HomeMy WebLinkAbout97-00111
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No. 9~- J /I
Civil Term
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vs.
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Court of Common Pleas
Cumbo Co.
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ORRSTOWN BANK
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GUARANTY
The words "I","we", "me" and "my" mean each signer of this qusranty.
The words "Bank", "you" and "your" mean the Orrstown Bank and anyone
else who becomes The owner of this'quaranty.
A. BASIC GUARANTY
To persuade the Bank to lend money or give credit
to r.. S. p, Associates (the "Borrower"),
1 absolutely quarantee to the Bank that the Borrower will pay when it ia due
whatever the Borrower now or later owes you. This menas 1 will repay whatever
the Borrower owes you if the Borrower does not mske payment on time or otherwise
defaults immediately sfter you make demand on me for payment. You do not have
to aue or take any action against the Borrower or against any property you hold
as security for the Borrower's debts before enforcing thia guaranty against me.
If 1 sign another guaranty agreement for the borrower with you, the
other agreement ahall not terminate this agreement, but ahall be an additional
guaranty unless it specifically provides otherwiae.
B. INTEREST: COLLECTION COSTS
In addition to the basic guaranty for credit extended, 1 promise to pay
any interest the Borrower owes or may later owe you. 1 also promise to pay all
legal and other expenses of collection.
C. LIMITATION
At anyone time, my total obligation to the Bank under this gusranty will
be limited to One Hundred Th lrty Two Thousand Three Hundred FortydlHbaranO$ 48/1))0
1 will remain liable up to this amount (but for no more) even if you lend, money
or give credit to the Borrower greater than that amount. $132.349.48':: :
D.
NO NOTICE REQUIRED r (p
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The Bank need not get my approval or notify me if' ~ .
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1. You lengthen the time to make payment; or C ::'5.
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2. You change the manner or terms of payment; or t' ==1
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3. You aell or take any other action relating to the security you
hold for any of the Borrower's debts; or
4. You accept renewals; or
5. You accept dIfferent notes or contracts for money you lend or
credit you give to the Borrowerj or
6. The Borrower is in default.
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SHIPPENSBURG, PA 17257
TEL. (717) 532.6114
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1 underHtand
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l I will 8tll1 be Ilahle on lit
~tJurnnty If you do any or
E.
TilE DANK'S ACTS OR OMISSIONS
No act or failure to act on your part will change or lessen my responsibility
on this guaranty. Examples of acts which will not change my guaranty are in
paragraph D.
F. EFFECTIVE DATE
This guaranty will become effective upon ita delivery and acceptance by our
Bank. You will show that you have accepted this guaranty by loaning money to the
Borrower. You need not notify me of yo,ur acceptance.
G. HOW TO CANCEL GUARANTY
The Bank may continue to make loans or give credit to the Borrower based on
this guaranty until you actually receive written nolice from me telling you 1 have
conc~lled my guaranty. If 1 t~ll yvu thut, 1 will not guarantee any 10sn8 after
that date. 1 will still be liable for what you have loaned the Borrower before
1 told you about my cancellation.
II. CONFESSION OF JUDGMENT
I hereby authorize and empower the prothonotary or any Attorney of Any Court
of Record of Pennsylvania or elsewhere to a~ar for and enter judgment against
me for the :above sum, with or without ~1~ nJ with coata of suit, release of
errors, without stay of execution, and . percent added for collection feesj
and I further agree that real, personal or mixed property may be sold upon any
writ of execution as now or hereafter provided by law or the Rules of Civil
procedure governing the enforcement of judgmentsj and I waive and release all
relief from any appraisement. stay or exemption laws of any state now in force
or hereafter to be passed.
I. WIIO IS RESPONSIBLE
Although this guaranty may be signed by more than one person or company, I
understand that we are each separately responsible for the full amount of this
guaranty. Each signer intends this guaranty to bind my executor or administrator-
that is. the person or company that takes care of my affairs if I die. Each
oigner that is n company in tendo this guaranty to bind the company's su~cessors
and assigns that is, anyone legally receiving or buying the company or most of
its property.
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Guarantor(s)
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Bank hereby accepts this guarantee and in
the Borrower.
credit to
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