,',"j.,'.IID"'UfI, ,""ml"I"",~
10" "lid .f'''d"', 1a,.,cbU WrJllle. '1111 rilth/llf i/l'I Ifj'IU'1II "" 1/1111 r""I tf..t"~1I tlwl mr,u b, l"ult"ll&/lurl
Imll" 0 Iwll1m,ut ubluilll/lJ bu IJtrtllfi Ih,..'I1U{, ,11,,1 1'1I1/1l1ll1rill/ mUltl,tm,,! tllll "una. 'HId UUUIf".
111I1 1111 dlU,U o{ "uh cM,dcUIIlUt{UI& "lUlU 011I I",il ,,{ t'.I'I't'I,Ii"" allfr',I,~,'1 IIUJt tI.. 'dll/
'dal uta" mall b. 'CJld I"lI/" llifJ lunill, ,11,,1 111m /1"111'11 Ii till" f.11i1l11Il,..h Q8 all /'1I1l1'/1t o{'In" dllll lJIIII'U
low now tn lu,o" or wlllal, 1/'111/ bu ,muclcd "drl'I~/trr tu Il.l..lIll/,tlrum Il1tJII "lid Jt,J/lJ all IIztlcllthm lilt'
.d/d ",o~t4ated IJf'''IIi,o ur fJlIU ulhe!.r pWfJetltJ w/whUU"'I', ur 'It'll p"" uf tilt, /I,oou,h afldllt Irnm
"" '0/. 0''''0/.
~n ~litnc~~ ~11l'Cl"CI1f? 1/.. ."i" .I/U"~"~'" tu ,,,... p'...II" II.. '''''""1"
..I
holtd tHul utJI thd "fltJ 11I111 lIl!'" I'''' u/lII"u wrjUIUI,
~i9",b, fti.nltb .\lIb Ptli\ltub \
uJlli;;;ltt uf I
----- -____ _ _m _ ___ (
DOOK 'i1i5 I'lr.l 'II; /j )
HOI\'I'G^r.OIII
T"ClIIIl' _:..9..-- -J(fJl~tI..~
Jumub Kdrul:lallnld
l~.
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. ,
M
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. ,.,.. .....-.-.--.--.
--_.~.,_.
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.
KEEFER, WOOD, ALLEN & RAHAL
MORTGAGE AMORTIZATION SCHEDULE
PAGE
1
--------------.-----------.-------------------------------------------------------
Prepared ror: Leo Ellterprll5el5,
R.: Sierra Madre Saloon
Principal 325000.00
Interel5t Rate 11.000
Compoun..Jed 12
Inc.
Yearl5 of
Inter"l$t
Paymllnt
Amortization 15.00
factor 1.009166666667
3694. 13
--------------------------------------.----------------------_.~_.._--'-------_._---~
Payment rotal Int"/"l'l!t. Prlnclp,ll 811111n<:<I or CUIII tnt: Pet.
Dat.e Number P,lyment PByment P,lymellt LO/lll Per Yr olem
l.tlo-:-Jj\-..-.,----- - - --------- ----------- ----- ---- - --- --- - -- - -- - -- - - - ----- ----- -.. - - --
tIs, \:11/62 325000.00
Apr 01/02 1
Hay 01/02 2
Jun 01/02 3
Jul IH/02 4
Aug 01/02 5
Sep 01/02 6
Oct 01/62 7
Nov 01/82 6
Dec 01/62 9
11 UACCUHULA TED
.I.]n 01/83 10
F<'lb 01/83 11
MM 01/83 12
I~P'- 01!S3 13
May 'll/03 14
lUll 'H/ll.S 15
,Ju1 11l/S3 I"
,;u'J <1l/G3 17
:;ep 01/63 IS
Oct 01/133 19
Nov 01/S3 20
Oec 01/1:33 21
kUACCUHUL,HED
Jan 01/84 22
Feb 01/84 23
Mar 01/134 24
Apr 01/84 25
Nay 01/84 26
Jun 01/84 27
Jul 01/84 28
Aug 01/84 29
Sep 01/84 30
Oct 01/84 31
Nov 01/84 32
Dee 01/84 .33.
***ACCUMULATED
Jan 01/85 34
Feb 01/85 35
Har 01/85 36
Apr 01/85 37
May 01./85 38
.Iun 01/85 39
Jul 01/lJ5 40
Aug 01./85 41
Sep 01/85 42
Oct 01/05 43
3694.13 2979.17 714.96 324285.04
3694.13 2972.61 721.52 323563.52
3694.13 2966.00 728.13 3~?835.39
3694.13 2955.32 734.81 322100.58
3694.13 2952.59 741.54 321359.04
3694.13 2945.79 74U.34 320610.70
3694.13 2938.93 755.20 31985~.50
3694.13 2932.0L 762.12 319093.38
3694.13 2925.02 769.11 318324.27
INTEREST FOR THE YEAR ENDED DEe JI!82
3694.13 2917.97 776.16 317548.Ll
3694.13 2'n<) .1:l6 "/fB. n .516764.84
3694.13 2903.60 7?U.4~ 3L5974.39
3694.13 2096.43 797.10 315176.69
3694.13 2889.12 805.01 J143JL.68
3694.13 2881.74 812.3~ 313559.29
3694.13 2874.29 8L~.04 31:73~.45
3694.13 2866.78 827.35 311?12.10
3694.13 2B5?19 !nol.'I,' 3Ll,)77.J.6
3694.1J 2851.501 842.51 5L0234.57
3694.13 2843.82 850 "H 30')313.1. 26
3694.13 2636.02 851:3.Ll 3013526.15
INTEREST FOR rHE YEAR ENDED DEe 3L/83
3694.13 2828.16 865.97 307660.18
3694.13 2820.22 873.91 306786.27
3694.13 2812.21 881.92 305904.35
3694.13 2804.12 890.01 305014.34
3694.13 2795.96 898.17 304116.17
3694.13 2787.73 906.40 303209.77
3694.13 2779.42 914.71 302~95.06
3694.13 2771.04 923.09 301371.97
3694.13 2762.58 931.55 300440.42
3694.13 2754.04 940.09 299500.33
3694.13 2745.42 948.71 298551.62
3694.13 ~2736.72 957.41 297594.21
INTEREST FOR THE YEAR ENDED DEC 31/84
3694.13 2727.95 966.18 296628.03
3694.13 2719.09 975.04 295652.99
3694.13 2710.15 963.98 294669.01
3694.13 2701.13 993.00 293676.01
3694.13 2692.03 1002.10 292673.91
3694.13 2682.84 1011.29 29J.662.62
3694.13 2673.57 1020.56 290642.06
3694.J.3 '1664.'22 1029.',1 2891,12.1.5
3694. J.3 2654.78 103'). ,55 'laB!; 72.80
3694.13 2645.25 L'148.88 287523.9'1
2979.17
5951. 78
8917.78
11877 . 10
14A29.69
17775.48
20714.41
23646.42
26571.44
26571.44
2?l7.9l
5/328.83
0732.51
11628.94
1451/3.1)6
1,739', . 80
20:.!l4.<l9
2314') .117
~60()n . 1)6
:0851."')
.'J169~ 6 42
345.5 L. 4,1
:~4531 .44
2828 . 16
5648.38
8460 . 59
11264.71
14060.67
16848.40
19627.82
22398.86
25161.44
27915.48
30660 . 90
33397.62
33397.62
2727.95
5447.04
131S1.19
1')858,32
I ~K)5C) .35
162,~3. i'l
I i';',1 )i:,.. . 711
97.95
97.73
97.52
97.30
97.08
96.85
96.63
96.40
96.17
',5.94
'IS.70
'/5.47
95.23
')4.99
''14.75
"-1.50
1~4. 26
'~4 _ () t
';>.5. '15
'1.5.50
"3.24
92.9','J
92.72
92.46
92.20
91.93
91. 66
91.38
91.11
90.83
90.55
90.27
89.98
89.69
89.40
89.11
88.81
88.51
88.21
d 7. ',0
A7.60
87.29
~36 . 97
KEEFER, WOOD, ALLEt/ II RMh'L PAGE 2
MORTGAGE AMOIH Il,~ r ION tlCliEDULE
---------.-------------.------------.-----------.---------.------....------------.------
Payment Tota I InterO!l5t P,-II1<:[",ll Eii.lldI1Ct! ,) r CUIII Int Per
Datl\ Numbur Paymont P,3yml!ll1t l:laYI11O!I1t. L(Jl.lfl Pt!r Yr 011111I
-----------,-------_._-----------------,---~.---~------,"'---.--.----.-..--------..-.------..
Nov 01/65 ,14 3(,9,1.13 2635. (,4 105'1. .1'~ 28tJ,:I~J~). "I~ ::9506.65 86.(,6
Dee 01/f35 45 3694.13 ?6~5.'J31 106'1, '.~t] 21J'j,5'~ I.:? ~ :~:!13:!. 58 86.34
***ACCUMULATED INrEREST FOn HiE YEn'~ ENI)[D DI::C ~ I/Il!\ 3:!132.58
Jan 01/86 46 369,1.1.3 2616.14 1077.9'~ 213,131'~. 2,1 2616.14 86.02
Feb 01/86 47 369.1.13 2606.26 10137.il7 263231. 37 5222.40 1:15.69
Mar 01/66 40 3694 . 13 2596.29 1097 ,134 2021.~.~. 53 713t6.69 85.36
Apr 01/136 4'~ 369'1.13 2586.:12 1107. n 2BIO'..'!L 62 10.104.91 85.03
May 01/1:16 50 3694 . 13 2576.07 1110. r)(, 2""1907.56 12980.98 84.70
.Jun 01/86 51 3694 . 13 2565.B2 1128.31 270779.2'!J 15546.80 84.36
Jul 01/86 52 3694.13 2555.41:1 1138.65 277640.60 16102.28 84.02
AII'J 01/86 53 3694. 13 2545.04 114"1.09 2764'11. 51, 70647.32 B~.('8
Sep 01/86 501 36']4.13 2534.51 1159.62 275331.13'; 231B1.83 8.~.33
Oct 01/86 55 3694 . 1:5 2525.88 1170.25 274161.~,4 25705.71 02.98
Nov 01./136 56 36'N.13 251:5.15 1100.'10 2729/.lOJ . nf, 282l8.1:16 82.63
Dee 01/80 57 3694.13 2502.32 11 9 1. tH 271n,f1.Of; .~l)721. 18 82.27
.""ACCUMULATED lNTERE:H FO!' THE YE,~I? ENDED IJF.'~ ,~ L/86 .~'1721.1li
,Jail l)1/~11 513 3694 . t:~ 2'-l'} L. 40 12t)~=.r~ ::'10'::"6(J. L: 2'191. ,10 01.'H
F'~I.) ell./'il 5'7 36'JrI . 13 ::'180..H l:': L~. "'J ::I)'~ " 7 .: . '~,() ,lq" I.. " 7 ;.1 L .5.'S
1'1031" ,ll/'31 60 3694.1~ 2~16? 25 1.:'.~.~.~3n 2....JS L.l1 . ..PJ 74,11. 0',~ 81.1q
'~pr' 'll/';7 61. 36.,., . 1:5 ::!tl ~)~i. 02 l'2!,6.LL 1'~6'.~ I. J. ..37 9899.0<1 Or) .112
r1.-1Y J)1'::17 62 36'].1. l.I 2446.69 1.:>1/. ,,1,/ '.26'5,'::'6::,. ....,~ 12345.7:~ ~3l). 44
JIJI1 'lL/E 1 6-3 369,1.13 24,S5.25 L::5~?8~1 :6."''''','.). ~)'-, ),4"flo.'IR no. ~)i
,11l1 l) 1/ ;,3.1 6.) 3~-;~lr.l . 1.:; '2..\::3.71 1:: .,,) . "I ,: ~{J:=' l. :'.1 . ,':..!:' 1.7::0)4. ,.,'> 7',. (,'?
I~ II oj I) l/ >_, I 65 36';4.1.3 241.2.01 I. :?~j"~ . I.').:, 26 U3,':-<! . '57 l.'~6I.n. 7;' 7',) .:~ 1
~),.)P ',H, :;, ''.JI) ~"~'~I.,.. l,~ 2.-:11.)0. ~:~ L:'J,j. :31. :~:~'I)I~'~;.~. l/J :~~017 . Oil 78.'12
lJr:: t 'HI :;" 67 ~'~'If'.. 13 238~3 ~ .16 L 30!j. (;, '.:5'1::=,:~ .tJ~' '.!44r)lj.. j,1 78.53
,.'ov J) Ii:] , v~3 36';14.. l~ ~:~76.4q 13J.7 .(..1 ::~.1',1_~5..15 :::67~::.. 0.5 18.14
Ot!C uli:; , o',l :';.'.)';4 ~ L.3 236,1.41. lJ:'~.l: ~561:..f)5. 7.~ :~91.,16. 44 77.7"
n *HCCUI1lJLf-\ lED It'HEr'':EST f'()f~ rHE YEAR ENDED I)EC !l/tiJ '291(\\4., ~ 4,'
Jan ul/fl8 71) -."Io'}4.13 2352.22 1341.."1. :5=263.82 ~.352..22 77 .34
Feb OIIG13 71 36'~4.13 :!3:~'1.n U54.::!1 25.5':109.61 4,~92. 14 76.93
Mar 01/138 7'2 3694.13 2327.50 1366.63 257542.18 701.9.64 76.53
'~pr ulill8 n .'56'74 . 13 Z.~14. 98 1379.15 2511,':"3 .I;.~ 'J:~34. ~)2 76.11
M.W 01/813 74 3694.13 2302. :54 13'?1. n 24977'2,04 '11636.96 75.70
.Jun 01/S6 75 3694.13 2289.58 1404.55 24831, 7 _ 4'1 13926.54 75.26
Jul 01/88 76 3694.13 2276.70 1417.'13 246950.06 1620J..24 74.86
Aug 01/1l6 77 3694.13 2263.71 1430.42 245519.64 18466.95 74.43
Sep 01/813 7fl 3694.13 2250.60 1443.53 244076.11 20717.55 74.00
Oct Ul/8S 7? 369t) ..13 2237.36 1456.n 242619 ..~4 22954.9l 73.56
Nov 01/08 80 3694.13 2224.01 1470.12 24114'y.22 2517fl.92 73.12
Dee 01/138 81 3694.13 2210.53 1483.60 239665.62 2738'1.45 72.68
***ACCUMULATED lNTERE3T FOR THE YEAR ENDED DEC 31/138 27389.45
.Jan 01/89 82 3694.13 2196.93 1497.20 238168.4? 2196.93 72.23
Feb 01/89 83 'S6901.13 2183.21 1510.92 236657.50 4380,,14 71.78
Mar ul/',;9 li4 3,,94 . 1:5 2169.36 .1.524.77 2351'5:1. 73 654',~. ';f) 71.33
Apr 'll/S') H5 .~694 . 13 2155.38 1538.75 2335'13.98 f37f)4.88 70.8r
t1ay Ill/W) 116 ."36',4 ~ I.~ 2141.28 J.5.r;2. ~35 :?~204 l .. J.:~ I.'J84'" , U> 10.40
lUll ,) L/,i') .if ,~6')4. 13 2127.',)4 1567,'l') 230474,1)4 L';:,)7:'i.',:0 ,,'}.94
.,J u 1 UliU'} t~B :'jiJ(i<1.1.3 ~: 1.12 .......b L ~>Sl. 'I ':, ~~:nH':): . ~:,'1 L ';(l'l';, ,dB /J"~. 46
"u'J '>1/:"') .'J') ,~,694.. 1..3 ~0')8 .18 1. 591). ,>.; '.?77::'~':,. 601 I. 7 LB4 .1)6 ,',/,1.99
~'3ep , )11;'" '11) ,';6'14 .l;~ '.~()~ ,lj . 5 ') L6J/). ');.1 ~'.:r){.>~1tl, . 1)/) 1.'126/.61 /,Fl.51
'1<:: t Oil :,,'J ,~ I. '16'~4. l..j 2068. I'" 1,,'1 '}, I; ',I ?'.:1')~}1). '," ':1 T,'Sn.40 1-,13.02
ilov ' Jl/:,'l ,} '~: ,:6'M. U :(~() 3.~. ;'.11) l(:,.,tq. " :~:'.~ l',~(). ~18 ,~~3'1t') . '?9 /.,1 ., 53
KEEFEH, WOOD, ALLEN .\ RAH,1L PAGE 3
MOI~ TGAIi1fr AMOIH Il,H ION rlCHEnI,)U",
--------..-,-..~-.'-...----.._.._____,_.._________.____"___'M___'___~___________'_____________
PI.IYIIIl!I'Jl rol:~ll I nt:'II"Oll$t PI" ll1Clp,l1 nl.1 J.d'II:;I~ " r CUll' lnt. Per
Datu Numb,,!" PaYlIlurJt. PIJYIIlOll1t Pilymlllllt LI,)i.lf1 P>.tr Vr Dlem
----------------------------------------.---------.--.".------....-------------..------.
Dec o 1/6? ?~ 3694.13 ~031J. 05 165!;. :?H ~:t)7l)5.. ::1) 2~"29. 14 67.04
***ACCUMlJLATED INTEr'''':l r FOI? nm YE'~I~ ENDED DEe :~lill'l ~5429. 1"
JIJ/1 01/'}o ?<1 3694. 13 20::3.6/3 J.6lG..t~ ~ 1 '}()',hl . 75 2023.6R 6f,.5'1
Feb o 1/'JO ?5 3694. ),3 2000.37 16/:35.76 21',II)I3.9'J 41)32.0'i 66.03
Mar 01/90 ?6 36?4.13 1??2.92 1701.:!1 215707.713 6024.97 6.5.53
ApI" 01/'10 97 3694.13 1977. '!,2 1716./H 213990.?7 0002.29 65.01
May 01/'11) 9/3 3694.13 1961. 58 1732.55 Z1225J>3..42 'J963.137 64.50
Jun 01/90 ?9 3694.13 l'J45.70 1748.43 2!0509.9'~ 11909.5'7 63.97
Jul 01/'10 100 3694.13 1929.67 1764.46 "013'145.53 1.3839.24 63.45
(\ug I) II'}!,) 101 3694.13 1913.50 1780. f,3 206'~6" . 90 15752.74 62.91
Sap 01/'~o 102 3614.13 1897. 18 1796.95 205167.95 1.7649.92 62.30
Oct ell /')0 103 3694.13 11380.71 HH3.,I: 20."535,,1.5,"5 19530.63 61.84
Nov o I/?? 10" :'694.13 lt364.0f.! 1030.05 "01524. ,18 21394.71 61.29
Dee 111./?ll 105 3694. U 184" .31 1646.8:l 19'Ud7.66 23242.02 6fJ.74
,.'n,~CCIjNlJLA TED tNTERE3T FOR Hn, YEMl ENDED DEe 31/~C) 23242.02
,Jail I) 1/'11 106 M,94.13 U33Q. UJ U1C~. 7'0 1'l78 1..5, 'It 1830. .~fl 61).1/:3
I~",b 11l1',1 I. 107 369,1. 13 1/313 . ;<:'} l~;bl) . 6.' l'",l;.')"!.:?, ..) 1 ~~,1;l.13. 67 5'1.62
j 1,] r 'H/'ll. l')1J 36',1.1. l!- 1. "')1) . 1)1') l~l",'~ . I);') L '~"117.,.1 . ';1'.') ')t"~'J. 7'~ ~',1. 05
,,\pr 1)1i'11 lcn 36':1,1.13 1.77'3. ,~5 1'1 ('). ,If.i 1 ":: 1.1 ,) , 'j I. 7':18.37 !j~3 . o1P
1111'1 l.) l/') 1 11<) .36901. 1.~ 116L.l') l',i,~,~:. .IL~ l "'1 U,f" . Ml 8'179.,17 57.91)
,]UII ',) li':'l 111 36-;"1. LJ 1.7-1.':.31) 1. " l~ fJ . 1 t~ t\3~3:~35. 73 1<)722.135 ';'.32
,/lll ')1/,)1 11:: .36cJ,I. .L.,~ 1".:::. .1'1 L '1..~"" . .. I' I L6t.,.2o.':J'1.1)') l. :"'14/:3. :~'I 'S"'.1'5
')II'j I) 1/''1 11,; ,:"~ ',4 . 13 L 7l) 1.. ,J ,:. l ')~'f"'J .: .~. :.-,~,t ~:\..,t). d J 1.,1l55.7'; IS6 _ l4
:)I~P I) L/,~ L 11,1 ,~,')9,1 . l:~ L ",~';" . ~: ,I ~1J1,'l. :)'': l'3:~::'1 ,:.. ')~~ J.~.'3.1'.}. t')~ !)5.5t1
Or: L I) L/') l. t ll.) ,3f)').'1. l3 1 '~' /1).86 "","'"7 ,..,.. ~ ~t)':':"2. ~~ 175l5.:~q r;.1 . 9t'~
..,.J_......_
j-II)\I .,)L,' '.le L U, .!j{.,')d. l.,~ l.'::J '~'.: . 3l ".I}_' L .:;;.: ~ 7 .~,~ J.I,) . -I!. L'.lU,:l. :>1 a::.-\ . ~.:~
O"JC 'Hi'l 117 369,1. l~ 1....;...::j3. '-:JI) :0/,;-1). ~.! ~ 7"J 1.~1~.). '.11') ;:')1301 . tir) ~:1j. 71
I' H,'\CCUI'IIJL,.\ TED [N rrrr,E:H FOr, rHE '((~~~n E'~IIJElj Ol;( :; lo' '1 L '~()nc) L . HI)
Jilll 1)1/',>: 11S ,~6':o'o1. J.~ 1.6l".71. :!07'1.4~ ~ ','h) 70.. '18 1614.'/1 5.3.ry)
Fo,!b () L/'}''': 11') 36'}'1. J.~, 1';':>5.65 ~IY.:)>3.. ""~, 17 l.',17:~ .01,) :::210.36 52..46
Maf- lH/":! l20 369,1. U 157".41 2117.7: 169~3S4 . =0 4786.77 51.83
I~pr eH/?:l 121 369,1. 1~ 1557.00 2U.'.U 107717.15 634,~.77 51.19
MilY 01/9: 1:::2 36',~4 .. 1. 3 1537.41 215~.7: 165'51,0, 4.~ 7881.1~ 50.55
.Jun 'H/92 123 3694.13 1517.64 2176.4',1 16:~~8:~.. ...."'1 9398.82 49.90
Jul 01/'1:! 124 3694.13 1497.69 2196.44 161J.1:l7.50 10896.5l 49.24
Aug Olin 125 3694.13 1477.55 22.1.6.58 15H?lO.'n 12374.06 48.58
Sep 01/'?:2 1'26 3694. 1.3 1457.23 2'236 . '~'J 156134.02 13831. 29 47.91
Oct. 01/92 127 3694.13 1436.73 2257.40 1544 7'~J.. 62 15268.02 47.24
Nav OLin 128 3694.13 1416.04 227f3.09 152198.53 1.6684.06 46.56
Dee 01/':12 1"'"'1(:) 3694.13 1395.15 n'}8.98 149139',.55 l8079.21 45.87
~ .
"'''''''ACCUMULt4TED INTEREST FOR THE YEAR ENDED DEC 31/92 113079.21
.J03n OLin 1M 3694.13 1374.08 2320.05 147579.50 137<1.08 45.18
Feb 01/?3 131 369<1.13 1352.81 2341. 32 145238 .18 '<726.89 44.48
Mar 01/93 132 3694.13 1331.35 2362.7'8 142875.40 4058.24 43.713
Apr \11/')3 133 3694.13 1309.69 2384,44 14049').96 ",31'S 1 .. r:,,~ 43.06
~1ay ')ll'n 1:~4 3694.13 128'7.83 2406 ..~l) 1313084.66 (',f, ') ~, ~ 1 {~. <17..34
Jlln 1>LI'),~ 135 .S6?" . 13 1.2/,5.78 2'128. ,S, 135656.3 J. '''',' 1 ';4 <11.62
,Jul I )l/'j.~ 1.3(:,. :31.19(.4.. .1..3 1243.52 1450. i, 1 13,S2')!;.7') 'lL"')') . )/1 .11) .89
(.... I Jf,J l) l/'i,;j 1.37 ,3'~?4. 1.3 122L.()'; ,>'l 7 ~ . I )~~ l31)732./:,.:~ I. '.)~::'1"~ , I 1 1<1.15
8ep ,) Li'),~ l.~~H \6'14 . 13 Ll',18 ..~I'J ..~(lo)'i. r~ L:'82:~6. 8 7 l. 1 '');;'1-1 . ,I') ,"'.40
Oct I) L/.1:~ Lj') J/~',4 . 1.3 I. 1 7"> , ";,) '/~~) U3 ,/) ~ l.z'~'7LR~:!4 l,!7~'J .qq ~,(3 ..65
Nav I) l/':).~ 1'1') ;(')(,,1',1. 1.~ I. L:'2. ,'I: ~:~'ll i I L2~.L!6,J),~ I. ~',') I ',~ , '11 " .fl'.l
L)(BC:; r) L,I'.i " IJI I. ~".:)')-\ , L.s I. .1 .:" . L~' :r:-.../;I .:) . Ii/. l.'=Of.) L L . 'y,: t 1;1)4 L . ':',J .~ 7, l,3
, - .
KEEFER, WOOD, ALLEN & RAHAL
MORTGAGE AMORT! bn [QN GCHEDUI.E
PAGE
4
~-------------------------------------------------'._---------------.------------
Payment Total
Date Number Payment
[nter'l!)tS t
Pal'ml!nt
Pr'll1clp,,1
Payml.lnt
BaL.JI1C1! of
LOI!n
Cum [nt
Per Yr
-------------...------------------------------.----------------------------------
Per
D11!",
""'"'ACCUMULATeD
Jan 01/?0I 142
Feb 01/94 143
Mar 01/94 144
Apr 01/94 145
May 01/94 146
Jun 01/94 147
Jul 01/94 14l!
Aug 01/94 149
Sep 01/94 150
Oet 01/94 151
Nov 01/?4 152
Dee 01/?4 153
***ACCUMUI.ATED
.)an 01/95 154
rob 01/95 i55
Mar ,) 1/~15 156
ApI' 'J 1/'15 157
11.:lY ,) 1/'15 15'3
J'JIl ')1/'15 15')
Jul 'll/"5 160
'""'J 01/':>5 161
:'-;l.3p ,,) 1/':15 16':
'jct ',)1.1':'5 163
IIU'I I.j 1/',1') J,(,'.1
O'~C ~)J./'~5 l63
IJ""',~CCLJMULH r1;D
.1..111 I)L/"'6 166
r"~b Ul/'.);, 167
Hal' 01/','6 168
I.br III q
May 01/'16 170
,Jun 01/'}6 171
Jul 01/96 172
Aug 01/'/6 173
Sap 01/96 174
Oet 01/96 175
Nav 01/?6 176
Dee 01/96 177
***ACCUMULATED
.Jan 01/'n 178
Feb 01/97 179
Mar 01/97 180
I N TEI~E S T
3694 . 13
3694.13
3694.13
3694 . 13
3694 . 13
3694.13
3694.13
3694.13
3694.13
3694.13
3694.13
3694.13
[NTERES T
3694.13
3694.1~
3694. .L.3
3694.i:,
36't'l . i."
3694 . 13
369'1. l,3
3694. 13
'~69(;1 . L,~
3694.i~
.3()'~4 . l,~
36'14 .13
INTEREG r
3694 . 13
3694.13
3694.13
(.
3694.13
3694.13
3694.13
3694.13
3694.13
3694.13
3694.13
3694.13
INTEREST
3694.13
3694.13
3607.72
FOI~ rHE! yr::ArI
1105.61
1081. 86
1057.93
1033.77
1009.313
984.77
959.93
934.67
909.56
864.05
858.29
832.3C
FOR THE YEAR
S06.06
779.59
752.67
7::5. ',' 1
696.70
67 L * :':'5
.~4~5 * 54
.':115.57
~.:37.. :~5
'35.":3.. ~3 7
52l) * 12.
50 l . 13
FOR THE YE,~R
471. e.!'
442.32
412.52
.. ..
352.08
321.44
290.52
259.32
227.84
190.00
164.00
131.64
FOR THE YEAR
98.98
66.03
32.77
F INAt. I'AYMENT
PRINC[PAL PAID TO DATE
INTEREST PA[D TO DATE
TO Tr~l. P,HD TO OA re
E. :1 'I. Lc,
:6 I) .00
:11325000.00
:63391356.99
$1>64856. '.'l
ENDED DEe
2588.. 52
2612.25
2636.20
2660.36
2684.75
2709.36
2734.20
2759.26
2784.55
2fl10.'J/3
2035.04
2661.83
ENDED DEe
2868.07
::?914.5.1
:'-:')41 .. :~.'
::96~ * ::
:':'jqS.. .13
3l):::~ . ~3f.1
3l)~~). 5'~
3(j7~. ~~6
51')1~'. i,q
~t~5. .:':'J
.~. L':J~ . ,;.)
."1':;3.01)
ENDED DEe
32:2..:7
3:51.61
328i.61
~'7, 7r
33.~2 .')5
337:..69
3403.61
3434.131
3466.29
3498.07
3530.l3
~562.49
ENDED DEe
3595.15
3626.10
3574.95
31/9:5
118023.00
115410.75
112774.55
110114.19
107429.44
104720.08
101985.88
99226.62
96442.07
93631.99
90796.15
87934.32
31/94
850,16.25
8'2l31. 71
7"119'1. <15
7'{12::.23
7"~2:t1_,GI)
7t)2..)~ .. '12
,t,,7153. ~:~
",.1ol7.1.77
':'1 )I~l'.) 7 . ..j...../
~7r3,~:. 7~
:.,It:..~;.-~5. 73
S147~* 13
31;"15
,18:'';3.. 4.~
450'J1. f,5
&"\. "', 04
,8408.34
35066.:29
31693.60
282/39.99
:4855.18
21380./39
l7890.82
14361).69
107'18.21)
31/96
7203.05
3.';74.95
0.00
lS041. 53
1105.6l
21B7.49
3245.42
4279.19
5288.57
6273.34
7233.27
8168.14
9077 . 72
9961.77
10820.06
11652.36
11652.36
80f,.06
l585.65
2~3f.L 5:
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1"1.78
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35.5"
34.79
33.99
33.19
32.38
31. 56
30.74
29.91
29.07
28.22
27.37
26.51
25.64
24.76
:':3.8'7
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8.53
7.50
6.45
5.40
4.33
3.26
2.1B
1.08
MlY 15, 1981, I trulland correct copy ofwblch 'I auacbed bereto and marked IS EllhIblt "A."
6. For thll purpose of securing the debt WIder the Agreement of Slle, P\alntlff granted
II mortglge to Defendant whlcb was dlted February 24, 1982, and recorded In the office of the
Recorder of Deeds, Book 70', Page 748, a true and correct copy ofwblch Is attached hereto and
marked 88 Exhibit "B."
'1, 'nle amoWII oftbe mortgoge wos TIlree HWI.Jred Twenty-rive '11llUsand Dollars
and 00/100 ($325,000,00) wltb Intereb1 at Eleven Percelll (11%) amortized over Fifteen (15)
years,
IJ, TIle recorded mortgage Incorrectly SlO\ed a commencement date of April 1, 1982,
for the paymenl8, wben in fact tbe payments had started in July of 198 I, As a result, on February
24, 1982. the bal8llce remaining 8IId due on tile mortgage was approximately nuee Hwuued
Eighteen Thousand Three HWldred Twenty-Four Dollars and 28/100 (S318,324,28).
9, On or about JWle 1, 1996, Plaintiff paid to Defendant a cbeck In the amowlt of
Three Tbou58l1d Six Hundred Seven Dollars 8IId 76/100 ($3,607,76) representing the /lnal
payment due under the Agreement of Sale as evidenced by the amortization schedule, a true and
correct copy ofwblch Is attached hereto 8IId marked as Exhibit ''C,''
10, Defend8llt promised to satislY the mortgage of record at the time of payment.
11. Despite Plaintiff' 5 performance WIder the Agreement of Sale, Defendant has
refused to satlstY the mortgage of record 8IId cootlnues to refuse to do so despite repeated
requests by Plaintiff.
12. Defend8llt's failure to satislY the mortgage creates a cloud upon Plalntift's title on
.'
,I
I.
'Lt :w.,+ U
,L ~
"
~ClJU!J3M13NT 01" SI\I.13
THIS AGIlBBMl!IN'l', made this ((lit.,. day of May, 1981, by and batween
, '
LBO !NT!RPRISBB, INC., a oorporation oryanize~ and exlatlng.under the
, ,
laws of the commonwealth of Pennsylvania (hereinafter referred'to ea
, ,
"Seller") and JAMES KAllAClI1\NNIS, nn adult l.n~ividual (hereinafter
referred to as "Buyer").'
WIT N Po R EI Po T II I
WHEREAS, the /lllll,sr III tho ownel." of oel."tain real property and
improvements kno\m And numbered os the Sierra Madre Saloon, 4035
Market Street, Hampden Township, ~umbel."land county, Pennsylvania
(hereinafter reforred to liS the "Premises") 1 and
WHEREAS, the Seller is the lioensee under Restaurant Liquor
License No. 20227 issued by the Pennsylvania [,iquor Control Board
and operates a bel." and restaurant faoility on the Premises under
said lioensel and
WlfEREAS, the nuyer wishe/! to purchlHle the Premises, together
with all fixtures, appliances, equipment and stook in trade situate
on the premiaes, and wishes to have transferl."ed to him all riyhts
and duties under the existing Hestaurant Liquor Lioense issued to
Seller.
NOW, THE:REFORE, in consiclcrntion of the mutual covenants
oontained herein, and intending to be legally bound, the parties
hel."eto agree as folloWSI
1.
,
SALE AND DELIVERY.
. The Seller hereby pgroes 1:0 uell 1111(1 doliver to Buyer, and
.,.
Buyer hel."'Jby A<jrees h' accept from Soller I the aforesaid bar lind,
restaurant facility, inclUding all fixtures, applianoes, equipment
and stock in trade which are situate on the Premises end identified
on the inventory attached hereto as Exhibit "1\". Beller further
-, '....
.-"'"
a9~... to take .ny and all aotion naou..sry to .ff.ot . t~.n.f.r
to the Buyer of ell ri9hts and dutlos undor Ponn.ylvania ".Itsurant
Liquor Licen.. No. 20227.
2. PURCIIASE PRICE.
Upon the terms and oonditions heroinarter .tal:ec1, Buyer IVUU
.'
,
1:0 pay 1:0 Seller the total Purohaso pdoo of Four lIundred Twenty-five
Thou..nd Dollan ($425,000) in oonolcloratlon at the IIale and delivery
of the aforeeaid bar and rootnurnnt fnolllty, Bald oonsideration to
ba allooated ae tallows.
(a) Th., Bum of 'l'Wunty~f I vu 'I'hollllnnd 1l011ars ($25,000)
for the fixtures, applillnuufI, U1ll1lplllont IInd stook in
trade identified on tho Invontory nttnohod h.reto as
exhibit "A",
(b) The sum of Twonty"two '1'lIoll"nncl Flvl lIundred
Dollar. ($22,500) for tho lMllt IIpon whloh tho bar and
r..taurant faoility is UHIIII/U, 11,..1
(c) The slim o,e 'J'lIn)u Ihullll'Illl f1uvnnty~'ov8n Thou.and
F .Lv" Huuu~ tlU PIJ~ lA1" \ ~ 3 j 7 , ~ljii) .'lJl' "l,u ;'u.l.1".Ll','ll whiol.
hOUDes the bar and rostllllrnnt fnulUty.
3. TBRMS OF PAYMEN'r.
The total Purchaso Pdcu of I"cmr IIl1nclrod 'l'wenty~five Thousand
Dollars ($425,000) shall ho pllltl IIY IIlIyur to Roller as follows I
$10,000, due prior to thll I')(IIC:IIl'lon of this
^groolllont, wh I d\ IIl110unt III non~r.efund~
ablo IUld ohn II flllrvu II" lllJuldatod
damnlJou Ln tlll\ UVllnt, of IIlIyor's
detnult hllnlllll.lllr, 1'I11llllpt of which is
horuhV lIuknllW Iltll~II,,1
$10,000.00
,
e70,000, ~'"0 Oil or ....fo',,, I 'Ill rllll... of flettlo-
mOllt
$70,000.00
ezo,ooo, tOl}othur wll.h 1111 nrl/nl. of 10\ per
""11I111I <lllll III II 1I111~111J I'lIyr"ont within
0110 YUill' IIrl.u,' I'h.. rllIl... of Iloltlement
$20,000.00
-2'"
, '
I."'. ,
1'41
. .
, ..
"1.,000, du. 1n monthly In.tnl1m.nt. ..
hereinafter provided
TOTAL PURCIIIIBE VnICE
llilS,OOO,OO
$425,000.00
4. LUMP-BUM PAYMENT.
The unpaid prinoipal amount of Twenty Thousand Dollars ($20,000),
together with interest ther~on at the rate 'of ten percent. (10') per
annum, shall' be paid to ~eller in a single payment within one year
, ,
after the date of Bettlement. The principal amount, together with
accrued interest, may be pre-paid by auyer at any time without penalty.
5. INBTIILLMENT VIIYMENTS.
The unpaid principal amount of Three lIundred Twenty-five Thousand
Pollars ($325,000), together with intereat at the rate of eleven
percent (llt) per annum on the unpaid balance, or in the event that
tax-free mortgage financing ca/l he arranged through an appropriate
industrial development authority, interest at the rate of eight and
one-half percent (8 1/2\) per annum, shall be paid in one hundred and
nineteen (119) equal monthly installments caloulsted on the basis of
a fitteen (15) YOdr anlortizt.tion period and in orae (1) tinal. installment
equal to the entire unpaid principal and interest balance. The first
such monthly installment shal.l be due and payable fifty (50) days after
the date of Settlement and each subsequent installment shall be due and
payable at one month intervals thereafter. auyer acknowledges that the
installment financing provided for hereunder is for a term of ten (10)
,
years
ation
and that any prinoipal balance which remains unpaid at the expb:-
,
of the ten (10) year period, together with any accrued interest,
mUlt be paid in full with the final installment hereinabove provided,
notwithL l',anding the fact that lhu t IIslallment payment amounts are other-
wiee ca~,culnted on the basis of n fifteen (15) year amortization period.
Tho princ!pal "mount, together with ,.cc~.Jed interest, may be pre-paid
by Buyer at any dmo without pennll:y.
...:;-
/
/1
I, '
I
..
.
., ..cUIU'l'Y,
Buyer shall exeoute in Seller's favor such ..curitY,8vreemants
or other documents, inclUding but not limited to, an installment
note or note., a purchase money mortgage and Uniform commercial
Code financing statements, as Seller's attorney may reanonably
determine are necessary or advisable to sedure Seller's right to
payment hereunder. All such doouments shall evidence Seller'lI tint
lien security interest in the enoumbered Bsset. Moreover, Buyer
aoknowledges that upon any default by nuyer under the term. of thil
Agreement all right, title snd interest in, to and under Restaurant
Liquor License No. 20227 shall forthwith revert to Seller and Beller
shall have the right to make immediate application for re-tran.fer
of the Licenee to Seller. Buyer hereby appoints Heath L. Allen,
Baquire, a. his t~ue and lawful attorney, to do all lawful things in
his stead, for the purpose of re-transferring the said R&staurant
Liquor License to Seller upon any default by Buyer.
7. SETTLEMENT.
Settlement hereunder sl.a1J. take place within forty-eig~.t" (48) hours
after the receipt of approval for tran~fer of Pennsylvania Restaurant
Liquor License No. 20227 to nuyer. nll deeds and security documents
required hereunder shall be ellecuted by the parties at Settlement and
shall thereupon be recorded and/or filed immediately. In the event that
the Pennsylvania Liquor Control "oard refuses to transfer the License
to Buyer, this ngreement, sha~l he null IInd void and Seller shall be
ontitled to retain the deposit money of Ten Thousand Dollars ($10,000)
as liquidated damagell. Possl3sBlon of the Premises shall be given to
Buyer at the time of Sattlement,
8. :tRANSFER OF TIT'.E,
Title to I:he PremlBoB Bha 11 he uOn\'eyed to Buyer at Settlement.
-4-
, ",!
.t
t. ~~n"^NTX~S or TXT~~.
Title is to be a good and
clear from all liens,
marketable fee /Simple tit~'wtree and
,. IJ I
but subject to building rest:rict:id : zoning
regulationa, eaaements, rights-ot-way (including but: not: limited to
all highway rights-ot-way), reservations and restrictions ot reoord
.
or viaible on the Premises at any time up to and including the time
I"
of. Settlement. Titlesh~ll he certifiable by Buyer'a attorn~~~'or
insurable at regular ratee by a reputable title insurance company
without exceptions objectionable to Buyer. Seller shall convey by
qenfllral warranty deed subject to the provisions of this Agreement.
Buyer shall have sixty (60) daye from this date to examine title
to the property to be conveyed. If, within said period, Buyer does
not notify Seller in writing of any defects in said title, it shall
be conclusively presumed that there are no such detects and that the
title meets the requirements of this Paragraph 9. In case material
defects are, within said period, found to exist in that title, and
are ao reported to Seller, then, if. slleh de fects ere not cured by the
Seller wi~hin shty (60) days uE the notice, this Agreement shall
become null and void and there shall be no further liability upon
the Seller or Buyer, whereupon Seller shall return Buyer's deposit
payment forthwith.
10. WARRANTIES OF FITNESS.
Exoept as otherwise specifically provided for herein, Seller makes
no expresa or implied warrantics with respect to the physical condition
or pOBBible u.e. of the subject property or any improvements located
thereon. Buyer aeknowledgeR that improvements are being Bold on an
"liB iB" baBiB.
ll. INSURANCE.
Until the date of Bettlemont, Seller Bhall oarry, at itB own
expense, fire insurance on the Premises with extended coverage endorBe-
ments. In the event that any improvement: is destroyed or damaged by
-5-
I
1,,1,'
'.
.e
.
fiwe o~ oeh.~ oaaualty p~lo~ to Hettlamant, all In.u~a"D. pEDD..d.
wUl .,. the lole property of Beller. If said in.uranae" pl~;edl are
~ I
reaeived by Seller on or before the date of Settlement, total
purah..e Price shall be reduaed by the lImount of suah proceeds. In
the event that said insurance proaueda are not reaeived by~heller on
, ,
.
or before the date of Bettlement, Seller ahall assign ita right to
1'1' "
aolleat aaid proceeds to, Duyer and the amount of the total pu~~haae
, ,
Price ahall remain as heruinllbove Btated. Yn either event, there
ahall be no duty on the Seller to reBtore, repair or rebuild the
improvements or any appurtenances.
Subsequent to the date of Settlement, Duyer shall carry, at his
own expenee, fire insurance on the PremiBes with extended coverage
endoraementa and naming Seller aB co-inaured. In the event that any
improvemen~ is destroyed or dameged by fire or other aasualty sub-
sequent to the dste of Settlement, the partiea ahall agree as to
whether the improvements shall be restored or repaired by use of the
in.urance proceeds or whether the ineurllnoe procoeds shall be applied
to the red'.Jctiun of! tile unpaid pd.ncil'dl and intereat bala'hi:."! due
hereunder. Seller shall not bo reqUired to oontribute eny funda
whataoever in the repair or restoration of damaged improvementa.
12. INDEMNIFICATION OF SEI.LER.
Buyer will indemnify and hold harmless the Seller from any debta,
li.bilitiea, liens, claima, taxeB, encumbrancea, obligationa or auita
of any kind impoBed upon Seller by reflBon of, based upon, ariBing
out of! or aauaed by any lIct, omlsBlon or other thing occurring at any
time after the date of Settlement if caused by any act or omission of
Buyer in connection with hiB UHe of the PremieeB.
13. TRANSFER T^XES.
Real estate transfer taxos (statu and local) will be divided
equally between nuyer and Seller, 1 \ to he paid by Buyer and 1\ to
be paid by Seller.
-6-
. "I
. .
14, ,l\DJUSTMBNTB 1\'1' SB'l"rr,BMEN'!.
Real estate talles, water, sower rents, electric and 'Ig'., if ahy,
.hall be apportioned to the date of Settlement. Buyer ahall'be r.lpon-
lible for all real estate taKes, water, sewer rents, electric and gas
.'
chargea incurred subsequent to t:he date of Bl!tt:lement. ~,
15. DEFAULT.
, "
,I, ~' ,
I. ,.
, I,
'~'!'F
Upon default of the payment of any sum of principal or interest
herein agreed to be paid for the space of thirty (30) days after the
same shall become due and payable, or upon receipt of notice from the
Pennsylvania Liquor control Board of a suspension or revocation (or
intent to suepend or revoke) of Restaurant Liquor License No. 20227
for the space of thirty (30) days or longer, or upon the f11ing of a
petition in bankruptcy pursuant to provisions of the Bankruptcy Code
of 1979, or upon breach of any other term of this Agreement, the whole
ot the unpaid principal sum, together with interest, cOBts and other
charges required to be paid hereunder shall, at the option of Beller,
become immediately due and payable. Upon such default, the Buyer hl!lreby
authorizes and eml'owlHS an~' alt.,a"ney 'If lIn~ court of renotd 'to appear
for him and confess judgment for the whole of such sum, with a ten
percent (10') attorney's commission or fees, hereby waiving the right
of exemption and inquisition so far as the prcperty herein described.
In addition to cther remedies available to Beller hereunder, upon
default by Buyer, Beller may declare this Agreement terminated, null
void and proceed by action of foreclosure for recovery of the Premises
heroin conveyed.
16. BROKERS AND l\G~.
Buyer and Boller covenant to HOVO tho other party harmless from
any claim to feo or cornmisslon hy fillY roul estate brokers or agents
dealt with in connection with Lhlfl Ilolo, due or to be dUll by rllason
of acts of Buyer or Beller, as the case may be.
-7-
, ,
, "
0,
"~'I'
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'~i\~,i;
.
.
"
und.nUMin\J b.tj~~h':~h~ ~;
"I lMIt .., ..
p....tia. h.....to, and supercsdeB ony prio... writt"n of 1,0....1 '!'fCJ...eementll
'S~ ,'.I'
between them respecting the written subject matter, iricluding,t!I~t n'ct
,J
, ,
limited to the written agreement dated March 17', 1981. There 'ar'e
,no rllprelentationll, agreements, errangements or ~nderlta~~~~ "j'oral
or written, between and among the parties hereto relat:in~o the'
lubject met:t:er of this instrument which are not fully exprelBel!! herein.
"
17. SQMPloETB UNDERSTANDING.
~hl. A9re.m."~ een..ln.,th. entlr.
",!,>
18. HEIRS /\NO ADMINISTRATORS.
All rights given in this instrument to Soller and Buyer shall
aooru. to thair heirs, executors, administrators, successore and
19. CONSTRUCTION.
This Agreement shall be interpreted and construod in accordanoe
with the laws of the Commonwealth of Pennsylvania.
20.
RECORDING.
~
Thie Agreement roay be recorded in the Office of the Reoorder of
Deeds of Cumberland County, Pennsylvania.
21. ~U'T OF C~.
All parties horeto acknowledge r(lce1pt of a fully ~xeciul~ed aopy
of this Agreement.
22. INTENTION TO BE BOUND.
It il the intention of each of the parties hereto to be 'legally
bound by the terms of this IIgreement and to bind their exeoutors,
administrators, heirs, successora and aaaigns.
IN WITNESS WHEREOF, the, part:ies hereto have set their handll and
eeale the day and year first above written.
ATTEST I
1
r.V:o EN'l'ERI'RISES, INC.
, ,
/~ -~.",,' ," I .~
,
.f/
'~ .
/ S :r;tary
By
, /;
((C..,
I
"Seller"
".
./i--'" .
PrllBident
WITtlESS I
'-t-\ 'l
I.chl \1. \ ,1(.\'4.'(J.,,,.....
I "
,
- .
..i,~.., 11_...... ..L~_ ~. A
,Tames~
,
"
, !
,I
-R-
"Buyer"
,
',.1
':'1
... .. "'CUIO~I.l. - I,.~, Ie ell,
IlIhl.,
hU~III' ,.1.. C"I ,'." "H~ .." '~II., '1 h.
~...~ ~\'(I ~', wtl:
":J' v, ~ ',if(\ .. \", ".'J
I . 1 ^ I J>,) ('\ ~o,i"'n'-:>~"'t,., ~,
" V" 1'1 ' I" I, ,t, . t '
Ji .~m,z~pl ~'v.~~:J.v*'v..~~~R1SIlf~
"J. .pJ\.
JJ.d. II..
oU, Lo,d ""' '''OIUIIII,1 n~'.. 1111111/",1 .,,,d
~m.,'"
JAMES KARAGIANNIS, an adult individual
'/"1/ "/ 1"uh~ulI~y
ol\lhty~two (lUU2),
lilt III. U'U' u,
. ,
..
~
...
(1,,,,;,,,,/,., ""11'" ,,.. ~/U"t"to' I, o/'ll~~"'/I."; Gild
, ~ '-,
LEO ENTERPRISES, INC., II l'onnaylvllnill businoBl corporation, IUCO"-
lor by ",Irgor to ll'iJ'iJhoad, Inc,
!
I
I
)
I
I
,
I
I
I
I
,
(1""11111/1" ""11,0/ II" ,I(o,'t.t.. ), ", II.. ...und pu,t,
. j
7fl111'..'.... 'h. "lid "w,ttdlor ill ,mil bllll ~IOII'il' O/Jlit"UOH I}f Wfililll! oblitdlt"u lUll/I:)'
hand and "al .lulU U'OI'''''1 b'l1fillt ,UIII. .III" hllr""ithl ".Hld IJlII"1I1 "'Ito th. .,,1,1 tno,ttut..
III III. .11... 0' Thr.. lIundred TIIanty~flva 'l'hou.and /lolllll. (GJ2~,OOO), toa.thar with lnt
IGIl'/ul ,"c""v"l 'h. U,.U.d Slatu -"I.bl! "Ion, (lolldlUIU..,I/lJf till PIIII"U'lt 01 the I.He 'Utn 01
Thr.. lIundred 1'1ilnty-t1VI Tltoul.lld Doll.r. (~JB,OOO)._-~---'.IU'''' mOll'Uo, .,.,...1<1,
togethor with intereat lit tho rate ot eleven percont (l H) per
annum, BAid principal and intere~t to bo paid in one hundrod
nineteen (119) equal monthly installmonts calculeted on the basis
of a fifteen (15; year amorti~.tion poriod and in one (1) final
installment equal to the entire unpsid principal and interest
balanoe. The first OUch monthly in~tAllment ahall be due and
payable on April 1, 1902 and each SUbsequent installmont shall be
due and payable at one month intervols thoreaftar. Mortqaqor
aoknowledqes that tho inatallment paymonta provided for hsreunder
are for a term of ten (10) yoara and that any principal balance
which remllins unpaid at the oxpiration ot tho ten (10) year
periOd, toqether with any accrued intero~t, must be paid in full
with the f.inal installment hereinabove prOVided,
r..t.
latl</llIlI"llDIlIKlbtaIllUlZlut~~~l/lillll XJj Xili'XHU Illl>l' 1I1V11llorKlt
pal_II'X .'
w/lll.ue GIlU "."01 ., ,,,"1011 do/aU: .IId /., II" "..d"o/lo" to 'h. JJo"~lIt.. ,/11 1/".....0". .,
.II1IIIU,.Il.' b.,." 110.11'" dayo, Septembor 0"..', Ulld aUIIU y""., ""'pl./o'oIlIU..,
,",ll"~Glpol (lu."nuntl 0; ohart" 01 tlu ou".ut Vd(U lJ'UUtIlJ "pon thd mOftdflted p"mlll.,' gf\4 0/'01
/'0'" /I.... I. I''''.. .1101.,.11 ",,,", ,.,,1/1 P.U""'" .,../d ",I"cl/lo' """,'0' II.. "..pint 0"10. blllWlnt
IId,,~n m"ltiollt1,1 illllU"l dtdlrut lOll 0' Jdntot. bll
/1"'0'1111 b.Il./le ./110. )J.'td.~.. III tI","",., Four Ilundred Twonty~tive ThouSllnd
Dollan ($425,000).
'Pro\llbt/l, l'IJ\Ut~n'. .'111111. /It",bl/ "I"IA"I/ "d,..d, 1/"'1 i/al any /I.... 01""",, .hall b. "'001.
III 110. p.U"""I 0' P"II~;p./ ., 1"",,,, a, 11/0""';01 lot 1/.. 'I,",e. "f ten (10) ,I.U' ."., UIlII
pdl1mlnt 'h",ol .hall /q/l dut, 0' i'l "ltJ/~ prodllCliotl tc, O~t ..,id ~4fUft~.'tU ,Ill S'UO.IIO,., 0,
.4"'11", on- 0' b./o" tl" "f,t dou 0/ Soptombor 0/ .ooh allll 'W"flllJtJ(Jf, 0/ ,udh flctJ{ph 10'
,uoh '4~", m..nlotpdl a''''"m,"c. Of chufl.'e." lor lhd c"",mt UII", "POll aid p"m{u, ",ofttat..:J,
0' in. thl mdtntent'Jno., 01 ",ch i,IlIUfJIltJ', thell ,",,1 i" ,,,cI~ C,Ut O~d luhol. pflf1ci,UJI ddl,t 0/0'''014
,holl, tJt the option 01 tlu ,,,id .AllJfl~,'tu ,Ill SUCe!!""fl, Of .luii!/U, btcO',ld dIU oml pOI/obi. Im~
""dlat."v,' ond poum",t 01 ,ai,J p,lnoipalll.wl Ollt! ulllllllJflJH rllefcuH, "wl/ b. dlf(UfO,J clnd flcoIJ".d
ot 0""., onUChtnl 'h,,"" conlo{n,,1 tu th. cOlltf"f/! IIlarlol t1utlllitl"trJn,Jin~..
~nb l'"u'Uibtb (""lIper. how."." find It " O,af.by 11.r/"It,.I/J "lff",(/, tlwC 1/ at dflU tlm. 1I,."..
dIll" bit "G'O" 01 01l1J d.ta"'t In PdlJm,"t, ,lth., (J/ 1I.I'd Wi'IfJiln,' 'um III Nluluritv, 0' 01 laid Int."d,
Of In pfoductlon 01 'aid "u/pl' 10f ta..", munl'JI'p"l auuwunt, I'Jf (lha".. witllln ,^. tlm.' 'plCllud,
0,1" ".. matnl.nouce o/.uch I/lIlulHlee, a Wflt 0/ l;."tlicl"ltm {, P'OPff'U I,,",d upon U'''Ju.4tnurat
obtaln,d Upon ,aid ObU/aUon, Of by ui,tlu alMid IVd"'lIIt 0/ .fttomey, o'amoftl!o~"u'(tolo,u"p,,,~
""dl1lt i, pfoperly /n,Utut,d upon tlli, bu/llnt"" O/.4fuICI!"t-t, lJn lJUon"l/" comtnl"iuIt 10' coll.a..
ttoll,lJI..1 t1vO(S%)pII CIIl/', .hall b. I"'yab/., o"d .hall b. ,.eouII.d I" odditlOlllo ulI p,ln./pul and
lru"", than diU, b,IIldu (l0'" 01 "'it, (Hid lJll tIXIJ~IIIC$ 0/ t/feoti"t IIHlh /I,,~.,anCftl a, II" Gnd by tI..
.ald ,.olt,d OhUtdUon 011.41 tli. COlleJiUun thlfdU/, fr:/"lltm tJtlllt lIaeflUl1ta h4ft, mOil mo,. /ulIlI and
all.". upp..,. ,
tU1I1. 'ir I:) 1',\I,l 'i:1(;
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I/o.. ./.11. ofu,,,./d oI.hI., /"/"olp"I,,",, "/ 'l'hEUU ltul1drud 1'Wenty-t1ve Thou.and
Dolhu (~J2e, 0001, to'Juthur w1th ll1tllreot,
0,,01 /0' b.lI" "0"'/11' '/11 P"U"""I u/ /I" 11I"", ,,'ill, I",."". ""'u Ih. .,,/01 .vo",o,,, . /1. II....
"UU" "n,J "Iu'I"', In JI"'''~", 01 ".. 1111.1 ',c/lld OMlt.,Uo", "'fur 'Hld in ""n,',I,rall.,,, 01 ,,..
fu,lh" '''In 9/0... nol/., ""'0 Ih. ..,1,/ )Iu",",u, ,1"""",/.u.I/."d I,,,IV ".,01 bV Ih. ,.Id .vo,.,.;..
;./ ...01 b./." .h. ".1/", ","I oI.'IIu"U /""u/, Ih. ",,/p/ ""II"u/1t h".bU ..k..ow/.oI,.d, '
h.1 "Oil/ad. bo,tu/II"/. ,ulll. ul/",,,/, '''/'''17''', "It".,,/ "/II/ .u"~,,,..oI, 0114 bl/lh... "".....,
. do.. trun', '"ut,llll, "", 1111111, "Ifruff, ,.ltIIU IJ/I,J r:Utl/l,,,. 10.'0 Ih, 'lJld No"lat.. ,'"
~"'.'!'o" 0"" ~..,'''.,
, ALL tha~ certain piece or parcel ot lUl1d ..ltuatn in Itampden
Ii" Townlhip, cumbur~alll' f=ou/Oty, rUl1l1oylvul1in, 1II0ro particularly
, "bounded and deucribelt ae tollowu, to witl '
"
. BEGINNINO at a po~nt 011 the aouthern Hldo ot the Carliale Pike
", (U, S.l\oute No. 11), said point being locsted Ono hundred
',' fUty~one and titty-ninB one-hundredths (l51.59) teet ellt ot ihll
, louthealt cornBr at the Carlisle Pike nnd Control Doulevsrd,
,thence north eighty-ono (Ol) duqreus tun (10) minutea ealt one
hundr.dltitty~one and titty-eight ana-hundredths (151.50) toet to
a point on the wGsterly aide of O.k Avenue, thonoe alon9 Oak
"venue ~outh loventaen 1171 deqreou eilJht (00) minutea ealt ,ona
hundrlld luventY-lix and aixty-uight onu-hundredths (176.6B), teet
to a point, thenou south ..vonty-two (721 dugreos tifty-four (54)
minute. west one hundrud tlf~y (1501 fuet to e pointl 'thence
~orth aeventeen (l71 deqree6'uiqht (00) mirutes weat one hundred
nlnety-eiqht (l9BI foet, more or less, to 0 point on the aoythern
.ide ot the Corlisls Pike, the plnce of DEPtNNING. . '
BBINO Lots 1, 2 & 3, Dlook "D" on thu Plan of Oskwood Psrk. Plan
"Book 2, ,Page 59, CUmherland County ruaords.
" PRIOR-Orantor haB expruBsly rusllrved unto iteult an esaement
tor a right-Qf-way for purrO"On cf inqross and eqruaa over.
twenty-aix (26) toot widoa IItrip parollo Unq the southern boundary
of the aforementioned tract betwllen cthllr lnnds of the Gra"~or
and Oak Avenue. The said rioht-ot-way strip beinq more partioa-
larly described os followsl
DEGINNING at u point on thewe6torly side at Oak Avenuer aai~
point being located one hundred soventy-six and eixty-e19ht
one-hundredths (lH.6B) fuet south af the Carll,Blu Pike, thence
south,seventy-two (72) de9roes tilty-four (541 minuteD weat one
hundred fitty (150) teet to a pointl thcnce north Deventeen (17)
., de9ree. eight (00) minutos wost twenty-eix ~26) feet to a point,
thence north Dovonty-two (72) degrees fitty-four (54) minutea
ea.t ono hundred fitty (150) feot to 0 point on Oak Avenue,
thence along Oak "Vanue south sovclltean Il7) de9rBes eight (00)
minutes eaDt twenty-nix (26) feet to n point, the plece at
DEGINNINO.
-
DEINO thu lame prcmiseD which "mcriean DiverDified Corporation,
by itl Deed dated October lO, 197~, and recorded in the ottice ot
tha Recorder of Deeds of Cumberland County in Deed Book K, Volume
25, PS90 539, grantod and conveyed unto Egghead! Incorporatod, s
prodeceaaor corporation merged into Leo ~ntorpr1aeo, Ino., the
Orantor herein.
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WaU" 11'11""', 11""",.(,11.111"", Hit"'" /.lb.,,,,,,, 1''''''lfll'~I''. IIlIf,',II/.,u,,'''''' "",1 '''"pu",,,,,,,,,,, ,ull,,'.
.",&1" 11""141110 h,'u,,"'nl, 'II Iii dHUW/u II/11HUt"t"j"ll '11I1/ 1/"1 J.',II,,.,,lm., "tul H",.al"d,.", N",,,,
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h"a,,,,,,, , ""'a tl" fll'(" ,.'utll"I11f', II, SIIC""'"'' IHl" -"..It'".
10 alUl 10' Hit Im1u P'U/H" 1110 "",/IJ,t,,m/lJ! tll. '1111/ tA/lI"/~"d"ll ",. S,,,,tlll,,,,,, Gild ~"'d'u lorlll",
~"b 1/18 .alll .A/"'/iflll'''' 1,,,,/,4111"""111'" du ''''f''/'f/l''II'I'II'III' ,,,,d "~'",,, 0",,11'"'' Mil'" ,"tI,'.
I!'l'ur , Ifrllr., hJ."'Cll/ur,f, "'''m''''''/'''/II'~ '" ,/UIl/llt ,./11I11 ""11""'1 u, '''1''"11/" 4'1"'/' In
la'Do "" ulorurJlil f"'''''"II1~, u, 1111111111 IU,\'I1If, ""f ~"M ,IIII"""~"" I till :;""""UII'" ur ,'/Ultlllf, 111",/1
Ii "I"Iii. /IIMI.to. ,Itl.,." "I,I/UIIIII 111>11'" "," MI,'d III/I/dlllg. '" II". "l/II """"'''"11" ,,,""'' '11//1'"1'"1
u/llll Mid ",/u~/"a' ,/lilt In 111,.,1 "/11"',1111I1 tll I"''' .,,/11 t",~',r,., /111" ,,11 Ill,." "i,,1 ".l'IU'"""",,1 "/llt.'I/,,;
,,,,,1.'",,.,,,,,.,,. or lOk", ./",11 h,l ".Id,'" III 1,,,,IIH"'UIIlI' I' /"'" ,,/11'''/1'/''''//11I/ ,/"I,t In" .,,1' "I"''' 11,/"
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,Mm/u/dl'lHU" or ,"u/~,u, .hall "",1 "Ii "1111/ UI/I/ I,,,lu /lfll/, .,f "11,,",1 I., 1111 ,m(,l, IIIlln II." .,,'"
.thJfllulu , III SUIJUaUrJfll or .1,./~,u, tlllf ,,!u"JJluil/ d.,/" "' 1"1",'1111I1.",,, 01 Three Hundred 1\IQnt~..
five Thou..nd Dollarllllll '"" "uu flllI/II"", I"lfl'/lltll'fu", ""ll/I;'mml ",111 IIIII''''"t,.,II'', 111I111111'111"1
"., lallt., tol""" lulll, Ifl''''dIIl, ","l ./1f/1l /1/11I/"'.'010 ",,, .,,1./ ,l/u"I!'/l1lld ,I/If 8/1t1ct'IIIf",,, Uf .llIIIld".,
em or btJlure tI,. /Ifill """ ul Sept, ul tl'I1/, 11/111 """fll U",,,, 'III't'l,illI lu, .,1/ tUkllll, IUI'/ 11I/1"11'1",,,
011"""",,,, or o/,orl1'. ul till e/,,,,,,,, U"'" IIH,!N.l,,!'III/IIIII 1111' """1,,/1'11"" ,""II,I/flllI, lVII/III II I ''''"1,,,,,,1
"r /"rtlll' dd/au, awl ",illwlIl ''''11 "II,I,"/I;IIH, 1/,'/1/1"./11'11I. '" ,,111"""11I111, '0 I", "W"" t'l/"III1"II"I/,
IHulln UU'IUima" lu IJIJ Im'I/ ,,, "1)1'11, u"" "/,,,11 1:"11/' "1' IIw t"Id ;Ultllf'"""', 'hul Ihlfll, """ 1"""
'h,uDolurtll, 0' IUdll till. JU"'OIlL 11../11/1/"''', ,",,1 tllll ,1.~/"'1I 111"1'''11 11",,,/,'11, UII 0,,, .ul,1 ,,,,'It,,"
obll~ot'o'l ,11011 (Ida", """mllle 'wd I1IfCUllllf lJo/" , lIUY''''-''1! I"rlp/"It"/II'1! VUltlll/lllt" to tll. C""'''''U
lIlIr,olln ouU wlu "uLwi",.tll"tI"/,~,
,
1Jl'p'Ulbtb. .,1.., '"ut it ~/1U1I fllll/moll III! 1111'1111//0' 111111111'" ,I/"f'/,,"'I!I'II , 'III S""'JllII.",.,,,, 011..11111",
wll,,, cmcJ 0' Al/UU u, tll" (J,I"cI/ml t/dilt u, ,um 1.011111/1 ltuC"'IJl/.JwIlIIlJI1UIllO ""4 III.,J paua"l" a. a/u'd.
"old, 0' In Dn", dtlfJIIU. ,IHIII lie "Wild IUf the 6/m.:., 0/ tun (10) IloU' ,,, tI,. POUIt.""t vI
I"",,"t II" "ul .ll/d pfluelllllt ./un ',Itc, 'HI/1 Imil"oJIIt IIIc','uIItJII,U/,,1I ,1I"t, 0' in Dalla tllrt,tj .IIalll",
fldlollU tn th, ",vdulJtloll to Old '4/,J .\I()'t~U~lJd ,~/.. S"VCf1UMIIOf "",Itrlll, O'J 0' b,/o,f1 tll.",,,, ,Iou
01 S'ptember 01 ,aoll mid 'VI!fU UlJa" lJl'l"cll f',I.;I!("tIr lu, t"xu, 1I..,,,,lel/m/'l.ulI""(111"
Of (l/.ort.. 01 tlul DU",,"t IICIl, Il.,cued II/JUII Lilli "'tJltl!I'QIIII/I"rll,ilflJ.., IIf I" th" lfIa{ntflllolUJtJ elf tile
'",,,,ulled u, alolil,all/, to t/utilute UlIlIC'''", u/ u"u'IJIIlflJ Ilu"clo,",u lI/JrIU till" Judd" tu" ol.4(tJ'trJlJ~',
ond te proDud t1"r,ou tt'lJurltlH,,,t fHlIl Uto/, NUll Ill' tit(! f"COlltJfY ul tlu, wllolD ul 'lJi,1 p,lnol,lo( ,IdlJt
D'ld all I"terd,t ,III' thcreoll, to~tt"d' willi au uttollll'iI" I!ulll IIlluion 10' dollltoliun, lit:,: fiYI (.5%) I"'f
d"lt, buld" Cd,t, D/ ",It, olld 011 erp~'"t' 01 c!/TrlDtl"l1.uch I'hllflJlIOd, lIIlt/,outl,;rt"" ,'tdy, emu IOIU,
u.a;. 0' C1ultom td tll, COII"U'U IwtwitluftHlf/l,,,t, ',:'~, \.' ..:
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~"bth" lIald No,tlfJl!d' ,Iuf hia IIJlI~,','''i-.',uD"to", ,1,1",111/"",.
tor. olld ,f"II1'u, l,ntlbU wallie I 'h,~ "t!h' 1'1 i'''1 11/.1 II/lm "I. 111111 11",1 ,utu'lI thul may h, (ltul~d "/1U1I
mad" G JIH/~III"&t "htuilll/lJ bV I/Ift/lll '""fnu/, '1/II/I'1d"I/,,,,ilf/ lIomt"",tI. tlall .uuu UlUt alltlw,.
'.11. 'h, dla'rv 01 ",ch CtJIh/lJ",nul;tm "IIOU 11", 1111'-' 1,1 /"J't'('",I"" a",/"I,,,,,. 'hot tll, 'dld
"01 "tat. mall b, ,olr/"III/"th" '''"U, 11I,,1 flI,o II'flO'lI Ii fllIIl II!IIIIfIIl,.h II' uti '''U'"/lt olu"uoml "'/II,V
'ow now In lafU, Of wh/lJh may 1111 'Hwvlt/ll "d"~lIlto tu 1I,I'fflll/lll'''tH IfllJY IHld ,at" all UtlDHU",.. 1I.1t
Mold naortl1ated Ilfdmi'tJI 0' flllll utluu fllulJellu W/WhUII"'", ur fI""IJa,t ul tI.tS l"OOtted, Drl,l,., Irnm
tll, '0/. thdleol,
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<t;omdU of CUMBERLAND
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UII lI,i. "" ,)."I~L ,I"u 0/ t'olauuy ,i"n. f)omlnll' 8 ~b'fo" m,.
I notary publ10 in And tor BB1d oounty Lnd oommonw.alth,
'''''.IIoIlU 0'11"""," "" .110'" "'"11..1 J~,Nl~S J<AMOIANHIS
0/11/1" <lu, /o'lIIo/l.w ll.kllO'l/I..,~..1 ",. "/""" 1,\'/111',\""/11/11 O~' ,I/Ol/rU,lulll. b. "'.,
uot. Ollel dull, un" dc_lr.d 'hi 'IWIII mltlll h. '~t""'." I" ""JIl,
IVIT.v"'i!i! I/lU ,,,",,1 "lid notarial
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:J Jf,,,bll ornllrll ,"., "" ;"",.. mldl/,u. 0/ tll. ,!/."/l//" ond p"'.,1 ,nllll,d 10 ,
'n'"",." ,'ii, .II."I.t." 10th And Lowthor Stroots, Lomoyne. Pennsylvlnia
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AttorJ'.(y t~r Mort91geo
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~}ttllrbtb II' the Olltce for Ildcordll.t 0/ Deed, In(J'hU.~/';;r '~':. ) :
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C~../~(4''''( C....? 11/ _Ifor/Me "nol~ \~~",~;".:.1~'~-:~~",ic!5"
lwde '7'" (, A'to. . "1,.1
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KEEFER, WOOD, ALLEN & RAHAL
MORTGAGE AMORTIZATION SCHEDULE
.'
PAGE
1
Inc.
-------------------------------------------------------------------.-------------
Prepared for: Leo Enterprieea,
Re: Sierra Madre S~loon
Principal 325000.00
Interest Rate 11.000
Compounded 12
Year.. of
Intere..t
Pa\lInllnt
Amortization 15.00
'actor' 1.009166666667
3694.13
--------------------------------------------------------------------------------
Payment Total Intereat Principal Balance of Cum Int Per
Date Number Payment Payment P,'lyment Loan Per Yr Diem
~"-:-z.;- ---- - -- - - -.... ---.. .... -.. -..-.. -.............. - --....- -.... - - ........ - - - -.... - - '. - - - - -.. -.. -- - -...... -....
t4al <31/82 325000.00
Apr 01/82 1 3694.13 2979.17 714.96 324285.04
May 01/62 2 3694.13 2972.61 721.52 323563.52
Jun 01/02 :5 3694.13 2966.00 728.13 322835.39
Jul 01/82 4 3694.13 2959.32 734.81 322100.58
Aug 01/02 5 3694.13 2952.59 741.54 321359.04
Sep 01/02 6 3694.13 2945.79 748.34 320610.70
Oct 01/82 7 3694.13 2938.93 755.20 319855.50
Noy 01/82 8 3694.13 2932.01 762.12 319093.38
Dee 01/82 9 3694.13 2925.02 769.11 318324.27
***ACCUMULATED INTEREST FOR THE YEAR ENDED DEC 31/82
Jan 01/83 10 3694.13 2917.97 776.16 317548.11
Feb 01(83 11 3694.13 2910.86 783.27 316764.84
Mar 01/83 12 3694.13 2903.68 790.45 315974.39
Apr 01/83 13 3694.13 2896.43 797.70 315176.69
M~y 01/83 14 3694.13 2889.12 B05.01 314371.68
,Jun 01/83 15 3694.13 2881.74 812.3Q 313559.29
,Jut 01/83 16 3694.13 2874.29 811.84 312731.45
Aug 01(63 17 3694.13 2866.78 827.3S 311912.10
~ep 01/63 18 3694.13 2859.19 83~.1~ 311077.16
Oct 01/63 19 3694.13 2851.5~ 842.59 310234.57
Nay 01/83 20 3694.13 2843.82 850.31 309384.26
Dee 01/83 21 3694.13 2836.02 858.11 308526.15
I<UACCUMULHTED INTEREST FOR THE YEAR ENDED DEe 31/83
Jan 01/84 22 3694.13 2828.16 865.97 307660.18
Feb 01/84 23 3694.13 2820.22 873.91 306786.27
Mar 01/84 24 3694.13 2812.21 881.92 305904.35
Apr 01/84 25 3694.13 2804.12 890.01 305014.34
May 01/84 26 3694.13 2795.96 898.17 304116.17
Jyn 01/84 27 3694.13 2787.73 906.40 303209.77
Jul 01/84 28 3694.13 2779.42 914.71 302295.06
Aug 01/04 29 3694.13 2771.04 923.09 301371.97
Sap 01/84 30 3694.13 2762.58 931.55 300440.42
Oct 01/84 31 3694.13 2754.04 940.09 299500.33
Noy 01/84 32 3694.13 2745.42 948.71 298551.62
Dee 01/84 ,33. 3694.13 ~2736.72 957.41 297594.21
***ACCUMULATED INTEREST FOR-THE YEAR ENDED DEC 31/84
Jan 01/85 34 3694.13 2727.95 966.18 296628.03
Feb 01/85 35 3694.13 2719.09 975.04 295652.99
Mar 01/85 36 3694.13 2710.15 983.98 294669.01
Apr 01/85 37 5694.13 2701.13 993.00 293676.01
May 01/85 38 3694.13 2692.03 1002.10 292673.91
Jun 01/85 39 5694.13 2682.84 1011.29 291662.62
.Jut 01/1)5 40 3694.13 2673.57 l'),20.S6 290642.06
Aug 01/85 41 5694.15 2664.22 1029.91 2896L2.L5
Sep 01/85 42 5694.13 26~4.7H 103'/,,35 '),1:11:1572.8<)
Oet 01/1)5 4,3 5694.13 2645.2', 1')48.88 21:17')23.92
2979.17
5951.78
8917.78
11877 .10
14829.69
17775.48
20714.41
23646.42
26571.44
26571.44
291 7.97
5828.83
8732.51
11618.94
JA5113. 06
17399.80
2027'1.09
23140.87
26000.06
2885 l. 6,)
~1695.42
3453 1.44
34531.44
2828.16
5648.38
8460.59
11264.71
14060.67
16848.40
19627.82
22398.86
25161.44
27915.48
30660.90
33397.62
33397.62
2727.95
')447.04
lJ15l,19
1')858. .5'1
1~1?5(). 35
162~!i. L9
\),'~l)(.... 7~'J
'.~ Vi 70. '}fl
2'V.:!25.76
:> M37 l. llt
97.95
97.73
97.52
97.30
97.08
96.85
96.63
96.40
96.17
95.94
95.70
95.47
95.23
94.99
94.75
94.50
94.26
94.01
93.75
93.50
93.24
92.99
92.72
92.46
92.20
91.93
91. 66
91. 38
91.11
90.83
90.55
90.27
89.98
89.6'1'
89.40
89.11
88.81
88.51
88.21
1;7 .'~O
Fll.60
87.29
86.97
KEEFER. WOOD, ALLEN 4 RA~~L
MORTf3(.H'lE AMORT IlA r ION SCHEOUl.E
PAGE
2
-------------------------------~--,-------------._----'_..------~._----------_._._-~._--
paymunt rotal
D4to Numb~r Payment
Int:l!lrl!6t
Payment
PI'llle!p,ll
Paymunt
8.:1 L:\I1Cft I) f
L<Jan
C'lm Int
Par Yr
-------------------------------------.---------------------..---.-----------.-------
P'!r
Dlom
Nov 01//35 44
Dee 01/1:15 45
"**ACCUMULATED
Jan 01/136 46
Feb 01/86 47
Mar 01/86 48
Apr 01/86 4'~
May 01/86 50
Jun 01/86 51
Jul 01/86 52
ALJ<;j 01/86 53
Sap 01/86 54
Oct 01/86 55
Nov 01/86 56
Doc 01/136 57
... **ACCUMULA rED
,Jail 011'" 513
F'!b <lI/lll 5'J
/1ar <)I/'l' oU
.~pr <ll/',7 01
11,lY 1)1/';7 6:2
J'IIl ',HI '31 (, ~
I'll l) L / ,',;, ',.1
';/j'J IJL/~,' 65
.,,.W.. .)li~)l 'j()
I.).:: t: .) l,/~.\ / t.; /
"'tJv I>L/;JI viol
1J.!t; <ll/,j' .,,')
u *AI;CUI1ULf-l I ED
Joln <ll/l,1l 7')
Feb 'H/IH3 71
Mar 01/00 7:2
,)pr <H/H:3 I;~
M.ly 01/0'j 7"
,Jun 01/1313 7~
Jul 01/88 76
I~ug 01/118 77
Sap 01/1313 78
Oc t U 1188 7~~
Nov 01/138 80
Dee 01/08 lH
*UACCUMULATED
Jan 01/13'7 82
Fob 01/0'J 03
Mol" 'HI"') l,i'l
ApI' <)1/.<:1') H5
11ay Ill/W) 1]6
lUll ',l/,'1') ',7
,jul 'Jl/ll'l 1.\'3
1\'j'J 'H/:,',1 Ij','
:')UP 1)1./.\') '11)
'lr~t 'H/:;'1 '1l
Iluv 1)1./:;') ')'.;~
3(,9,1. 1 ~
3694.13
INrEI.ESr
36?o\.1~
3694.13
369o\.U
369.1.13
3690\.13
3694.13
3694.13
3694.13
3694.U
3694.13
36?4.13
3694 . L~
IN rEREG r
.56';4.1~~
3l,J'}'1.13
.36"~4 . 1 ~
36?4 . 1:5
36'",. U
36'.1,\. I!,
.~6'~'l. 1. ,j
.36',10\.1.3
3,,'.>',"1.) . 1 .~
~.~'1,t " L.~
:}6'}'l" L~
,~/,)'", . L ~
li'lI'ERE3T
-36'J4. l~
36'J4.13
31,'.14.13
.~(~94. l~
3694.13
36'J'I.13
3694. 13
36'74 . U
36'.14.1.5
36'7<1.13
3694.1.3
3694. 13
INTER!:S T
3694. 1.~
1690\.13
3694 . L~
3694.13
,36'1,1 . L~
,36"4 . l3
:jt:/.~o1. 1S
~6,)4. L.3
,5t~~4 I .L~
'i6'~r.l. 1..;
;;6')4. L~
2635.64
26~'L93
FOR THE VE,",
2616.14
2606.26
7.596.29
2586.22
2576.07
2565.82
2555.48
2545.04
2534. !H
2523.88
25J.3.15
~!;Q2.S2
FOI~ nil:; VE,"~
24'}1.4t.l
'~'160..s ,
~>16'1. 2S
:';.15~.1. 0'2
;;,1,16.69
:;4.55.~;5
2.1~~~. 71
:':4 L~: .1) I
:~'ll )1) . ~:~
:2 ,3HU ".It)
~:~ 76. .19
2364.41
F'JR rHE VE~"~
2352.2'.1
23:'J?" '~2
237.7.50
'~.H4.9B
2302.'34
2289.58
2276.70
2263.71
2250.60
223" .36
2224.01
2210.53
tOOR THE YEAR
2J.96.'J3
2183.21
2169.36
2155.38
2141..28
2127.04
:..: LJ.'~ ,,":tb
~O'~8 . 113
::oa:~. ~")
::068. I')
)r')!~.~" d')
1050. <I')
10(,13. ,~,)
ENDm DEe
1077 .'1')
LOU' .87
10n.S.1
U07.'H
lU8.0(,
U28.31
U31L 65
Uo19.0'l
U5'~.62
U70.25
UI3I).~fl
ll'll.~H
HIDED 11F.':
1.:?rJ'2. J.~
l:Z ~ ~ . ! i)
L::::"1. H:,
1:1 ,!6. II
1:>)"/. .1,1
L:5;~, t3~1
l;: ',,) , ,I ,:
L;~}Y2 "I_i,'.
t. .: '}.j . : ~ t.
LJr)S..'~1
Ul7.!..\
l~:':'). 1-::'
ENDED IlF.C
121\1. 'iL
l:55ol.~1
1366.1>3
137'J.15
13') 1. n
14114.55
1417 .<13
1430.4:2
1443.53
1456.77
1470.l2
14/33.60
ENOIW DEC
14'1' .20
1510,?:?
1524.77
1538.75
J.5S:? .135
15(,7, i)')
l'All. ,";
1. 59'; . ).~,
Il~ 1.1) ');-1
1.\')1) 1..1
U;""f" 'I
26(,"'" 'j . 43
213')3'77 ,23
311/1!;
28,1319.24
263231.37
282 L.~3. 53
281O'~5.62
279907.56
270779.25
277640.60
276'1'11.51.
275331.. e'J
270\ l61. (,.1
272'11,1'1.61,
;2 , l nill . I)')
.H/flb
:70!~:3{J" t::
::l')'1 'J' ,:" ';,-)
;:t,1] l," ,41.1
2..,,,'11.1..37
'.2t.>S....,6:j.. ";.,~
~'~J,lfh}l> ,qr,
': {J ;:' t ';, I . (~!, 5
21-~ Uj~)2. 57
;~(;'I)I~I>~. II)
::':-'J:~:,.~,,~)"
',=, ': 7'1 ~~. . .-l r,
:~,~(..)!j.7'3
! t,n;,'l
:S!: 2/):~. 82
253?U'.I.61
:!525~'.?98
251.l,"J.~" 6,~
::49772,04
24831, 7 . 49
2<169~10.116
24551'.1.6<1
244(J76.11
242619..34
241.149.22
239(,65.6?-
31/88
238168.42
236657.5t')
235l"5;~. '1:'>
233593.9>3
~.~204 L. L~
2~0',74 ')4
:~:nH'): , 3"
'2:" ',:'>1) . ,~4
~'~'~(')8(,,, q/)
~:~,1.)~,1).' :-
:::',: . ',~I), ~18
29506.65
32l'32.58
32132.58
:.1616.1<1
5222.40
71318.69
10.104.91
12980.98
15546.80
18102.28
2064 7.32
23181. 83
25705.71
28218.66
507:1L.l8
~')721.1I3
:2,191..10
'I'J' 1.. '17
.",41 . 0:~
'113'79.04
12341.).i:~
1. 4 7/l1l . 'JH
l7:>)4. ,~'I
I.'ll', 1.1, . 7..,
:~2() L 7 . ()~~
'.?~Ir1I)'j . 5,'
=!6l~:.'. 0.5
-;:91,16.4"
'.29l46.44
2.352.22
<1"92.14
7019.64
'1;~.~4 ,1,:,
11636.96
l.3926.54
1620.5.24
18<166.95
20717.55
22'154.91
2517'3.92
2738'J.45
27389.45
2l96.93
4380.14
6S4r>,';f)
137(14 .l:lll
lOR4",. l/,
1'197~. ~r1
1 ';'H.I', . dH
l' [.<,4 ,,)1,
1'12(, 1,61
'? I ":'~" ".,,)
..' ",',"'11') ,'~',)
13(,.66
86.34
fl6 .O~~
85.69
85.36
85.03
134.70
80\.36
84.02
83.6S
63.33
132.98
82.63
82.27
I3L91.
RI..55
'H. 1':1
1;1') . 132
Ill). "4
no . ~) 7
7') .1/)
7'~ , 3l
78. "'/2
78,5:3
78. l4
77.74
17 .34
76.93
76.53
76. 11
75.70
75.28
74.86
74.43
74.00
73.56
73.12
72.68
72.23
71.. 78
71.33
'0.87
10 . 40
;,1.94
(,~. 46
,,13.99
l,fl.51
Ml.02
(,I 53
KE/!FER. WOOD. Al.LEN &. RAHAL PAGE 3
~IOR rGAGE AMORT Ilnr ION SCHr:nlJI.E
---------.--..-.---.---.---------..----------.-..------,-----------------.---------------
PaYllltlnl Total lntnrllat Prlnclpul [il.1l.'.lIlCO " r Cum Int Per
Oatil Numb<il'" Paymllnt Paym',nt PliYIII<3llt LrJ.:.1fl P'!r Yr Olllm
---------------------------------------.--------.----------....--------------------.
Dee OL/69 9.5 .56901.13 203/3.135 L6'i!>. :!!! ~2l) 765 ~ ~I) 25429.14 67.04
.j<*"'ACCUMlJLATED INrEr~l:::H FOR rHl! YI:.,"~ ENDED DEe :H/ll'l 25429.14
.Jall 01/')0 ?r1 3694.13 202.5 .613 Lf, '1',). ,I '; 21')')',14.75 2023.61'3 6<'.>.54
Feb 01/90 95 3694.J.3 201,)U. .5 7 16/35.76 21 !,j')13. 99 4032.05 66.03
Mar OL/90 96 3694.13 19?:.??2 1701.21 215'1')].713 6024.97 65.53
Apr 01/90 97 3694.1:5 J.977 ..52 1716./31 213990.97 8002.29 65.01
May 01/90 96 .5694.13 1961. 58 1732.55 2122513.42 9963.07 64.50
Jun 01/90 99 3694.13 1945.70 11413.43 210509.9'1 11909.57 63.97
Jul 01/90 100 3694.13 1929.67 1764.016 2007015.53 13e~.,l/t"7) 63.015
Aug 01/90 101 3694.1,3 1913.50 1780.63 206964.90 15752.701 62.91
:Jep 01/90 102 3694.1,3 1897. L8 1796.95 205167.95 J.7649.92 62.3/3
Oct 01/90 103 3694.13 18130.71 16l3.4: 20335,1.53 19530.63 61.134
Nav 01/90 104 3694.13 1864.0e 11330.05 2015201.018 21394.71 61.29
Dee 01/90 105 3694.13 1847.31 16'\6. f3:! 19'U,77.6(, 23242.02 60.74
'" * ",KCUMULATED INTEREST Fon nil:: Yl!(~R ENDED m!c ,Hi"') 232012.0:!
,JaM ')l/'n 10(, 36901.13 18.~0. 3a Wt.';L 7 ".: 1"'1U 1..3. '11 1830.31l (,0.18
F~b () 1/'.11 107 369,1.13 18l3.2') lti~.j~). Srl r.9'.;9~3. OJ7 ~6'13. 67 51.62
11.'lr 'j l/'ll. L,m .369,'1.1.5 1'1',,0,. ')5 1~1'1~,. 'JI3 1',:).)1.'),",..1 . '~I.') ')4 :~'J . 7':!. a:.'J .1)'.5
r4p'- 1)1/',~ 1 1<)'1 369,1.13 1718.65 I', (~. '\'3 l'l::I..VI. ')1 7;:18.~7 58. 'H?
111.l~ IJ L/',ll 111) 36'J4 . 1.~ 1161.1'J l'.j!.:~, .I),~. L Qr) 113(, "P] 8"79.<17 57.9r)
,j 'JII 'll/'n Lll 369,1.13 174~..313 l'?'~(). ':7 r; 1'38:,3".:.73 10722./35 ~7.32
,11l1 <ll/91 1.1:-: 369'-1. .L.~ 1 t:::. 4'1 .L ,., () ~1 . ,':" I U5tJ267.1)':'- 1244/3.3,,1 5;, . "1:5
J~ I J'J 'lll''11 L1:; ;;6'14.13 L 7l) 7. ,\ r., L '~f~(J. t.);-:. l. ~~,' :: ~jl) . r1 J. 1.11.55.7'1 5;'.14
~).;~p I) L/'~ L L 1,/ ,5,~'I'" .1., l~;,.H.,. ~>l '':IJ')',I,,'5'' 1~3:~'.~.1~,. .52 L5,'34'5 .I')~ 55.54
0,: t I j 1./'" I. 115 3.-)9"'.13 L,.' 7').6", :r)'._:~. ~ i L.':')~:~': . ~~. lnI5.8'~ r;.\.94
j''',)'1 IJ1/ ~ L- Hi, ~6')d. 1. ~ 1.0':0 ,:.:~ 1. ',>).11.;:':: L ;::L~J.'). ~l! 1,"1613. :>J 7;.1 . ~ ~~
O~JC U 1;""1 117 3/,',01 .13 11033.6'1 '':O/ll).lj! t 7....J1.'1'~. '.)1) :!Of301.tiO 5,~. 71
.. · 'HCCIJl'1UL,.) rEO INrr::FIE~H FOI', rHE 'IE,~R EtlDl':lj Ol'::r:: :; t/->> 1. ::rmOl.liO
Jolfl OL/',': 118 5694.13 161.1. 71 ~l)7r') ~ 4:': L 7,'1')'1,)..11] 1614.7J. 53.0")
I"'':!b (H/'.~:': 11'J 36')4.13 J,595.65 2IJ'?~3 ~ ~I S J. 7t'n:? I)') 3210.36 5;;:'4~
Ma:.lr <H/'12 120 3694.13 1576.011 :n17.7: 169'3501.2'.1 4786.77 51.83
Apr (H/?:! 121 369,~ .13 1557.00 2U7..l3 li>7717..l.5 6343.77 51. 19
May 01/'1;: 122 36?4.13 1537.011 :::156.72 165<;60. 01~ 788Ll'3 50.55
,lun 'H/92 123 3694.13 1517.64 :176.4':) lQ:~~8.3 . q,,~ 'n?8. H2 49.90
Jut 01/ 'I:.? 124 3694.13 1497.69 2196.401 16111:\7.50 10896.51 49.24
Aug 1)1/'12 125 3694.13 1477.55 2216.58 15WJ/I). 'n 1237'1.0(, <18.58
Sep 01/92 126 3694.13 1457.23 2236.90 156734 . 02 13831.29 017.91
Oet 01/92 127 3694.13 1436.73 2257.40 154476.62 15268.02 47.24
Nav 01/92 12/3 3694.13 1416.04 227(3, 09 152198.53 16684.06 016.56
()~c 01/92 129 3694.13 1395.15 22'J/3.98 14']899.55 18079.21 '15.87
***ACCUMULATED INTEREST FOR THE YEAR ENDED DEe 31/92 113079.21
Jan 01/93 130 3694.13 1374.08 2320.05 147579.50 13701.08 015.18
Feb 01/93 131 3694.13 1352.81 2341.32 145238.18 -;:726.89 44.48
Mar 01/93 132 3694.13 1331. 35 2362.78 142875.40 40<;8.24 43.78
Apr Ol/')3 133 3694.13 1309.69 2384,44 1404':l0. '~6 ';361 . q:~ 4~.06
May l)l/'J,~ 134 36'J4 . 13 1287.83 :41')1", ..~l) 1313084.66 ",1)r;<<1.16 42.34
Jun 'l1/'),~ 135 3694.13 12",5.78 2428 ~ :sa; 135656 "H 19',' 1 . ';4 o1l.62
,Jul 'H/') :~ J..~I;, 3/_')'1.13 1243.52 24 ~;I). 61 L:5:5205. I') .) 1....,,1; 1 )/, -10.89
14Il'J l)l/'~.J 1.37 ::'i6'7r1. 1 ~ L22L.()"; .,>t 7 ~ . l)~~ 131) 7~2. ....;I:~ 1.1.)~n/~ , I 1 10. l5
Sap l) 1/'1,~ U8 .'\694.U lU8..\1S '2d',}'l. "~ 1 Z~3~:~6. ~7 I. J. fj~l"'l . ,I') ','-'.4l)
Oct; I) l/ ')'~ L.j') .J,'~'J4. 1..3 I. 170; , ";,) ',~'.:"lFj ,/.. ~ L2~S'7lA..'2'~ I,! 70;". ,'" ~13. 65
~Iov ,) 1./ 'l'~ I,.j') ~6'i4. l~ 1.02.,1:: ':5-. , II. I. :~::' 1. ,,,) . r').~ I.~'-') I ',~ , 'I 1. il. R'~
00<: 'HI') " 1.4 1 ".~.. t) r1 , J. .5 LJ 2'1. 1.:- ~ ri {:, .~.. ~ r l I, L.~f){,t1.. IS'Z I,'Sl'J4 I. , ~'.J ~ 7 .L5
KEEFER. WOOD, ALLEN & RAHAL
MORTGAGE AMORTIlAnl)~1 SCHEDULE
PAGE
4
.._-----~,-----------------------------_._----------------------------'.-----------
PaymQnt Tatal
Date Number P~yment
Interl!l5t
PaYlnQnt
I' ,'l'1cl p.ll
P.:iymunt
BlIlll/1CI~ or
LOIl/1
Cllm Iflt
Per Vr
Pur
Dl.,m
________.._____...._________________________________________1.___________~~__________
***ACCUMULATED
Ja/1 01/'}4 14?
f'eb 01/';4 14~
Mar 01/94 144
I\pr 01/94 145
May 01/94 146
J un 01/'J4 147
Jul 01/'}4 1413
Au\] 01/94 149
Sap 01/14 150
Oet 01/94 151
Nav 01/94 152
Due 01/94 153
* ;"'"(~CClJMUI..I~ TeD
Jan ul./')5 l!.;,1
Fob Ol./'.l.';, 1.5';
Mar ')1/',15 156
(ipl~ 1)J./'~I) 157
i1,JY Ill/"~5 1~;t3
Jllll '1l/',lS 1S'/
1',1l <)l/'15 l{,u
,,,,u'J 0 L/'),S l,~;.l L
'.~l.!p l)l/'~~ 10':
'Jc t: 'H/""; 1.,:;3
1/\.)'1 Uti'')') jJ".1
U'~C ~)L/'-~5 1.6'5
""*/~CCUMUL.\ rEO
..L.ln I)L/'j,,:, 1.f.1l,)
I;'~b \..)l/''i(> 167
1111" ()l/')6 1613
(,\)r I) I. 'If- 9
May 01./96 L70
,) un 'H/'16 171
JIJ 1 OL/'16 172
/)1J9 01/']6 173
Sep ul/'16 174
Qet 01/'J6 175
Nav 01/'}6 176
Dee 01/16 17 7
***ACCUMULATIID
,Jan 011'}? 1"18
Feb oLin 179
Mar 01/9" 180
INTEI~EST
3694 . 13
3694.1.5
3694.13
3694.13
3694 . B
3694.13
3694.13
3694.13
3694. L3
3694.13
3694.13
3694.13
INTEREST
.~694 . 13
3694. U
3694.13
~~':94 ~ J.:~
36'}4.U
36':>4.1.3
3,(,9'1. I.,~
3694. U
'~1/.:-':-')4 . 1,~
3c94 . U
3(,'14, ,t:\
36'74.13
IIHERt,Sr
3694.13
3694 . 13
3694.13
(.'~ ,
3694.13
3694.13
3694 . L3
3694.13
3694.1.3
3694.13
3694.13
3694.13
tNTEREST
3694.13
3694.13
3607.72
FOR rHE YI!AFI
ll05.61
1081.88
1057.93
1033.77
1009.313
984.77
959.93
934.87
909.58
884.05
858.:9
832.3C
FIJR THE VE~)R
806.06
779.5'"1
752.67
7:5.'.'1
678.7u
671. ::-;
64:5.. 5..t
.s;. ~..-::7
'=,('37 .. ,~5
rsS:-;J .. ~j 7
'3~~l) .. .L 3
50 1..1 ~
FOR l'I-1E YEHR
471.66
442.3:':
412.5:2
< ..
352.08
321.44
2110.. 52
259.32
227.84
190.00
164.00
131.64
FOR THE YEAR
96.98
66.03
32.77
FINAL PAYMENT
PRINCIPAL PAID TO DATE
INTEREST PAID TO DATE
TIJ f,)I. I""l D ro OA rE
E. :\ 'I. [c.
:~ () . 00
$325000 . (1)
:~339856. 99
$t:>64856 . '19
ENDED OEC
2581;.52
26.L::!.2S
2636.. :0
2660.3'"
26134.7';
2709.36
2734.20
2759.26
2784.55
213 11) . 118
2835.04
2661. 83
ENDED DEe
28t38.d?
:.!',H4.5'1
::'14 L .. ':'..!.'
''':':168. '':::
:'~~)~'.. .1::
3l)~'~.. {.1~~
31)~l). S't
:~1,)7~. ';,6
.SL'}I'~.7:S
3 I..'j Ij . ,: ~~
,~, l.>:!. :.)
::il'!:; .1,.)1)
ENDED tJt:'c
32:2.:7
3:51.61.
325l.61
"','7, I 7f
33',12.')5
3~7:.6q
34<13.61
3434.81
3466.29
3498.07
3530.l3
3.':>62.49
ENDED DEe
3595.15
3628.10
3574.95
31./9:5
I. U3023. 00
U5411).75
11277.1.55
110114. L9
107429.44
104720. OS
101985.88
']?226.62
96442.07
93631. 99
90796.15
67934. :52
31.1'14
851)'16.25
132UL. 71
79 L 9'1. 45
,,':):"::.. 23
7:~2-:e .f.1f)
7'):l).5.9'2
tJ7l5:~. ~.~
,~,\1)7,1. 77
.::,.l).).-....'l . ,.jr,
?7B:~':. 7.~
~..tt:..~~:.5 . 7::'
5147'5.11
31./95
48::';3.4.~
450<?L~,5
4 ", 04
:~A4l)~. ~4
.35'166. :29
.31()93 . t.e)
Z828~..~'?
'24855.l.B
21388.139
1.7890.82
1.4361).69
10798.20
31/96
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JAMES KARAGIANNIS.
1>>lalntUf
: IN THE COURT OF COMMON I>>LEAS OF
: CUMBERLAND COUNTY, PENNSYLVANIA
v.
,
.
: NO. 96-4136 CIVIL
NEW VIEW CORPORATION, I7dlb/a
LEO ENTERPRISES. INC.,
LEO ENTERPRISES, INC., alld
BONNIE LEO,
,
.
: CIVIL ACTION - LAW
: QUIET TITLE
Defendant
LEO ENTERPRISES, INC.,
1>>lalntllT
IN THE COURT 011 COMMON PLEAS OF
CUMBERLAND COUNTY, PENNSVL V ANlA
v,
No. 96-4255 CIVIL
JAMES KARAGIANNIS,
Defendant
CIVIL ACTION - LAW
~TIPIJLATION
TO THE HONORABLE JUDGES OF SAID COURT:
Mary Kollas Kenncdy. E~qull'c. of Kollas and Kcnn~dy. counsel for James Kllraglannls
along with Stellhen L. Grose, E~quire, of Keeler. Wood, Allen. & Rahal, cowlscl for New View
Corporation, Lf,o Enterprises, Ine" and Bonnie Leo. hereby ~lillulate aud agree to dismiss
Defendants New View COIlloralion and BOllnle Lco fromlhe above-caplioned actions.
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lAMES KARAOIANNlS.
PIalntift'
Y.
I IN TIlE COURT OF COMMON PLEAS 011
: CUMBEIU.AND COUNTVI PENNSYLVANIA
NO. 96.4136 CIVIL.
NEW VIEW CORPORATION, Odlb/.
LEO ENTERPRISES, INC"
LEO ENTERPRISES, INC" and
BONNIE LEO,
Detendant
: CIVIL ACTION. LAW
: QUIET TITLE
NOTICE
Y Oil have been sued ill ~oun. If you wish to delend against the claims set forth in the
following pages, you must take a~tion within twenty (20) days aller this ~omplaillt and notice are
served, by enterillci a writte'l IlppearllllCe personally or by altomey I1JId tiling in writing with the
~owt your defenses or objections l<ll.he claims set forth agaillb1 yon, You are wamed that If you
1411 to do so the case may proceed without YOll and a judgment may be entered againb1 you by the
cowt without funher notice lor any money claimed in the ~omplaint or lor any other claim or
relief requested by the plailllilf. You may lose money or property or other rights imponantto
yon,
YOU SHOULD TAKE THIS PAPER TO YOUR LAWYER AT ONCE, IF YOU DO
NOT HAVE A LAWYER OR CANNOT AFFORD ONE, GO TO OR TELEPHONE THE
OFFICE SET FORTH BELOW TO FIND OUT WHERE YOU CAN GET LEGAL HELP.
Cowt Administrator
One Courthouse Square
Carlisle, Pennsylvania 17013-3387
(717) 240.628S
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A
ALL.IfAU.'Nn"HAflOHAL
May 15,1981, I uuo and correct copy ofwblcb Is Ittacbed bereto and marlted as Exhibit "A,"
6, For tho purpose of securing the debt Wider the Agreement of Sale, Plaintiff granted
I mortglge to Defendant which was dated February 24, 1982, and recorded in tbe office of the
Recorder of Deeds, Boolt 705, Pagel 748, a true and cllrrect copy of which is attached bereto and
DIIrlted 88 Exhibit "B,"
7, TIle amount of tile mortgage was l1lree Hundred Twenly-Five 'l1lousand Dollar!
and 00/100 ($325,000,00) witillnterest at Eleven Percent (11%) amortized over Fifteen (IS)
years,
8, The recorded lIIortgage incorrec!ly stated. a Clllllmencement dute of April I, 1982.
for the payments, when III lilet the payments had stnl1ed ill July of 19111, As a result. 011 February
24, 1982, the balwlce remaining and due 011 the mortgllge WIIS approximately 'nlree Hundred
Eighteen Thousand TIlree HWldred Twenty-Four Dollars and 28/100 ($318,3H,28),
9, On or about JWle 1, 1996, Plaintill'paid to Defendant a check ill tile amount of
Three Thousand Six Hundred Seven Dollars and 76/100 ($3,607,76) representing the final
payment due under the Agreement of Sale as evidenced by tile amortization schedule, a UUe and
correct copy ofwbich is attached hereto and marked as Exbibit "c,"
10. Defendant promised to satisfY the mortgage of record at the time ofpaymenl.
11. Despite Plaintiff's performance Wider the Agreement of Sale, Defendant h88
refused to satisfY the mortgage of record and continues to refuse to do so despite repeated
requests by P1aintifI
12. Defendant's failure to satisfy the mortgage creates a cloud upon Plaintift's title on
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THIS AORBIllMBNT, made this I~ day ot May, 1981, by and between
,"I." ,I,.
LBO BNTBRPRISIlS, INC., a oorporlltion orlJanhed and exht.l.nIJ ~under. the
, I, I
lawe ot the Commonwllalth of Pennllylvallia (hereinatter reter're.!s"to a8
"
KSeUer") and JAMES AAllAOJlINNlfl, 111I adult J,ndividual (hereinafter
referred to a8 "Ouyer") .'.
WI'rN~:HflIlTIII
WHeR~^S, the RulloI:' III tho ownel:' of cel:'t:ain real property and
improvements knolm and numbered 1111 the siena Madre Saloon; 4035
Market Street, Hampden 'l'ownsh 1 11, Cumbel:'land county, PlInn.ylvania
(herelndtel:' I:'efened to liS tho "Premises"), and
WHBREAS, the Seller is tho licensee under Restaurant Liquor
Lloensll No. 20227 issued by tho PellllsylVlIllia Liquor control Bo~rd
and oplll:'ates a bal:' IInd restaurant faoility on the Premises under
laid lioenle, and
WHBREAS, the Duyer wishes to purchase the Premises, t6gather
with all fixtures, l111pl18nces, l!1]Ulpmllnt anel stock in trade situate
on the Premises, and wishes to hllvc trllllQferred to him all rights
and duties under the exillt1n<j IhHltaurant J.lquor License issued to
Seller.
NOW, THEREFORE, 111 COIIIlI.lurilt Ion of the mutual oovenants
contained herein, and intcnd'ln<j to Iw legnlly bound, the parties
hereto agree ae follow".
1. SM,E ANn np.I,TVEIIV.'
. The Beller herllhy f\'JruclI \.<1 ",,11 111111 ,Ioliver to Buyer, and
,,-
Buyer her'Jby II'J roull b' '"1""1" '11'/1' lill II "" I tho II foresaid bllr lind,
reetaurant faoil1.ty, il1uluII1I\'J all flxturus, appliances, equipment
and .took in trade which url! u i tlllol,u on tho PremiseB IInd identified
on thB inventory IIttached hereto Illl I':llhlhlt "1\". Seller further
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a,~a.. to taka any and all aoUion n.o....ry to attaot . tr.n.ter
to th. Buyer of all ri9hU 11m' dul:loll under Pennsylvania Ra.t.unnt
Liquor Lio.n.. No. 20227.
2. PURCIIASE PRICE,
Upon the terms and oonditions here inaner stated, Buyer a9r...
,
to pay to Sellor the total l'urnhall8 I'rine of Four Hundred Twenty-fiv.
Thou.and Dollars ($425,000) in oonlllderation of the lIalo and delivery
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of thm aforesaid bar IInd relltllurllnt faoility, 8aid oonsideration to
b. allooated es folloWlI1
(a) The swn of 'l'WOllty-flvtl 'l'houlIand tlollarB ($25,000)
for the fixUuroll, appliances, equipment and stook in
trade identified on the inventory attaohed hereto a.
I!lxhibit. "A",
(b) The Bum of 'I'wenty-two 'I'houaand Five Hundred
I
,
,
DoUen (U2,500) for the land UpOII whioh the bar snd
r..taurant faoility is sitllatel and
(0) The slim of. '!'hree 1I11l1l1red I:leventy-seven Thousand
P!vll Humhllo.l (j().laX'tf i~3 ;7,500) rur ,.1'.1: ;'uJ.1~l~," whLol.
houses the bar and relltaurant faoility,
3., TERMS OF PAYMEN'I',
Th. totsl Purchase I'rice of !'our Hundred Twenty-five Thousand
Dollars ($425,000) shall he plllll hy Buyer to Seller as folloWlI1
$10,000, due prior to the execut Lon of this
Agreement, whl ch 1I1110Ullt Is non-refund-
able and shall serve as liquidated
damages i" th~ evont of Uuyer's
default herollndor, rocoll't of whioh ie
herelly aoknow\ UlI~Jud
$10,000.00
,
$70,000, due on or h"f,)':" t "" ,1111:0 of Bottle-
ment
$70,000.00
$20,000, together wllh Illlu:uul. of 10\ per
annllm due In U IIlnl.Jlu I'IIYIJlent within
one year. aHer I:h" 11111:0 of I:lottlemenl:
$20,000,00
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hereinafter provldod
TOTAL l'UIlCIIME l"\lel-:
nn.ooo.oo
$4211,000.00
4. ~UMP-SUM l'AYME~.
The unpaid principal amoullt of 'l'wllnty Thouund Dollan ($20,000),
t09.the~.with interest thereon Ilt tho rate 'of ten pe~cent 110') per
annullI, shall be paid to~eller in 1\ single payment within one yea~
after the date of Bettlement. 'I'ho prinoipal amount, togethe~ with
adcrued interest, may bll pre-paid by Duyer at any time without penalty.
II. INSTI\LLMEN'1' 1'I\YMBN'I'f1.
The unpaid pL'inoipal amount. of 'l'hree lIundred Twenty-five Thouund
Dollan ($325,000), together with llltereet at the rate of eleven
pe~aent (lU) per annum on tho unpaid balence, or in the event that
tax-fne mortgage finanoing oall he arrallljed through an appropriate
indultrial development authority, IlItorest nt the rate of eight and
one-halt peroont (0 1/21) per IIlInllll1, shall 1>0 paid in one hundrod and
nineteen (1l9) equal monthly lll/ltllllments caloulated on the basis of
a firte~n 115) YOdr affiortiz~tlon period and in one (1) tinal inetallmen
equal to the entire unpaid prinolpal and interest balanoe. The first
8uch monthly installment shall he dlle IInd payable fifty (50) daye after
tho date of Bettlemen~ and ollch Hllh/lu<IIIOI\l: Installment shall be due
payable at one month intorvnla lliurullfl:ur. Duyer acknowledges that
installment financing provided fOl' lIurollndor is for a term of ten (10)
.
years and that any prine IPlI 1, halllllGU wh Icll remaine unpaid at the expir
ati.on of the ten (101 year perloll, to'Jether w1th any aocrued intere"t,
mUllt be paid in full '.-/1th thL! !'llllll lnatilllment hereinabove provided,
notwithL tanding the fue ~ tllIll. I lil/ 1,".I.lllllllllnt !laymant amount. are othe
wi.. ca~,'Julnted on the balllu 1l1';j l'lfll!llll (15) year amortization perio
Tha princJpa1 nmount, tUIJotiIUI' wll.h .,lIm:.lu,1 intereDt, may be pre-paid
by Buyer at any ~Ime without \llfllillty,
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Buyer ahan elleoute in SellUr III fDvor Buoh aeourity, ,agreemanta
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or other doouments, inoluding hul; not limited to, an inatallment
not. or nota a , a purohaae money mOl:tgaCJll and Uniform COlMlal'oial
Cod. finanoing statementll, all Bellerlll attorney may reaeonably
.
determine are neoessary or advillahle to seoure Beller's right to
payment he=aunller. 1111 Runh rlouuments shall evidenoe Seller' a Urat
11.n aeourity interallt in the enoumhered asoet. Morllover, Buyar
aoknowledges that upon any default hy nuyer under the terml of thil
A\lrOlment' all right, title ond Intol'eut in, to and under Restaurant
Liquor Lioense No. 20227 uhllll forthwith revert to Seller and SeUer
.hall have the right to make immediate applioation for re-transfer
of the Lioense to Seller. nuyer herehy appoints lIeath L. Allen,
R.quire, as hia true and lawful attorney, to do all lawful things in
hie atssd, for the purpose of re-transferring the said Restaurant
Liquor Lioense to Seller upon llny default hy Buyer.
7 . SETTLEMENT.
Sett~ement hereullder 11111\1.. tllke plact! wi thin forty-e,!'qht" (48) hour
after the reoeipt of opproval for trRIIUfol' of Pennllylvania Restaurant
Liquor License No. 20227 to nuyer. Rl1 deeds and seourity dooumente
required hereunder shall he eX(lCluLecJ hy the parties at Set,tlement and
.hall thereupon be recorded lind/or filed 1.,"meGiately. In the
the Pennsylvania I,iqllor Control II Oil I'll refuses to transfer the Lioense
to Buyer, thie I\greement,6hu"1 hu tHll1 unci void and Seller shall be
cant:itled to retain tho <lepollll 1II01ll.lY of 'I'on 'I'houeand Dollars ($10,000)
as liquidated damages. POfHlllllU I Oil of the Premisee ehall be given to
Buyer a\: the timo of /lolllul/IlIlIl.
B. 'rRI\NSF'F.I~_~t'_:!T~!,I:~.
Tit:llt to I:he premisoo shall he uOllvlIyed to Duyer at Settlement.
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Title i. to be a good and
mArkutable tee simple titi.' fl:88 and
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but subjeQt to building reltriotid ~ zoning
olear from all liono,
regulation., ealements, rights-or-way (inoluding but not limited to
all highway rights-at-way), reoervatlona and restriotions of reoord
or vhible on tha Premiseo at IIny time up 'to and inoluding tha time
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of Settlemant. Title ohall be llortlflahle by Buyer's attornll,~or
, '. I.
inlurable at regular ratea by a reputable title insurance company
without exceptions objeotionable to nuyer. Beller shall oonvey by
general warranty deed subject to the provIsionB ot this Agreement.
Buyer shall have sixty (GO) t!UYII f.rom thls date to examinrll title
to the property to be conveyuc'l. If, withIn sald period, Buyer does
not notify Beller in writing of nny defQcts in Baid title, it shall
be conclusively presumed thnt thore an~ no Buch detecte and that the
title meete the requ iremcntB 0 f th LII I'arllgroph 9. In caee material
defects are, within /lllid period, fouflel to exiat in that title, and
are so reported to Beller. thufl, if' IIllClh de feots Are not cured by the
SeUer wl.:hin eil;ty \60) dOYIl u! tht! 110 ti..: !!! , this Agreement 8hall
beoome null and void IInd thero! sh/lll be no further liability upon
the Seller or Buyer, whereupon Holler shll11 return Buyer's deposit
payment forthwith.
10. WARRAN'I'IE6 m' 1'1'1'1'/10:66.
Except ao otherwise opuctflcnlly provided for herein, Seller make
no express or implied warrllnt:lell 1111:h rellpect to the physical conditio
or poe.ible uses of the Iluhject property or any improvement. located
thereon. Duyar acknowlcc\<jeH thllt Improvements are being sold on an
"". is" basis.
11. INSURIINcr~.
Until the clute of lIul.I.I"'III""'/ nullur ahull carry, at its own
expense, fire insurance on the Proud ses l~ith extended coverage endorse
mente. In the event that /lny Improvement is dsstroyed or damaged by
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fl.. o. a.ha. a.aualty prior to Hettl.mant, all inaur.na. proa..da
, .
If eaid inluranoa" 'aa4a ara
~,
raaeiv.4 by Seller on or bofore the datu of Settlement, total
will be t.h. 101. property of Beller.
purohaa. prioe Ihall bll reduoed hy thll amount of luch proo.'dl. In
,
the event that said inluranee proooedo are not reoaive4 by~~.ller on
,
.
01' bafon the date at Bettlement / Beller Ihall udgn it. right to
oolleot .aid proolledl to nuyer Bnll the amount at the
"
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total 'u~~,~..e
event, thah
~
rebuild the
'rioe Ihall remain as hereinahove stated. In either
.hall be no duty on tho Soller to rustore/ repair or
improvementl or any appurtenanClIIII.
sublequent to the date of Settlement, Buyer shall oarry, at hie
own expenle/ fire insuranoe on the premiseo with extended coverage
andor..mentl and naming BelloI' os co-insured. In the event that ~ny
illlprovemen~ 11 deltroyed or damaged hy fire or other oa.ualty lub-
aequent to the date of Bettlement, the parths shall agrel al to
whath.r the improvements shall hl! rustorell or repaired by uoe of the
inluranoll prooeedo or whether the insurance prooeedl ahall be appliad
to the rad'oJotiun or tl.oII unpflid lldncLpd alld intereat bal~'nc'.'due
h.r.un4er. Seller shall not be required to oontribute any funde
whataoever in the repair or restoration of damaged improvements.
12. IHDEMNIFICl\'l'ION 01' SE:I,I,Im.
Buyer will indemnify and hol11 harmlesB the Seller tram any debts,
liabilities / liens / claims, t.axos, oncumhrances / obligationl or luitl
of any kind imposed upon Sellor by fftaBOn of, baoed upon/ arising
out of or oauBed by lIny act, 011I111111011 or other thil)g ooourr.1ng at any
time after the date of Settlulllont if clIused by any act or omilsion of
Buyer in conneotion with hill II11U of the I'remises.
13. TRANS FIW.....!fIX ES .
neal e.tate trllllsfer tllXUII 11I\:lItu Ilnd looal) will be divided
equally between nuyer IInd Sell er, I \ to he paid by Buyer and 1\ to
be paid by Beller.
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14. I\DJUJlTMUNTS "'V SU'I"I'J,IEMEJtt.
R.al ..tate taxee, water, Howor rent8, electric andiV'., if ahy,
.hall be apportioned to the datil of Iletthment. Buyer .hall' be n.pon-
aible for all real estato taxeR, wllter, sower rent./ electric and ga.
.'
oharge. incurred subsequent 1:0 t:hu Ilal:o at Settlement. '~,
15. DBPAULT.
Upon default of tho paymenl: ot any sum of principal or intare.t
herein agreed to be paid tor tho spllce at thirty (30) day. after the
.ame .hall beocme due and paYRhle, or upon reoeipt of notioe from the
Penn.y1vania Liquor Control noard at a suspension or revocation (or
intent to auspend or revoke) of nestaurant Liquor Lioense No. 20227
for the epace ot thirty (30) rloyo or longor, or upon the filing ~f a
petition in benkruptoy purouant to proviaions ot the Bankruptoy Code
of 1979/ or upon breaoh ot nny other term of thiB Agreoment, the whole
of the unpaid prinoipal Bum, togethor with interest, oosts and other
oharge. required to be paid hereunder ohall, at the option of Bellel',
beoome imrnfldiately due and [lovahle, U[lon lJIuoh detault, the Buyer her.b
authorllle. and emllowel.a !Illy alhH'n"y Ilf an~ oourt of reoord'to appoar
for him and oonteoo judgment for tho whole ot Buoh Bum, with a ten
peroent (l0') attorney I s oomml ss f on or foos, hereby waiving the right
of ax emption and inquisition so far as the property herein described.
In addition to other romedios aVAilohle to Bellor hereunder, upon
default by Buyer, Soller may duclaro this ^greement terminated, null
void and prooeed by aotion of foreel ClSllre for reoovery of the Premises
herein oonveyed.
16. BROKERS ANO AGEN'I'S.
Buyer and Beller Clovenllnt 1"0 1I.lve tho other party harmless from
any claim to fee or cOlllmlf1lJlolI by /lilY rOll! estate brokers or agents
d..lt with 1n oonnectlon wIth 111111 lillIe, ,llIe or 1:0 be due by relleon
of acts of Buyer or Beller, liS Lhe ellBe lIIay be.
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11. COHPLRTB UNDEnS'I'lINlllNrl. ~(71' , . '
"hi. A9l'ee"'enll GDnllalna .t1ha entha IIndau.anding betl;~~"~hJ ,:;
, "I "~,.11
pu.tle. hereto, and lIupercudulI IIny prlllr written or .,ora1. ,reement.
',~~ . 'I'
bet",een thllm rupectin", the wdl\;un lIullject matter, lno1udln9 ;~~t n'ot
"IJ"
11mlted to the written agreement dated March 17, 19B1 There are
no repre.entation., agreements, arrangements o~' ~nder:ta~~~~, 'oral
'.'
or wrltten, between and among the parties hereto relatin 0 the "
.ubjeot matt8l' ot this i~lItrumont which are not tully exprellet'l herdn.
18. HBIRS AND lIDMINIS'l'RM'OIlS.
All rightl given ln this instrument to Seller end Buyer .hall
aoorue to their heirs, Ulluuutllnl, llllllllnllltratorB, Bucce.lor. and
19. CONSTRUCTION.
ThiB A9reement shall be interpreted and conlltrued in aooordance
with the laWII of the Commonwealth of Pennsylvania.
20.
RECORDING.
y
Thl. Agreeml!lnt may he rcuorcillcl In the Oftlce of the Reoorder of
Deed. of cwnber1and County, Pennaylvallia.
All
RECEIPT OF ~OPY.
p.nt1ea hllre:C;-:OknOWlCd'JC rf,ucipt of a fUllY~Xe~U~e'd
oopY
21.
of thil Agreement.
22. INTI!:N'rION '1'0 DE OOUNt).
It is the intention of eudl of tho partiell hereto to be leg.-Uy
bound by the terms of this lI<jreemont: IInd 1:0 hind their executors,
admlnistrators, helrs, suocesaora Bnd aaslgns.
IN WITNESS WlIEREOF, the, part les hereto have set their hands and
.eal. the day and year tl rill ahovo written.
ATTEST I
"1m .'N'I'lmI'RISES, INC.
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/ a ~r~lllry
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"Seller"
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Pre.ident
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WITNBSS.
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pu, Lo,tI I)n. ,holl.fwd """ 11I1II./"l/lm./
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ii"" "/ l'uhl'lI/lI'Y
u I 'Jhty~ tllll (lUU 21 ,
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IN>lEQ ~RAQIAlmIa, an aJult llHl1l1l<lu/ll
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(/""i",,/'" ",//"I,!,. ,I/""/,,~U' ), ul "..~~", "a";,~nd
LEO ENTERVRISEB. INC" a Pannuylllunla bU"lna"" Qorporat10n, 'Ugga.-
.or by mer90r to Egghoad, lnu,
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0""1"../,,, ,u//," II.. .I'""iot.. ), ulllll ..autul ".,"
~II''''".' 'h. laid ",o"/"/u, (" "",/ I,V" "'f/,,,,, Obllt"II,," ", "',III,,~ ublltutaru 11II1I~'
A"nd and ..al ,lulU UllJllhl', hl.";,,t 'UII, I"'" IU1'.liJltli,.tll/lil blmlll/lmlo Ih. 'dl,' ma"iat..
/",II".om 01 Thru lIundl'o., nlOllty-llv. 'lho',",,"d liolluro (~l251000), tU.lthar with 1nt UIl,
'4U'lul mon.w nl chI Unllld SIcJ/.u ,1/.J".,,/lJIJ. 'hJIIIUIIOII"I/u, 1111 PIIIIIIUII' 01 'h.Ju" lUlU 01
ThuI I~undud '!Vaney-tlv. Thou.ond Ii" II "I'" (i l21, 000) -------laIUIII/lllan." a. alar.../d,
:t09~the~ w1th 1ntereot mt the rntu ot elullen percent (11'1 per
annum, .a1d principal ond interest to bo pmld 1n ono hundrod
Inineteen (1191 equal monthly lnstallmunte Qalculated on the bads
'ot. a fifteen (15, year mmortl~"tlon poria,! al\d ln onu 11) tlnal
11n.tallmant oqual to tho entire unpold pl'lnolpel mnd lntoreet
'balance. The tlrot euch /IIonthly lnulnllmant oha11 be due and
payable on April I, 1902 and each allhaequent 1natallmont shall be
,due and payable at ono month interval" thereafter. Hort9a90r
.gknowled9'" that tho inatall/llllnt l'UYl1lont" prollided for hereunder
I.re tor a term of ten (10) yoara ond that any pr1nc1pal balance
wh1ch remain. unpaid at tho Ilxpl~'atlon of tho ton (l01 year
par1ed, t0gether with ony accl'uud lnteract, l1Iuat be paid 1n full
with the Hnal installmunt hUl'olnuhove prolllded,
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~llllDllhlllMlltlOlbCXIt.ltIlblIl~~b't4 XJ'X#"XIliWIl~ lIIWllllll4x
/IfOC~I\'ll"
wi,hQu' o"w 1'0,.,1 0' fur'h" JIIlJI'" (mil /01 Old P"Jt/'"IIiIJ/l tu ,/u .V,ullfl'df , ii, 91&0",uo,., Dr
.t"'t".,.,. a, b,'a,.,h'I1m ddV 0/ Bep tomb.. r o/.dcIo u",1 c''''v v.a" 0/ ,...Ipl. fa, oil ,.....
' municIpal aU."n-unCl 0' oh'Jftu 01 ,h. V""."t I/d..,' IJUt,ud ufJun "H' ',Io"tdl.d p,.,nt.." a"d D"O,
fram 11m. 101''''', and 01011 11m.., 1"lliI pavm,,, 1"/'<11,1 I"llIcl"ol """, (ur ,,,. k.."I"t 0111.. bulllll,,/
Illl,./1I ""lItillll,," t'lIlu,d olal,,,, 10" 0' Jamal' bV
""f., Ih. b.n."'allh. .vO"dl/~..11I till ","' 0/ POUI' lIundrod 1'wenty-tive Thousand
Dollar. ($425,000),
lI"II\1lbtll,' ',PWt'IJtr,anrl ill'IIIIIILv "p""'1/ "~,,,rI, I/"'/I/u' dnv lim. d./l/ull.ha" b. mall.
/" Ih. P.UIII'"1 01 p,llIplpal ., III'''''' ," "/"""11"('" 1/" "ilia. of ten (10) dour all., a"v
Plltf""'" '^'''of ,holl/tdl du., 0' ill .uch T,'udulJliolJ 'u lIu 'dill .Afur'tatu ,Ill o$uoa.IIO", 0'
.t"'t".. a,. a, b,'ofl 1111"'" daV a/ Sop ternho r r>f 'dol. "",/ .""'v v.a" of .uall fI"'ph/o,
IUO~ '".r", ",,,,,tolpo/lu,,,,,,,,,,,, Of Chllflllfl, fur rill: 1J,.".u,t fI,l"r 14/.101. ch, p,,,,,I,,, morltal.d,
0' t" ,,.. malnhnano., 01 ",cJ~ IH""IUlIlI, till!" IHht II, '"ull Cl'" 11111 w/lol. prlnolpal d.b' a/o,,,atd
./uall, a( ,la, opllon 01 "" .0/1' J.lu"~fll1u ,II. SI",II.IIIU01', Of .luil1'''. Ldcom. lI,u dnd pOIJabl.Im.-
"'td'tU"1I1 and palin..,., 01 ,al.I pfluotPllI '''"I .11''/ "II ''''':11111. OlllfIWII, mllU b. O"/UfUI' and "oOII",d
a' 0"", anllth'", '''.,,'n (hnllul,ull lu III. tJO""I"fI OlrJrlJu! 1lf1,wj"''''lJflcJtttll:
;l..b lIruulbtb (u'rllt"", /"111/'.,,,, lH1l11t I' "III,~I,U ,uJ,rll"'/lt'l!rlJlIl Ihul Ilut oUV llna. tlu,..
dll", 611 "o,on olo"u lJ./illlU IH P"IJIIUIII, II''',,, 1I/..,t.l "f/"I.'JIIII '.'HI ,,' ""Hurllll, ur lJlltdd ,,.4,,..1,,
Olin prod,uClan OI'Q/~ ,.""p" (01 eIIUI. "",'lilll/H"IH" '''"e'IU 'If vlla'iu wtlM" lh. "m,' .put/hd,
or III 'h. mo'nUnduo. of .uell iHIIUUU':fJ, IJ W,ll "I /;.,:,.,. flu" II pfOp,,(U luu,d upon III,. JUdlm.",
ofUo'n.d uJ.".m ,olel Oblltal/OH, or tJy UlrtlU 0/ '!JIll nOI,,,,,,,t O/.fttfJflUY. ur a lnort~Qt' lu,ttalQlufI p,o~
OIedl", I. p'Gp."" In lilt"".) "pon llli. IIII/"lItl"lI uf ."lJ"~I'td, dn ulto,n',l, Qomml,,'uri/or coll.o_
lion, III,,, Uva(5%)plt CII'I., ''',,1/ L. ''"V"hl,. "'III,lroll L, 'dCuv,,,d I" addil/a,. 'a all prl"alpa/.Ild
''''''""h." du'"b."d.. cal/. o( "'iI, ",,11,,1/ "flt""'"/ 'IT,a/i"t .ua','nll"a"a., 0'/" and b"lI11
.ald flo/lld Oblltalla" a"d tlr. C."lllli... 11",,"/. "/""0" L.i..t 1I,.,.u..,o had, m4" "'a,. fUll" and
al/a't. app',," .: .
Will, 'iflrl 1',\I,t 7:Hi
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,/.,. ./IA, 'l,m../rJ rJ.b'., 1"'".'1'''' """"' 'l'IIl'." lIundud 'l'Wanty-fLvI Thouund
DoUIU (OJ~e,oool, toqa~hur wl~h In~arodt,
8"" I.' hU" '''1''/''1 'h, ""U""'" ."h. ,,,,",, ",/Iii ,"",,,,, "",. 'h, ..'d .1/."/.1" ,II' Iw.'
."'0" ./1<1 .f"'/"', /11 dl"".'I' u'".. ...1,' ,,,/1,,/ OLlllollo", ..,., ""d'" ,o",'d"."o,. ol,h,
, Iw,'"'' ,wm 910", l1ulI", ""'.,~' "11,/ Mo" l"lut ,III /,"',,' lu.1I ""d IIu/U p.'d bU 'h, ,./d .1/0"1'1" ,
':" ,l.' .,." b'I'" ,h, "."", u/III d.lI.lfU /""." ,I.. ""'/11 lUll"'.'" h",bU .'h"",/oJI,d,
,', h.. 1,0,.'Ill, bUII.,,,,rJ, .u'iI, "1"11..1, 'II"UIT"/, """",/ ""d '.II/1,,,"d, ."" bu 'hll' ,.""""
. ~' do.. I'U't', b""~/,,, ull, IlII,", ",/run, ,.hlJU UIIlI (Utll1,tn Ul1hJ ,,., ",'11 Mo,et.t.. ,U.
',,:, "l'~"'~'." '/ld .f"'I"', .
',,^ ,d,~LL't;h'~ ante in pidCU o~. parcal at l"11I1 u1tuaU l.n Ulmpdln
;',1,: 'F;.'I'ownlhl.p, cumbu..~and I;ollnty, 1'lIln/lylv,,"1a, moro partlouhrly
'~)I ~~~o\lnded and dlllcrlbe<t ea followa, to Wltl, '
\.;' ~~llh~o:illHIHG It a [Jolnt on thu .outhenl aLdll of the carHah Plk.
".' \j~IIU.,8, ,I\oute No, ll) I eeld PQLnt huLng located ana hundred
j', "1\ titty-one Ind fUtY~lllno one-hundrudtha (l~1.59) te.t ellt qf ih"
, , _outh...t aorner at tho CarL1nLe Plke And Cent~Al Doulev.rd,
"th.na. no~th el.~hty-ono (Oll duqrllu~ tun (101 mlnut.. I..t on.
','" ,\ "undnd ,fUty-on. and tl.tty-oLqht ann-hundredth. 1l51.SBI t..t t.o
,a point. on the we.terly a1du or O.k ^venue, thonne Ilon9 Oak
\,lw.nu. ~outh .eventeen (l 71 oju<jreuu Q L'Jht (00) minut.. ....t ,on.
"hund~"d IlIventy-.l11 and Nlxty-el'Jht one-hundredtha (17&.61) ,f..t
~Q II point, thenoo aouth "nv.nty-two 1721 do<]reea fUty-fuur (1541
,~inut.. w..t one hundrud flfty (l50) foet to a pointl'thlnoe
I' ,"'orth .ev.nteen (17) deq.coe' ul'lht (00) "'lpute. weat one hllndred
nlnltY-Il.~hC (1901 toet, "'or. or lca~, to a point on the .oythern
.ide at ~he Ca.l!.8le Vlko, the picco of 8~prHNING. , :
, '
<:; lllIHO Lot. I, 2 , J, IHook "II" on tho I'lan at Oakwood Perk, 'Plen
'" '""llook 2, ,Page e9, Cumborlllnd Counly rocorda,
" "~'" .
I ,.~A PRIOR'Orentor has oxproaaly r~aurvud unto l.tselt an ea.em.nt
I' tor a right:-ot-w~y tor PUL'(lIlBIlIl of Ln"reaa and .quu oVlr .
twenty-elll (26) toot wld~ ~lrlp par.l[ollnq the southern boundary
of the .to~ementionod t~'IlCl bulw~~n olhur lftllda at che Oranto..-
.nd Oak Avenuo. Thu ~1l1d riqhL-of-wIIY Hlrip bel.ng more particu-
llrly d.sorlbod AU tollowal
BEGINNINO at a pol.nt on thu wonlcrly uldu at Oak Avanue, ..i~
pOlnt belnQ locsted one hundrud uevenly-alll and eillty-e1ght
,'I,one-hund~edthe (l76.601 tuut /louth of the Csrll.sle Pikl' th.nc.
.1;" 'aouth ,seventy-two (72) de<Jruea flf.ty-four (54) minutu Wilt on.
r"hundr.d titty (1501 teot to e polntl then co north aev.nte.n (17)
"I~',de9re.. e1Qht (oel mlnuto~ 'Iuut twentY-Hill '(26) fI.t to r, point,
, thenae north seventy-two (72) de<Jreua flfty-tour (S4) mlnut..
" e..t ano hundrud tLny (150) fuut to . pol.nt on Oak Avenu.,
thenae along Oak !wenue ~outh allvelltocn (l71 dllgnn eight (08)
minute. east twenty-all< (,61 fcut to II poLnt, the plaae at
BEClINNINO,
DEING tho eame prOmiHe" whl<:h /llIlu/."1"on 111versltl.ed Corpontl.on,
by it. Deed datod Oetobur 10, 197], "nd rocordod l.n the Ottl.ae of
tho lIecorder ot Deeda of ClIlllborlolld County ln Deed Book K, Volume
~~, Paql 539, <jranted ond "onv~yud unto Eqqhoadr Incorporat.d, a
pr.d.c...o~ corporatlol\ I"e~g~d illto Leo ~ntorp~l.e., Inc., the
Grentor hereln,
~ dll
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;;d ~lAS
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'-~""" ,r".", """'''.(.'1111'''', 1111111_. I,"JI""II_ I''''II'/'~''', JI",,.,Ut"II'flU" ,,,.., lip,,,,,,,,,,,,.,, 'lIha'.
.",1.1" ,Ia.run.'" b"u"~'",, at I" """wl,, 1IJ1~J"""""j~ '"111 ,1", 1i1l1,."lu,., (1,..1 R",,.,,,,,,,,, N,,.,,,
I"".. ."d "'0/1" """0/.
,l7f1l l'l\\lt 1\11:- III 'lIdh !h. ,",11
JI",""u"II,.II ,,".I ".J.."" 11.""11 ~,u,,"d, ur ""/ltlu'"d IJIIII ''''Jlwltlll .0'0 bll, ,uI,', "" "1'/1""
""."'''' '", tll II" fl,ilI.t1u,tt"t",'" Su,.",,,,, .,.,1 tllII"''',
'0 a"d /0' till un'u prull.' IlIG uI1I1 """wl ul "II ""I/"'""~I'd(Jp ,,,. S'HI~"'D" ",.d ,1""", 10"&1",
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,
YOUR LAST PAYMENT WILL
fiE AS FOLLOWS:
l~~
l~6
1:;7
1:;3
1:;9
160
161
l..t-"":"H 16:!
"(',",' 1,;3
16'+
16~
166
16"/
16E!
169
170
171
172
173
, 17'+
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176
177
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PRINCIPAL PAYMENT ~1 307'+,'19
INTEREST 3:1.77
TOTAL PAYMENT ~ 3607.76
11117.6'+ .
1""1,69
1'+77, llll
1'+01.:13
1'+36,7J
1'+16,0'+
13'i'0.1:1
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130:!.81
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1,3808'+,66
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13073:2.62
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W/i~
~aRE~M~NT OF SAL~
, ....
TillS ^alU!l\!lM~N'1', matle this Is day of May, 1981, by IInd between
LEO ENTERPRISES, INC., a corporation organized and existing under the
law. of the commonwealth of Ptlnneylvania (h,ereinafter referred to III
"Seller") and JAMES I<J\IlAGIANNIS, un adult j,ncHvidulIl (hereinllfter
reeenod to as "Buyer").'
WI'l'NI~SSf:TIlI
WHEREAS, tho ReIHer III tho owner of oertain real property and
improvaments known and numbered as the Sierra Madre Saloon, 4035
Market. 6trl!et, Ilampden Township, Cumberland County, Pennsylvania
(hereinafter referred to liB the "Promises"), and
WHEREAS, the Seller is the lioensee under Restaurant Liquor
License No. 20227 issued by the Pennsylvania Liquor Control Board
and operates a bar and restaurant facility on the Premises under
said license, and
WHERE1\S, the auyer wishes to purchase the Premises, together
with all fixturea, appliances, equipment and stock in trade sit-uate
on the Premises, and wiHhes to have transferred to him all rights
and duties under the existing Restaurant Liquor License issued to
Seller.
NOW, TIIEREFORE, in consideration of the mutual covenants
contained herein, and intending to be legally bound, the parties
hereto agree as folloWBI
1. S1\LE AND DELIVERY"
The Seller hereby ~groeB to Boll nnrl deliver to Duyer, and
,,'
Buyer hor'Jby lI'JreeB t.- accopt from SHllor I the aforosaid bar IInd
restaurant facility, including all fixtures, appliances, equipment
and stock in trade which are situate on the Premises and identified
on the inventory attached hereto as Exhibit "1\". Seller further
. '..
.""'~
a9~aaa to taka any And all lotion n.OQ..a~y to .fflot . t~.n.fl~
to the Buyer of all ri9hts and duties under Ponnsylvania Re.t~urant
Liquor License No. 20221.
2. ~URC"'\Sljl PRICE.
, i
Upon the terms and conditions horeinafter stated, Buyer e':Jr.ee
to pay to Seller the total Purohaso Prioe of Four lIundred Twenty-tive
Thousand Doll~re ($425,000) in consideration of the sale and delivery
of the aforesaid bar and restaurant facility, said consideration to
be allocated ae follows I
(a) The sum of 'rwonty-five Thousand Dollars ($25,000)
for the fiKtures, appliances, equipment and stock in
t~ade identifiod on the inventory attaohed hereto as
Bxhibit "A",
Cb) The sum of 'rwenty-two Thousand Fivs Hundred
Dollars ($22,500) for the lond upon which the bar and
restaurant: facility is oituote, and
(c) The sum o,e Three Hundred Seventy-eeven Thousand
Fi\l~ HUlIuutll D()~la:Ltl
. ~ 3.... .......). '.
I,~ ," ;JVV Lur L.ilU
~uula...'I;I I1hiClI.
houses the bar snd reotaurant facility.
3. TERMS OF PI\YMEN'!'.
The total Purchaoe Price of Four Hundred Twenty-five Thousand
Dollars (r;425,000) shall be peid by Ouyer to Seller AS folloWs 1
$10,000, due prior to the execution of this
Agreement, which omount io non-refund-
able and shall serve as liquidated
damageo in th~ event of Buyer'o
default horeunder, receipt of whioh i8
hereby aoknowledged
$10,000.00
$10,000, due on or bef~::" tile elate of Settle-
ment
$70,000.00
$20,000, together with interest of 10% per
.'nnum due In a sl1l910 (Joyment within
one yoar. after. the dat.e of Battlement
$20,000.00
-2-
. .
, ..
"..,000, du_ in manthly in.t~llm."t. ..
hs~sinatte~ provided
W.OOO.OO
$U!S, 000.00
TOTAL PURClIASE PRICE
4. LUMP-SUM PAYMENT.
The unpaid principal amount of Twenty ThouBllnd Dollars ($20,000),
together with inte~sst ths~eon at the ~ats 'at tsn percent (10') per
annum, shall be paid to ~eller in a singlo peyment within one year
attu~ the date of Settlement. 'J'ho principal amount, together with
accrued interest, may be pre-paid by lluyer at any time without penalty.
5. INSTALLMENT PAYMEN'l'B.
Thea unpaid p~ incipal amount of Three lIundred TWenty-five Thousand
Dollars ($325,000), together with interest at the rate at eleven
percent (lIt) per annum on the unpaid balance, or in the event that
tax-free mortgage financing can bo ar.ranged through an appropriate
industrial development authority, interest et the rate of eight and
one-halt percent (8 1/2\) per annum, IIhn11 be paid in one hundred and
nineteen (119) equal monthly installments calculated on the basis of
a fitteen (15) YCLlr amortizE.tion period and in one (1) final installment
equal to the entire unpaid principal and interest balance. The first
such monthly installment shall be due and payable fifty (50) days after
the date of Bettlement and each subsequent installment shall be due and
payable at one month intervals thereafter. Buyer acknowledges that the
installment financing provided for hereunder is fo- a term of ten (10)
years and that any prinCipal, balnnce which remains w,pai~ at the expir-
ation of the ten (10) ycar period, together with any accrued in;erest.
mut:t be paid in full with tho final installment hereinabove proviCl~"I,
notw1thL~anding the fact that tho instnllmont payment amounts are other-
wise ca1,culnted on the basia of a fifteen (15) year amortization periOd.
Tho princl pal .'lOlOunt, tog(lther wi th "eel: .led interest. may be pre-paid
by Buyer at any ~lme without penAlty.
..:J..
I
/
..
" ..OUR:lTV.
Buyer Ihall execute in Seller's favor such seourity agreamentl
or other dooumonts, including but not limited to, an inatallment
nots or notus, a purchase money mortgage and Uniform COlMleroial
Code financing statements, a8 Seller's attornoy may reasonably
determine are neoessary or arlvisBblo to aedure Seller's right to
payment hereunder. All such doouments shall evidence SelleI:" I tint
lien seourity interest in the encumbered asset. Moreover, Buyer
aoknowledges that upon any default by Duyel:' under t~e terms of this
Aqreemen~ all riqht, title and interest in, to and under Restaunnt
Liquor Lioense No. 202:17 ahsll forthwith revert to BlIller and Seller
shall have the riqht to make ilMlediato application fol:' re-transfer
of the License to Seller. Duyer heroby appoints Heath L. Allen,
Esquire, as his true and lawful attorney, to do all lawful things in
his stead, for the purpose of re-tranaforring the said Restaurant
Liquor License to Beller upon any default by Buyer.
7. SETTLEMENT.
SetUement hereulIder si.al.&. take place within forty-eiqr.t (48) hours
after the receipt of approval for transfer of Pennsylvania Restaul:'ant
Liquol:' License No. 20227 to Buyer. All deeds and security documents
required hereunder shall be oxecuted hy the parties at Settlement and
shall thereupon be recorded and/or filed immediately. In the event that
the Pennsylvania Liquor Control Board refuses to transfer the License
to Buyer, this Agreement. shall be null and void and Seller shall be
antitled to retain the deposit money of 'ren 'rhoussnd Dollars ($10,000)
as U.,quidBted damages. Poaaf.lasion of the Premisea shall be qiven to
Buyer at the time of Settlement.
B. !.RJ\NBFER OF 'rI1'J,E.
Titll:l to ~he I'relllill06 11111\11 ho (JClnvuyed to Buyer at Settlement.
-4-
"
~ I ,
.1
t. WA"RANTI~S or TITL~.
Title i. to be a good and
.
marketable fee limpl. HUt." fr.e and
'.~'I,' '
but subject to building restriotioria, loning
olear from all liens,
reguletions, easements, rights-of-way (inoluding but not limited to
all highway rights-ot-way), reservations and restriotions of reoord
or yl.aible on the Premises at any timo up to and inoluding the time
of Settlement. Title &hall be oertifiable by Buyer'm attorn~~or
, ",
insurable at regular rates by a reputable title insurance company
without exceptions objeotionable to Buyer. Beller shall convey by
general warranty deed subject to the provisions of this Agreement.
Buyer shall have sixty (60) days from this date to examine title
to the property to be conveyed. If, within said period, Buyer does
not notify Seller in writing of any defects in said title, it shall
be conolusively presumed that there are no such defects and that the
title meets the requirements of this Paragraph 9. In case material
defeots are, within ~aid period, found to exist in that title, and
are so reported to Beller, then, if such defects are not oured by the
'Seller wi.:hin shty \60) days ul: the not1.:I'.I, this Agreement shall
beoome null and void and there shall be no further liability upon
the Seller or Buyer, whereupon Soller shall return Buyer's deposit
payment forthwith.
10. WARRANTIES OF FITNESS.
Except as otherwise specifically provided for herein, Seller makes
no express or implied warranties with respect to the physioal oondition
or possible uses of the subject property or any improvemente loo~ted
thereon. Buyer aoknowledgeR that improvements are being sold on an
"ss is" basis.
11. INSURANCE.
Until the date of Settlement, Seller shsll oarry, at its own
expense, fire insurance on the Premises with extended coverage endorse-
ments. In the ovent that any improvement is destroyed or damaged by
-5-
.
,.
fi~. o~ oth.~ oaeualty prior to "attlement, all ineuranae proceede
will b. the aole property of Seller. If said insuranoe ~~6beeds are
,jill,
reoeived by Beller on or before the date of Settlement, the total
Purchase Price shall be reduced by tho amount of such proceeds. In
the event that said insurance proceeds are not reoeived by Seller on
or before the data of Settlement, Seller shall assign its right to
oolleot said proceeds to Buyer and the amount of the total Purchase
"
Price shall remain as hereinabove atated. In either event, there
shall be no dut,y on the Seller to restore, repair or rebuild the
improvements or any appurtenances.
Subsequent to the date of Settlement, nuyer shall carry, at his
own expense, fire insurance on the Premises with extended coverage
endor80ments and naming Seller as co-insured. In the event that any
improvement is destroyed or damaged by fire or other casualty sub-
sequent to the date of Settlement, the parties shall agree as to
whether the improvements shall be restored or repaired by use of the
insurance proceeds or whether the insurance proceeds shall be applied
t:o the red\lctiun of tile unpbid princi!>.!l and interest balanc.1il due
hereunder. Seller shall not be required to contribute any funds
whatsoever in the repair or restoration of damaged improvements.
12. INDEMNIFICATION or SEl,LER.
Buyer will indemn ify and hold harmless the Seller from any debts,
liabilities, liens, claims, taxes, encumbrances, obligationo or suits
of any kind imposed upon Seller by reason of, based upon, arising
out of or caused by any act, omission or other thi~g occurring at any
time after the date of Settlement if caused by any act or omission of
Buyer in connection with his use of the Premises.
13. TRANSFER TAXES.
Real estate transfer taXQS (Htulu and local) will be divided
equally between Buyer and Seller, 1\ to lit) paid by Buyer and U to
be,paid by Seller.
-6-
"
'"
,',
"
u.
J\DJUBTMENTS A'f SE'l'TLEMEN'J'.
Real e.tate taxes, wat~r, Bewer rents, eleotrio and IV'., if any,
.hall be apportioned to the date of Bettlement. Buyer Bhall be respon-
Bible for all real estate taxes, water, seWer. rents, eleotrio and gas
oharges inourred subsequent to the date of Settlement.
15. DEFAULT.
--
Upon default of the payment of any sum of prinoipal or interest
herein agreed to be paid for the space of thirty (30) days after the
eame shall beoome due and payable, or upon reoeipt of notioe from the
Pennsylvania Liquor Control Board of a suspension or revooation (or
intent to suspend or revoke) of Restaurant Liquor Lioense No. 20227
for the spaoe of thirty (30) days or longer, or upon the filing of a
petition in bankruptcy pursuant to provisions of the Bankruptoy Code
of 1979, or upon breaoh of any other term of this Agreement, the whole
of the unpaid principal sum, together with interest, oosts and other
charges required to be paid hereunder shall, at the option of Seller,
become immediately due and payable. Upon such default, the Buyer hereby
,
authorhlSl! and elollowel.B al\Y alt..,a'n..y o,f an~ court of record to appoar
for him and oonfess judgment for the whole of such sum, with a ten
percent (10\) attorney's commission or fees, hereby waiving the right
of exemption and inquisition so far as the property herein described.
In addition to other remedies available to Seller hereunder, upon
default by Buyer, Seller may doclare this Agreement terminated, null and
void and proceed by action of foreclosure for recovery of the Premises
herein conveyed.
16. BROKERS AND AGENTS.
Bllyer and Seller covenant to save the other party harmless from
any claim to fee or commission hy ony real estate brokers or agents
dealt wi th in connection wi th till B 0010, due or to be due by reason
of acts of Buyer or Seller, as the case may be.
-7-
"
, .
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17.
COMPLETE UNPERIl1'ANOmU.
.. '
,
Tnl. A9~eemene eenealn. the entlre U"de~.eandln9 betw.eh~h. "
'\ ~ .~
parties hereto, and superoed~s any prior written or oral~9reements
. ,
\',
between them respeol:.ing the written Bubjeot matter, inoluding j)ilt not
limited to the written agreement dated Maroh 17, 1981. There 'are
,no representations, agreements, arrallgements or understan\""gs" oral
or written, between and among the parties hereto relatin~o the
subjeot matter of this irystrument whioh are not fully expressed herein.
18. HEIRS AND ADMINIS'rRATORS.
All rights given in this instrument to Seller and Buyer shall
accrue to their heirs, executors, administrators, suooessors and assigns,
19. CONSTRUCTION.
This Agreement shall be interpreted Bnd oonstrued in aooordance
with the laws of the Commonwealth of Pennsylvania.
20. RECORDING.
Thia Agreement may be recorded In the Offioe of the Reoorder of
f1eeds of Cumberland County, Pennsylvania,
21. RECEIPT OF C~,
All piirties hureto acknowledge rMeipt of. a fully ~xecull:ed aopy
of this Agreement.
22. INTENTION TO BE 130UNO.
It is the intention of each of the parties hereto to be legally
bound by the terms of this Agreement and to bind their exeoutors,
administrators, heirs, BucceSBorB alld ass igns,
IN WITNESS mIEREOF, the parties hereto have set their hands and
seals the day and year first above written.
ATTEST I
I,EO ENTERPRISES, INC.
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WITNESS I
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011 or aboul Jul)' 31. 1981, JOIIIC~ Koroglollnl~ 1II0dc 0 1l0)'lllclllllllhc ollloUlI1 of'l1lrcc
'11lOullDlld Six UUlIdrcd NIIICI)' Four Dollors Dud '11llrtccn CCIIIW (313,694,13) 10 Lco ElllcrJlrl~c~,
IIIC, 1)\11 Kollo~, coulI~ellllr Koroglnllnl~, ~CIII 0 lellcr 10 <inr)' Fn:nch on Jul)' 29, 1981, Indlcollng
Ihol Karoglannl~ would contlnuc tOlllnke 1II0nlhly pa)'lIIcnh 01'$3,69,1,13, On July 31, 1911 I,
Gory Frcnch, coun~e1lor Lco. hellt 1111I Kolluh ulellcr IIhkill(l",r c1urillculiollns tothc ullplicntlon
oflhc~c monthly puymclIls hy KUflI(linnllis, IlIulIswcr tllthb tCller. 1111I Kollus nfllnllcd ill 0 Icllcr
dot cd August 3, I 'Ill I. pnymcllt \1'Uh irllcrcht ulld Ilrillclpnl,
Atthl~ tllllc, thc ollly rcusollthulthc rcul cstntc wus Ill1ltrllll.lcrrcd is thntthc pnrtic~ hnd
ugrccd illthc Muy 15, I 'Ill I, u(lrcclllclIl to scck tux frcc htntus throu(lh thc CUlllbcrlnlld CoulllY
Jndu~trlal Dcvelopmcllt Authority flll' the 1II011(lU(lC bctwccn KnrngiulIlIIs nlld Lco EntClllli~cs,
'1111s wOllld hnvc hcclIofhclICli1to both pUl1ics,
On Novclllbcr 19. I 'Ill I, Frcllch \ITIIIC ulcllcr to Kolln~ stutillg thllllhc dccd wns heing
hcld pcndlllg u dcclsiollofll>A Ii II ullci 1I(l, On Fcblllury 20\, 19112, Frcllch n(lnlll wrotc to Kollns
~tulIng thatlhc COllvCYUllcc wus (loill(ltoluke plucc and thc doculllcnh IIcccssnry 1lI1iJlflllthc
Icrm~ ofthc A(lrcemclllof Sulc dutcd Muy 15, 19112. wcrc CXChnll(lcd, (Thc dnlc i~ ill crror;
Frcllch c1carly mCllllt MIIY 15. 1911 I,)
Durill(lthis clllirc pcriod III AU(lust, Scptcmbcr. Octohcr. Novclllbcr, Dccclllbcr, Jnlluory,
FebmuIY, uud March. KUrlIglullnls cOlllinucd to puy thc sUlllof$3,694, 13, '111is lilct is 1I0t in
disputc,
011 FcbruRJ)' 201. 19112. Knrll(liullllis cxcclltcd th,~ mortgngc, hOlld ulld Iillnllclllg stntclllcllls
RS cnllcd fiJrill pnrngruph 6 ofthc ugrcclllclllofMny 15. 1 'Ill I. 10 sccllrc Lco ElIlcrJlrlsc Inc.'s
posltiollulld to cffcctuRlc thc COIIVCYUIICC, III rCIUnl. IhcrcliJrc. Kurngillllllis rcceivcd thc dccd to
thc propcrty, '111crc is 110 lJllcstiolllhullhc dutc oflhc first pnYlllclll sct fOl1b illthc bOlld alld
1II0rtgagc Is April I. 19112. Thcrc is ulso 110 lJucstlollthut KurnglulIlIls mudc pa)'lllcllts during thc
mOllths of July 19111, AUgUhl 19111. Scplcmhcr 19111. OClohcr 1'1111. Novcmbcr 1981, Dcccmbcr
19111, JUlluary 19112, Fchnlllry 19112. IIl1d Mllrch 1'1112111 thc IImolllllofS3.l'l'l4, 13 cach, Nor is
thcrc Imy qucstioll thllt Knrllgillllllis hilS 1l111dc 1110 pllymcllls. 1111 illlhc Sllmc amoullt cxccpt lor thc
IllOth paYlllclll which is slightly Icss,
'Illc cOlltract of Mny 15. 19111. is 1Il1l1ll1higllOllS, '111c Pllrchasc pricc is Four lIundrcd
Twcnty Fivc 'J1lllUsUlld Dollllrs ($,125,OO()), All illCOlIsistcllcy ollly IIriscs illthc cxcclltion oflhc
IIgrccmcllt illthc hOlld IIl1d ll10ngllgc with rcspcct tothc stanillg lilllC oflhc pa)'lncllt~ onthc
installmcllt pa)'lllClllllOlliollOflhc cOlltrncl, Ilowcvcr, thc correspondcncc bClwccnthc partics
cXJllains why thc convcynllcc olld cxccutionofthc purchosc moncy mortgagc occurrcd when II
did, It wos lor thc pU'l'OSC ofhuvinl! Ihis loall churnctcrizcd tnx cxcmpt by thc Cumbcrlond
County IlIdustrinl DcveloJlIllCIlI Authority, '1111s would hovc bcncfitcd both Jlartics,
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At the .ettlement all deed and eecurity documente required under
the Agreement of Bnle were to be executed, exohanged and reoorded
or filed immediately. 'rhe total purchase price wae $426,000.00,
and $326,000.00 was to be financed, initially through an IDA loan
but when that tell through, Leo Enterprises agreed to aocept a
mortgage. Monthly payments on that installment portion were to
commence within 50 (fifty) days after settlement.
While the liquor license transferred in July 1981, the IDA
financing dragged on an1 it was finally determined in January
1982 that such financing would not be feasible, Accordingly, Leo
Enterprises was to finance the $325,000.00 over a ten (10) year
period with payments calculated on a fifteen (15) year
amortization basis and with a balloon payment to occur in 1992.
Possession of the establishment was given to Mr. Karagiannis
on or about May 15, 1981. In July 1981 because the transaotion
was taking so long to complete, Mr. Karagiannis began making
monthly payments which were construed by Mr. Leo as lease
payments.
The closing occurred on February 24, 1982, at which time Mr.
Karagiannis executed a mortgage and a bond and a warrant ("Bond")
in favor of Leo Enterprises in the amount of $325,000.00 and
agreed to make monthly payments. The first monthly payment due
and payable under the Bond was on April 1, 1982. Mr. Karagiannis
made the monthly payments required under the Bond and at the end
-2-
II 'he 'arol Evidence Rule '~ecludea the Introduction
oflOral Evidence contradictory to~e 'erma of th_
Bond.
Under Penn~ylvania law, it is clear that a court, when
analyzing agreements or documents that are clear and unambiguous
on there face, must look at the document itself and give effeot
to the plain, ordinary, and accepted meaning of the words used in
interpreting the intention of the parties from the document. A
court cannot rewrite the agreement. ~ce v. Sorace, 440 Pa.
Super. 75, 655 A2d 125 (1995). Further, a court may not imply
terms different than those which the parties have expressly set
forth in the written agreement. Hutchison v. Sunbeam Cold Corn.,
513 Pa. 192, 519 A2d 385 (1986).
As a corollary to these principles of interpretation, where
a contract is complete and unambiguous on its face, the Parol
Evidence RUle prevents introduction of extrinsic evidence which
affects, contradicts, varies or adds to or subtracts from the
contract in question. Pellegrem v. Luther, 403 Pa. 212, 169 A2d
298 (1961).
In a recent case, ~enzi v. Hahnemann universitY, ___ Pa.
Super.
-'-'
664 A.2d 1375, 1379 (1995), the court stated the
intent and scope of the Parol Evidence Rule as follows:
It is well-settled that parol evidence is not
admissible to alter or vary the terms of a
contract which has been reduced to an
integrated writing. "The parol evidence rule
seeks to preserve the j,ntegd ty of wr i tten
-5-
aqreements by refusing to permit the
contraoting parties to attempt to alter the
import of their oontract through the use of
oontemporaneous oral declarations." Rose v.
Food Fair stores. Inc., 437 Pll. 117, 120-121/
262 A.2d B51., B53 (1970). It a written
contraot i. unambiguous and held to expre..
the embodiment of all negotiation. and
agreements prior to its exeoution, "either
oral testimony nor prior written agreemente
or other writings are admislible to explain
or vary the terms of that oontract. McGuire
v. Schnei~, 36B Pa. super, 344, 514
A.2d 115 (19B7); ~~ ~g ~~Equipment v.
pennsv Supply, 407 Po. Super. 404, 595 A.2d
1211 (1991) (written contract, if unambig-
uous, must be held to express all
negotiations, conversations, and agreements
made prior to its execution, and neither oral
testimony, nor prior written agreements are
admissible to explain or vary contract
terms). The issue of whether a writing
constitutes an integrated contract is a
question of. law. a4Irav v. Universitv of
Pennsvlvania IiQ!ill.iW, 340 Pa. Super. 401/
490 A.2d B39 (1985). A contract is
integrated if it represents a final and
complete expression of the parties'
agreement. ~ire v. Scho~r. Inc.,
supra. Where a contract purports to be a
complete legal obligation without any doubt
as to its object or extent, it is presumed to
reflect the whole legal right of the parties.
~ at 1379; (emphasis added).
The terms of repayment set forth in the Bond, which is the
document containing the confession of judgment that forms the
basis for Leo Enterprises complaint in confession of judgment/
are clear and unambiguous. It clearly was meant to "express the
embodiment of all negotiations and agreements prior to its
execution," including tho Agreement of Sale. The Bond caUe for
-6-
119 equal monthly paymente calculated on the basio ot a titteen
(15) year loan, with a final balloon payment ot the unpaid
principal and interest balance. The first monthly installment
was due and payable on April 1/ 1982, and eaoh subsequent
installment was due and payable at one month intervals
thereafter. The terms of payment are clear. Therefore, the
attempted introduction of parol evidence relative to when
payments were to begin and how long they would be made should be
prohibited. ~ Lenzi, suora.
Further, a oourt cannot find a contract provision ambiguous
simply beoause the parties cannot agree on the proper
construction of the same. Ambiguous language has been detined as
that which is reasonably or fairly susceptible to more than one
construction. Hershev Foods Coro. v. General Elec. Servo co.,
422 Pa. Super. 143/ 619 A.2d 285 (1992).
The repayment terms in the Bond, which is attached to Leo
Enterprises'. Brief in Support of its Motion in Limine as
Exhibit "B," are clear and unambiguous and not fairly susceptible
to more than one interpretation. since the Bond is olear and
unambiguous and an integrated agreement/ no oral testimony or
prior written agreements are admissible to explain or vary its
terms. Lenzi/~.
In contravention of the Parol Evidence RUle, Mr. Karagiannis
now wishes to present a disingenuous argument that the payments
-7-
m~de before the clcsing and ~XA the execution of the Bond
.hculd be considered as part ot the payments required under the
Bond, notwithstanding thll express term of the Bond il,dioatingl
The first such monthly installment shall be
due al,d payabls on April 1, 1982 and each
subsequent installment shall be due and
payable at one month intervals thereatter.
Further, Mr. Karagiannis' own counsel referred to these monthly
payments as a "lease" in a letter to a third party Drior to the
closing. It the agreement between the parties at the time the
payments were made from July, 1981, through March, 1982, was that
they were to be censidered as paymonts under the Bond, such a
recitation would have (or should have) boen made at the closing,
or the amount ot the loan and repayment terms would have (or
should have) been changed to make the Bond consistent with the
alleged argument. No statement that the first monthly payment
was due on April 1, 1982, would have been included in the B~nd it
the parties had intended, as Mr. Karagiannis now contends, that
the payments made from July, 1981, through March, 1982, were to
be payments under the Bond. The documents for the loan Closing,
including the Bond, while prepared by counsel for Leo Enterprises
were provided to counsel tor Mr. Karagiannis for his review prior
to Closing. Hence, if he or Mr. Karaqiannis thought the amount
or repayment was in error, it should have been raised then, not
titteen (15) years later and after Mr. Leo's death.
-8-
"
O. ~e statute of 'raud. Prealudee any or~l Ividenae
~arv to the Ter___~he Band.
The purpose of the statute of Frauds is to prevent
enforcement of unfounded fraudulent claims by requirinq that
contracts pertaining to interests in real estate be supported by
written evidence. Ib~er's Druas of West Goshen. Inc. v.
Consolidated Su~ermarkets, Inc., 391 Pa, Super. 524, 571 A.2d 490
(1990)/ rev'd. on other arounds, 535 Pa, 469, 636 A.2d 156
(1994). In Fannina V. cratty, 331 Pa, Super. 326/ 480 A.2d 1056
(1984)/ the court heldt
The statute of Frauds provides in effect that
no agreement for the sale of real estate will
be enforced unless it is in writing and
signed by the party to be charged. Its
fundamental purpose is to prevent assertions
of verbal understandings and thus obviate the
opportunity for fraud and perjury.
Fannina, suera, 480 A.2d at 1058 (citations and footnote
omitted).
Further, under Pennsylvania law, if writings must be linked
or supplemented by oral testimony in order to make out a
contract, the contract is considered an oral one for statute of
Frauds/ purpases. Green V. Interstate United Manaaement Services
Core., 748 F.2d 827, 830 (3rd Cir. 1984). Hence, the Agreement
of Sale, to the extent that it requires oral testimony to show
linkage to the Bond, is considered an "oral" agreement and
precluded by the statute of Frauds.
-9-
There is no doubt that an agreement to lend money to a
borrower in consideration tor a mortgage must be in writing
pursuant to the statute of Frauds. DQ~_v. Greater Delaware
Valley Sav. & Loan Assoc., 255 Pa. Super. 666, 569, 389 A.2d 122,
123 (1978) (the oourt held that the statute of Frauds requires
any agreement granting an interest in land to be in writing) ,
Linkser v. savings of America, 710 F. Supp. 598 (E.D. Pa. 1989).
In Atlantlc Financial Federal v. orianna ~i~toric Assoc., 406 Pa.
Super. 316, 594 A.2d 356 (1991), the court held that an alleged
oral forbearance agreement between a mortgagor and a mortgagee,
whereby the mortgagee allegedly agreed to refrain from
foreolosure, represented an agreement to surrender an interest in
land, which was subject to the statute of Frauds. Hence, it is
olear that the statute of FraUds pertains to interests in real
estate evidenced by mortgages.
In Atlantio Financial Federal, the court held that a
unilateral letter did not satisfy the statute of Frauds such that
it could be admitted to refute the express terms of the mortgage.
The oourt also held that any evidence of the existence of an
alleged oral forbearance agreement between the mortgagor and
mortgagee, whereby the mortgagee allegedly agreed to refrain from
foreclosure, would also be inadmissible to vary the mortgage
terms under the Parol Evidence Rule. Hence, under the statute of
FraUds or the Parol Evidence Rule, the court in Atlantic
-10-
, ,
Financial Federal held that an alleged oral agreement ot
forbearance from foreclosure would be inoperable and/or
inadmissible. In the instant case, tho allegBd oral agreement is
that the initial payments made by Mr. Karagiannis to Leo
Enter~rises prior to the olosing end prior to the execution ot
the Bond wer.e to be applied to the payments under the Bond.
However, there is no writing sufficient to satisfy the statute of
Frauds that would allow such an oral agreement, f.f it existed, to
have legal effect.
Likewise, in Warden v. Zanella, 283 Pa. Super. 137, 423 A.2d
1026 (1980), the court held that evidence of an oral agreemant by
the mortgagee and sales agent not to reclaim property on
foreclosure was inadmissible, since under the statute of FraUds,
such an oral agreement was not enforceable. In the Warden oase,
the defendant executed a bond, accompanied by a mortgage, setting
forth a repayment schedule. Defendants attempted to admit
evidence of an alleged oral agreement by the mortgaqee and the
sales agent not to reclaim the property on a foreclosure. The
lower court refused to admit the evidence of these oral
agreements on the basis of the statute of Frauds, as well as the
Parol Evidence Rule. The Superior Court upheld the trial court
on both issues. In the instant case, Mr. Karagiannis attempts to
rewrite the express repayment terms of the Bond and suggest that
an oral agreement existed prior to execution of the Bond that
-11-
I ,I I
payments made by hin\ during 1981 and prior to closinq in Fel:lruary
1982 were to be applied to the monthly payments required under
the Bond. However, the Bond specifically states that is not the
oase, indicating "the first suoh monthly installment shall be due
and payable on April 1, 1982."
since there is no writing, the oral agreement alleged by Mr.
Karagiannis is unenforceable as a matter of law under the statute
of Frauds.
D. To the Extent that there is anv Inconsistencv. the Term.
of PaYment Set Forth in the Aqreement of Sale are
Suaerseded bv the Term,~t porth in the Bond.
Any preliminary negotiations, conversations or agreements
are merged in and superseded by the subsequent written contract
and parol evidence will not be heard to alter the terms thereof.
Mr. Karagiannis argues that the Agreement of sale, which sets
forth the preliminary negotiations of the parties, somehow is
inconsistent with the repayment terms in the Bond. Initially, it
shOUld be noted that the repayment terms as set forth in
Section 5 of the Agreement of Sale indicate that "the first such
monthly installment shall be due and payable fifty (50) days
after the date of Settlement and each subsequent installment
shall be due and payable at one month intervals thereafter."
Since "Settlement" did not occur on the Agreement of Sale until
-12-
. I' ,
February 24, 1982, none at the payments made prior to that date
were called for in the terms set torth in the Agreement of Bale.
Hence, the payment terms in the Agreement of Sale and the Bond
are not inconsistent.
Even it one were to conclude that somehow the payment terms
at the Agreement of Sale were inconsistent with those contained
in the Bond, any such terms would be super.seded by the Bond. In
Lucas v. Flood, 99 Pitts. L. J., 272 (Allegh. Co. 1951), the
defendant also attempted to open the judgment, which was
confessed on a bond accompanied by a mortgage. The court entered
an order dismissing the petition to open and discharged the rule
to open the judgment. The court noted that there, as here, the
petition did not claim that a ~seauent oral aareement altered
and varied the terms of the original written agreement. Further,
neither was fraud, accident or mutual mistake averred or pleaded
in the petition to open. Mr, Karagiannis simply states he
complied with the terms of the Agreement of Sale and believee he
has paid all monies due for the purchase of the property.
Since the Agreement of Sale was a preliminary matter, it was
supereeded by the subsequent writ.ten contract (Bond) and any
parol evidence to the contrary should not be heard. The
discussion of the Lenzi case and its holding, set forth above in
the Parol Evidence Rule section, are incorporated here by
reference. Those authorities would confirm that the Bond wou14
-13-
,
,
I~
LEO ENTEAPRISES,INC'I
PLAINTIFF
V.
IN THE COURT OF COMMON PLEAS OF
CUMBERLAND COUNTY, PENNSYLVANIA
JAMES KAAAGIANNIS,
DEFENDANT
96.4255 CIVIL TERM
--.......................................................-..............-.......................-..-................................................................-....-..--
JAMES KARAGIANNIS,
PLAINTIFF
V.
LEO ENTERPRISES, INC.,
DEFENDANT
IN THE COURT OF COMMON PLEAS OF
CUMBERLAND COUNTY, PENNSYLVANIA
96.4136 CIVIL TERM /
9RDER OF COURT
AND NOW, this 27th day of August, 1997, IT IS ORDERED that a non/ury trial
on the above-captioned cases shall be conducted In Courtroom Number 2,
Cumberland County Courthouse, at 11 :00 a.m,. Monday, Or.tober 27, 1997.
.-
Stephen L. Grose, Esquire
For Leo Eu!erprlses, Inc.
Mary Kollar. Kennedy, Esquire
For Jlames Karaglannls
~.t'" m~t.{. g/~fl/r1.
...s 'f.
:saa
"
LEO ENTERPRISES / INC. /
t:llaintitr
v.
I IN THE COURT OF COMMON PLEAS
I CUMBERLAND COUNTY/ PENNSYLVANIA
I
I No. 96-4255
I
I
/ civil Action - LaW
~
JAMES KARAGIANNIS/
Defendant
.....
JAMES ~ARAGIANNIS,
Plaintiff
v.
IN THE COURT OF COMMON PLEAS
CUMBERLAND COUNTY, PENNSYLVANIA
No. 96-4136 V
LEO ENTERPRISES, INC.
Defendant
Civil Action - Law
CONflOLIDATll1;> CASIl/l.,
~TIPULATIlD FINDINGS OF PACT
1. Hr. Bayuk prepared "Bayuk Exhibit 2", from a oomputer
program with an amortization schedule. (Bayuk Deposition -
Page 13, lines 1 - 4)
2. The notations in the third column of "Bayuk Exhibit 2",
listing dates, were prepared by Mr. Bayuk and other people
in his o(:ice. (Bayuk Deposition - Page 14, lines 3 - 19)
3. Hr. Bayuk never ~ad any discussions with Mr. Leo. (Bayuk
Deposition - rage 15, lines 12 - 14)
4, Hr. Bayuk has no knowledge when the settlement called for in
the Agreement of Sale dated May 15, 1981, actually occurred.
(Bayuk Depnsition - Page 17, lines 13 - 15)
5. Hr. Bayuk never saw "Bayuk Exhibit 3", which is the bond
dated February 24, 1982, from ~aragiannis to Leo
Enterprises, Inc. (Bayuk Deposition - Page 19,
lines 5 - 13)
j:\~ll:U"PR-U~J-':1a.1 o-rf-?c(.
/LJou. /1'1, 199"/
6(LJljli.J',J/_ (2lr(C -10 9(.,-^lJ.S\S
96-4255 CIVIL TEAM
96-4136 CIVIL TEAM
together with Interest at 10% per annum due In a single
pay",ent within one year alter the date of
sel1lement $20,000.00
$325,000, due In monthlv In.tallment. a. herelnan.,
provided (Emphasis added,) $325.000.00
$20,0001
TOTAL PURCHASE PRICE
$426,000.00
The agreement provided under the heading "In.tellment Payment.":
The unpaid principal amount of Three Hundred Twenty-five
Thousand Dollars ($326,000)1 together with Interest at the rete of
eleven percent (11 %) per ennum on the unpaid belence, or In the
event thst tell-free mortgage flnenclng cen be a"enged through en
epproprlete Industrial developmllnt euthorlty, Interest et the rete of
eight end one-half percent (8 1/2) per onnuml shell be peld In one
hundred and nineteen (119) equel monthly Instellments calculeted
on ths besls of a fifteen (16) veer emortlzatlon period end In one (1)
final Installment equal to the entire unpaid principal end Interest
belance. The first such monthly Instellment shall be due end
payeble flny (60) deys after the dote of Settlement end each
subsequent Inatallment ahall be due and payable at one month
Intervels thereafter. Buyer acknowledges that the Installment
financing provided for hereunder Ie for a term of ten (10) veers and
that any principal balance which remains unpaid at the expiration of
the ten (10) year perlodl together with eny acc:rued Interestl must be
peld In full with the final Installment hereinabove provided,
notwithstanding the fact that the Installment payment amounts are
otherwise calculated on the balls of a fifteen (15) year emortlzetlon
period. The principal amount, together with accrued Interest, may be
pre-paid by Buyer at any time without penalty, (Emphasis added,)
Under the heading "Settlement," the agreement provided:
Settlement hereunder shall take place within forty-eight (48)
hours after the receipt of approval for transfer of Pennllylvenle
Aesteurent Liquor License No. 20227 to Buyer. All deeds and
.ecurlty documents required hereunder shell be executed by the
pertl.. at Settlement and shall thereupon be recorded and/or flied
Immediately. In the event that the Pennsylvanle Liquor Control Boerd
.2-
96.4255 CIVIL TERM
964136 CIVIL TERM
re,u.e. to tr.n.'er the Llcen.e to Buyer, thl. Agreem.nt .h.1I be
null .nd void .nd S.II.r .hell be .ntltled to r.teln the d.po.lt money
0' Ten Thou.and Doller. ($101000) e. IIquld.ted demage..
po.....lon of the pr.ml... ,hell be glv.n to Buyer at the time of
Settl.ment, (Emphasis added,)
Under the heading 'Compl.te Und.r.tandlng,' the agreement provided:
Thl. Agre.m.nt conteln. the .ntlr. und.r.tandlng between
the partie. hereto, and supercedes any prlol' written or oral agreements
between them respecting the written subject matter, Including but not
limited to the written agreement dated March 17, 1981. Ther. ere no
reprelentallonll agre.ment'l arrang.mentl or und.rltandlngl, oral
or written, b.tween and among the partlee hereto r.latlng to the
.ubl.r.t malt.r of thll Inltrument which are not fully ellpr....d
her.ln. (Emphasis added,)
AI Leo, who Is now deceased, was the president of Leo Enterprises, Inc, He
and James Karaglannls were friends, They Initially signed a partial written agreement
of sale on March 17, 1981, for the sale of the Sierra Madre to Karaglannls for
$425,000, of which $325,000 would be financed by the seller, Karaglannls paid Leo
$10,000 toward the pLlrchase price on March 17, 1981. As set forth In the Integrated
agreement of sale dated May 15, 1981, that $10,000 was to "serve as liquidated
damages In the event of the Buyer's default hereunder," Leo allowed Karaglannls to
start operating the Sierra Madre Saloon on May 12, 1981, three days prior to the
signing of the agreement of sale on May 15, 1981.
Under the "Installment Payments" provision In the agreement, monthly
payments at eleven percent per annum Interest on the seller's financing of $325,000
came to $3,694,13 amortized for fifteen years, Karaglannls started making monthly
-3-
96.4255 CIVIL TERM
96.4136 CIVIL TERM
payments to the !Seller of $3,694.13 In June, 11B1, within fifty days of May 151 1981,
After May 15, Attorney William C. Kollas, who represented Karaglannls, sought tax
free mortgage financing through the Hampden Township Industrial Development
Authority as allowed In the "Installment Payments" provision of the agreement of sale,
Attorney Gary F. French, who represented Leo Enterprises, Inc" wrote to Kollas on
May 29, 1981:
Enclosed Is a photocopy of the deed to be delivered to Jim
Karaglannls In connection with the conveyance of the Sierra Madre
Saloon, Although I have the Mortgllge and Bond In hand, It comes
to mind that this will not be a strllght mortgage and bond situation
with the Involvement of IDA financing. The property will hive to be
reconveyed to the IDA, which would then lell or lea88 It back to Jim.
Accordingly, I believe that AI Leo's mortgage would run from the IDA
Ind that thOle documentl will be prepared by the IDA's counsel,
that Is, Henry Coyne or Chur.k Sieck, Therefore, I have disregarded the
portion of the Memorandum of Understanding dated May 16,1981,
which requires Alto execute a mortgage prior to release of tha $70,000
escrow fund, I have this week releBsed those monies to AI.
If you have quesllons regarding the foregoing, please do not
hesitate to contact me, (Emphasis added,)
The Pennsylvania Liquor Control Board approved the transfer of the liquor
license from Leo Enterprises, Inc" to James Karaglannls on July 29, 1981. Despite
the requirement In the agreement of sale that settlement take place within forty-eight
hours after the transfer of the liquor license, and that all deeds and security
documents required thereunder were to be executed by the parties at that settlement,
the settlement never took place. Kollas wrote to French on July 29:
The liquor license in the above case has been transferred to
James Karaglannls. The real e.tlte can not be tranlferred until this
-4-
96.4255 CIVIL TERM
96.41'36 CIVIL TERM
IDA m.<<er I. .ettled. My understanding Is that the IDA will approve
James Kllrllglannls'a application In November. In either event,
settlement of the real estete will take place In November upon aotlon by
the IDA whether approval or disapproval.
In the me.ntlmel Mr. Karaglannll will be paying AI Leo the
Bum of $31894.13 monthly,
II you hav~1 any questions, please advise me, (Emphasis added,)
French wrote to Kollas on July 31, 1981:
I have forwarded your letter of July 29, 1981 to AI Leo for review.
I assume that he and Jim Karaglannls have already agreed to the
arrangement outlined In your letter, I would just point out, however, that
pursuant to the executed Agreement dated May 15, 1981, settlement on
the conveyance was to take place within forty. eight hours after transfer
of the liquor IIcenso to Mr, Karaglannls, The Agreement, therefore, Is
technically In default. Also, I am somewhat concerned that a major
asset has been conveyed without adequate return compensation or
security to AI Leo, Kindly give me your thoughts on how this problem
might be resolved, One thought that comes to my mind Is that the
$20,000 payment due In May, 1982 might be accelerated so as to better
compensate AI for the transfer of the license,
Additionally, please confirm that the $3,694.13 monthly
payment mentioned In your letter II entirely Interelt or rent. I do not
aee room for amortization of principal In that figure, (Emphasis
added,)
Kollas wrote to French on August 3, 1981:
Thank you for your letter of July 31, 1981, It Is my understanding
that AI Leo and James Karaglannls have agreed to the arrangement
outlined In my letter of July 29, 1981,
This arrangement which has been arrived at by both parties Is for
the benefit of both parties, While It Is true that James Karaglannls'a
payments will be less, AI Leo will be receiving tax free Interest. As a
consequence, It was my understanding and I think the underatandlng
of the partlel that the monthly payment would Include Intereat and
amortization of the principal. You will recall that the aum of
$3,684.13 reprelented the monthly paymllnt to be made In the event
the IDA approval waa not forthcoming. The principal reduction,
however IlIght, II to be for the benefit of my cllenl.
.5.
96-4255 CIVIL TERM
96-4136 CIVIL TERM
Finally, the value 01 the transler 01 the malor asset Is In my mind
not capable 01 determination and we would not agree to the acoeleratlon
of the $20,000,00 payment. (Emphasis addad,)
On November 20, 1981, Kollas wrote to Morney Henry Coyne who was the
solloltor lor the Hampden Township Industrial Development Authority:
The Sierra Madre Saloon transaction Is being held In abeyance
pending the outcome 01 the decision olttle Hampden Township
Industrial Development Authority Board,
The liquor IIcenle he. been tranlferred and a leall hal been
negotiated with AI Loo for the building and ground. However, for
the real eltate tranlactlon 10 be completed I Jamel Karaglannll
needl approval of the Hampden Townlhlp Indultrlal Development
Authority.
II you need lurther verlllcatlon 01 this, you may contact AI Leo's
attorney Gary E, French, of Keeler, Wood, Allen & Rahal. (Emphasis
added.)
The Industrial Development Authority turned down the tax Iree mortgage
financing around February 1, 1982, Arrangements were then made lor a settlement
which was held on February 24, 1982, At settlement a deed, mortgage and bond
prepared by Attorney French were executed as required under the provision tilled
.Securlty" In the agreement of sale dated May 15, 1981, which provided:
Buyer shall execut, In Seller's lavor such security agreements or
other documents, Including but not limited to, an Installment note or
notes, a purchase money mortgage and Unllorm Commercial Code
financing statements, al Seller's attorney may reasonably determine
are necessary or advisable to lecure Seller's right to payment
hereunder. All such documents shall evidence Seller's IIrst lien security
Interest In the e'lcumbered asset. Moreover, Buyer acknowledges that
upon any delault by Buyer under the terms 01 this Agreement all right,
title and Interest In, to and under Restaurant Liquor License No. 20227
.6-
96-42!56 CIVIL TERM
96.4136 CIVIL TERM
shall forthwith revert to Seller and Seller shall have the right to make
Immediate application for re-transfer of the L10ense to Seller. , , .
(Emphasis added.)
The mortgage and bond executed by James Karaglannls on February 24,
19821 provided for the paymant of $326,000:
[tJogethel' with Interest at the rate of eleven percent (11%) per annum,
said principal and Interest to be paid In one hundred nineteen (119)
equal monthly Installments calculated on the bElsls of a fifteen (15) year
amortization period and In one (1) final Installment equal to the entire
unpaid principal and Interest balance, The first such monthly
Inltlllment Ihall bs due and payable on April 1, 1982 end eech
lub..quent Installment Ihall be due and payable at one month
Intervall thereefter, Obligor acknowledges that the Inltellment
payments provided for hereunder are for a term of ten (10) ye.rl
end thet any prlnclpel balance which remains unpaid 8t the
expiration of the ten (10) year period, together with any accrued
Intereltl must be paid In full with the final Installment hereinabove
provided, " (Emphasis added,)
French wrote to Kallal later on February 24, 1982:
This will confirm our understanding with respect to the
conveyance of the Sierra Madre Saloon to James Karaglannls, On
Wednesday e<<ernoonl Februery 241 19821 we exchanged the
documentation necessary to fulfill the terms of the Agreement of
5ele dated May 16, 1982 [sic]. The documentation Included a Deed
executed by AI Leo as President of Leo Enterprises, Inc,. and also
Included a Bond, Mortgage and UCC Financing Statements executed by
Jim Karaglannls as the buyer, You advised me that you would
undertake to record the Deed, Mortgage and Financing Statements. , , ,
(Emphasis added.)
Karaglannls had been making monthly payments to the seller of $3,694,13
since June, 1961. Notwithstanding. the provision In the agreement of sale dated May
16, 1981, providing that the Installment financing of the seller was for a ten year term
:,.
96-4255 CIVIL TERM
96-4136 CIVIL TERM
amortized over fifteen years with a balloon payment at the end of ten yeal'll
Karaglannls, Instead of making the balloon payment after ten years, contlnued to
make monthly payments of $3,694,13 for fifteen years. The seller never objected.
The last monthly payment over a fifteen year term was made In June, 18M.
Karaglannls also made all of the other payments due to the seller under the terms of
the $425,000 purchase prioe as set forth In the agreement of sale dated May 151
19B1,
ISSU~S
Leo Enterprises, Ino, maintained that under the bond executed on February 24,
1962, the $3,694.13 monthly payments on the $325,000 it financed for Karaglannls
started In April, 19B2. When Karaglannls refused to make any monthly paymenta after
June, 1996, Leo Enterprises, Ino" on July 26, 1996, accelerated the principal amount
It olalmed was due on the bond ($31,7B2,97) and tiled a confession of judgment with
a complaint for $33,663,46 representing the accelerated principal plus additional
Interest and collection fees, 1 Karaglannls flied an answer to the complaint on August
12, 1996, and a petition to open and strike the confessed judgment on August 13,
1996, upon which a Rule to show cause was entered and answered, Karaglannls
also flied an acllon to quiet title against Leo Enterprises, Inc., which was answered,2
In that action, he contends that he made all payments due under the mortgage and
1. 96-4255 Civil Term.
2, 96-4136 Civil Term,
-B-
96-4265 CIVIL TERM
96.4100 CIVIL TERM
bond so that Leo Enterprises, Ino. should be oompelled to satisfy the mortgage.' The
olllles were consolidated. Depositions were taken and stipulations were entered
whloh the partJes agr$e constitutes the record of the consolidated cases.
glsCUI)SIQIIl
Citing the parol evidence rule which preserves the Integrity of written
agreemonts by not allowing, with some exceptions, contracting parties to alter the
Import of their contract by prior or contemporaneous extrinsic evidence, aee Lenzi v.
Hlhnemlnn UnlveraltYI 664 A.2d 1375 (Pa. Super. 1996), Leo Enterprises, Inc.
argues In Its brief:
The parties' dispute Is limited to whether or not the payments made by
Mr. Karaglannls to Leo Enterprises from July, 1981, through February,
1982, were to be considered payments under the Bond, Leo
Enterprises takes the position that the Bond Is clear and unambiguous
on Its face as to the amount due thereunder, the amount of the
payments, the number of payments and when the payments ~ lb1
~ were to commence, Therefore no extrinsic evidence Is needed or
allowed to alter the duties Imposed by the Bond"
. . .
Since the Agreement of Sale was a preliminary matter, It was
superseded by the subsequent written contract, the Bond, and any
parole [sic) evidence to the contrary should not be heard.
3. Pa, Rule of Civil Procedure 1061(b)(3).
4. Leo Enterprises, Inc, acknowledges that the Dead Man's Act would not
apply to the Introduction of any extrinsic evidence because a shareholder of a
corporation and the corporation are two legally distinct entities for the purposes of
analysis under the Act even If the corporation Is owned by only one shareholder.
Eltate of Hall, 617 Pa, 115 (1987),
-9-
96.4255 CIVIL TERM
96.4136 CIVIL TERM
We find that the agreement of sale dated May 15, 1981, was not a preliminary
matter that was superseded by the execution of tha bond on February 24, 1962.
Thert'! were two reasons the deed, mortgage and bond were not executed on May 15,
1961: (1) the sale was contingent on the liquor license being transferred to
Karaglannls, and (2) Karaglannls was stili seeking tax free mortgage financing from
the Industrial Development Authority, After the liquor license was transferred on July
29, 1981, which was only a month and a hall alter the agreement 01 sale was
executed, Karaglannls was contractually committed to complete the purchase under
the terms of the agreement 01 sale dated May 15, 1981,6 The parties, however,
waited for over a hall year to exchange the documents required under the agreement
of sale until It was detElrmlned that the Indllslrlal Development Authority would not
provide tax free mortgage Ilnanclng, On February 24, 1982, a deed, mortgage and
bond were executed pursuant to the specific terms of the Integrated property
lettlement agreement of May 15,1981, that provided under the heading
"Settlement," that after the liquor IIcem:;e was obtained, "[AlII deeds and security
documents rBqulred hereunder shall be executed by the parties at settlement."
(Emphasis added,)
There Is no evidence of any oral agreement after May 15, 1981, whereby
James Karaglannls and AI Leo agreed that the monthly payments of $3,694.13 which
5, lithe Liquor Control Board had not approved the transler of the license, Leo
Enterprises, Inc, would have been entitled to $10,000 In liquidated damages.
-10.
96-4266 CIVIL TERM
96-4136 CIVIL TERM
Karsglsnnls slarted making In June, 1981, whloh was within fifty days of the e)(80UUOn
of the agreement of sale on May 16, 1981, were for anything other than payments
made pursuant to that agreement. Any oral agreements made before or
contemporaneo\ls with the signing of the sales agreement of May 15, 1981, are
barred by the parol evidence rule, Besides, the Integrated agreement under the
heading "Complete Understanding," set forth "there are no representations,
agreements, arrangements or understandings, oral or written between and among the
parties hereto relating the subject matter of this Instrument which are not fully
expressed herein," The correspondence between attorneys French and Kollas
8ubaequentto the execution of the Integrated sales agreement confirms that there
were no agreements between the parties after May 15,1981, On July 31,1981,
French wrote to Kollas suggesting that the $3,694, I 3 monthly payments consisted
entirely of Interest or rent. Kollas wrote back to French on August 3, that the monthly
payment constituted Interest and amortization of the principal, stating, "You will recall
that the sum of $3,694, I 3 represented the monthly payment to be made In the event
thfl IDA epproval was not forthcoming, The principal reduction, however slight, Is
to be for the benefit of my client." (emphasis added,) That statement Is consistent
with the "Installment Payments" provision of the Integrated agreement of sale that
prOVides:
[lln the eventthattax.free mortgage financing can be arranged through
an appropriate Industrial development authority, Interest at the rate of
eight and one-half percent (8 1/2) per annum, shall be paid In one
-11-
96.4266 CIVIL TERM
96-n C38 CIVIL TERM
hundred and nineteen (119) equal monthly Installments calculated on
the basis of a fllteen (15) year amortization period and in one (1) final
Installment equal to the el1Ure unpaid principal and Interest balance, The
flr.t .uch monthly In.tlllment .hlll be due Ind plYlbl1 fifty (ISO)
dlYI .fter the date of Settlement and elch .ubaequent In.tallment
.hlll be due and plyable .t one month Intervll. thereafter.
(Emphasis added,)
Notwithstanding, the clear, unambiguous provision that the monthly
Installments were payable fifty days altar "the date of settlement," and each month
thereafter, whloh Karaglannls complied with, French prepared a mortgage and bond,
which Karaglannls testified In a deposition he did not read, that changed the payment
schedule with a provision that "[T]he IIrst such monthly Installment shall be due and
payable on April 1,1982, , , ," That provision was a mistake because It did not
conform to the specific terms of the agreement of sale dated May 16, 1981, which
controlled the terms of the documents to be subsequently executed thereunder.
French changed the provisions In the original mortgage and bond that he had drawn
up alter the Signing of the agreement of sale on May 15, 1981, because he had
written to Kollas on May 29, 1981, that "Although I have the Mortgage and Bond In
hand, It comes to mind that this will not be a straight mortgage and bond situation
with the Involvement of IDA financing, , ,," (Emphasis added,) Because there was
no IDA financing, there was no basis to change any of the terms of the documents
securing the financing provided to Karagiannls by Leo Enterprises, Ino. pursuant to
the "Installment Payments" provision In their agreement.
In Its brief, Leo Enterprises, Ino, suggests that Karaglannls Is attempting to
.12.
96-4255 CIVIL TERM
96-4136 CIVIL TERM
rewrite the e~pres6 repaymentlerms of the bond based on an oral agreemenlthat
exlsled prior 10 the e~ecutlon of Ihe bond, Karaglannlli has made no such attempt.
To Ihe conlrary, in paragraph 6 of his action to quiet the title, he averred:
For Ihe purpole of lecurlng the debl under Ihe Agreement of
Sale, Plaintiff granted a mortgage to Defendant which was daled
February 24, 1962, and recorded In the office of the Recorder of Deeds,
Book 705, Page 748, a true and correct copy of which Is attached herelo
and marked as Exhibits 'B,' (Emphasis addedl
In his pelltlon to open the confessed judgment, he averred tl1at he:
(h)aa performed fully under Ihe Agreemenl of Sale and believes Ihal
no default has occurred for which Plaintiff may confess judgment agalnsl
Defendant. (Emphasis added,)
Notwithstanding, Leo Enterprises, Inc, also argues In Its brief:
Any oral testimony and even the written Agreement of Sale, 10 the e~lent
that II requires oral testimony to show linkage to the Bond, Is considered
an 'oral agre13ment and precluded by the Stalule of Frauds,'
The unambiguous Inlegraled agreement of sale dated May 15, 1981, does nol require
orallesllmony 10 link 1110 the bond that was exer.:uted on February 24, 1962, Under
the "Settlement" provision In the agreement "[AlII deeds and security documents
required hereunder shall be exocuted by the parties at Settlement." in Fannin v.
Cratty, 331 Pa, Super, 326 (1984), the Superior Court of Pennsylvania stated that:
The StaMe of Frauds provides In effect that no agreemenl for Ihe lale
of real ellale will be enforced unl..1 Ilia In wrlllng and elgned by
Ihe party 10 be charged. Its fundamental purpose 15 to prevent
assertions of verbal understandings and thus 10 obviate the opportunity
8. The correcl page number of Ihe mortgage book Is 746, nol 748.
.13.
96.4255 CIVIL TEAM
96.4136 CIVIL TEAM
for fraud and pe~ury, (Emphasis added,) (Footnote omitted.)
The written oontract signed by the parties on May 15, 19B1, for the sale of real eslate
In the case I1Lb ludlce. was an Integrated agreement. The mortgage and bond
executed pursuant to that written contract mlstaklngly set forth terms contrary to the
written agreement. Proof of the terms of the financing from the seller to the buyer by
me.n. of the written agreement of e.le does not violate the Statute of Frauds.
Lastly and Ironically In light of Its other arguments, Leo Enterprlses, Ino, tries to
rewrite the terms of the parties' agreement of sale dated May 16, 19B1, with extrinsic
evidence, It suggests that the letter Kollas wrote on November 20, 19B1, to the
attomey for the Industrial Development Authority, somehow proves that the monthly
payments that Karaglannls had been making to Leo Enterprises, Inc, since June,
1981, were not made pursuant to the agreement of sale despite the clear language In
the "Settlement" provision In the agreement. In seeking a decision on tal< free
mortgage financing by the Industrial Development Authority, Kollas wrote to Its
solicitor:
The liquor license has been transferred and a lease has been negotiated
with AI Leo for the building and grounds, However, for the real estate
transaction to be completed, James Karaglannls needs approval of the
Hampden Township Industrial Development Authority,
In fact, no lease was ever negotiated or entered Into between AI Leo and James
Karaglannls for the building and ground. When asked during his deposition what he
meant when he said that a lease had been negotiated with AI Leo for the building and
.14-
96.4255 CIVIL TERM
96.4136 CIVIL TERM
grounds, Kollas answered:
There Is no question In my mind that the transfer took place, as I
said earlier .. and this Is what we're arguing about.. with the transfer of
the IIceno8,
What happened Is that the IDA was slll! cClnslderlng giving some
tax.free status to his loan, I don't know how that works. Actually,
Karaglannls got Involved In that betore he came to me with the
agreement of sale, But the tnct of the matter 15 that as of the transfer of
the liquor license, the IDA hadn't made up Its mind,
And AI Leo, according to Karaglannls, was very anxious to sell the
Sierra Madre, So Karaglannls had moved In even prior to the transfer of
the liquor license,
The only thing that was held In abeyance was the transfer of the
deed and the purchase money mortgage because It was my
understanding that If that took place betore the IDA came up with a
decision, that he would no longer qualify for an IDA loan, whatever that
meant. And I'm not too SIJre that I understood what It meant at the time,
whether It gave the loan tax,exempt status and AI was going to loan
him the money or the loan actually came from the IDA, I didn't know,
But the reason that I used the language that I used with Henry
Coyne was so that it didn't preclude the IDA financing that Karaglannls
was seeking, And the lease that I referred to was, In my mind, if they
would have asked me, I would have said it was the lease purchased,
that he commenced -- I remember that he commenced making
payments under the agreement of sale of May 15th immediately upon
transfer of the liquor license,
I knew of no lease arrangement between Karaglannls and AI Leo
other than he was In there running the place, The liquor license was his,
He was to begin payments to Leo Enterprises, and he was to receive
credit for that on the amortization schedule, as given to you by Bruce
Bayuk [Karaglannls' accountant), And I think my correspondence
reflects that with Gary French,
Kallas' letter to French dated November 20, 1961, and his deposition testimony
do not and cannot change the unambiguous terms of the written agreement of sale
between the parties dated May 15, 1961. Furthermore, French wrote to Kollas on
May 29, 1961, fourteen days after the agreement of sale was executed:
.15.
96-421515 CIVIL TERM
96.4138 CIVIL TERM
Although I have the Mortgage and Bond In hand, It comes to mind this
will not be a straight mortgage and bond situation with the Involvement
of IDA financing, Th. prop.rtv will hlv. to r.conv.y.d to the IDA,
which would 1111 or I.... It beck to Jim. Accordingly, I believe that AI
Leo's mortgage would run from the IDA and that those documents will
be prepared by IDA's counsel, , " Therefore, I have disregarded the
portion of the Memorl!lndum of Understanding dated May 15, 1981,
which requires Alto exocute a mortgage prior to release of the $70,000
escrow fund, I have this week released those monies to AI. (Emphasis
added,)
The use of the word "lease" by French in this lelter to Kallas and by Kallas In
his letter to the attorney for the Industrial Development Authority, related to the
procedure for IDA tax free mortgage financing and not the terms of the $425,000 sale
between Leo Enterprises, Inc, and Karaglannls as set forth In tnelr written agreement
dated May 15, 1981. Furthermore, as set forth In his lelter to Kollas dated May 29,
1981, French had already transferred to Leo Enterprlses, Inc, the $70,000 he was
holding In escrow which under the agreement of sale was "due on or before the date
of Settlement" Clearly, the Implementation of the terms of the agreement of sale of
May 15, 1981, started to move forward Immediately alter It was e)(ecuted Including
Karaglannls Instltullng monthly payments to the seller under the "Installment
Payments" provision In the agreement. Leo Enterprises, Inc, cannot now collect an
additional $33.663,46 not prOVided for under the payment terms of the agreement of
sale because the mortgage and bond drawn by Its attorney did not conform with
those terms.
For the foregoing reasons, the following order Is entered.
.16.
, ,
I,
96-421515 CIVIL TERM
96-4136 CIVIL TERM
~
AND NOW, this Ji.b. day of February, 19981 IT IS ORDERED I
(1) At 96.4255 Civil Term, the judgment entered on July 26, 19961 In the
amount of $33,663,46 In favor of Leo Enterprises, Ino, and agalnst James Karaglannill
IS OPENED.
(2) At 96.4136 Civil Term, Leo Enterprises, Ino, Ihllllltlltv Ihe mortg.g.
given to It by James Karaglannls dated February 24, 1982, and recorded In the Offioe
of the Recorder of Deeds of Cumberland County al Mortgage Book 706, Page 746,
By the Court, ,/ /
, ,
(\~
Edgar B. BayleYI J, ,
Stephen L. Grose, Esquire
For Leo Enterprises, Ino.
Mary Kallas Kennedy, Esquire
For James Karaglannls
I
:saa
, '
.17.