HomeMy WebLinkAbout97-07192
EXPLANATION OF RIGHTS
FOR CONFESSION OF JUDGMENT
A, I clearly and specifically understand that by signing a Note datad the
.JJ.n day of December, 1997, In the amount of $21,600.00, payable to In
which contains a Confession of Judgment clause:
1 . I will authorlza the Prothonotary or any attorney of any Court of
Record to enter judgment against me and in favor of Obllgae which will give
him/her/them a lien upon any real estata which I may own, Including my home; and
2. I will give up the right to any notice or opportunity to be heard prior
to the entry of this judgment on the records of the court; and
3. I will agree that Obligee can enter judgment without any proof of
non.paymant or other default on my part; and
4. I will subjact all of my property, both plJrsonal proparty and real
estatE!, to execution and Sheriff's sale, pursuant to this judgment, prior to proof of
non-payment .or other default on my part; and
6. I will be unable to challenge this judgment should Obligee
enter it, except by a proceeding to open or strike the judgmant; and such a proceeding
will result In attorney's fees and costs which I will have to pay.
B. I know and understand that It is the confession of Judgment clause In the
above described Nota which gives Obllgae the rights enumerated In sub. paragraphs
one through five of paragraph A above.
IF I DO NOT SIGN A NOTE WHICH CONTAINS A CONFESSION OF JUDGMENT
CLAUSE, I UNDERSTAND THAT I WOULD HAVE THE FOllOWING:
1.
judgment; and
The right to have notice and an opportunity to be heard prior to
2. The right to have the burden of proving default rest upon
before my property can be exposed to execution; and
3. The right to avoid the additional expense of attorney's fees and
costs Incident to opening or striking off a confessed judgment.
4. Fully and completely understanding these rights I have prior to
signing the above describad Note, and clearly aware that these rights will be given up,
, I
"
WAIVER A~D AFfiDAVIT OF INCOME
I
, In exsoutlng thIs note, obligor understands the transaction, and ~nowlngly and
voluntarily weive the right to oontest the entry of this Judgmllnt against me In cQurt I'
and do hareby consent to the antry of the Judgment by confession, Obligor further.
certified, after being duly SWorn or affirmed, that my Income on that date of execution
hereof, exceeds $10,000.00 per year.
. IN WITNEfiS WHEREOF, I have hereunto set my hand and seal the 3 ( J 1-;
dayof ~Ufl1~ ,1997.
C....... . f ..d~AJ',
Sworn ~o and subscrlbad bafore me
this ?, ~ day of \~(t~
,1997.,
~ - ~
-'(~...~ V,
, '. Notary Public .
NOTARIAL SEA~
PIITRIClAD.OI.YNlNIl<.~ PII
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