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HomeMy WebLinkAbout00-02346 _ ,=, ,,'j ~ ' ~~ 0",< 1 No. :lCCO - ':2.2>'tlo ~ T<'fWV\ 12,24.99/4.13.00 NOTE Dated: tl;?7l/ /"5 ,droz) At: Carlisle, Pennsylvania rt $I 5') q 5'G, 00 '['5,. eo FOR VALUE RECEIVED, the undersigned Paul E. Newman of 10 Green Meadows Drive, Carlisle, Cumberland County, Pennsylvania(the "Maker"), irrevocably promises to pay to the order of the Anna E. landis of 523 South West Street, Carlisle, Cumberland County, Pennsylvania (the "lender"), the principal sum of Five Thousand Nine Hundred Fifty and 00/100 Dollars ($5,950.00) (the "loan"), upon the terms as set forth herein. Beginning the /5'/1] day of a;nl/ ,2000, and payable thereafter on the 6'1-7 of each month, principal and interest payments, amortized over Ten (10) years at Thirteen per cent (13%) per annum, will commence, with any remaining principal and interest due payable no later than Five (5) years from the Closing Date on the loan. No prepayments of principal may be made until on or after the /9'1 day of , 2003. As security for the payment of the loan, the Maker has executed an delivered to the lender a Mortgage (the "Mortgage"), which covers a certain tract of land and improvements thereon, located at 10 Green Meadows Drive, Carlisle, Cumberland County, Pennsylvania. I: of I' THE MAKER HEREBY COVENANTS AND AGREES AS FOllOWS: 1 . All the terms, covenants, conditions and provisions of the Mortgage are incorporated herein by reference and are made a part hereof, and any breach or violation thereof will constitute a breach or violation of this Note. The Note and Mortgage are collectively referred to as the "loan Documents". " ,-,-- ST'fh'i ~ 2. It shall be an Event of Default under this Note if there is an Event of Default under the Loan Documents. Upon the occurrence of an Event of Default, the Lender at its option may declare that the whole unpaid balance of the principal indebtedness, together with interest and all other sums due hereunder or secured by the Mortgage or required to be paid to the Lender thereunder, is due and payable immediately without notice to the Maker. 3. THE FOLLOWING PARAGRAPH SETS FORTH A WARRANT OF Lender FOR AN ATTORNEY TO CONFESS JUDGMENT AGAINST THE MAKER. IN GRANTING THIS WARRANT OF ATTORNEY TO CONFESS JUDGMENT AGAINST THE MAKER, THE MAKER HEREBY KNOWINGLY, INTENTIONALLY AND VOLUNTARILY, AND, ON THE ADVICE OF THE SEPARATE COUNSEL OF THE MAKER, UNCONDITIONALLY WAIVES ANY AND ALL RIGHTS THE MAKER HAS OR MAY HAVE TO PRIOR NOTICE AND AN OPPORTUNITY FOR HEARING UNDER THE RESPECTIVE CONSTITUTIONS AND LAWS OF THE UNITED STATES AND THE COMMONWEALTH OF PENNSYLVANIA. Ii 11 Ii I: I, I' Upon the occurrence of an Event of Default under this Note (of which an affidavit on behalf of the lender will be sufficient evidence). the Maker hereby irrevocably authorizes and empowers any attorney of any court of record in the Commonwealth of Pennsylvania. or elsewhere. to appear for and to enter and confess judgment against the Maker. at any time or times and as of any term. for the principal sum above mentioned. with or without declaration. with interest and costs of suit. without stay of execution. and with reasonable attorney's fees. The Maker agrees that any of its property may be levied upon to collect said judgment and may be sold upon a writ of execution. and hereby waives and releases all laws. now or hereafter in force. relating to exemption. appraisement or stay of execution, The lender hereby granted to confess judgment will not be exhausted by any exercise thereof. but will continue from time to time and at all times until the Maker has performed all of the other provisions hereof or of the loan Documents to be performed by the Maker. 4. The Maker may make prepayments of the entire principal indebtedness at any time. after December ~, 2002, without premium and without the approval of the Lender. 5. All of the covenants herein contained will accrue to the benefit of the successors and assigns, voluntary or involuntary, of the Lender. 2 [it u , . . 6. The Maker hereby waives the technical requirements of demand, grace, presentment for payment, protest, notice of dishonor or nonpayment and notice of the exercise of any option hereunder, except as notice and grace are specifically provided for in this Note or the Loan Agreement. 7. The remedies provided in this Note .and the Loan Documents or otherwise available to the Lender for the enforcement of the payment of the principal sum and the performance of the covenants, conditions, and agreements, matters and things herein and therein contained are cumulative and concurrent and the Lender at its sole discretion may pursue them singly or successively or together and the Lender may exercise them from time to time as often as occasion occurs until the Lender has been paid all sums due in full, 8. The terms and provisions of this Note are severable, This means that if any of the terms, covenants, conditions or provisions of this Note are unenforceable or invalid under federal, state or other applicable law, such unenforceability or invalidity will not make any other of the terms, covenants, conditions or provisions hereof unenforceable or invalid. If any waiver by Maker in this Note is prohibited by law, including but not limited to the waiver of exemption from execution, such waiver will be and be deemed to be deleted here from. 9. All payments being made by Borrower pursuant to the obligation under this Note shall be made payable to Lender at such address as the Lender shall provide to Borrower in writing. IN WITNESS WHEREOF, intending to be legally bound hereby, the Maker has caused this Note to be duly executed, the day and year first above written. WITNESS: ~~~ 1/ ~cAl~ Paul E, Newman 3 .~ . ~ "I ~Ii-'-,~~"",,~"",i< ,~~""" ,,~~ "'~-8r~ili~~IIili!&lt~~\Mjj,,,,,~",w-,,.'m.~~.)HI!~iIlli"" iIiiIlIiiil''''''''''' '-'._.""...".~..~ "1ll!r.Ii:irnlJbiililll ,~~.. "~~ "",." '~ ~ b; V -0 f:j:: -+:. -- ~ -!::.. (}J '-J W -.Q t+- ~ ~. ~ ':::--- ~ ~ 0 0 C:;) C C 0 J -" S ::'ll!> ::j -oCC) -0 ., -;1 nl [l! 00 , i;.::.:;.:: Z_l,_, (-'iT1 .tit 7;- ~?Z 0) CoJ I -- ( , ~ c:::c~ -,-, r;:~{ )> -, ~ :z(~, .- ':~C) )>~~ , ;-ll :z ~--; b -< :Al :is Q -< <:::J -< ffi . ,', .. r', "", . No , ~CJ::D- ';):3% ~'. ~f\'1 J Confession of JudgmentJ12.24.99 DISCLOSURE STATEMENT AND EXPLANATION OF RIGHTS CONFESSION OF JUDGMENT 1. On the date hereof, Paul E. Newman (the "Borrower") agreed to borrow from the Anna E. Landis. (the "Lender") an aggregate principal amount of $5,685.00 (the "Loan"), The Loan is evidenced by a Note, dated this date and issued by the Borrower, payable to the order of the Lender (the "Note"), The Borrower clearly and specifically understands that by signing the Note of even date herewith, which contain a confession of judgment clause, (a) Borrower will authorize the Lender to enter a judgment against Borrower and in its favor which will give the Lender a lien upon any real estate which Borrower may own; (b) Borrower will give up the right to any notice or opportunity to be heard prior to the entry of the judgment; (c) Borrower will agree that the Lender can enter the judgement prior to proof of non-payment or other default on Borrower's part; (d) Borrower will subject all of Borrower's property, both personal property and real estate, to execution (and Sheriff's Sale), pursuant to the judgment, prior to proof of non-payment or other default on Borrower's part; and (e) Borrower will be unable to challenge this judgment, should the Lender enter it, except by proceeding to open or strike the judgment, and such a proceeding will result in attorney's fees and costs which Borrower will be obligated to pay. (f) Borrower will have no opportunity for notice and to have a hearing before execution is issued on any judgment entered against Borrower, and the Lender, without prior notice and a hearing, may foreclose upon, attach, levy or otherwise seize property of the Borrower in full or partial payment of the judgment. 2, Borrower knows and understands that it is the Confession of Judgment clause in the Note which gives the Lender the rights enumerated in subparagraphs (a) through (f) of Paragraph 1 above. 3. IF BORROWER DOES NOT SIGN THE NOTE WHICH CONTAINS A CONFESSION OF JUDGMENT CLAUSE, BORROWER UNDERSTANDS THAT BORROWER WOULD HAVE THE FOLLOWING RIGHTS: (a) the right to have notice and an opportunity to be heard prior to the entry of judgment and the issuance of execution on the judgement; (b) the right to have the burden of proving default rest upon the Lender before Borrower's property can be exposed to execution; and (c) the right to avoid the additional expense of attorney's fees and costs incident to opening or striking off a confessed judgment. --> ,~ j, . , ~ . . t 4. Fully and completely understanding these rights which Borrower has prior to signing the Note (and clearly aware that these rights will be given up, waived, relinquished, and abandoned) Borrower nevertheless freely and voluntarily chooses to sign the Note. Borrower's intention being to give up, waive, relinquish, and abandon Borrower's known rights (as described in Paragraph 3 above) and subject himself/herself to the circumstances described in Paragraph 1 above. 5. The Borrower acknowledges that the annual income of the undersigned exceeds $10,000,00. Dated this /3'11-; day of _1;;:>11/ WITNESS ,~. !Jf-~ By PJr: )/~ PAUL E. NEWMAN COMMONWEALTH OF PENNSYLVANIA : 55 COUNTY OF CUMBERLAND tN ' On this, the 13 - day of Apr:..I ( , 2txtY, before me, the undersigned officer, personally appeared Paul E. Newman, known to me (or satisfactorily proven) to be the person whose name is subscribed to the within instrument and acknowledged that he executed the foregoing instrument for the purposes therein contained. IN WITNESS WHEREOF, I have hereunto set my hand and notarial seal. SEAL (\/JJ01J.JiStuA"1 NOTARY PUBLIC Address: My Commission Expires: --'- Notarial Seal ' N',ven J, Baird, Notary PUb~~nly Carlisie Bora. c."xmo?r~~a~~vC 2, 2002 My commlSSI'Jn t~ .,,--,y~ ',' ' 'r ot Notaries Member, PennsyMi.1.u , ~dJClaJOn ....' I ~~I!!i~linL . 4 . -1ILIiI~~!~~ir-I.L~-ij(idHfJiMir~'~> .> -~ iiI1wIIilIIlliI~ .Ii "'.....' o -C~; rnr"~'1 ~':,n Z;,r~~_:, U),:;"_,, %"- t2. c:' ~~-=' :~c: :z --J -. (';) o ~ 4 ;:;j - 0J n 'r ~, v .' ' -:''--' .', i ,-, .(, \~~?~ - .' ,:i) (;:: ~ , ;':J "3 r ?-: ~ ~r. :"b'to '..-' "r;r- ~r~ -::< b,~ "- ~ =".' [.1f ~O .