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Home My WebLink About07-076567-765- $54,000.00 February 6, 2007 NOTE f- Steve J. Yanek, Jr. and Edie J. Yanek, husband and wife ("Borrower"), hereby promises to pay to Raymond E. Diehl and Genevieve A. Diehl, husband and wife, ("Holder") of 401 Myers Road, Boiling Springs, Cumberland County, Pennsylvania 17007 his heirs or assigns, Fifty-four Thousand Dollars ($54,000.00) together with interest at ten (10%) per annum on or before one (1) year from the date of this Note or upon the sale and settlement, or rental, of the residence to be built on Lot 4 Martin Road, Monroe Township, Cumberland County, Pennsylvania, whichever is earlier. PAYMENTS. Borrower shall pay principal and interest by making one payment. If on March 1, 2008, Borrower still owes amounts under this Note, Borrower will pay those amounts in full on that date which is called the Maturity Date. DEFAULT. If Borrower does not pay the full amount of each payment on the date it is due, Borrower will be in default. If Borrower is in default, the Holder may require Borrower to pay immediately the full amount of principal which has not been paid and all the interest that Borrower owes on that amount. LATE PAYMENT. If the Holder has not received the full payment of any payment by the end of fifteen (15) calendar days after its due date, Borrower will pay a late charge to the Holder. The amount of the charge will be five (5%) percent of the overdue payment of interest and principal, if due. Borrower will pay this late charge promptly, but only once on each late payment. NO WAIVER BY HOLDER. Even if, at a time when Borrower is in default the Holder does not require Borrower to pay immediately in full as described above, the Holder will still have the right to do so if Borrower is in default at a later time. PAYMENT OF HOLDER'S COSTS AND EXPENSES. If the Holder has required Borrower to pay immediately in full, the Holder will have the right to be paid back by Borrower for all of Holder's costs and expenses in enforcing this Note to the extent not prohibited by applicable law. These expenses include, for example, reasonable attorney's fees. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER. If all or any part of the Property or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) without Holder's prior written consent, Holder may, at Holder's option, require immediate payment in full of all sums secured by this Note. NON ASSIGNMENT. This Note and Construction Agreement or any portion of them cannot be assigned without the prior written approval of Holder. Holder is under no obligation to give such consent and may withhold said consent at Holder's option. Notice, demand, presentment, or protest is expressly waived by Borrower. Borrower shall have the right to prepay all or any part of the principal amount of this Note at any time or from time to time without premium or penalty. 3iue J . Yo- nek, Jr, of al 8 South Rite. Ind Boi li ril Sprinif, PA 17007 AS IN ADDITION, IN THE EVENT OF THE DEFAULT IN THE PAYMENT DUE HEREUNDER, BORROWER DOES HEREBY AUTHORIZE AND EMPOWER THE PROTHONOTARY OR ANY ATTORNEY OF ANY COURT OF RECORD OF PENNSYLVANIA OR ELSEWHERE TO APPEAR FOR AND ENTER JUDGMENT AGAINST BORROWER FOR THE ABOVE SUM, WITH OR WITHOUT DECLARATION, WITH COSTS OF SUIT, RELEASE OF ERRORS, WITHOUT STAY OF EXECUTION, AND WITH 15 PERCENT ADDED FOR COLLECTION FEES; AND BORROWER HEREBY AGREES NOT TO MAKE ANY MOTION OR ANY APPLICATION WHATSOEVER TO ANY COURT FOR AN INQUISITION ON ANY REAL ESTATE THAT MAY BE LEVIED UPON TO COLLECT THE AFORESAID SUM, AND BORROWER VOLUNTARILY CONDEMNS SAME, AND AUTHORIZE THE PROTHONOTARY TO ENTER SAID VOLUNTARY CONDEMNATION UPON THE WRIT OF EXECUTION. BORROWER FURTHER AGREES THAT ANY PROPERTY, REAL PERSONAL OR MIXED MAY BE SOLD THROUGH A WRIT OF EXECUTION AND FURTHER HEREBY WAIVES AND RELEASES ALL RELIEF FROM ANY AND ALL APPRAISEMENTS, STAY OR EXEMPTION OF ANY STATE NOW IN FORCE OR WHICH ARE PASSED HEREAFTER. NO SINGLE EXERCISE OF THE FOREGOING POWER TO CONFESS JUDGMENT SHALL BE DEEMED TO EXHAUST THE POWER WHETHER OR NOT ANY SUCH EXERCISE SHALL BE HELD BY ANY COURT TO BE VALID, VOIDABLE, OR VOID, BUT THE POWER SHALL CONTINUE UNDIMINISHED AND IT MAY BE EXERCISED FROM TIME TO TIME AS OFTEN AS THE HOLDER HEREOF SHALL ELECT, UNTIL SUCH TIME AS THE HOLDER HEREOF SHALL HAVE RECEIVED PAYMENT IN FULL OF ALL AMOUNTS OWING HEREUNDER, TOGETHER WITH COSTS. WAIVER IN EXECUTING THIS NOTE, BORROWER UNDERSTANDS THE TRANSACTION, AND KNOWINGLY AND VOLUNTARILY WAIVES THE RIGHT TO CONTEST THE ENTRY OF THIS JUDGMENT AGAINST BORROWER IN COURT AND DOES HEREBY CONSENT TO THE ENTRY OF THE JUDGMENT BY CONFESSION. BORROWER HEREBY CERTIFIES THAT BORROWER HAS EARNINGS OF $10,000.00 OR MORE PER YEAR. Witness my hand and seal the day and year first above written. I ESS r f ^? 'Ste , Edie J. Yanek 4 EXPLANATION AND WAIVER OF RIGHTS REGARDING CONFESSION OF JUDGMENT 1. On the date hereof, Steve J. Yanek, Jr. and Edie J. Yanek, husband and wife (the "Obligor") is signing and delivering to (the "Lender") Commercial Loan Note in the principal sum of Fifty-five Thousand Dollars ($54,000.00); Suretyship Agreement for the Obligations of Other (as the same may be renewed, modified, amended, extended, restated or replaced, whether one or more, the "Obligation"). The Obligor has been advised by the Lender (and by the Obligor's legal counsel, if applicable) that the Obligation contains a clause that provides that the Lender may confess judgment against the Obligor. The Obligor has read the Obligation and clearly and specifically understands that by signing the Obligation which contains such confession of judgment clause: (a) The Obligor is authorizing the Lender to enter a judgment against the Obligor and in favor of the Lender, which will give the Lender a lien upon any real estate which the Obligor may own in any county where the judgment is entered; (b) The Obligor is giving up an important right to any notice or opportunity for a hearing before the entry of this judgment on the records of the Court; (c) The Obligor is agreeing that the Lender may enter this judgment and understands that the Obligor will be unable to contest the validity of the judgment, should the Lender enter it, unless the Obligor successfully challenges entry of the judgment on procedural grounds through a petition to open or strike the judgment, which will require the Obligor to retain counsel at the Obligor's expense; (d) The Obligor is giving up on important right to any notice or opportunity for a hearing before the Lender may request and use the power of the state government to deprive the Obligor of its property pursuant to the judgment by seizing or having the Sheriff or other official seize the Obligors bank accounts, inventory, equipment, furnishings, or any other personal property that the Obligor may own, to satisfy the Obligation; (e) The Obligor may be immediately deprived of the use of any property that is seized by the Lender pursuant to the judgment without notice or a hearing, and the procedural rules of Pennsylvania's court system do not guarantee that the Obligor will receive a prompt hearing after the Obligors property is seized; and (f) If the Obligation is the Lenders printed form of Commercial Loan Note, or Suretyship Agreement, the Obligor is agreeing that the Lender may enter judgment whether or not there is a default under the Obligation. 2. The Obligor knows and understand that it is the confession of judgment clause in the Obligation which gives the Lender the rights described in subparagraphs (a) through (f) of paragraph 1 above. 3. Fully and completely understanding the rights which are being given up if the Obligor signs the Obligation containing the confession of judgment, the Obligor nevertheless freely, knowingly and voluntarily waives said rights and chooses to sign the Obligation. 4. The Obligor acknowledges that the proceeds of the Obligation are to be used for business purposes. 5. If the Obligor is an individual, the Obligor certifies that his/her annual income exceeds $10,000.00. Dated this 6th day of February, 2007. THE OBLIGOR HAS READ THIS EXPLANATION AND WAIVER PRIOR TO SIGNING THE OBLIGATION AND FULLY UNDERSTANDS ITS CONTENTS. Steve J. ah ; Jr.(' Edie J. Yanek .? j") A a • n a a RAYMOND E. DIEHL AND : IN THE COURT OF COMMON PLEAS OF GENEVIEVE A. DIEHL, husband : CUMBERLAND COUNTY, PA And wife Plaintiff V. : DOCKET NO. 2007-765 STEVE J. YANEK, JR. AND EDIE J. YANEK, husband and wife Defendant PRAECIPE TO THE PROTHONOTARY: Please mark the above-captioned matter paid in full and satisfied. RESPECTFULLY, SgMITTED, SAIDIS, FLOWER &AINDSAY SAIDIS, FLOWER & LINDSAY ATMRNEYS•AT IAw 26 West High Street Carlisle, PA DATED: MT Robert C. SMdis, Esq. ,Attorney ID # 21458 x,26 West High Street Carlisle, PA 17013 717) 243-6222 Attorney for Plaintiff ~c' 'C-- zT t x; G+ txs CT? (J- =? rn