HomeMy WebLinkAbout98-06248
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NO. ~f . ~W Civil Term
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PROMISSORY NOTE
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~rtn"-I~)aJ
5100,000,00
" Loan Dlllel i Maturity i
05-19-1995 I 05-16-1996 I
Loan No
Call
! Cottatora! i
i Offlcor i tnl
, GLO ,
Jccumor'l! :0 .In'' oar!lc'.;'J.r !C.1n :r .4~.
Account
~."reI"lCllt ,n '''1It '5""<:11" ."". if" 'et '.""::8r'~ ..sa I)nl'l lr ~ ~:J "ot '1/"'1 ..... IC:;:I."'lC':tt'1 )1 'I'll";
Borrower: PA MILl.WORK & CABINETRY COMPANY ITlN,
Z5178:1.]531
"...0 NORTH 'IORK STREET
MECHANICSBURG, PA .7055
Lender: PNC BANK, NATIONAL ASSOCIATION
'21Z CARLISLE PIKE
CAMP HILL.. PA 17001-41174
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Principal Amount: 5100,000,00 Initial Rale: 10,000% Date at Note: May 19, 1995
PROMISE TO PAY, PA MILl.WORK & CABINETRY COMPANY ("Borrowe,'" proml... 10 pay to PNC BANK. NATIONAL ASSOCIATION
("I.ender"), or order, In lawful money 0' It,,, Unlled Slales of Amafll:,s, Ino prinCipal amount at One Hundred Thousand &. 00'100 OOllar,
(S100,OOO.00) or so much as may be oulSlancUng, togelher wlln Inlarest on Ine unpaid: outstanding prinCipal balance of each advance. Interest
snail d. calculated from Iho dlte of ea:n advance until repayment at each advance.
PAYMeNT, Borrower will pay thiS lOin In accordance wllh Ihe follOWing payment schedule:
Borrower will pay regular monlhly payments of accrtJe'd Interest beginning JUNE 16, 1995, i]nd all subsequenl interest
paymenls ara due on Ihl! sama day at aach monlh aner Ihat. Borrower Will pay Ihls loan In one payment ot all outstanding
prInCipal plus all accrued unpaid inlerest on Ihe ExplraUon Oale, Borrower may borrow, repay and reborrow hereunder
untU Ihe E,xPlrallon Oat&. sublect 10 Ihe terms and conditions 0' Inlg Nole. The "ExplraUon Oat,," shall mean MAY 16. 1996,
or SUCh latar date as may be designated by wrltlen notice Irom Lender to Borrower. Borrower acknOWledges and "grees
thai In no evenl will Lender be under any obligation to extend or renew In" loan or Ihls Noll! beyond the Inlllal expiration
Oald. In no event snail Ihe aggregate unpaid prinCIpal amount at advances under InlS Note exceed the rDCe amount 0' Ihls
Note.
lnfer'ul on Ihls Nola .s comculod In a 36Si360 'ilmole Interest casl!>; !l'1all!>. O'{ aCCIYlng: ~l'Ie ratio ollhe annualmterest rate over a year ~t 360 daY1,
mulllclled by :1'1B outstandIng ::nnClcal oalaoca, "ulfiolled oy ~M a.ctual :'1umeer of '::3YS :he pnnclcal tlalanca IS outslandfng. 3orrower 'NIlI ::ay Lender
al L.nder'!> aCdre,! snown .leave or 11 suen 'JIMr olace JS LenC::er may desl(~f"ale In 'Nnl1ng, Unless olhelWlse agreed or reQUIred !:ly aCC!lcable taw,
payments win Oe .lCPliaa firs: :0 o1ccr:.:ed ~ncald Inlerest, than 10 ofinc:cal, and 1ny remaining amounl to any unpaId ::oJ1ectlcn costs and lata Cl"larges.
VARIABLE INTEREST ~ATE. The Interest ..all! on thIS ,'Jote IS SUOlec!!o cMilnge 'rom :Ime:o time cased on cnanges in an Index whiCh IS lr.e Lender's
pnme rate (Ine ~'nclex"l, The Inclex :s a. rale ;Jer annum 1S ;JUOlic:y announced oy Lander Irem lime to ~lme as lis prime rale. The pnme rata IS not tied
10 any exterr'lill rale or Index :lnd It does not necessani'{ rel1ee! the ioweSl rale of Interest actually cnarged by 1.-ender !o any oarticular class or category
01 cuslomers. Lender 'Ntll :ell Borrower :/'19 current Index rale upon acrrower's ;act.iest. Borrower understandS thai Lender may make loans oased on
otner fares UNel1. j"r.e Inleresl rale cnange ......111 nol ocour more otten :han ~acn day. The Index currently is 9,000"4 per DnnUm. The Interest rete
to be applied to Ins unpaid prlnctpal Oalance or this Note will ~e al .1 rate or 1.000 percenlage point over 1he IndeX. resulllng In an Inltlal rate of
10.000% per annum. NCTlC2: Under no Clrcumslances wllllhe IntereSl ~ale 0:'1 :l'1IS NOle ee more tl'lan Il'Ie ma):lmum rale allowed by applicable law.
PREPAYMENT. Borrower aQrees that all loan ~aes and clhar ;Ire031d finance c~arges are earned fully as ot 11'10 date at the loan and will nol 09 SUbject
10 refund uCon early payment (wnelner vOluntary or as a reSUlt at defaUlt), excacl as Ql:'lerwisa reqUIted oy law. EJ<cept !cr Il'Ie foregOIng. Borrower
may pay 'Nllhout oenalt'( all or a portlon of Ins amounl owed 9ar1Jer ~han It IS dua, :3rl'l :JaymenlS Will not, unless agreed 10 cy Lender in wnting, relieve
Sorrower of Borrower's.oohqation:o conrrnue 10 make paymenls at a.ccrued uncaJd mterest. Ralher, Ihey WIll reduce the pnnc:oal balance due.
OeFAULT. Borrower Will '::Ie!n cefault It any of :he foll.:lwlng Mcoens: (al Bo:rower ~alls iO make any payment when due. (b) Borrower ::reaks any
promIse Borrower "as made 10 Lander, or 90rrower falis to c~mcly wlln or :0 ,erform wnen due any olher :arm, obligation, covenant, cr conditlon
conlalned In ll'~IS Nora ::r :r.ny agreement related to this ,'Jote, or in any othar ag:aamenl or loan Borrower has wlll'I Lander, (C) Any representation or
slatement maca or turmsned to Lender 0'1 Borrower or on Borrcwer's oahalf IS ~alse ~r mISleading in any malenal respect ~Itl'ler now or al the time
maOa or IUrMlSned. tC) Borrower oeccmes insolvent, J. receIver is aooolnted lor any part at Borrower's prooerT,!, Borrower makes an asslgnmant for the
bene~t of creditors. or any proceeding is commenced althar by 30rrower or agaInst Borrower under any bankruplcy or insalvenc'/ laws. (0) Any
credItor tries !o lake any ot Borrower's :Hoperty on or In ....,hlcn Lancer has a lien or secunty interest. nus inc!udes a garniShment 01 any of 3orrower's
accounts with Lender. {ll Any 01 the events C1escnced in Ihis delault section cc:urs 'N1I1'1 rescect 10 any guarantor ollhis Nole, (9) A malenal adverse
cnange occurs in Borrower's Ilnancial c::lndihon, or Lander celieves fl'1e crospec! 01 payment or performance ot !he Indebtedness is impaired.
LENOER'S RIGHTS. Upon default. Lendar may, atter gwing SUCh nolices as reQuired by acplic3.ble law. declare the 9nlire uncaid prinCIpal ::alance on
Ihl!> Note and all accrued uncald interest !mmedialelY due, and then Borrower 'Nlll pay tnat amount. Upon cefault, including failure to pay 'Jpon nnal
matunt'(, Lender. al lis oclion, may also, il permitted unOer applicaole law. increase tl'le '/anable IOterest rala on II'lIS Nole to a.coo percentage points
over !he Index. Tl'le lnleresl rate WIll not exceed ~he maxImum rale permItted b'l aCClicJOle law. Lender may rurs or pay someone else to help collect
Ihls Nola if Borrower eces nol cay, Borrower also WIll cay Lender Ihat amount. ThIS InclUdes. subiec~ 10 any limIts under 3.PClicable law, Lenc:!er's
altorne'ls' fees and Lender's legal axcenses whether or not Il'Iere is a lawsuit. JMc!Uding attorneys' fees and Ie<;al expenses for oankruplC'l proceedIngs
(incluolng eHorts 10 mOdily or vac3.re any aulomalic 'ilay or InJuncllan), ~pea.ls. and any antiCIpated posr-jucgme11l c~tJec!ion ~er'lICSS. If nol
prOhIbIted by applicable law, Borrower 31so will pay any ::ourt COSIS. in adaition to all olMr sums prOVIded by law. It judgmenl is entered in connection
wllh thIS Note. Interest 'NIIl continua to accrue on this Nola after JUdgment at Ihe Interest rate apclicable ~o this Note at tl'le ~ime judgment is entsred.
This Note has been delivered 10 Lender ilnd accepted by Lender in the Commonwealth at Pennsylvania. It there is 01 lawsuit, Borrower agrees
upon Lender's request to SUbmit to the juriSdiction of Ihe courts ot CUMBERLAND County, the Commonwealth ot Pennsylvanle. Lender and
Borrower hereby waive the rlghlto any jury trial In any actlon, proceeding, or counterclaim brought by either Lender or Borrower against the
orher, This Note shall be governed by and construed in accordance with the IlrWS of the Commonwealth ot PennsylvanIa.
l=I1GHT OF SETOFF. Borrower grants to Lencer a contrac!uaIOOSsessor'l security Interest in, and hereby assigns, conveys, delivers, pledges, and
Iransfers 1,0 Lender aU Borrow&r'S ngnt, :ille anC Interest in and la, Borrower':; accounts 'Nith Lender (wl'lell'ler cnecking, savings, or '3eme other
account), InclUdIng wllhout hmltatlon all accountS held JOlnlly wllh someone else and all aocounlS Borrower may open in tM IUlure, 9xcluding :'1owever
all IRA, Keogh. and trust acc~unls. Borrower authoriZes Lender, !o tl'le ~X1ent ~ermllted by acplicalJle law, to cnarge or '3elcff all sums oWIng on thiS
Nole agamsr any and 311 sucn account..
COLLATERAL. ThiS ,'\Jole IS 'iecured by, in adclllion :0 any Olher collaleral. a ,I..1Ol1gago dated May 19. 1995, to Lender on real procert'l !ccatad in
VCAK County. Commonwealth 01 P9nnsylvaMl3, all 1M lerms and ':::JnCltions ot wnlch are nereby incorporaled and made a part at thIS Nola.
LINE OF CREDIT, ThiS Nole evidences a revolVing !ine of credit, Acvances under :hIS Nole may be reQuested orally by Borrower or by an authorized
person. Laneer may, bu: :'leea nol, reQUire thar JlI oral requesls ::e contlrmed In wnUng. All communlcalions, tnslructlons, or eiracllons by leleonon~ or
alher-...ise 10 Landar are to oe r1lrec:ed to Lander's omca shOwn JOO'le. rhe tOllowlng ;:lart'{ or ;:lartles .ve aulhcrt;::ed 10 reQuest advances under the hne
;;t .::edlt unlll ~:H~der 'scei'/9S 'rom 3cr~.J.....er al Ldnder'~lddrass :ino.....n JOCV9 ',vr~:~en nOlrce 01 revocallon oflMlr JUll"lOnty: DOUGLAS l.. BUSHMAN.
Exhibit "A"
PNC BANK. NAT ll1NAl. ASSO(' 1 AT I oN. :
Plctintiff
I N Till,: ('( HlliT ()j.' (")Mt'oON i'l.I-:A~;
______''_ "'__.._ COllNTY. PENNSYLVANIA
v,
NO.
PA MILLWorlK & CABINETHY
COMPANY,
IJdenddllt
CIVIL ACTION
LAW
VERIFICATION
I, Eric D. Krimmel, Assistdnt Vice President, for PNC Bank,
National Association, a national association, being authorized to
do so on behalf of PNC Bilnk, Nationill Associiltion, hereby verify
that the statements made in the foregoing pleading are true and
correct to the best of my information, knowledge and belief. I
understand that false statements herein are made subject to the
penalties of 18 Pa. C.S. Section 4904, relating to unsworn
falsification to authorities.
PNC BANK, NATIONAL ASSOCIATION
Date: /'1 r/i'
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By: I
Eric D. Krimmel
Assistant Vice President
PNC BANK, NATIONAL ASSOCIATION.: IN THE courn OF' COMMON PLEAS
Plaintiff CUMBERLAND COUNTY, PENNSYLVANIA
v.
NO.
PA MILLWORK & CABINETRY
COMPANY,
Defendant
CIVIL ACTION - LAW
CERTIFICATE OF ADDRESSES
I hereby certify that the precise address of Plaintiff, PNC
Bank, National Association, is 4242 Carlisle Pike, P. O. Box 8874,
Camp Hill, Cumberland County, Pennsylvania 17001-8874; and that
the last known address of the Defendant, PA Millwork & Cabinetry
Company, is 114 -D North York Street, Mechanicsburg, Cumberland
County, Pennsylvania 17055.
Respectfully submitted,
SAIDIS, SHUFF & MASLAND
Date: ( r,/.,,/crc,4
!J'~ f) /0 n
By: :J; " ('" //~.r-~r,-
Ka I M. Ledebohm, Esquire
Supreme Court ID #59012
2109 Market Street
Camp Hill, PA 17011
(717) 737-3405
Attorney for PNC Bank, National
Association
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