HomeMy WebLinkAbout97-04626
I
,
IiI , J,
, , I
1
\
,
,
tI,.'1/p;}' ,
No. ar" Term
i!
, I
~ ~~'1..& ~Y:.
/"
I
I
!
,
I
vs.
.
.X;t.i~~"''' A~A~
COurt Of Common Pllas
Cumbo Co.
}'i
,
i
,
I
I
"I
"
4'
"
,I
1'1
"
,I
ii,
"
, ,
~
......l... .~,~._.
.;.. .,'
~h I./t"J6 (}(,,/0{."""'t
,.
, .
~ I -,!)l)!) .)1)
I'ROMISSORY ~on:
FOR VAl L E RECEIVED Jnd int~nding to b~ I~gally bound, GIUSEPPE RUSSO, of
~::l) Mark~t Str~ct, Lemoyne, Cumbcrland County, Pennsylvania (hereinafter "Obligor"), promise
to pay to LA FONT,\NA, INC., a Pcnnsylvania business corporation with its principal office
located at 50 I Limestone Road, Carlisle, Cumberland County, Pennsylvania (hereinafter
"Obligee"), the sum of Fitleen Thousand Dollars ($15,000,00), lawful money of the United States
of America, together with interest at a rate of Eight and 25/100 percent (8.25%) per annum on
the unpaid principal balance from the date of this Note until all outstanding amounts due
hereunder have been paid in full, the same to be payable in three installments of Five Thousand
and no/IOO ($5,000.00) Dollars each, payable on or before December 31, 1996, December 31,
1997 and December 31, 1998, plus any interest accrued thereon as of the date of the payment at
the rate of Eight and 25/100 (825%) percent. Seller agrees that if, on December 31, 1998, the
entire $15.00000 has not been paid in full, togeth~r with any unpaid interestthel'eon, Seller will
rcn~gotiat~ the terms lor the payment of the balance of this amount. said renegotiated terms
however. to provid~ that all amounts du~ under this paragraph, plus any accumulated interest
thereon, must be fully paid on or before May I. 1999 Further. such promise to pay both principal
and interest is subject to all applicable terms and provisions of the Asset Sale and Purchase
Agreement, dated April,LL. 1996. and any addendum thereto entered into by and between
Obligor and Obli!!ee
In the event that Obligor is in breach of any of the terms and conditions set forth in the
above-mentioned Asset Sale and Purchase Agre~ment, Obligee may then demand full payment
under this Note. together with interest from the dat~ of demand at a rate of Eight and 25/100
percent (8.25%) per annum on the then outstanding principal balance due to Obligee from
Obligor. Obligor may prepay in whol~ or in part any portion of the principal or interest due
hereunder without penalty at any time Any and all payments hereunder shall first be applied to
any interest due hereunder and then applied second to any outstanding principal payment due
hereunder
In the event any of the aloresaid payments of principal and interest shall become overdue
for iI period in excess of lifteen (15) days, Obligor shall pay to Obligee a "late charge" of live
, ,
, ,
",
t,
,I
\~ ~ f? 1.0 q
~ -oJ
r. iT!:' '/
~.,,- .
fl".,1 ,.1 1.[1
)1 I' "("
. 1/ r" :I~
1:,1 ;' '....
~ ..' , "
'^ I ~ ( '~
" '" , "
V\ ~ , ~ . . J'~
-..J J' , Ei ' .f,
',>
" .. :,.,
~ ~ 'J ~. , ~~
- .<; 01
",
,I
,
"
'I
"