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'/11f- I{ 7 ( ('-~~~cL
$55,000.00
Mmh J. 1995;
PROMISSORY NOTE
Without defalcation, for value received, RONALD ERDMAN and SANDRA ERDMAN,
his wife, the undersigned, hereinafter called maker, jointly and severally
promise to pay to the order of CAPITAL CONSULTANTS, INC., its successors and
assigns, the sum of Fifty-Five Thousand ($55,000.00) Dollars with interest at
the rate of Ten (10%) percent per year. For the first five years payments
shall be monthly in the amount of $530.77 interest and principal per month.
Payments shall commence April 3, 1995 and are due on or before the third of
each month thereafter. On March 3, 2000 Maker shall pay to CAPITAL
CONSULTANTS, INC., its successors and assigns, the full amount of principal
and interest then remaining, without demand on the part of CAPITAL
CONSULTANTS, INC., its successors and assigns. The full amount of principal
may be prepaid in full or in part at any time prior to March 3, 2000 by
tendering the full amount of principal and accrued interest then due.
In the event that any payment is late by five days or less, a late penalty
of ten (10%) of the installment due shall be added to the payment. Any
payment more than five days late shall be an incident of default as described
below.
The events of default hereunder include but are not limited to: 1)
failure to pay any installment of principal or interest when due and 2) the
doing of any act which impairs or which indicates that the obligations of the
Maker to make payment will be impaired, including but not limited to the
application for appointment of a Receiver, the making of a general assign~ent,
the filing of a VOluntary or involuntary petition in bankruptcy, the death of
Maker or any act of insolvency by the Maker.
r,
In the event of default hereunderj (1) all the aforesaid liabilities
shall, without notice at the option of CAPITAL CONSULTANTS, INC. or holder,
become immediately due without demand for payment thereofj (2) the waiver of
any default, or the remedying of any default in a reasonable manner, shall not
operate as a waiver of the default remedied or any other prior or subsequent
defaultj (3) all parties to this note assent to any extension or postponement
of the time of payment or other indulgence and to any substitution, exchange
or release of collateral or other parties granted or permitted by CAPITAL
CONSULTANTS, INC. or holderj (4)AlL PARTIES HERETO INDIVIDUAlLY AND JOINTLY
AND SEVERAlLY AUTHORIZE AND EMPOWER ANY ATTORNEY OF ANY COURT OF RECORD OF
PENNSYLVANIA OR ELSEWHERE TO APPEAR FOR AND ENTER JUDGMENT AGAINST THEM FOR
THE ABOVE SlIM OR ANY INSTAlLMENT IF NOT PAID IIHEN DUE, WITH OR WITHOUT
DECLARATION, WITH COST OF SUIT, RELEASE OF ERRORS, WITHOUT STAY OF EXECUTION
AND WITH 15 PER CENT ADDED FOR COLLECTION FEES, AND WAIVE THE RIGHT OF
INQUISITION ON ANY REAL ESTATE THAT MAY BE LEVIED UPON TO COLLECT THIS NOTE,
AND DO HEREBY VOLUNTARILY AGREE THAT THE SAID ESTATES MAY BE SOLD ON A WRIT
AND HEREBY WAIVE AND RELEASE AlL RELIEF FROM ANY AND AlL APPRAISEMENT, STAY OR
EXEMPTION LAWS OF ANY STATE, NOW IN FORCE OR HEREAFTER TO BE PASSED.
This Note is to be interpreted under the laws of Pennsylvania and all
references to the singular include the plural. Presentment for payment,
protest and notice of dishonor hereof are waived by all parties hereto both as
to this note and any collateral held hereunder.
MAKER
,,"1:f!#? .,'7 /0'
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Y.ju. _ Y ta,.,.
WITNESS '
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<7f~;h; / ,'(~l-<- (SEAL)
RONALD ERDMAN
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WITNESS
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S/l.NDRA ERDMAN
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CN)LR- ,)/1 170 Z-tj-
(SEAL)
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