HomeMy WebLinkAbout97-00395
I 9,919.45
PROMISSORY NOTE
llt~~
R~f'hJlrri ~
Arllor
lO.ln.
D,'ed _!t.'!!."',
, 19-5!5
13,
01 --l44~,u....-lload-r-Ca~.. PA
J 4<-~
1791] {l.,t.l L...4'l
''"''....~\
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Debtor 01
FOR VALUE RECEIVED AND INTENDING TO BE LEGALLY BOUND HEREBY, the person or persons who sign as debtor below (each joinlly and severally liable if
more than one person and hereinaller referred to as "Debtor"), promises to pay to the order of Orrstown Bank ("Lender")
at any of Lender's branch offices,
the Principal sum of ~in. Tllousand Nine Hun~_n-an.J...J8.l-l{}O
in lawful money of the United States, to be paid as follows:
Dollars
Principal payable on demand, together with accrued interest then outstanding, but if no
demand is made by Lender, then Principal and interest paynble in 36 equal montly installments
of $327.06 each, commencing on the 13th day of April, 1995, and continuing on the 13th day of
each month thereafter and one final installment on the 13th day of March, 1998. Any increase
or decrease in the ijmoutn of iPte(~i~tbdue %~uae~bY ea~ly or late payments will be reflected
in the fi al QS all nt, whi h wi~ e m .tie ac 0 uin 1 .
Interest from the irate of ~IS ~ote sWa11 accrue on ~e unpal Principa7 a ance ereoFatlhe rafe 6r 2.00% per annum above the
reference reate desiRnated by Lender from time to time as its Prime Rate.
THE PROVISIONS ON THE REVERSE SIDE ARE PART OF THIS NOTE.
Debtor has duly executed this Note the day and year first above wrillen and has hereunto set Debtor's hand and seal.
{IHOlVI OEBTOflISl SIGN BEL~ ICORPORAIION 011 PARTHERSliIP omORISI SIGN BELOW!
. .L.I/',
ichard E. A er
and shall be payable
with each principal payment as billed.
SECURity UlTUUT: As stCUflty lor the prompt p'wmenl lS.oo filhen dutol,lI.mounts due under thl$ Note,
includlnl.ny renew';', ulenSlOflS .OO/or modlflc.hons IhtlKlI, lorelhtr WIth III olllet fllSlinl.nd lulur!
hbdltltS.oo Db/li.lIons 01 Debtor, or Iny ollhem, 10 lender 'Ilheltler I~ule or contlntfnl ol,ny n.ll11t
whatsoever .nd out ol.h.lt'ltr I,.nuchons If"'"l (herem,l1er collKtlvely referred 10 IS the "ltlbdrtltS'1.ln
.ddlhon 10 Iny olhff SoKunty IlretmenfOf documenllf.nllnalender.ny nlhls In IllY olObhlOf" rObheor",
IS ustd htrtln, sh.lIlnclude Debtor and ,II othtf penons hable. fllher I~uttly 01' tonlJnltnlly, on the
It.b1hlltS, Includml tndor~rs. surttltS .00 aumntonl property lOllhe' purpose 01 secullnllht L.,bMlfl,
Dbltit\llCknowledltS Lendtf's rllhl 01 WI-oft and lur1hef htreby l'ants to Lender. hen and securlly IOlerntlO
Ind 10 all property 01 Ob/leor. Of any ollhem, wtllch at any IlIne Lender shaQ hlYe 10 Its posWUlOn. Of ",hIC" ~ 10
t"n~llo II. IncludlOlwrthout hmllJlion any balance or share btIGnllOlltl DbhlOf. 01 any ollhem. ol.ny
depos,l.'rency.lfuSlescIOwOI olheraccountor Kcounls",llh Lender and an YOlher amounts ",hlch may be
OWIOI 110m lime 10 lune by Lender 10 Obl/EOr. Of any ollhem Slid hen .nd secUllly IOterest sh.1l be
Independenl ollendtl's nlhl 01 ttl-oll. whICh. II ewmed. shaU be deemed to occur al the lime Lender IIIlt
reslrlCts mess 01 ObhROf to property In hnder's pos1tSilOfl. allhoulh such sel-oft may be enlered upon
Ltndef'sbooksandltcofdsalalilerbme
o II ChKked, Debtor 'lfteS ItIIt IhlS Hole IS a lenewal olllle PromISsory Hole d.aled
.19_.ar.dlh.alwhflheIOfnotaddltlOOallunchafeadvancedhtfewllh.
Ihls Nole IS nollOlended 10 crule a totally new debt II Lender WIS lIyen a purchase money Of olhff securlly
101~'tsllO connecbon wllh lhe prior PfomlSsory Note, Ih.al security IOlernl sh.1I be reulned by LendellO
connection wlIh thIS Hote.
UIICONOITIONAlllABllITY: Db/llOf's h.ablhly sh.all be uncondltlOn,l Ind wllOOuI rtllfd 10 Ihe IlIblMy 01 Iny
other DblllOf, Ind shill not be Iflteled by Iny Indullence. ellenSlOn 01 lime. renewll. wl.yer or modlrltlhonol
thiS Nole, OIlhe lelelW. subslitubon Ind/or addition 01 coUllml SKUFlly IOf Ihls Hole DbhlOr consents to Iny
Ind III ellenSlOnl 01 lime, lene.,ls. Wl,vm Of mocMlCallOns. IS weU IS 10 Ihe lele.ase. subslllutlon Of addlbon
01 Dbtll1lll Indlor collllml SKunly, wllhoul notice 10 Ob/IIGI Ind Wllhoul IfltellOl Db/IIOI'S h.blllly
llereundefOfunderlhelllbllll1f1
thlsHotel1entltledlolhebenelilsollOykllnllreemenllsl.surelylnd/OfIUlflnlyllleemenl{sl.stCuflly
Ilrffmenllsl. mortlllelsl. JSSllnmenllsl. Ind/or olhef such loin documents lreferred 10 IS Ihe "LGln
Documents"JIssued 10 conneclion wllh Ihe lilbllllles. whether elteuted PlfYlOUsly loor concurrently wrth. Of
to be elKuled substQuenl 10. IhlS Hole. ,nd .hlCh mlY belmended, looMed.lene.N or subslrtuled wllhoul
ItlecllnllnlnywlylheYlhdllyorenlOfcublrtyollhlSHole_
MilTS Of DEfAUlt; hch ollhe 100Iowlnl sh,n be In ~[ytnl 01 Deflutl" hereunder: III Ihe nonpayment
when due. or II Ihls IS I dem,nd Ob/Illllon. upon demlnd. ollny Imounl paYlble under Ihll Nole or ollny
.mounl when due undef or on Inyol lhelllblhllfS.Oflhel,llureol,nyObhrorloowrveOl perlOfmlny
Ilfttmenl ollny nllure wh.atsotYff .Ith lender. Includlll&, bul nollLmlled to. lhose ConUII~ 10 the lGln
DocumenlS; {2111,ny ObllKOr bttomn InsOOenl or m.akes.n uSll'lmenllor lhe bentlll 01 credllors. Of Illny
pellllon IS Med by or IlllnS!lny OblrlOl unde, Iny plOYISIOn ollny sule Of ledellll,. Of slllule IlIellOllhll
such Db/IROr IS IOwyenl 01 unlble 10 PlY debts n Ihey m.alure or under Iny prO'l'l\lOn ollne Fedml
B,nhuplcy Code.l3llhe enl,y ollny Judl/;menlllllOst InyDblliOl' or ,ny olDblll/;or's Pfoperty whICh lem.ams
unuhshtd lor Mlffn 1151 d.ays; 1411ht InulOl ollny IlIlChmenlleYY or Ilfnlshmenlll/;.msllny properly 01
.ny Oblll1l'; 151 the occurrence ollny subslln!111 chinle In lhe Iln.nCI.al cond/bon ol.ny Dbll&OIwhlCh. In lhe
sole. ruson,b1t loocIllllh ludlment ollender 1\ Il\ltefl.l1y Idyerse. (51 the salt 01 ,1101 substlntlllly,1I 01 Ihe
luttS. or chinle In o.nmhIP. Of Ihe dluoluoon. hquldlhon. mefltr. consohcl.atlOn or rtorllnlllllOn ollny
Dbl1ear whICh,s I corpor.tlOn Of Plr1nenhlp. wtlhouttlle elf)ftU ptlOt' wliften consenlol Lender. 111 1!'Ie dellh.
InulCfflhon Of IdIU(hclbonolltllllflcompelence ollny OblllOl who IS' OIlu,,1 penon.ISllllny mlOfm.lIon
01 sllnltulelurnrshtdlolendel by ,nyDb11Io, II Iny lime In conn<<bon wllh'nyollheLllbI~lles.or In
conntCbon wrlh Iny lumnly 01 surely IllttmenllpphClble 10 Iny ollhe lllblhtlfS.11 l.lse or InCOfltel; Of 191
lhe l'llure ollny Dblll'Of to timely lurnl\h 10 Lrnder such hnlnCI.aI,nd othef InlOfm.ahon IS lendel mly
Ifnonl,*, 'fqUt11 01 ffqUlft
,"me
Nlme
LHS1620(0987)VER-8
UNDER'S RIGHtS UPON DEFAULT: HotJiltlhstln:llOl.nylhinalolheconlflfY ronl.amtd herem Of tlstWhtre.
orlhe IICIlhl1 OtbtOf m.ay be ffqUlfed to m.ke PnfIClpal.nd/Of Inlerest Plymfllh ffom lime 10 bme. If Ihls
Hole IS PlYIb/e upon dem.nd. Lendtf m.ay demlnd plyment 01 all oulmndlna PnnClpal,nd ",rLled Inltrtsl
Illny lime. "helher Of not In ['lfnt 01 Dellu~ sl1JII hIVe occurred In Iny f'r'enl upon ItIe occurrence ol.ny
[vent 01 DellulI. Lender mJy do Iny Of In ollhe IoIIow'"l:
III Icceleule Ihe malurlly ollhn Hole .nd demlnd Immedllte payment 01.1t oulslloolnl Pnnclpjllnd
ICClued mternt Debtor '11teS 10 pay Inltrest It lhe ule prOVided In th,s Note on III weh sums unbllender \.......
hIS ICIUllly lectlyed plymenl In lull Ihertel. evtfl Illendef his Obtllnt'd ludlmenllllmst DelltOf thelelOl'e. ~ 1
121 pursulnt 10 the Wllllnl 0_1 Attomey conlJlned hffelO. conlfS] ludlment 1IIIOSt Debtor, or Iny ollhem ~
131 elerClse Lender's 'ILhI 01 ttloll,nd III ollhe fllhts. prtVlltltS Ind remedies oll secured party under Ihe ~
Pennsyl"nll UnllOfm CommercIII Code .nd .11 ollis rl(hU Ind rtnledlfS undtr Iny securlly Ilreemflll,\\..
pltdle 'Ireemenl.lSSllnmenl mort(llt, powrer. thIS Note Of Iny othel note. Of Olhtr IIIeemenl.lnstlumenl Of r
documenllSsutd In connectIOn .rth Of IIlSlnl oul ollny ollhe LllbllJlIfS. III 01 which remedltS wit be
cumul.ahve Ind nol &Ilernlbye_ The net p1ocft'ds of .ny coIl,teral htId by lender IS wcunly lor Iny oIlhe
ll,blhtlts 11'1,11 be ,pplltd Iltst to lheelpensesollendef 10 preplllnlthe coI1JltI,1 IOf illt'. ielhnllnd the ~~.
mcludlnt Wllhoul bmlllhon. rusonlble Ittorney'S tees and elpenstS Incurred by ltnder llOCloolOllees Ind l
elpensel ollny IrtllllJOn Incldenllo Iny ollhe 10rfiOlnll, Ind SKond. in such Ofder, IS Lender m'Y.ln Its sole ~ :
dlstrellon. eltel. 10 the complete SltlsflCbon 01.11 01 the IJlbllltIes tOCfthe1 WIlh IU IOterest lherton. Obllp ~ :
WllYes Ind reluses Iny 11&h1 to rfqulre lendtf ltl collect Iny 01 the lllblbll6 to lendtt' 'rom Iny other I
colt,ter.al under Iny Iheory 01 mlfih.llllOl ollSWIS Of otherwlSe..nd speerlally lulhorlles lender to 'PM '<')
Iny coll.le,,11tI "hlCh Dbhrol hnlny 'Ilhl, !llle Of mlelest '1.lOsl.ny oftheObllp'S lllllrbbn 10 Lender In rt
Inymlnnerth,tLendelmaydettfmIOf.
141 Upon lIve 151 d,ys ."tlen nollce 10 Dtblol'. belln Itclulnlmletesl, In additIOn to the mlelest provided lot ::::t---
lbove. II Iny, II Illle not ltl tacted lour percenll.'1 pet Innumon the unpaid PrIl'lOpal bllance; ptDV1dtd, Q,
ho.ever,lhlt no Illlelest shllllCCfue Mteunder lMICtSS ollhe m"lmum lmounl ohnltrestthtfll11owtd by ..........
liw. DebtOf IlrefS 10 pay such ICCrued lOteresl upon demand.
WARRANt OF AnORNEY: OebIOf. Ind elCh ollhem If more tl1Jn one, hereby UleVOCibly lulhorllfS Ind
empowers Iny Allorneyor Iny Cler~ ollny cour1 01 recOld pllOf 10, upon<< liter ItIe occuHenceollny EytI\l of
Dellult. n specified Ibove.lolppelllOf Ind CONFESS JUDGMENt '1,lnsl Oebtof, or Iny 01 them. I') lor such
sums n lie due Indlor m.y btcome due on Ihe lllblhbeS, Ind/OIlbl 1ft any.cbon ol repleVIn Instltuled by
Lendelloobl,lnpoS1tSSlOnollnycollilmlsecunnllhllNoleOfSKunnllnyoI the lllblhbes, In erlher cu.
wllh Of wlthoul decYllhon, Wllh CMlsol suit, without suyol elKubon Ind WIth.n .mountnottoeltted IIlleen
percenl(lS\1 01 Ihe unpaid pllnClpallmounl ol such ludlmenL but not less thin One Thousand OonJIS
1$1.000 OOI.ldded lor IlIolney'l coIledlOn lees. Debtor. Illwllves lhe nallt of mquISIlIOn on Iny rut esble
leVied on. voluntJllly condemns Ihe ume. 'UttlOrUes the Prothonotary or aer~ to enter upon the Writ or
[IKullOn Slid yolunlJlY condemnlhon Ind IlretS Ih,l said lulestale mlY be sold on I Will of becutJon;
l2Ilo the ealenl permitted by l.a.. wllvn Ind leleases 111 ,tlltl from a.,ppr,lstmenl sUY. eJemptlOn or
Ippelll,WS ollny sllle OOWIO IOfce or hertlltel eOlcted; Ind 131 relelses allUOl'S in weh procetdlOfS.1l a
copyollhlsNole.yellllfdbyllhdlYllbyDfonbehll,ollendershJlIh.....bHnflledInsuchlCtlOfl.llshdnol
be nKesury 10 hie Ihe 01111011 Hole IS I Wlltlnt 01 Attolney. The luthorlty Ind powtl tolppelf IOf Ind enttr
ludlmenl Il.aIOSI Debtor shill nol be elh,uSled by the In....1 eltrtlSl lhefeol..nd the same mlY be tltrcised,
!rom lIme lollme. as ollen IS lender shill deem flf(euary Ind dMlrable.lnd thIS Note shill be. sutfant
Wllflnllhelelore Lender may enlel one Of lIlOfe ludlments In lhe same ord,tferenl counlles lor In Of Plrlol
Ihe LllbllItles. w~houllellfd 10 whethtllOOlmenl I1Js betn enltred on more INn one OCClSlOn 101' the same
ltlbllllles In Ihe evenllny ludlrnenl entered Illinst Debtor hertunder isstncken or opened upon lpt'klboI'l
by 01 on OeblOl's beh,lt lor Iny ruSOfl whllsotYtl,lende, IS hereby .uthonled.nd tmpowertd to allin
Ippe.af lor ,nd Conless Judlmenlll,inst Debtor Of Iny 01 them; subject. howtvtf, lathe ~1NtItJon thltsuch
subseQuenl enllY 01 enlun olludlmenl by lende, mI, only be done to CUI' any erroB in prior proceedinp.
only Ind to lhe ealenllh,l such trrors lit subttcllo cure III the lalet prOCI<<ltnp.
(SEAl)
lStIlI
Nlme 01 Corpor,tlon 01 Plrtnershlp
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Nlmtlncllillt
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Altnt
Name Ind hlle
lOOIlPCflAlEst\ll