HomeMy WebLinkAbout96-05833
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the release, substilUtion and/or addition of collateral security for this Note. Obligor consents to eny
end ell e~tensions 01 time, renewals, waivers or modifications, as well es to the release, substitution
or edditlon of Obligors end/or collaterel security, without notice to Obligor and without effecting
Obligor's liability hereunder or under the "liabilities".
This Note Is entitled to the benefits of any loan agreementls) surety and/or guaranty egreement(s),
security agreements(s), mortgege(sl, assignmentlsL end/or other such loen documents (relerred to as
the "Loen Documents"l issued in connection with the liabilities, whether e~ecuted previously to or
concurrently with, or to be e~ecuted subsequent to this Note, end which may be amended, modified,
renewed or substituted without affecting in any way the validity or enlorceability 01 this Note.
Walrant 01 Attornev:
Debtor, and each of them il more than one, hereby irrevocably authorizes and empowers any Attorney
or any Clerk 01 any court of record prior to upon or after the occurrence 01 any Event 01 Default, as
spedfied below, to appear lor and CONFESS JUDGMENT against Debtor, or any 01 them (a) lor such
sums as ere due and/or may become due on the Liabilities, and/or Ib) in any action 01 replevin instituted
by Lender to obtain possession of any collateral securing this Note or securing any 01 the Liabilities,
in either case with or without declaration, with costs of suit, without stay of execution and with an
amount not to e~ceed lilteen 115%) of the unpaid principal amount 01 such judgment, but not less than
One Thousand Dollars 1$1,000.001. added for attorney's collection lees. Debtor 111 wolves the right
of inquisition on any real estate levied on, voluntarily condemns the same, authorizes the Prothonotary
or Clark to entar upon tha Writ 01 E~acution said voluntary condemnation and agraas that sold raal
estata may ba sold on a Writ 01 Exacution; 121 to the axtant parmittad by law, waives and releasas all
raliel from all appraisament, stey, e~amp,ion or appaallaws of any state now In lorca or heraaltar
enacted and (3) .aleases all arrors in such procaadings. If a copy of this Note. veri lied by affidavit by
or on bahalf of Lender shall have been filed in such actic~. it shall not be necessary to lile the original
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Note as a Warrant 01 Attorney. The authority and power to appear lor and enter judgment against
Dabtor shall not ba e~heusted by the initial e~ercise thereol, and the same may be e~erclsed, Irom time
to time, as olten as Lender shall daem nacessary and desirable, end this Note shell be a sufficient
Warrent therefore. Lendar may entar one or more judgments in the same or different counties lor ell
or pert of the liabilities, without regard to whether judgment hes been entered on more than one
occasion lor the same liabilities. In the event any judgment entered against Debtor hereunder Is
stricken or opanad upon application by or Oil Debtor's behell lor any reason whatsoaver, Lendar Is
haraby authorized and empowerad to again appear for and Conlass Judgmant against Debtor or any
of them, subject, however, to tha limitation that such subsequent entry or entrias 01 judgment by
Lender may only be done to cura any errors in prior proceadings, only an to the a~tentthat such errors
are subject to cure in the later procaedings.
Events 01 Oelault:
Each 01 the lollowing shall ba an "Event 01 Delault" heraunder" (1) the nonpaymant when due, or II
this 15 a demand obligation, upon demand, of any amount payable under this Note or 01 any amount
when due under or "n any 01 Liabilities, if not cured by Debtor within thirty (30) days alter baing
provided Notice by Lendar, or the lailura of any Obligor to observe or perform any agreemant 01 any
nature whatsoever with Lender, including, but not limited to, those containad in the Loan Documents
il any; (2) if any Obligor bacomes insolvent or makus an assignment for the benefit of creditors, or il
any petition 15 filed by or against any Obligor under eny provision of any stata or fe<ierallaw or statute
allegino thnt sllch Obligor is insolvent or unahle to pay debts as they mature or undor any provision of
the ledaral Bankruptcy Code. (31 the entry of any judgment against any Obligor or any 01 Obligor's
property which remains unsatisliad lor fifteen (15) days; (4) the issuing 01 any attachment, levy or
garnishmant against any property of any Obligor; (5) the occurrenca d any substantial change In the
financial condition 01 any Obligor which, in the sola, raasonable go,'d faith judgment 01 Lender 15
materially adverse; 16) tha sale of all or substantially all of the assets, or change in ownership, or the
dissolution, liquidation, merger, consolidation or reorganization of any Obligor which 15 a corporation
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or partnarship, or other entity without the o~press prior wrinan consant of Lender; (7) the daath,
Incarceration or adjudication of legal Incompetency 01 any Obligor who is a natural person; (8) il any
inlormation or signature furnished to Lender by any Obligor at any time in connection with any of the
L1abilitias, or In connection with any guaranty or surety agreemnnt applicable to any of the liabilities,
is felse or Incorroct; or (91 the failure of any Obl'oor to tillloly furnish to Lendor such financial and other
Information as Lande, may reasonably request or require. ('0) The principal advanced hereunder is
used othar than in the normal course of business of Pennsylvania Delivery Systems, Inc.
Lende,'. Rlohts Upon Delault:
Upon tho occurronce of any event of default, Lendor may do any or all of the following:
(1) l1cr.olotiJlO tho maturity of this Noto and demand illllllotHnto payment of all outstanding Principal
and accruad intarest. Debtor agrees to pay interest at tho rate provided in this Note at the time 01
accelarotion or dam and on sums advanced until Lendar has actually receivad paymant in lull thereol,
aven il Lender has obtainad judgmant against Debtor thoralor&.
(2) pursuant to the Warrant of Attorney contained herein, confess judgment against Debtor, or any 01
them.
(3) e~ercisa Lender's right 01 sat-off and all of the rights, privileges and remedies of a secured party
under the Pennsylvania Uniform Commercial Code and all 01 its rights and ramedies under any security
agreement, pledge agreement. assignment, mortgage, power, this Note or any other note, or other
agreement, instrument or document issued In connection with or arising out of any 01 the Liabilities,
all of which remedies shall be cumulativa and not alternative. The nat proceeds of any collateral held
by Lender as security lor any of the Liabilities shall ba appliad lirst to tha e~panses 01 Lendar In
preparing the collateral lor sale, selling and the like, Including, without limitation, reasonable attornay's
faes and e~penses incurred by Lender lincluding fees and e~penses of any litigation incident to any 01
the loregoingl, and second, in such ordar, as Lender may, in Its sole discration, .',ect, to tha complete
satisfaction of all of the Liabilities together with all interest thereon. Obligor waives and relaases any
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