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PENNSYLVANIA STATE BANK,
Plaintiff
V.
JAMES LETT COMPANY,
t/a LETTS CAMERA SHOP
WILLIAM D. MORROW and
LINDA M. MORROW;
J. ROBERT MORROW and
ERNESTINE S. MORROW; and
LETT'S INCORPORATED,
Defendants
4 ?•
IN THE COURT OF COMMON PLEAS
CUMBERLAND COUNTY, PENNSYLVANIA
NO. 99- yyOP6 el u t c?-?2
CIVIL ACTION-LAW
IN CONFESSION OF JUDGMENT
FOR MONETARY DAMAGES
TO: JAMES LETT COMPANY, t/a LETTS CAMERA SHOP
You are hereby notified that on the oCS?t day of
1999, judgment by confession was entered agains you,
jointly and individually for monetary damages in the amount of
Twenty-seven Thousand Ten and 40/100 Dollars ($27,010.40) together
with interest from July 13, 1999, plus costs in the above-captioned
case.
Date:
If ( _( - ' Prdthonotary Q`
YOU SHOULD TAKE THIS PAPER TO YOUR LAWYER AT ONCE. IF YOU DO NOT
HAVE A LAWYER OR CANNOT AFFORD ONE, GO TO OR TELEPHONE THE OFFICE
SET FORTH BELOW TO FIND OUT WHERE YOU CAN GET LEGAL HELP.
Cumberland County Bar Association
2 Liberty Avenue
Carlisle, PA 17013
(717) 249-3166
I hereby certify that the following is the address of the
Defendants stated in the certificate of residence:
James Lett Company
t/a Letts Camera Shop
875 Market Street
Lemoyne, PA 17043
Bruce D. Forema
PENNSYLVANIA STATE BANK,
Plaintiff
V.
JAMES LETT COMPANY,
t/a LETTS CAMERA SHOP
WILLIAM D. MORROW and
LINDA M. MORROW;
J. ROBERT MORROW and
ERNESTINE S. MORROW; and
LETT'S INCORPORATED,
Defendants
4 ••
IN THE COURT OF COMMON PLEAS
CUMBERLAND COUNTY, PENNSYLVANIA
NO.
CIVIL ACTION-LAW
IN CONFESSION OF JUDGMENT
FOR MONETARY DAMAGES
TO: WILLIAM D. MORROW and LINDA M. MORROW
You are hereby notified that on the 2629 day of
,1999, judgment by confession was entered against you,
jointly and individually for monetary damages in the amou.it of
Twenty-seven Thousand Ten and 40/100 Dollars ($27,010.40) together
with interest from July 13, 1999, plus costs in the above-captioned
case.
Dater _Qt'_ -/9 9 Prothonotary
YOU SHOULD TAKE THIS PAPER TO YOUR LAWYER AT ONCE. IF YOU DO NOT
HAVE A LAWYER OR CANNOT AFFORD ONE, GO TO OR TELEPHONE THE OFFICE
SET FORTH BELOW TO FIND OUT WHERE YOU CAN GET LEGAL HELP.
Cumberland County Bar Association
2 Liberty Avenue
Carlisle, PA 17013
(717) 249-3166
I hereby certify that the following is the address of the
Defendants stated in the certificate of residence:
William D. Morrow Linda M. Morrow
1150 Sidensburg Road 1150 Sidensburg Road
Mechanicsburg, PA 17055 Mechan' sburg, PA 17055
PENNSYLVANIA STATE BANK, IN THE COURT OF COMMON PLEAS
Plaintiff CUMBERLAND COUNTY, PENNSYLVANIA
V.
JAMES LETT COMPANY, NO.
t/a LETTS CAMERA SHOP
WILLIAM D. MORROW and
LINDA M. MORROW;
J. ROBERT MORROW and
ERNESTINE S. MORROW; and
LETT'S INCORPORATED, CIVIL ACTION-LAW
Defendants IN CONFESSION OF JUDGMENT
FOR MONETARY DAMAGES
TO: J. ROBERT MORROW and ERNESTINE S. MORROW
You are hereby notified that on the .0&1& ay of
judgment by confession was entered against you 199
individually for monetary damages in the amount of Tw1r and
-seven
Thousand Ten and 40/100 Dollars ($27,010.40) together with interest
from July 13, 1999, plus costs in the above-captioned case.
Date:
r thonotary
YOU SHOULD TAKE THIS PAPER TO YOUR LAWYER AT ONCE. IF YOU DO NOT
HAVE A LAWYER OR CANNOT AFFORD ONE, GO TO OR TELEPHONE THE OFFICE
SET FORTH BELOW TO FIND OUT WHERE YOU CAN GET LEGAL HELP.
Cumberland County Bar Association
2 Liberty Avenue
Carlisle, PA 17013
(717) 249-3166
I hereby certify that the following is the address of the
Defendants stated in the certificate of residence:
J. Robert Morrow Ernestine S. Morrow
105 South Stoner Avenue 105 South Stoner Avenue
Shiresmantown, PA 17011 Shiresmantown, PA 17011
Bruce D. Foreman
I
PENNSYLVANIA STATE BANK
Plaintiff
V.
JAMES LETT COMPANY,
t/a LETTS CAMERA SHOP
WILLIAM D. MORROW and
LINDA M. MORROW;
J. ROBERT MORROW and
ERNESTINE S. MORROW; and
LETT'S INCORPORATED,
Defendants
TO: LETT'S INCORPORATED,
IN THE COURT OF COMMON PLEAS
CUMBERLAND COUNTY, PENNSYLVANIA
NO.
CIVIL ACTION-LAW
IN CONFESSION OF JUDGMENT
FOR MONETARY DAMAGES
You are hereby notified that on the o v day of
1999, judgment by confession was entered against ou,
jointly and individually for monetary damages in the amoun of
Twenty-seven Thousand Ten and 40/100 Dollars ($27,010.40) together
with interest from July 13, 1999, plus costs in the above-captioned
case.
Date:
r thonotary
YOU SHOULD TAKE THIS PAPER TO YOUR LAWYER AT ONCE. IF YOU DO NOT
HAVE A LAWYER OR CANNOT AFFORD ONE, GO TO OR TELEPHONE THE OFFICE
SET FORTH BELOW TO FIND OUT WHERE YOU CAN GET LEGAL HELP.
Cumberland County Bar Association
2 Liberty Avenue
Carlisle, PA 17013
(717) 249-3166
I hereby certify that the following is the address of the
Defendants stated in the certificate of residence:
Lett's Incorporated
875 Market Street
Lemoyne, PA 17043
Bru a D. Fore
PENNSYLVANIA STATE BANK,
Plaintiff
V.
JAMES LETT COMPANY,
t/a LETTS CAMERA SHOP
WILLIAM D. MORROW and
LINDA M. MORROW;
J. ROBERT MORROW and
ERNESTINE S. MORROW; and
LETT'S INCORPORATED,
Defendants
IN THE COURT OF COMMON PLEAS
CUMBERLAND COUNTY, PENNSYLVANIA
NO. 99- V7' PC) l[ U l 1
CIVIL ACTION-LAW
IN CONFESSION OF JUDGMENT
FOR MONETARY DAMAGES
Pursuant to the Authority contained in the Warrant of
Attorney, a copy of which is attached to the Complaint filed in this
action, I appear for the Defendant and confess judgment in favor of
the Plaintiff and against Defendants, jointly and individually, as
follows:
Principal $ 24,010.40
Fees $ 3,000.00
Costs 14.50
TOTAL $27,028.90
Attbrnelr fcr YgfAdants
I
PENNSYLVANIA STATE BANK,
Plaintiff
V.
JAMES LETT COMPANY,
t/a LETTS CAMERA SHOP
WILLIAM D. MORROW and
LINDA M. MORROW;
J. ROBERT MORROW and
ERNESTINE S. MORROW; and
LETT'S INCORPORATED,
Defendants
1• •
IN THE COURT OF COMMON PLEAS
CUMBERLAND COUNTY, PENNSYLVANIA
0%
NO. yy`"ITV C>
CIVIL ACTION-LAW
IN CONFESSION OF JUDGMENT
FOR MONETARY DAMAGES
COMPLAINT
AND NOW, comes the above named Plaintiff, PENNSYLVANIA STATE
BANK, and by its attorneys, NICHOLAS & FOREMAN, brings this suit in
Confession of Judgment and for Money Damages against JAMES LETT
COMPANY, t/a LETTS CAMERA SHOP; WILLIAM D. MORROW and LINDA M.
MORROW; J. ROBERT MORROW and ERNESTINE S. MORROW; and
LETTIS INCORPORATED, upon a cause of action whereof the following is
a statement:
1. Plaintiff, Pennsylvania State Bank, is a Pennsylvania
business corporation organized under the laws of the Commonwealth of
Pennsylvania with principal offices located at 2148 Market Street
Camp Hill, Pennsylvania 17001.
2. Defendant JAMES LETT COMPANY, t/a LETTS CAMERA SHOP,
a Pennsylvania Corporation, properly formed and existing under the
laws of the Commonwealth of Pennsylvania with principal offices
located at 875 Market Street, Lemoyne, Cumberland County,
Pennsylvania 17043.
3. Defendants, WILLIAM D. MORROW and LINDA M. MORROW,
are adult individuals residing at 1150 Siddensburg Road,
Mechanicsburg, Cumberland County, Pennsylvania 17055.
4. Defendants, J. ROBERT MORROW and ERNESTINE S. MORROW,
are adult individuals residing at 105 South Stoner Avenue,
Shiresmanstowns, Cumberland County, Pennsylvania 17011.
5. Defendant LETT'S INCORPORATED, a Pennsylvania
Corporation, properly formed and existing under the laws of the
Commonwealth of Pennsylvania with principal offices located at 875
Market Street, Lemoyne, Cumberland County, Pennsylvania 17043.
6. Defendant, JAMES LETT COMPANY t/a LETTS CAMERA SHOP,
entered into a Promissory Note to Plaintiff dated August 7, 1995, in
which Defendant, JAMES LETT COMPANY, t/a LETTS CAMERA SHOP, agreed
to repay to Plaintiff $72,607.89 together with interest at the rate
of 9.25% per annun. A true and correct reproduction of the said
Promissory Note between Plaintiff and Defendant, JAMES LETT COMPANY
t/a LETTS CAMERA SHOP, is attached hereto, labeled Exhibit "A", and
made a part hereof.
7. The said Promissory Note was accompanied by a
Commercial Guaranty Agreement signed August 7, 1995, therein
individual Defendants, WILLIAM D. MORROW and LINDA M. MORROW, each
jointly and severally, guaranteed and agreed to indemnified and save
harmless Plaintiff from any default in payments by Defendant, JAMES
LETT COMPANY t/a LETTS CAMERA SHOP. A true and correct copy of the
said Commercial Guaranty is attached hereto, labeled Exhibit "B" and
made a part hereof.
8. The said Promissory Note was also accompanied by a
Commercial Guaranty Agreement signed August 7, 1995, therein
individual Defendants, J. ROBERT MORROW and ERNESTINE S. MORROW,
each jointly and severally, guaranteed and agreed to indemnified and
save harmless Plaintiff from any default in payments by Defendant,
JAMES LETT COMPANY t/a LETTS CAMERA SHOP. A true and correct copy
of the said Commercial Guaranty is attached hereto, labeled Exhibit
"C" and made a part hereof.
9. The said Promissory Note was accompanied by a
Commercial Guaranty Agreement signed August 7, 1995, therein
individual Defendant, LETT'S INCORPORATED, guaranteed and agreed to
indemnified and save harmless Plaintiff from any default in payments
by Defendant, JAMES LETT COMPANY t/a LETTS CAMERA SHOP. A true and
correct copy of the said Commercial Guaranty is attached hereto,
labeled Exhibit "D" and made a part hereof.
10. A Disclosure for Confession of Judgment signed
individually by individual herein, Defendants, J. ROBERT MORROW,
ERNESTINE S. MORROW, WILLIAM D. MORROW, and LINDA M. MORROW, dated
August 7, 1995, accompanied the documents. A true and correct copy
of the said Disclosure for Confession of Judgment is attached
hereto, labeled Exhibit "E" and made a part hereof.
11. No assignment of the said Promissory Note has been
made.
12. Each of the aforesaid Commercial Guaranty Agreement
and the aforesaid Promissory Note contain Confession of Judgment
clause therein.
I
13. No confession of judgment has previously been entered
on the Commercial Guaranty or Promissory Note in any jurisdiction.
14. The debt underlining this judgment is not in
connection with a consumer credit transaction.
15. The said Promissory Note states that a default is
committed by Defendant(s) if Defendant(s) fail to make any payment
when due and fails to cure the default in payment within a period of
fifteen (15) days of notice to do so, in which the said Promissory
Note, authorizes the entry of judgment by confession against
Defendants at the option of Plaintiff, for the remaining balance of
the said Promissory Note.
16. The said Commercial Guaranty Agreement includes a
Confession of Judgment and requires the individual guarantors to
make good any default by the Defendant Corporation and its
Promissory Note.
17. Defendant, JAMES LETT COMPANY t/a LETTS CAMERA SHOP,
failed to make the payment due the loch day of May, 1999, and has
failed to make all payments due on the 10`h day of each month,
including the months June and July, despite demand by Plaintiff for
the same.
18. Individual Defendants have failed to indemnify and
make good the payments required and guaranteed by them. As of July` y
t?
13, 1999, the balance due under the said Promissory Note and
Guaranty Agreement is in the sum of Twenty-four Thousand Ten and c'
40/100 ($24,010.40) Dollars plus continuing interest. sli
';v
19. Plaintiff demands judgment against the Defendant(s),
jointly and severally, as authorized in the aforesaid Promissory
Note and Commercial Guaranty Agreement in the amount of $24, 010.40
together with interest at the rate of default interest set forth in
the said agreement of 9.50% until paid and costs.
20. Plaintiff further demands attorneys fees in the
amount of $3,000.00.
WHEREFORE, Plaintiff demands judgment against the
Defendants, jointly and severally, for monetary damages in the
amount of $27,010.40 together with costs and interest at the rate of
9.5096 from July 13, 1999, until paid in full and costs.
NICHOLAS & FOREMAN
BY ,?
Bruce D. Foreman, ESQUIRE
4409 North Front Street
Harrisburg, Pennsylvania 17110
(717) 236-9391
Attorneys for Plaintiff
Dated: JVL4 AO (I'll
PENNSYLVANIA STATE BANK,
Plaintiff
V.
JAMES LETT COMPANY,
t/a LETTS CAMERA SHOP
WILLIAM D. MORROW and
LINDA M. MORROW;
J. ROBERT MORROW and
ERNESTINE S. MORROW; and
LETT'S INCORPORATED,
Defendants
IN THE COURT OF COMMON PLEAS
CUMBERLAND COUNTY, PENNSYLVANIA
NO.
CIVIL ACTION-LAW
IN CONFESSION OF JUDGMENT
FOR MONETARY DAMAGES
VERIFICATION
I verify that the statements made in this Complaint are true
and correct. 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.
By Pennsylvania State Bank
PROMISSORY NOTE
..'lower: James Len Company T/A Letts Camera Shop (TIN; Lender: PENNSYLVANIA STATE BANK
2}1]01956)
a75 Markel Street 2111 Market Street
Lemoyne, PA 17043 P.O. Box e7
M Camp Hill, PA 17Ool-M7
Principal Amount: $72,607,89 Interest Rate: 9.250% Date of Note: August 7, 1995
PROMISE TO PAY. James Left Company TIA Letts Camera Shop ("Borrower') pfumlaes to pay to PENNSYLVANIA STATE BANK ('.ender"), or
order, In lawful money of the United Slates of America, the principal amount of Seventy Two Thousand Six Hundred Seven a MOM Dollars
(572,607.89), together With Interest at the role of 9.250% per annum on ins unpaid principal balance from August 7, 1995, until paid In lull.
PAYMENT. Borrower will pay this loan In 60 payments of $1,517.61 each payment. Borrower's first Payment le due September 10, 1995. and all
subsequent payments ate due on the Game day of each month after that. Borrowers final payment will be due on August 10, 2060, and Will be
for all principal and all accrued Interest not yet paid. Payments Include principal antl Interest. Interest on this Note Is computed on a 3651365
simple miscast basis; that is, by applying the ratio of the annual Interest rata ova, the number of days In a year, multiplied by the outstanding principal
balance, multiplied by the actual number of days the principal babinae Is outstanding. Borrower will pay Lender at Lenders address shown above or at
such other place as Lender may doslgnale In writing. Unless otherwise agreed or required by applicable law, payments will be applied fill to accrued
unpaid interest, than to principal, and any remaining amount to any unpaid collection tolls and late charges.
PREPAYMENT. Borrower may pay without penalty all or a portion of the amount owed earlier than It Is due. Early payments will not, unless agreed to
by Lender In writing, relieve Borrower of Borrower's obligation to continua to make payments under the payment schedule. Rather, they will reduce the
principal balance due and may result in Borrower making fewer payments.
LATE CHARGE. If a payment is 15 days or more late, Borromr will be charged 5.000% of the regularly scheduled payment or 55.00, whichever
Is greater.
DEFAULT. Borrower will be In default it any of the following happens: (a) Borrower falls to make any payment when due. (b) Borrower Weeks any
promise Borrower has made to Lender, or Borrower falls to comply with or to perform when due any other term, obligation, covenant, or condition
contained In this Note or any agreement totaled to this Note, or In any other agreement or Ian Borrower has with Lender. (c) Borrower defaults under
any loan, extension of credit, security agreement, purchase or sale agreement, or any other agreement. In favor of any other creditor or person that
may materially affect any of Borrower's property or Borrower's ability to repay this Note or perform Borrowers obligations under this Note or any of the
Related Documents. (0) Any representation or statement made or furnished to Lander by Borrower or on Borrowers behalf Is false or misleading In any
national respect either now or at the time made or furnished. (o) Borrower becomes Insolvent, a receiver Is appointed for any pen of Borrower's
property, Borrower makes an assignment for the benaLt of creditors, or any proceeding Is commenced either by Borrower or against Borrower under
any bankruptcy or Insolvency taws. (D Any creditor ties to lake any of Borrower's property on or In which Lender has a lien or security Interest. This
Includes a garnishment of any of Borrower's accounts with Lender. (g) Any of the events described In INS default section occurs with respect to any
guarantor of this Nola. (h) A material adverse change Occurs In Borrower's financial condition, or Lender belleves the prospect of payment or
performance of the Indebtedness Is Impaired. (I) Lender In good failh deems Itself Insecure.
It any default, other than a default In payment, Is curable and if Borrower has not been given a notice of a breach of the seine provision of this Note
within the preceding twelve (12) months, It may be cured (and no event of default will have occurred) If Borrower, after receiving Wilton notice from
Londe, demanding cure of Such default: (a) cures the default within Mean (15) days; or (b) II the cure requires more than fifteen (15) days.
Immediately Initiates slaps which Lender dooms in Lender's sole discretion to be sufficient to cure the default and thereafter continues and completes all
reasonable and necessary stops sufficient to produce compliance as soon as reasonably practical.
LENDER'S RIGHTS. Upon default, Lender may, after giving such no cars as required by applicable law, declare the entire unpaid pincipal balance on
this Note and all accrued unpaid interest Immediately due, and then Borrower will pay that amount. Lender may hire at pay someone else to help
collect this Note It Borrower does not pay. Borrower also will pay Lender that amount. This Includes, subject to any limits under applicable law,
Lender's attorneys' lees and Lender's legal expenses whether or not there Is a lawsult. Including aKOmeys' fees and legal expemm for bankruptcy
pfaoodings (including efforts to modify or vacate any automatic slay ax Injunction), appeals, and any anticipated post-Iudgmenl eollecXon "Mess, It
not prohibited by applicable law. Borrower also will pay any court costs, In addition to all other sums provided by law. If judgment Is entered in
connection with this Note. Interest will continua to accrue on this Note after judgment 91 the edaling Interest rate provided for In this Note. This Note
has been delivered to Lender and accepted by Lender In the Commonwealth of Pennsylvania. If there Is a lawsuit, BormWaf agrees upon
Lender's request to submit to the jurisdiction of the counts of Cumberland County, the Commonwealth of Pennsylvania This Note Shall be
governed by and construed In accordance with the laws of the Commonwealth of Pennsylvania.
DISHONORED ITEM FEE. Borrower will pay a fee to Lender of $20.00 If Borrower makes t payment on Borrowers ben and the check or
preauthonzed charge with which Borrower pays is later dishonored.
RIGHT OF SETOFF. Borrower giants to Lender a contractual possessory security Interest In, and hereby assigns, conveys, delivers, pledges, and
transfers Io Lender all Borrower's fight, title and Interest In and to, Borrower's accounts with Lender (whether checking, savings, at some other
account), including without limitation all accounts hold jointly with someone also and all accounts Borrower may open in the future, excluding however
all IRA. Keogh, and Dust accounts. Borrower authorizes Lentler• to the extent permitted by applicable law, to charge or setoff all sums owing on this
Note against any and all such accounts.
DEFAULT INTEREST RATE. In the event of default for which the Lender does not accelerate the Loan, Including the failure of Borrower to provide the
financial statements as required herounder or untler the Loan Agreement, the applicable Interest rate on ins Loan, for a period beginning In," (3) days
after wnlten notice of such default and ending upon the curing of said noticed default, shall Increase one quarter of one percent (.25%) for the first thirty
(30) days of said default and increase an additional one quarter of one percent (.25%) during each thirty (30) day period thereafter during which the
noticed default continues. Such default Interest rate shalt apply to the outstanding principal balance of the Loon. Upon the Curtis of the noticed
data ull, the Interest rate on the Loan shell revert to the Initially agreed-upon Interest rate effective on the date on which the default is cured.
GENERAL PROVISIONS. Lender may delay or forgo enforcing any of Its rights or remedies under this Note without losing them. Borrower and any
other poison who signs, guarantees or endorses this Note, to the extent allowed by law, walve presentment, demand for payment, protest and notice of
dishonor. Upon any change In the forms of this Note, and unless otherwise expressly stated in writing, no party who signs this Note, whether as maker,
guarantor, accommodation maker cc endorser, shall be released from liability. All such parties agree that Lender may renew or exiond (repeatedly and
lot any length of time) this loan, or release any party or guarantor or collateral; or Impair, fail to realize upon or perfect Lenders security Interest In the
collateral; and take any other action deemed necessary by Lender Without the consent of or notice to anyone. All such parties also agree that Lentler
may modify this loan without the consent of or notice to anyone other than the party with whom the modification H made. If any portion of this Note is
for any reason determined to be unenforceable, It will not affect the enforceability of any other provisions of this Note.
CONFESSION OF JUDGMENT. BORROWER HEREBY IRREVOCABLYafrrHMI7FS ANn FMOnwooc ew errno.,?....e...?,..,...,.,...........
-•••--• -?? ................ ... .- ..?..., I -,-f nnu AGGHUEU INTEREST FOR COLLECTION, BUT
IN ANV EVENT NOT LESS THAN FIVE HUNDRED DOLLARS (SSM) ON WHICH JUDGMENT OR JUDGMENTS ONE OR MORE EXECUTIONS MAY
ISSUE IMMEDIATELY; AND FOR SO DOING, THIS NOTE OR A COPY OF THIS NOTE VERIFIED BY AFFIDAVIT SHALL BE SUFFICIENT WARRANT.
THE AUTHORITY GRANTED IN THIS NOTE TO CONFESS JUDGMENT AGAINST BORROWER SHALL NOT BE EXHAUSTED BY ANY EXERCISE OF
Tf1AT AUTHORITY, BUT SHALL CONTINUE FROM TIME TO TIME AND AT ALL TIMES UNTIL PAYMENT IN FULL OF ALL AMOUNTS DUE UNDER
THIS NOTE. BORROWER HEREBY WAIVES ANY RIGHT BORROWER MAY HAVE TO NOTICE OR TO A HEARING IN CONNECTION WITH ANY
SUCH CONFESSION OF JUDGMENT AND STATES THAT BORROWER HAS BEEN REPRESENTED BY LEGAL COUNSEL.
EXHIBIT
G
LTees PROMISSORY NOTE
Loan oan N No 5001777.-02 (Continued) Page 2
PRIOR TO SIGNING THIS NOTE, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS NOTE. BORROWER AGREES TO
THE TERMS OF THE NOTE AND ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THE NOTE.
BORROWER;
JAmea LL/eli Comp /A Lells Cemere Shope
By;"//LL? w r < G^?S xcsettl
Y S Iam 0. morrow, PresldenVSeCrahlr
LENDER;
COMMERCIAL GUARANTY
Prlnc(pal Loan Date
r Maturity, Loan No Cell. Collateral Account Officer In
-TT _
WVF
References In the shaded area are for Lenders use only and do not limn the a Iicab, of Ihis documennto anTanicular loan or Item,
Borrower: James Lett Company T/A Letts Camera Shop (TIN: Lender: PENNSYLVANIA STATE BANK EXHIBIT
29-1901986)
21411 MX 48 Street
875 Market Street B
Lemoyne, PA 17049 Cam oP
Guarantor: William D. Morrow and Linda M. Morrow ?P Hill, PA 17001-0487
1150 Slddensburg Road
Mechanicsburg, PA 17055
AMOUNT OF GUARANTY. This Is a guaranty of payment of 100.000% of the Note, including without limitation the principal Nol of
Seventy Two Thousand SIX Hundred Seven 6119/loo Dollars ($72,607.119),
a amount
GUARANTY. For good and valuable consideration, William D. Morrow and Linda M. Morrow ("Guarantor") absolutely and unconditionally
guarantee and promise 10 pay, Jointly and severally, to PENNSYLVANIA STATE BANK ("Lender") or Its order, In legal tender of the United of Ameri
tedness
t term Is
TIA Letts toStates
Jame
Lender on the termssand condithe Ind tions set forth I(as thisaGuaranty d Guaanto agrees th tsLender? In Its sole discretion,emay determine which
portion of Borrower's Indebtedness to Lender Is covered by Guarantor's percentage guaranty. P ("Borrower")
DEFINITIONS. The following words shall have the following meanings when used in this Guaranty:
Borrower. The word 'Borrower' means James Left Company T/A Lefts Camera Shop.
Guarantor. The word 'Guarantor- means William D. Morrow and Linda M. Morrow, who are signing this Guaranty Jointly and severally.
Guaranty. The word "Guaranty" means this Guaranty made by Guarantor for the benefit of Lender dated August 7, 1995.
Indebtedness. The word "Indebtedness" means the Note, Including (a) all principal, (b) all Interest, (c) all late charges, (d) all loan fees and charges,
and
collec
ion costs
enses include without limitation alll of elndees attorneys' fees andrLenlder'sslegthe Note or to any al expenses ' whether or noltfsuit is i sfiluted, and Collection
neys' fe s and legal
expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic slay or injunction), appeals, and any anticipated
post-Judgment collection services.
Lender. The word "Lender' means PENNSYLVANIA STATE BANK, Its successors and assigns.
Note. The word "Nate' means the promissory note or credit agreement dated August 7, 1995, In the original principal amount of $72,607.119
from Borrower to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for the
promissory note or agreement.
Related Documents. The words "Related Documents" mean and include without limitation all promissory notes, credit agreements, loan
agreements, environmental agreements, guaranties, security agreements, mortgages, deeds of trust, and all other Instruments, agreeme0i; and
documents, whether now or hereafter existing, executed in connection with the Indebtedness.
MAXIMUM LIABILITY. The maximum liability of Guarantor under this Guaranty shall not exceed at any one time 100.000% of the amount of the
Indebtedness described above, plus all costs and expenses of (a) enforcement of this Guaranty and (b) collection and sale of any collateral
securing this Guaranty.
The above limitation on liability is not a restriction on the amount of the Indebtedness of Borrower to Lender either in the aggregate or at any one time.
If Lender presently holds one or more guaranties, or hereafter receives additional guaranties from Guarantor, the rights of Lender under all guaranties
shall be cumulative. This Guaranty shall not (unless specifically provided below to the contrary) affect or Invalidate any such other guaranties. The
liability of Guarantor will be the aggregate liability of Guarantor under the terms of this Guaranty and any such other unterminaled guaranties.
NATURE OF GUARANTY, Guarantor Intends to guarantee at all times the performance and prompt payment when due, whether at maturity or earlier
by reason of acceleration or otherwise, of all Indebtedness within the limits set forth in the preceding section of this Guaranty. The obligations of
Guarantors shall be joint and several. Lender may proceed against any of the Guarantors individually, against any group of Guarantors, or against all
the Guarantors In one action, without affecting the right of Lender to proceed against other Guarantors for amounts that are covered by this Guaranty.
Any Inability of Lender to proceed against any Guarantor (whether caused by actions of a Guarantor or of Lender) will not affect Lenders right to
proceed against any or all remaining Guarantors for all or part of the amounts covered by this Guaranty.
DURATION OF GUARANTY. This Guaranty will lake effect when received by Lender without the necessity of any acceptance by Lender, or any notice
to Guarantor or to Borrower, and will continue in full force until all Indebtedness shall have been fully and finally paid and satisfied and all other
obligations of Guarantor under this Guaranty shall have been performed in full. Release of any other guarantor or termination of any other guaranty of
the Indebtedness shall not affect the liability of Guarantor under this Guaranty. A revocation received by Lender from any one or more Guarantors shall
not affect the liability of any remaining Guarantors under this Guaranty.
GUARANTOR'S AUTHORIZATION TO LENDER. Guarantor authorizes Lender, without notice or demand and without lessening Guarantor's
liability under this Guaranty, from time to time: (a) to make one or more additional secured or unsecured loans to Borrower, to lease
equipment or other goods to Borrower, or otherwise to extend additional credit to Borrower; (b) to alter, compromise, renew, extend,
accelerate, or otherwise change one or more times the time for payment or other terms of the Indebtedness or any part of the Indebtedness,
Including Increases and decreases of the rate of Interest on the Indebtedness; extensions may be repeated and may be for longer than the
original loan term; (c) to take and hold security for the payment of this Guaranty or the Indebtedness, and exchange, enforce, waive,
subordinate, fall or decide not to perfect, and release any such security, with or without the substitution of new collateral; (d) to release,
substitute, agree not to sue, or deal with any one or more of Borrower's sureties, endorsers, or other guarantors on any terms or in any
manner Lender may choose; (e) to determine how, when and what application of payments and credits shall be made on the Indebtedness;
(f) to apply such security and direct the order or manner of sale thereof, Including without limitation, any nonjudiclal sale permitted by the
terms of the controlling security agreement or deed of trust, as Lender In Its discretion may determine; (g) to sell, transfer, assign, or grant
participations In all or any part of the Indebtedness; and (h) to assign or transfer this Guaranty In whole or In part.
GUARANTOR'S REPRESENTATIONS AND WARRANTIES. Guarantor represents and warrants to Lender that (a) no representations or agreements
of any kind have been made to Guarantor which would limit or quality in any way the terms of this Guaranty; (b) this Guaranty is executed of
Borrower's request and not at the request of Lender; (c) Guarantor has not and will not, without the prior written consent of Lender, sell, lease, assign,
encumber, hypothecate, transfer, or otherwise dispose of all or substantially all of Guarantor's assets, or any interest therein; (d) Lender has made no
08-07-1995 COMMERCIAL GUARANTY
Loan No 5001177-02 Page 2
(Continued)
representation to Guarantor as to the creditworthiness of Borrower; (e) upon Lender's request, Guarantor will provide to Lender financial and credit
information in form acceptable to Lender, and all such financial information provided to Lender Is true and correct in all material respects and fairly
presents the financial condition of Guarantor as of the dates thereof, and no material adverse change has Occurred in the financial condition of
Guarantor since the date of the financial statements; and (f) Guarantor has established adequate means of obtaining from Borrower on a continuing
basis information regarding Borrower's financial condition. Guarantor agrees to keep adequately informed from such means of any facts, events, or
circumstances which might in any way affect Guarantor's risks under this Guaranty, and Guarantor further agrees that Lender shall have no obligation
to disclose to Guarantor any information or documents acquired by Lender in the course of its relationship with Borrower.
GUARANTOR'S WAIVERS. Except as prohibited by applicable law, Guarantor waives any right to require Lender (a) to continue lending money or to
extend other credit to Borrower; (b) to make any presentment, protest, demand, or notice of any kind, including notice of any nonpayment of the
Indebtedness or or any nonpayment related to any collateral or notice of any action or nonaction on the part of Borrower, Lender, any surety, endorser,
or other guarantor in connection with the Indebtedness or in connection with the creation of new or additional loans or obligations; (c) to resod for
payment or to proceed directly or at once against any person, including Borrower or any other guarantor; (d) to proceed directly against or exhaust any
collateral held by Lender from Borrower, any other guarantor, or any other person; (e) to give notice of the terms, time, and place of any public or
private sale of personal property security held by Lender from Borrower or to comply with any other applicable provisions of the Uniform Commercial
Code; (f) to pursue any other remedy within Lender's power; or (g) to commit any act or omission of any kind, or at any time, with respect to any
matter whatsoever.
If now or hereafter (a) Borrower shall be or become insolvent, and (b) the Indebtedness shall not at all times until paid be fully secured by collateral
pledged by Borrower, Guarantor hereby forever waives and relinquishes in favor of Lender and Borrower, and their respective successors, any claim or
right to payment Guarantor may now have or hereafter have or acquire against Borrower, by subrogation or otherwise, so that at no time shall
Guarantor be or become a "creditor" of Borrower within the meaning of 11 U.S.C. section 547(b), or any successor provision of the Federal bankruptcy
laws.
Guarantor also waives any and all rights or defenses arising by reason of (a) any "one action" or "anti-deficiency" law or any other law which may
prevent Lender from bringing any action, including a claim for deficiency, against Guarantor, before or after Lender's commencement or completion of
any foreclosure action, either judicially or by exercise of a power of sale; (b) any election of remedies by Lender which destroys or otherwise adversely
affects Guarantor's subrogation rights or Guarantor's rights to proceed against Borrower for reimbursement, Including without limitation, any loss of
rights Guarantor may suffer by reason of any law limiting, qualifying, or discharging the Indebtedness; (c) any disability or other defense of Borrower, of
any other guarantor, or of any other person, or by reason of the cessation of Borrower's liability from any cause whatsoever, other than payment in full
in legal tender, of the Indebtedness; (d) any right to claim discharge of the Indebtedness on the basis of unjustified impairment of any collateral for the
Indebtedness; (e) any statute of limitations, if at any time any action or suit brought by Lender against Guarantor is commenced there is outstanding
Indebtedness of Borrower to Lender which is not barred by any applicable statute of limitations; or (f) any defenses given to guarantors at law or in
equity other than actual payment and performance of the Indebtedness. If payment is made by Borrower, whether voluntarily or otherwise, or by any
third party, on the Indebtedness and thereafter Lender is forced to remit the amount of that payment to Borrower's trustee in bankruptcy or to any
similar person under any federal or stale bankruptcy law or law for the relief of debtors, the Indebtedness shall be considered unpaid for the purpose of
enforcement of this Guaranty.
Guarantor further waives and agrees not to assert or claim at any time any deductions to the amount guaranteed under this Guaranty for any claim of
setoff, counterclaim, counter demand, recoupment or similar right, whether such claim, demand or right may be asserted by the Borrower, the
Guarantor, or both.
GUARANTOR'S UNDERSTANDING WITH RESPECT TO WAIVERS. Guarantor warrants and agrees that each of the waivers set forth above is made
with Guarantor's full knowledge of its significance and consequences and that, under the circumstances, the waivers are reasonable and not contrary to
public policy or law. If any such waiver is determined to be contrary to any applicable law or public policy, such waiver shall be effective only to the
extent permitted by law or public policy.
LENDER'S RIGHT OF SETOFF. In addition to all liens upon and rights of setoff against the moneys, securities or other property of Guarantor given to
Lender by law, Lender shall have, with respect to Guarantor's obligations to Lender under this Guaranty and to the extent permitted by law, a
contractual possessory security interest in and a right of setoff against, and Guarantor hereby assigns, conveys, delivers, pledges, and transfers to
Lender all of Guarantor's right, title and interest in and to, all deposits, moneys, securities and other property of Guarantor now or hereafter in the
possession of or on deposit with Lender, whether held in a general or special account or deposit, whether held jointly with someone else, or whether
held for safekeeping or otherwise, excluding however all IRA, Keogh, and trust accounts. Every such security interest and right of setoff may be
exercised without demand upon or notice to Guarantor. No security interest or right of setoff shall be deemed to have been waived by any act or
conduct on the part of Lender or by any neglect to exercise such right of setoff or to enforce such security Interest or by any delay in so doing. Every
right of setoff and security interest shall continue in full force and effect until such right of setoff or security interest is specifically waived or released by
an Instrument in writing executed by Lender.
SUBORDINATION OF BORROWER'S DEBTS TO GUARANTOR. Guarantor agrees that the Indebtedness of Borrower to Lender, whether now
existing or hereafter created, shall be prior to any claim that Guarantor may now have or hereafter acquire against Borrower, whether or not Borrower
becomes Insolvent. Guarantor hereby expressly subordinates any claim Guarantor may have against Borrower, upon any account whatsoever, to any
claim that Lender may now or hereafter have against Borrower. In the event of Insolvency and consequent liquidation of the assets of Borrower,
through bankruptcy, by an assignment for the benefit of creditors, by voluntary liquidation, or otherwise, the assets of Borrower applicable to the
payment of the claims of both Lender and Guarantor shall be paid to Lender and shall be first applied by Lender to the Indebtedness of Borrower to
Lender. Guarantor does hereby assign to Lender all claims which it may have or acquire against Borrower or against any assignee or trustee in
bankruptcy of Borrower; provided however, that such assignment shall be effective only for the purpose of assuring to Lender full payment in legal
te
Guarantor shall be nder of the Indebtedness. If Lender so requests, any notes or credit agreements now or hereafter evidencing any debts or obligations of Borrower to
hereby is authorized, en the name of legend from time r o subject
me eto l execute and file financing shall ing sta em delivered ents and continuation ti a sta ements and to execute
such other documents and to take such other actions as Lender deems necessary or appropriate to perfect, preserve and enforce its rights under this
Guaranty.
MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Guaranty.
Amendments. This Guaranty, together with any Related Documents, constitutes the entire understanding and agreement of the parties as to the
matters set forth in this Guaranty. No alteration of or amendment to this Guaranty shall be effective unless given in writing and signed by the party
or parties sought to be charged Or bound by the alteration or amendment.
Applicable Law, This Guaranty has been delivered to Lender and accepted by Lender in the Commonwealth of Pennsylvania. If there is a
lawsuit, Guarantor agrees upon Lender's request to submit to the jurisdiction of the courts of Cumberland County, Commonwealth of
Pennsylvania. This Guaranty shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania.
Attorneys' Fees; Expenses. Guarar tgrees to pay upon demand all of Lenders costs a, xpenses, including attorneys' lees and Lender's
legal expenses, incurred in connectioi. .,th the enforcement of this Guaranty. Lender may PL. omeone else to help enforce this Guaranty, and
08-07-1995 COMMERCIAL GUARANTY
Loan No 5001177-02 Page 3
(Continued)
Guarantor shall pay the costs and expenses of such enforcement. Costs and expenses Include Lender's attorneys' fees and legal expenses
whether or not there is a lawsuit, Including attorneys' fees and legal expenses for bankruptcy proceedings (and Including efforts to modify or
vacate any automatic stay or Injunction), appeals, and any anticipated post-judgmenl collection services. Guarantor also shall pay all court costs
and such additional fees as may be directed by the court.
Notices. All notices required to be given by either party to the other under this Guaranty shall be in writing, may be sent by lelefacsimilie, and
shall be effective when actually delivered or when deposited with a nationally recognized overnight courier, or when deposited in the United States
mail, first class postage prepaid, addressed to the party to whom the notice is to be given at the address shown above or to such other addresses
as either party may designate to the other in writing. If there Is more than one Guarantor, notice to any Guarantor will constitute notice to all
Guarantors. For notice purposes, Guarantor agrees to keep Lender informed at all limes of Guarantor's current address.
Interpretation. In all cases where there Is more than one Borrower or Guarantor, then all words used In this Guaranty In the singular shall be
deemed to have been used In the plural where the context and construction so require; and where there is more than one Borrower named In this
Guaranty or when this Guaranty is executed by more than one Guarantor, the words "Borrower" and "Guarantor" respectively shall mean all and
any one or more of them. The words "Guarantor," "Borrower," and "Lender" include the heirs, successors, assigns, and transferees of each of
them. Caption headings in this Guaranty are for convenience purposes only and are not to be used to Interpret or define the provisions of this Guaran
If a
court
risdic such finding sh if of r nder that plrov s otnnInvalidsorrunenforceable rtas to any to heto be invad or nenforceable as to ir persons or cicircumstances, and all provperson isions orf this circumstance.
in all other respects shall remain valid and enforceable. If any one or more of Borrower or Guarantor are corporations or partnerships, it Is not
necessary for Lender to Inquire into the powers of Borrower or Guarantor or of the officers, directors, partners, or agents acting or purporting to act
on their behalf, and any Indebtedness made or created in reliance upon the professed exercise of such powers shall be guaranteed under this
Guaranty.
Waiver. Lender shall not be deemed to have waived any rights under this Guaranty unless such waiver is given In writing and signed by Lender.
No delay or omission on the part of Lender In exercising any right shall operate as a waiver of such right or any other right. A waiver by Lender of
a provision of this Guaranty shall not prejudice or constitute a waiver of Lender's right otherwise to demand strict compliance with that provision or
any other provision of this Guaranty. No prior waiver by Lender, nor any course of dealing between Lender and Guarantor, shall constitute a
waiver of any of Lender's rights or of any of Guarantor's obligations as to any future transactions. Whenever the consent of Lender is required
under this Guaranty, the granting of such consent by Lender in any instance shall not constitute continuing consent to subsequent instances
where such consent is required and In all cases such consent may be granted or withheld in the sole discretion of Lender.
CONFESSION OF JUDGMENT. GUARANTOR HEREBY IRREVOCABLY AUTHORIZES AND EMPOWERS ANY ATTORNEY OR THE
PROTHONOTARY OR CLERK OF ANY COURT IN THE COMMONWEALTH OF PENNSYLVANIA, OR ELSEWHERE, TO APPEAR AT ANY TIME FOR
GUARANTOR AFTER A DEFAULT UNDER THIS GUARANTY, AND WITH OR WITHOUT COMPLAINT FILED, AS OF ANY TERM, CONFESS OR
ENTER JUDGM
ENT AGAINST GUARANTOR FOR THE ENTIRE PRINCIPAL BALANCE OF THIS GUARANTY AND ALL ACCRUED INTEREST,
WITH COSTS OF SUIT, AND AN TEN PERCENT (10%) OF THE BALANCE AND
ACCRUEDRINTE EST OR COLLECTION, BUT NO ANY EVENT NOT LIE SOTH N FILE HUNDRED DOLLARS ($N500) ON WHICHL JUDGMENT OR
JUDGMENTS ONE OR MORE EXECUTIONS MAY ISSUE IMMEDIATELY; AND FOR SO DOING, THIS GUAFi NTY OR A COPY OF THIS GUARANTY
VERIFIED BY AFFIDAVIT SHALL BE SUFFICIENT WARRANT. THE AUTHORITY GRANTED IN THIS GUARANTY TO CONFESS JUDGMENT AGAINST
GUARANTOR SHALL NOT BE EXHAUSTED BY ANY EXERCISE OF THAT AUTHORITY, BUT SHALL CONTINUE FROM TIME TO TIME AND AT ALL
TIMES UNTIL PAYMENT IN FULL OF ALL AMOUNTS DUE UNDER THIS GUARANTY. GUARANTOR HEREBY WAIVES ANY RIGHT GUARANTOR
MAY HAVE TO NOTICE OR TO A HEARING IN CONNECTION WITH ANY SUCH CONFESSION OF JUDGMENT AND STATES THAT GUARANTOR
HAS BEEN REPRESENTED BY LEGAL COUNSEL.
EACH UNDERSIGNED GUARANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS GUARANTY AND AGREES TO ITS
TERMS. IN ADDITION, EACH GUARANTOR UNDERSTANDS THAT THIS GUARANTY IS EFFECTIVE UPON GUARANTOR'S EXECUTION AND
DELIVERY OF THIS GUARANTY TO LENDER AND THAT THE GUARANTY WILL CONTINUE UNTIL TERMINATED IN THE MANNER SET FORTH
IN THE SECTION TITLED "DURATION OF GUARANTY." NO FORMAL ACCEPTANCE BY LENDER IS NECESSARY TO-MAKE THIS GUARANTY
EFFECTIVE IS GUARANTY IS DATED AUGUST 7, 199S.
GUARANTOR:
X 1 /t 0 --_(SEAL) ?? ??'lc7w
William D. morrow X uada M. morrow (SEAy
INDIVIDUAL ACKNOWLEDGMENT
STATE OF ';?Ln 0.6 0 Yl.?,oe` )
(? t
COUNTY OF )SS
Cli ay??Q_A_vc.?p1\c? )
On this, the l day of O? 19 15, before me \CQ6 J E??e2 the
undersigned Notary. UUblic, personally appeared lam D. Morrow and Linda M. Morrow, known -1,4e (or satisfactorily proven) to be the person
whose names are subscribed to the within instrumgnt, and acknowledged that they executed the same for the purposes therein contained.
In witness whereo
NOTARIAL SEAL
PEGGY J. ELDER, Notary Public ??Q 9
Camp Hill Bore. Cumberland County
Notary Public in and for the Stale off Ta__ xta lya n, o"
-My Commission Tres Oct. 20 1997
LASERPRO, Reg US. Pel.6 . c ra erv¢es, nc. nngmsreserves IPA-E?0 LETtS. LN C2 OVLI
COMMERCIAL GUARANTY
",,.. uv „?, mm? me a ucabili of This document to en articular loan or Item.
Borrower; James Left Company T/A Letts Camera Shop (TIN: Lender: PENNSYL
27 VANIA STATE BANK
_1701986) Market stre at
EXHIBIT
Mai
875 Market Street 21P.O. le M !e7
Lemoyne, PA 17047 Camp Hill, PA 17001-4487 S
Guarantor: J. Robert Morrow and Ernestine S. Morrow t
105 South Stoner Avenue
Shlremanstown, PA 17011
AMOUNT OF GUARANTY. This is a guaranty of payment of 100.000% of the Note, Including without limitation the principal Note amount of
Seventy Two Thousand Six Hundred Seven 6 89/100 Dollars (f72,607.a9).
GUARANTY. For good and valuable consideration, J. Robert Morrow and Ernestine S. Morrow ("Guarantor") absolutely and unconditionally
guarantee and promise 10 pay, Jointly and severally, to PENNSYLVANIA STATE BANK ("Lender") or Its order, In legal tender of the United of Ameri
100.00
%
tedness toStates
Lender on he terms antl coof the set forth that term Is Guarantor agrees that Lender, nIn Its sole discetion, Camera determine ne which
portion of Borrower's Indebtedness to Lender Is covered by Guarantor's percentage guaranty.
DEFINITIONS. The following words shall have the following meanings when used in this Guaranty:
Borrower. The word "Borrowe'means James Lett Company T/A Letts Camera Shop.
Guarantor. The word "Guarantor" means J. Robert Morrow and Ernestine S. Morrow, who are signing this Guaranty jointly and severally.
Guaranty. The word "Guaranty"means this Guaranty made by Guarantor for the benefit of Lender dated August 7, 1995.
Indebtedness. The word "Indebtedness" means the Note, Including (a) all principal, (b) all interest, (c) all late charges, (d) all loan fees and
loan charges, and (e) all collection costs and expenses relating to the Note or to any collateral for the Note. Collection costs and expenses
Include without limitation all of Lenders attorneys' fees and Lender's legal expenses, whether or not suit is instituted, and attorneys' fees and legal
expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or Injunction), appeals, and any anticipated
post-Judgment collection services.
Lender. The word "Lender" means PENNSYLVANIA STATE BANK, its successors and assigns. The froNote. Bo o erto ender, tmeans ogethethe r with all renewalseof. ext credit areement dated
of, modifications gof, refina199, In te ncings of, conisolidations principal substitutions ,fo 7.89
promissory note or agreement
he
Related Documents. The words 'Related Documents" mean and include without limitation all promissory notes, credit agreements, loan
agreements, environmental agreements, guaranties, security agreements, mortgages, deeds of trust, and all other Instruments, agreements and
documents, whether now or hereafter existing, executed in connection with the Indebtedness.
MAXIMUM LIABILITY. The maximum liability of Guarantor under this Guaranty shall not exceed at any one time 100.000% of the amount of the
Indebtedness described above, plus all costs and expenses of (a) enforcement of this Guaranty and (b) collection and sale of any collateral
securing this Guaranty.
The above limitation on liability is not a restriction on the amount of the Indebtedness of Borrower to Lender either in the aggregate or at any one time.
If Lender presently holds one or more guaranties, or hereafter receives additional guaranties from Guarantor, the rights of Lender under all guaranties
shall be cumulative. This Guaranty shall not (unless specifically provided below to the contrary) affect or Invalidate any such other guaranties. The
liability of Guarantor will be the aggregate liability of Guarantor under the terms of this Guaranty and any such other unterminated guaranties.
NATURE OF GUARANTY. Guarantor Intends to guarantee at all times the performance and prompt payment when due, whether at maturity or earlier
by reason of acceleration or otherwise, of all Indebtedness within the limits set forth In the preceding section of this Guaranty. The obligations of
Guarantors shall be joint and several. Lender may proceed against any of the Guarantors individually, against any group of Guarantors, or against all
the Guarantors in one action, without affecting the right of Lender to proceed against other Guarantors for amounts that are covered by this Guaranty.
Any Inability of Lender to proceed against any Guarantor (whether caused by actions of a Guarantor or of Lender) will not affect Lender's right to
proceed against any or all remaining Guarantors for all or part of the amounts covered by this Guaranty.
DURATION OF GUARANTY. This Guaranty will take effect when received by Lender without the necessity of any acceptance by Lender, or any notice
to Guarantor or to Borrower, and will continue in full force until all Indebtedness shall have been fully and finally paid and satisfied and all other
obligations of Guarantor under this Guaranty shall have been performed in full. Release of any other guarantor or termination of any other guaranty of
the Indebtedness shall not affect the liability of Guarantor under this Guaranty. A revocation received by Lender from any one or more Guarantors shall
not affect the liability of any remaining Guarantors under this Guaranty.
GUARANTOR'S AUTHORIZATION TO LENDER. Guarantor authorizes Lender, without notice or demand and without lessening Guarantor's
liability under this Guaranty, from time to time: (a) to mace one or more additional secured or unsecured loans to Borrower, to lease
equipment or other goods to Borrower, or otherwise to extend additional credit to Borrower; (b) to alter, compromise, renew, extend,
accelerate, or otherwise change one or more times the time for payment or other terms of the Indebtedness or any part of the Indebtedness,
Including Increases and decreases of the rate of Interest on the Indebtedness; extensions may be repeated and may be for longer than the
original loan term; (c) to take and hold security for the payment of this Guaranty or the Indebtedness, and exchange, enforce, waive,
subordinate, fall or decide not to perfect, and release any such security, with or without the substitution of new collateral; (tl) to release,
substitute, agree not to sue, or deal with any one or more of Borrower's sureties, endorsers, or other guarantors on any terms or in any
manner Lender may choose; (e) to determine how, when and what application of payments and credits shall be made on the Indebtedness;
(f) to apply such security and direct the order or manner of sale thereof, including without limitation, any nonjudiclal sale permitted by the
terms of the controlling security agreement or deed of trust, as Lender In Its discretion may determine; (g) to sell, transfer, assign, or grant
participations In all or any part of the Indebtedness; and (h) to assign or transfer this Guaranty In whole or In part.
GUARANTOR'S REPRESENTATIONS AND WARRANTIES. Guarantor represents and warrants to Lender that (a) no representations or agreements
of any kind have been made to Guarantor which would limit or qualify in any way the terms of this Guaranty; (b) this Guaranty is executed at
Borrower's request and not at the request of Lender; (c) Guarantor has not and will not, without the prior written consent of Lender, sell, lease, assign,
encumber, hypothecate, transfer, or olherwise dispose of all or substantially all of Guarantor's assets, or any interest therein; (d) Lender has made no
08-07-1995 COMMERCIAL GUARANTY Page 2
Loan No 5001177-02 (Continued)
representation to Guarantor as to the creditworthiness of Borrower; (e) upon Lender's request, Guarantor will provide to Lender financial and credit
information in form acceptable to Lender, and all such financial information provided to Lender is true and correct in all material respects and fairly
presents the financial condition of Guarantor as of the dates thereof, and no material adverse change has occurred in the financial condition of
Guarantor since the dale of the financial statements; and (1) Guarantor has established adequate means at obtaining from Borrower on a continuing
basis information regarding Borrower's financial condition, Guarantor agrees to keep adequately informed from such means of any facts, events, or
circumstances which might in any way affect Guarantor's risks under this Guaranty, and Guarantor further agrees that Lender shall have no obligation
to disclose to Guarantor any information or documents acquired by Lender in the course of its relationship with Borrower.
GUARANTOR'S WAIVERS. Except as prohibited by applicable law, Guarantor waives any right to require Lender (a) to continue lending money or to
extend other credit to Borrower; (b) to make any presentment, protest, demand, or notice of any kind, including notice of any nonpayment of the
Indebtedness or of any nonpayment related to any collateral, or notice of any action or nonaction on the part of Borrower, Lender, any surety, endorser.
or other guarantor in connection with the Indebtedness or in connection with the creation of new or additional loans or obligations; (c) to resort for
payment or to proceed directly or at once against any person, including Borrower or any other guarantor; (d) to proceed directly against or exhaust any
collateral held by Lender from Borrower, any other guarantor, or any other person; (e) to give notice of the terms, time, and place of any public or
private sale of personal property security held by Lender from Borrower or to comply with any other applicable provisions of the Uniform Commercial
Code; (f) to pursue any other remedy within Lender's power; or (g) to commit any act or omission of any kind, or at any time, with respect to any
matter whatsoever.
If now or hereafter (a) Borrower shall be or become insolvent, and (b) the Indebtedness shall not at all times until paid be fully secured by collateral
pledged by Borrower, Guarantor hereby forever waives and relinquishes in favor of Lender and Borrower, and their respective successors, any claim or
right to payment Guarantor may now have or hereafter have or acquire against Borrower, by subrogation or olherwise, so that at no time shall
Guarantor be or become a "creditor" of Borrower within the meaning of I I U.S.C. section 547(b), or any successor provision of the Federal bankruptcy
laws.
Guarantor also waives any and all rights or defenses arising by reason of (a) any "one action" or "anti-deficiency" law or any other law which may
prevent Lender from bringing any action, including a claim for deficiency, against Guarantor, before or after Lender's commencement or completion of
any foreclosure action, either judicially or by exercise of a power of sale; (b) any election of remedies by Lender which destroys or otherwise adversely
affects Guarantor's subrogation rights or Guarantor's rights to proceed against Borrower for reimbursement, including without limitation, any loss of
rights Guarantor may suffer by reason of any law limiting, qualifying, or discharging the Indebtedness; (c) any disability or other defense of Borrower, of
any other guarantor, or of any other person, or by reason of the cessation of Borrower's liability from any cause whatsoever, other than payment in full
in legal tender, of the Indebtedness; (d) any right to claim discharge of the Indebtedness on the basis of unjustified impairment of any collateral for the
Indebtedness; (e) any statute of limitations, if at any time any action or suit brought by Lender against Guarantor Is commenced there is outstanding
Indebtedness of Borrower to Lender which Is not barred by any applicable statute of limitations; or (f) any defenses given to guarantors at law or in
equity other than actual payment and performance of the Indebtedness. If payment is made by Borrower, whether voluntarily or otherwise, or by any
third party, on the Indebtedness and thereafter Lender is forced to remit the amount of that payment to Borrower's trustee in bankruptcy or to any
similar person under any federal or state bankruptcy law or law for the relief of debtors, the Indebtedness shall be considered unpaid for the purpose of
enforcement of this Guaranty.
Guarantor further waives and agrees not to assert or claim at any time any deductions to the amount guaranteed under this Guaranty for any claim of
setoff, counterclaim, counter demand, recoupment or similar right, whether such claim, demand or right may be asserted by the Borrower, the
Guarantor, or both.
GUARANTOR'S UNDERSTANDING WITH RESPECT TO WAIVERS. Guarantor warrants and agrees that each of the waivers set forth above is made
with Guarantor's full knowledge of its significance and consequences and that, under the circumstances, the waivers are reasonable and not contrary to
public policy or law. If any such waiver is determined to be contrary to any applicable law or public policy, such waiver shall be effective only to the
extent permitted bylaw or public policy.
LENDER'S RIGHT OF SETOFF. In addition to all liens upon and rights of setoff against the moneys, securities or other property of Guarantor given to
Lender by law, Lender shall have, with respect to Guarantor's obligations to Lender under this Guaranty and to the extent permitted by law, a
contractual possessory security interest in and a right of setoff against, and Guarantor hereby assigns, conveys, delivers, pledges, and transfers to
Lender all of Guarantor's right, title and interest in and to, all deposits, moneys, securities and other property of Guarantor now or hereafter in the
possession of or on deposit with Lender, whether held in a general or special account or deposit, whether held jointly with someone else, or whether
held for safekeeping or otherwise, excluding however all IRA, Keogh, and trust accounts. Every such security interest and right of setoff may be
exercised without demand upon or notice to Guarantor. No security interest or right of setoff shall be deemed to have been waived by any act or
conduct on the part of Lender or by any neglect to exercise such right of setoff or to enforce such security interest or by any delay in so doing. Every
right of setoff and security Interest shall continue in full force and effect until such right of setoff or security interest is specifically waived or released by
an instrument in writing executed by Lender.
SUBORDINATION OF BORROWER'S DEBTS TO GUARANTOR. Guarantor agrees that the Indebtedness of Borrower to Lender, whether now
existing or hereafter created, shall be prior to any claim that Guarantor may now have or hereafter acquire against Borrower, whether or not Borrower
becomes Insolvent. Guarantor hereby expressly subordinates any claim Guarantor may have against Borrower, upon any account whatsoever, to any
claim that Lender may now or hereafter have against Borrower. In the event of insolvency and consequent liquidation of the assets of Borrower,
through bankruptcy, by an assignment for the benefit of creditors, by voluntary liquidation, or otherwise, the assets of Borrower applicable to the
payment of the claims of both Lender and Guarantor shall be paid to Lender and shall be first applied by Lender to the Indebtedness of Borrower to
Lender. Guarantor does hereby assign to Lender all claims which it may have or acquire against Borrower or against any assignee or trustee in
bankruptcy of Borrower; provided however, that such assignment shall be effective only for the purpose of assuring to Lender full payment in legal
lender of the Indebtedness. It Lender so requests, any notes or credit agreements now or hereafter evidencing any debts or obligations of Borrower to
Guarantor shall be marked with a legend that the same are subject to this Guaranty and shall be delivered to Lender. Guarantor agrees, and Lender
hereby is authorized, In the name of Guarantor, from time to time to execute and file financing statements and continuation statements and to execute
such other documents and to take such other actions as Lender deems necessary or appropriate to perfect, preserve and enforce its rights under this
Guaranty.
MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Guaranty:
Amendments. This Guaranty, together with any Related Documents, constitutes the entire understanding and agreement of the parties as to the
matters set forth in this Guaranty. No alteration of or amendment to this Guaranty shall be effective unless given in wriling and signed by the party
or parties sought to be charged or bound by the alteration or amendment.
Applicable Law, This Guaranty has begin delivered to Lender and accepted by Lender in the Commonwealth of Pennsylvania. If there is a
lawsuit, Guarantor agrees upon Lender's request to submit to the jurisdiction of the courts of Cumberland County, Commonwealth of
Pennsylvania. This Guaranty shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania.
Attorneys' Fees; Expenses. Guardr tgrees to pay upon demand all of Lender's costs a xpenses, including attorneys' fees and Lender's
legal expenses, incurred in connection, ih the enforcement of this Guaranty. Lender may p,., someone else to help enforce [his Guaranty, and
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08-07-1585 COMMERCIAL GUARANTY
Loan No 5001177_02 (Continued) Page 3
Guarantor shall pay the costs and expenses of such enforcement. Costs and expenses Inclutlo Lender's es end leg
whether or not there is a lawsuit, Including attorneys' loos and 10901 expenses for bankruptcy Proceedingsattorneys
va or
(and Including snorts to motley es
and Such any aulomali stay or Injunction), appeals, and any enl(cipelod post-judgment collodion sarvlcos. Guarantor also shell pay all court costs
end such additional f toes as may be directed by the court.
Notices. All notices required to be given by either party to the other under this Guaranty shall bo In writing, may be sail by tetefacsimtlie, and
shall be affective when actually delivered or when deposited with a nationally recognized overnight coud0q or when tlepostletl In the United Stales
mail, first class postage prepaid, addressed to the party to whom the notice is to be given of the address shown above or to such other addresses
as either party may designate to the other in writing. It there Is more than ono Guarantor, nollco to any Guarantor will constitute notice to all
Guarantors. For notice purposes, Guarantor agrees to keep Lender Informed at all times of Guarantor's current address.
Interpretation. In all cases where there Is more than ono Borrower or Guarantor, then all words used In this Guaranty In the singular shall be
deemed to have been used In the plural whore the context and construction so r0qulro; and whore there Is more than one Borrower named in this
Guaranty or when this Guaranty Is executed by more than one Guarantor, the words "Borrower" and "Guarantor" respectively shall mean all and
any one or more of them. The words "Guarantor,* 'Borrower," and lender" Iricludo the hairs, successors , assigns, and transferees of each or
them. Caption headings In this Guaranty are for convenience purposes only and are not to be used to Interpret or define the provisions of this
Guaranty. If a court of competent jurisdiction finds any provision of this Guaranty to be Invalid or unenforceable as to any person or circumstance,
such finding shall not render that provision Invalid or unenforceable as to any other persons or circumstances, and all provisions of this Guaranty
In all other respects shall remain valid and enforceable. 11 any ono or more or Borrower or Guarantor are corporations or partnerships, It is not
necessary for Lender to Inquire into the powers of Borrower or Guarantor or of the officers, directors, partners, or agents acting or purporting to act
on their behalf, and any Indebtedness made or created In reliance upon the professed exorcise of such powers shall be guaranteed under this
Guaranty.
Waiver. not
deemed
have
waiv
ranty No delay oender
under
missionllon t eepart of Lender In exercising any right shall oplerateaas o waiversof such waiver Is given In such right or any other right. A waiver by by Lender. of
a provision of this Guaranty shall not prejudice or constitute a waiver of Lender's rlghl othorwiso to demand strict compliance with that provision or
any other provision or this Guaranty. No prior waiver by Lender, nor any course of dealing between Lender and Guarantor, shall constitute a
waiver or any of Lender's rights or of any of Guarantor's obligations as to any future transactions. Whenever the consent of Lender is required
under this Guaranty, the granting of such consent by Lender In any Instance shall not constitute continuing consent to subsequent instances
where such consent is required and In all cases such consent may be granted or withhold In the sole discretion of Lender.
CONFESSION OF JUDGMENT. GUARANTOR HEREBY IRREVOCABLY AUTHORIZES AND EMPOWERS ANY ATTORNEY OR THE
PROTHONOTARY OR CLERK OF ANY COURT IN THE COMMONWEALTH OF PENNSYLVANIA, OR ELSEWHERE, TO APPEAR AT ANY TIME FOR
GUARANTOR AFTER A DEFAULT UNDER THIS GUARANTY, AND WITH OR WITHOUT COMPLAINT FILED, AS OF ANY TERM, CONFESS OR
ENTER JUDGMENT AGAINST GUARANTOR FOR THE ENTIRE PRINCIPAL BALANCE OF THIS GUARANTY AND ALL ACCRUED INTEREST,
TOGETHER WITH COSTS OF SUIT, AND AN ATTORNEY'S COMMISSION OF TEN PERCENT (10%) OF THE UNPAID PRINCIPAL BALANCE AND
ACCRUED INTEREST FOR COLLECTION, BUT IN ANY EVENT NOT LESS THAN FIVE HUNDRED DOLLARS ($500) ON WHICH JUDGMENT OR
JUDGMENTS ONE OR MORE EXECUTIONS MAY ISSUE IMMEDIATELY; AND FOR SO DOING, THIS GUARANTY OR A COPY OF THIS GUARANTY
VERIFIED BY AFFIDAVIT SHALL BE SUFFICIENT WARRANT. THE AUTHORITY GRANTED IN THIS GUARANTY TO CONFESS JUDGMENT AGAINST
GUARANTOR SHALL NOT BE EXHAUSTED BY ANY EXERCISE OF THAT AUTHORITY , BUT SHALL CONTINUE FROM TIME TO TIME AND AT ALL
TIMES UNTIL PAYMENT IN FULL OF ALL AMOUNTS DUE UNDER THIS GUARANTY. GUARANTOR HEREBY WAIVES ANY RIGHT GUARANTOR
MAY HAVE TO NOTICE OR TO A HEARING IN CONNECTION WITH ANY SUCH CONFESSION OF JUDGMENT AND STATES THAT GUARANTOR
HAS BEEN REPRESENTED BY LEGAL COUNSEL.
EACH UNDERSIGNED GUARANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS GUARANTY AND AGREES TO ITS
TERMS. IN ADDITION, EACH GUARANTOR UNDERSTANDS THAT THIS GUARANTY IS EFFECTIVE UPON GUARANTOR'S EXECUTION AND
DELIVERY OF THIS GUARANTY TO LENDER AND THAT THE GUARANTY WILL CONTINUE UNTIL TERMINATED IN THE MANNER SET FORTH
IN THE SECTION TITLED "DURATION OF GUARANTY." NO FORMAL ACCEPTANCE BY LENDER IS NECESSARY TO MAKE THIS GUARANTY
EFFECTIVE. THIS GUARANTY IS DATED AUGUST 7, 1995.
GU "TOR:
X (SEAL)
b ert Morrow
I .
X `'i?x^s.rr5 ?Z X, "-- •0?•? .d'C'y Erneine S. Morrow
SEAL)
INDIVIDUAL ACKNOWLEDGMENT
STATE OFp??x- ?g?_ _ )
COUNTY OF-( Al m
N ? r
O this, the day of _p±__ _-, to-?!S . before m0 Ala K?J the
undersigned Notary Public, personally appeared oberl Morrow And Ernestine S. Ma,,,.., "„awnto
en) t be the person
whose names are subscribed to the within instrument, and acknowledged thal they executed the same for the p purposes therein corny pr contained.
In witness whereof I h r aad.usd.ol 1 seal. --
SEA _
ayll ALDER, NDlaty
f? Public - do
Cam Hill Dow, Cumbadand County Notary Pubh_r, ,n or the Stale of P? n n Q n i d
ERPRO.neg usr I(y-?r?@8L
.rq Aun„p,p resnrM lPA.I.]Oll: rl!;LN C: OVLI
COMMERCIAL GUARANTY
AMOUNT OF GUARANTY. This Is a guaranty of payment of 1O9.boe% of the Note, Including without limitation the principal Note amount of
Seventy Two Thousand Six Hundred Seven & solicit Dollars ($72,607.89).
GUARANTY, For good and valuable consideration, Lett's Incorporated ("Guarantor") absolutely and unconditionally guarantees and promises
to pay to PENNSYLVANIA STATE BANK ("Lender") or its order, In legal tender of the United States of America, 100.000% of the Indebtedness
(as that term Is defined below) of James Lett Company T/A Letts Camera Shop ("Borrower") to Lender on the terms and conditions set forth
In this Guaranty. Guarantor agrees that Lender, In its sole discretion, may determine which portion of Borrower's indebtedness to Lender Is
covered by Guarantor's percentage guaranty.
DEFINITIONS. The following words shall have the following meanings when used in this Guaranty:
Borrower. The word "Borrower means James Lea Company T/A Letts Camera Shop.
Guarantor. The word "Guarantor means Leo's Incorporated.
Guaranty. The ward "Guaranty' means this Guaranty made by Guarantor for the benefit of Lender dated August 7, 1995.
Indebtedness. The word "Indebtedness" means the Note, Including (a) all principal, (b) all Interest, (c) all (ate charges, (d) all loan fees and
loan charges, and (e) all collection costs and expenses relating to the Note or to any collateral for the Note. Collection costs and expenses
Include without limitation all of Lender's attorneys' fees and Lender's legal expenses, whether or not suit is Instituted, and attorneys' fees and legal
expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic slay or injunction), appeals, and any anticipated
post-Judgment collection services.
Lender. The word 'Lender' means PENNSYLVANIA STATE BANK, its successors and assigns.
Note. The word "Note"
from Bo owerr to Lendermeans the promissory together with all renewals eof, extensions of, modifications of, refinancings of, consolidations principal amount of $72,607.119
promissory note or agreement.
Related Documents. The words "Related Documents" mean and Include without limitation all promissory notes, credit agreements, loan
agreements, environmental agreements, guaranties, security agreements, mortgages, deeds of trust, and all other instruments, agreements and
documents, whether now or hereafter existing, executed in connection with the Indebtedness.
MAXIMUM LIABILITY. The maximum liability of Guarantor under this Guaranty shall not exceed at any one time 100.000% of the amount of the
Indebtedness described above, plus all costs and expenses of (a) enforcement of this Guaranty and (b) collection and sale of any collateral
securing this Guaranty.
The above limitation on liability is not a restriction on the amount of the Indebtedness of Borrower to Lender either in the aggregate or at any one time.
If Lender presently holds one or more guaranties, or hereafter receives additional guaranties from Guarantor, the rights of Lender under all guaranies
shall be cumulative. This Guaranty shall not (unless specifically provided below to the contrary) affect or Invalidate any such other guaranties. The
liability of Guarantor will be the aggregate liability of Guarantor under the terms of this Guaranty and any such other unterminated guaranties.
NATURE OF GUARANTY. Guarantor Intends to guarantee at all times the performance and prompt payment when due, whether at maturity or earlier
by reason of acceleration or otherwise, of all Indebtedness within the limits set forth In the preceding section of this Guaranty.
DURATION OF GUARANTY. This Guaranty will take effect when received by Lender without the necessity of any acceptance by Lender, or any notice
to Guarantor or to Borrower, and will continue in full force until all Indebtedness shall have been fully and finally paid and satisfied and all other
obligations of Guarantor under this Guaranty shall have been performed in full. Release of any other guarantor or termination of any other guaranty of
the Indebtedness shall not affect the liability of Guarantor under this Guaranty. A revocation received by Lender from any one or more Guarantors shall
not effect the liability of any remaining Guarantors under this Guaranty.
GUARANTOR'S AUTHORIZATION TO LENDER. Guarantor authorizes Lender, without notice or demand and without lessening Guarantor's
liability under this Guaranty, from time to time: (a) to make one or more additional secured or unsecured loans to Borrower, to lease
equipment or other goods to Borrower, or otherwise to extend additional credit to Borrower; (b) to alter, compromise, renew, extend,
accelerate, or otherwise change one or more times the time for payment or other terms of the Indebtedness or any part of the Indebtedness,
Including Increases and decreases of the rate of Interest on the Indebtedness; extensions may be repeated and may be for longer than the
original loan term; (c) to take and hold security for the payment of this Guaranty or the Indebtedness, and exchange, enforce, waive,
subordinate, fall or decide not to perfect, and release any such security, with or without the substitution of new collateral; (d) to release,
substitute, agree not to sue, or deal with any one or more of Borrower's sureties, endorsers, or other guarantors on any terms or In any
manner Lender may choose; (e) to determine how, when and what application of payments and credits shall be made on the Indebtedness;
(f) to apply such security and direct the order or manner of sale thereof, Including without limitation, any nonjudicial sale permitted by the
terms of the controlling security agreement or deed of trust, as Lender In Its discretion may determine; (g) to sell, transfer, assign, or grant
participations In all or any part of the Indebtedness; and (h) to assign or transfer this Guaranty in whole or In part.
GUARANTOR'S REPRESENTATIONS AND WARRANTIES. Guarantor represents and warrants to Lender that (a) no represenlalions or agreements
of any kind have been made to Guarantor which would limit or quality in any way the terms of this Guaranty; (b) this Guaranty is executed at
Borrower's request and not at the request of Lender; (c) Guarantor has not and will not, without the prior written consent of Lender, sell, lease, assign,
encumber, hypothecate, transfer, or otherwise dispose of all or substantially all of Guarantor's assets, or any interest therein; (d) Lender has made no
representation to Guarantor as to the creditworthiness of Borrower; (e) upon Lender's request, Guarantor will provide to Lender financial and credit
information in form acceptable to Lender, and all such financial information provided to Lender is true and correct in all material respects and fairly
presents the financial condition of Guarantor as of the dates thereof, and no material adverse change has occurred in the financial condition of
Guarantor since the date of the financial statements; and (f) Guarantor has established adequate means of obtaining from Borrower on a continuing
.+?rr wwate ,comes Lett company T/A Letts Camera Shop (TIN: Lender; PENNSYLVAN STATE BANK
23-1301986) 2148 Market sIA treet EXHIBIT
875 Market Street P.O. Box 4a7 S
Lemoyne, PA 17043 Camp Hill, PA 17001-0467
Guarantor: Lett's Incorporated
875 Market Street
Lemoyne, PA 17043
08-07-1995 COMMERCIAL GUARANTY Page 2
Loan No 5001177-02 (Continued)
basis information regarding Borrower's financial condition. Guarantor agrees to keep adequately informed from such means of any facts, events, or
circumstances which might in any way affect Guarantor's risks under this Guaranty, and Guarantor further agrees that Lender shall have no obligation
to disclose to Guarantor any-information or documents acquired by Lender in the course Of its relationship with Borrower.
GUARANTOR'S WAIVERS. Except as prohibited by applicable law, Guarantor waives any right to require Lender (a) to continue lending money or to
extend other credit to Borrower; (b) to make any presentment, protest, demand, or notice of any kind, including notice of any nonpayment of the
Indebtedness or of any nonpayment related to any collateral, or notice of any action or nonaction on the part of Borrower, Lender, any surety, endorser,
or other guarantor in connection with the Indebtedness or in connection with the creation of new or additional loans or obligations; (c) to resort for
payment or to proceed directly or at once against any person, Including Borrower or any other guarantor; (d) to proceed directly against or exhaust any
collateral held by Lender from Borrower, any other guarantor, or any other person; (e) to give notice of the terms, time, and piece of any public or
private sale of personal property security hold by Lender from Borrower or to comply with any other applicable provisions of the Uniform Commercial
Code; (f) to pursue any other remedy within Lender's power; or (g) to commit any act or omission of any kind, or at any time, with respect to any
matter whatsoever.
If now or hereafter (a) Borrower shall be or become insolvent, and (b) the Indebtedness shall not at all times until paid be fully secured by collateral
pledged by Borrower, Guarantor hereby forever waives and relinquishes in favor of Lender and Borrower, and their respective successors, any claim or
right to payment Guarantor may now have or hereafter have or acquire against Borrower, by subrogation or otherwise, so that at no time shall
Guarantor be or become a "creditor" of Borrower within the meaning of I 1 U.S.C, section 547(b), or any successor provision of the Federal bankruptcy
laws.
Guarantor also wolves any and all rights or defenses arising by reason of (a) any "one action" or "anti-deficiency" law or any other law which may
prevent Lender from bringing any action, including a claim for deficiency, against Guarantor, before or after Lender's commencement or completion of
any foreclosure action, either judicially or by exercise of a power of sale; (b) any election of remedies by Lender which destroys or otherwise adversely
effects Guarantor's subrogation rights or Guarantor's rights to proceed against Borrower for reimbursement, Including without limitation, any loss of
rights Guarantor may suffer by reason of any law limning, qualifying, or discharging the Indebtedness; (c) any disability or other defense of Borrower, of
any other guarantor, or of any other person, or by reason of the cessation of Borrower's liability from any cause whatsoever, other than payment In full
in legal tender, of the Indebtedness; (d) any right to claim discharge of the Indebtedness on the basis of unjustified impairment of any collateral for the
Indebtedness; (e) any statute of limitations, If at any time any action or suit brought by Lender against Guarantor is commenced there is outstanding
Indebtedness of Borrower to Lender which Is not barred by any applicable statute of limitations; or (f) any defenses given to guarantors at law or in
equity other than actual payment and performance of the Indebtedness. If payment is made by Borrower, whether voluntarily or otherwise, or by any
third party, on the Indebtedness and thereafter Lander Is forced to remit the amount of that payment to Borrowers trustee in bankruptcy or to any
similar person under any federal or stale bankruptcy low or law for the relief of debtors, the Indebtedness shall be considered unpaid for the purpose of
enforcement of this Guaranty.
Guarantor further waives and agrees not 10 assort or claim at any lime any deductions to the amount guaranteed under this Guaranty for any claim of
setoff, counterclaim, counter demand, roccupmenl or similar right, whether such claim, demand or right may be asserted by the Borrower, the
Guarantor, or both.
GUARANTOR'S UNDERSTANDING WITH RESPECT TO WAIVERS. Guarantor warrants and agrees that each of the waivers set forth above is made
with Guarantors full knowledge of Its significance and consequences and that, under the circumstances, the waivers are reasonable and not contrary to
public policy or law. It any such waiver Is determined to be contrary to any applicable law or public policy, such waiver shall be effective only to the
extent permitted by law or public policy.
LENDER'S RIGHT OF SETOFF. In addition to all liens upon and rights of setoff against the moneys, securities or other property of Guarantor given to
Lender by law, Lender shall have, with respect to Guarantor's obligations to Lender under this Guaranty and to the extent permitted by law, a
contractual possessory security Interest In and a right of setoff against, and Guarantor hereby assigns, conveys, delivers, pledges, and transfers to
Lender all of Guarantor's right, title and Interest In and to, all deposits, moneys, securities and other property of Guarantor now or hereafter in the
possession of or on deposit with Lender, whether held In a general or special account or deposit, whether held jointly with someone else, or whether
held for safekeeping or otherwise, excluding however all IRA, Keogh, and trust accounts. Every such security interest and right of setoff may be
exercised without demand upon or notice to Guarantor. No security interest or right of setoff shall be deemed to have been waived by any act or
conduct on the part of Lender or by any neglect to exercise such right of setoff or to enforce such security interest or by any delay in so doing. Every
right of setoff and security interest shall continue In full force and effect until such right of setoff or security interest is specifically waived or released by
an Instrument In writing executed by Lander.
SUBORDINATION OF BORROWER'S DEBTS TO GUARANTOR. Guarantor agrees that the Indebtedness of Borrower to Lender, whether now
existing or hereafter created, shall be prior to any claim that Guarantor may now have or hereafter acquire against Borrower, whether or not Borrower
becomes insolvent. Guarantor hereby expressly subordinates any claim Guarantor may have against Borrower, upon any account whatsoever, to any
claim that Lender may now or hereafter have against Borrower. In the event of insolvency and consequent liquidation of the assets of Borrower,
through bankruptcy, by an assignment for the benefit of creditors, by voluntary liquidation, or otherwise, the assets of Borrower applicable to the
payment of the claims of both Lander and Guarantor shall be paid to Lender and shall be first applied by Lender to the Indebtedness of Borrower to
Lender. Guarantor does hereby assign to Lender all claims which it may have or acquire against Borrower or against any assignee or trustee in
bankruptcy of Borrower; provided however, that such assignment shall be effective only for the purpose of assuring to Lender full payment in legal
tender of the Indebtedness. If Lender so requests, any notes or credit agreements now or hereafter evidencing any debts or obligations of Borrower to
Guarantor shall be marked with a legend that the same are subject to this Guaranty and shall be delivered to Lender. Guarantor agrees, and Lender
hereby Is authorized, In the name of Guarantor, from time 16 time to execute and file financing statements and continuation statements and to execute
such other documents and to take such other actions as Lender deems necessary or appropriate to perfect, preserve and enforce its rights under this
Guaranty,
MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Guaranty:
Amendments. This Guaranty, together with any Related Documents, constitutes the entire understanding and agreement of the parties as to the
matters set forth In this Guaranty. No alteration of or amendment to this Guaranty shall be effective unless given in writing and signed by the party
or parties sough) to be charged or bound by the alteration or amendment.
Applicable Law. This Guaranty has been delivered to Lender and accepted by Lender in the Commonwealth of Pennsylvania. If there is a
lawsuit, Guarantor agrees upon Lender's request to submit to the jurisdiction of the courts of Cumberland County, Commonwealth of
Pennsylvania. This Guaranty shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania.
Attorneys' Fees; Expenses. Guarantor agrees to pay upon demand all of Lender's costs and expenses, Including attorneys' fees and Lender's
legal expenses, incurred in connection with the enforcement of this Guaranty. Lender may pay someone else to help enforce this Guaranty, and
Guarantor shall pay the costs and expenses of such enforcement. Costs and expenses IncludesLenVer'G attorneys' fees and legal expenses
whether or not there is a'laMsoit, Including attorneys' fees and legal expenses for bankruptcy proceedings (and including efforts to modify or
vacate any automatic stay or injunclir appeals, and any anticipated post-judgment collect' services. Guarantor also shall pay all court costs
and such additional fees as may be o. ad by the court.
"1tl' COMMERCIAL GUARANTY Page 3
Loan No 5001177-02 (Continued)
Notices. All notices required to be given by either party to the other under this Guaranty shall be In writing, may be sent by telefacsimilie, and
shall be effective when actually delivered or when deposited with a nationally recognized overnight courier, or when deposited in the United Slates
mail, first class postage prepaid, addressed to the party to whom the notice is to be given at the address shown above or to such other addresses
as either party may designate to the other In writing. if there Is more than one Guarantor, notice to any Guarantor will constitute notice to all
Guarantors. For notice purposes, Guarantor agrees to keep Lender informed at all times of Guarantor's current address.
Interpretation. In all cases where there is more than one Borrower or Guarantor, then all words used in this Guaranty In the singular shall be
deemed to have been used In the plural where the context and construction so require; and where there is more than one Borrower named In this
Guaranty or when this Guaranty is executed by more than one Guarantor, the words "Borrower' and "Guarantor" respectively shall mean all and
any one or more of them. The words "Guarantor," "Borrower," and "Lender" include the heirs, successors, assigns, and transferees of each of
them. Caption headings In this Guaranty are for convenience purposes only and are not to be used to Interpret or define the provisions of this
Guaranty. If a court of competent jurisdiction finds any provision of this Guaranty to be invalid or unenforceable as to any person or circumstance,
such finding shall not render that provision Invalid or unenforceable as to any other persons or circumstances, and all provisions of this Guaranty
in all other respects shall remain valid and enforceable. It any one or more of Borrower or Guarantor are corporations or partnerships, it Is not
necessary for Lender to inquire into the powers of Borrower or Guarantor or of the officers, directors, partners, or agents acting or purporting to act
on their behalf, and any indebtedness made or created In reliance upon the professed exercise of such powers shall be guaranteed under this
Guaranty.
Waiver. Lender shall not be deemed to have waived any rights under this Guaranty unless such waiver is given in writing and signed by Lender.
No delay or omission on the part of Lender In exercising any right shall operate as a waiver of such right or any other right. A waiver by Lender of
a provision of this Guaranty shall not prejudice or constitute a waiver of Lender's right otherwise to demand strict compliance with that provision or
any other provision of this Guaranty. No prior waiver by Lender, nor any course of dealing between Lender and Guarantor, shall constitute a
waiver of any of Lender's rights or of any of Guarantor's obligations as to any future transactions. Whenever the consent of Lender is required
under this Guaranty, the granting of such consent by Lender in any instance shall not constitute continuing consent to subsequent instances
where such consent is required and in all cases such consent may be granted or withheld in the sole discretion of Lender.
CONFESSION OF JUDGMENT. GUARANTOR HEREBY IRREVOCABLY AUTHORIZES AND EMPOWERS ANY ATTORNEY OR THE
PROTHONOTARY OR CLERK OF ANY COURT IN THE COMMONWEALTH OF PENNSYLVANIA, OR ELSEWHERE, TO APPEAR AT ANY TIME FOR
GUARANTOR AFTER A DEFAULT UNDER THIS GUARANTY, AND WITH OR WITHOUT COMPLAINT FILED, AS OF ANY TERM, CONFESS OR
ENTER JUDGMENT AGAINST GUARANTOR FOR THE ENTIRE PRINCIPAL BALANCE OF THIS GUARANTY AND ALL ACCRUED INTEREST,
TOGETHER WITH COSTS OF SUIT, AND AN ATTORNEY'S COMMISSION OF TEN PERCENT (10%) OF THE UNPAID PRINCIPAL BALANCE AND
ACCRUED INTEREST FOR COLLECTION, BUT IN ANY EVENT NOT LESS THAN FIVE HUNDRED DOLLARS ($500) ON WHICH JUDGMENT OR
JUDGMENTS ONE OR MORE EXECUTIONS MAY ISSUE IMMEDIATELY; AND FOR SO DOING, THIS GUARANTY OR A COPY OF THIS GUARANTY
VERIFIED BY AFFIDAVIT SHALL BE SUFFICIENT WARRANT, THE AUTHORITY GRANTED IN THIS GUARANTY TO CONFESS JUDGMENT AGAINST
GUARANTOR SHALL NOT BE EXHAUSTED BY ANY EXERCISE OF THAT AUTHORITY, BUT SHALL CONTINUE FROM TIME TO TIME AND AT ALL
TIMES UNTIL PAYMENT IN FULL OF ALL AMOUNTS DUE UNDER THIS GUARANTY. GUARANTOR HEREBY WAIVES ANY RIGHT GUARANTOR
MAY HAVE TO NOTICE OR TO A HEARING IN CONNECTION WITH ANY SUCH CONFESSION OF JUDGMENT AND STATES THAT GUARANTOR
HAS BEEN REPRESENTED BY LEGAL COUNSEL.
EACH UNDERSIGNED GUARANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS GUARANTY AND AGREES TO ITS
TERMS. IN ADDITION, EACH GUARANTOR UNDERSTANDS THAT THIS GUARANTY IS EFFECTIVE UPON GUARANTOR'S EXECUTION AND
DELIVERY OF THIS GUARANTY TO LENDER AND THAT THE GUARANTY WILL CONTINUE UNTIL TERMINATED IN THE MANNER SET FORTH
IN THE SECTION TITLED "DURATION OF GUARANTY." NO FORMAL ACCEPTANCE BY LENDER IS NECESSARY TO MAKE THIS GUARANTY
EFFECTIVE. THIS GUARANTY IS DATED AUGUST 7, 1995.
GUARANTOR:
Lett s?Jn'?colr?pyr ted
By .t/VI:G (SEAL)
William D. Morrow, PresldenVSecretary
By: (SEAL)
J: Robert Morrow, Vice President/Treasurer
CORPORATE ACKNOWLEDGMENT
STATE OF ?2.11(?cn 1 V 01-n't 01 )
_f )SS
COUNTY OF leg M 'CL )
On this, the day of 19 before m
. ? t? _ ??QI e- the
undersigned Notary Public , p natty appeared p,ewho acknowled`?¢d`-'?Ihemselves to be the
of Lett's Incorporated, a corporation, and that they as such
being authorized to do so, executed, the foregoing instrument for the purposes
therein contained by signing the name of the corporation by themselves as?x,LJ„ .,-L 1 V ?. 4?t od,-In.A-
In witness w ereo rr"rtd and off! al seal.
PEGGYJ. ELDER, Notary Public
Camp Hill Boro. Cumberland County - -
My Commission Expires Oct. 20,1997 Notary Public in and for the S at of n vo.r1 ??
LASER PRO, Reg U.S PAL 6 T.M OII.,Ver. 3.201CI 1995 CFI Prc,Servmes, Inc. Allr,g"IS reser ve a IPA-E20 LETTS LN C2 OVLI
.J
Borrower: James Lett Company TIA Letts Camera Shop (TIN: Lender: 21 8 Markel Street
675 Market l Street NNSYLVANIA ATE BANK
23-1301986) P.O. BOX 4117
k
Lemoyne, PA 17049 Camp Hill, PA 17001-11487
GUarantor: J. Robert Morrow and Ernestine S. Morrow
105 South Stoner Avenue
Shiremanstown, PA 17011
DISCLOSURE FOR CONFESSION OF JUDGMENT
I AM EXECUTING, THIS DAY OF 19125, A GUARANTY OF A PROMISSORY NOTE FOR
$72,607.89 OBLIGATING ME TO REPAY THAT AM0 N .
A. 1 UNDERSTAND THAT THE GUARANTY CONTAINS A CONFESSION OF JUDGMENT PROVISION THAT WOULD PERMIT LENDER TO
ENTER JUDGMENT AGAINST ME IN COURT, AFTER A DEFAULT ON THE GUARANTY, WITHOUT ADVANCE NOTICE TO ME AND WITHOUT
OFFERING ME AN OPPORTUNITY TO DEFEND AGAINST THE ENTRY OF JUDGMENT. IN EXECUTING THE GUARANTY, BEING FULLY
AWARE OF MY RIGHTS TO ADVANCE NOTICE AND TO A HEARING TO CONTEST THE VALIDITY OF ANY JUDGMENT OR OTHER CLAIMS
THAT LENDER MAY ASSERT AGAINST ME UNDER THE GUARANTY I AM KNOWINGLY, INTELLIGENTLY, AND VOLUNTARILY WAIVING
THESE RIGHTS, INCLUDING ANY RIGHT TO ADVANCE NOTICE OF THE ENTRY OF JUDGMENT, AND I EXPRESSLY AGREE AND CONSENT
TO LENDER'S .MENT AGAINST ME BY CONFESSION AS PROVIDED FOR IN THE CONFESSION OF JUDGMENT
PROVISION. INITIALS: <>.
B. I FURTHER UNDERSTAND THAT IN ADDITION TO GIVING LENDER THE RIGHT TO ENTER JUDGMENT AGAINST ME WITHOUT
ADVANCE NOTICE OR A HEARING, THE CONFESSION OF JUDGMENT PROVISION IN THE GUARANTY ALSO CONTAINS LANGUAGE THAT
WOULD PERMIT LENDER, AFTER ENTRY OF JUDGMENT, AGAIN WITHOUT EITHER ADVANCE NOTICE OR A HEARING, TO EXECUTE ON
THE JUDGMENT BY FORECLOSING UPON, ATTACHING, LEVYING ON, TAKING POSSESSION OF OR OTHERWISE SEIZING MY
PROPERTY, IN FULL OR PARTIAL PAYMENT OF THE JUDGMENT. IN EXECUTING THE GUARANTY, BEING FULLY AWARE OF MY RIGHTS
TO ADVANCE NOTICE AND A HEARING AFTER JUDGMENT IS ENTERED AND BEFORE EXECUTION ON THE JUDGMENT,I AM
KNOWINGLY, INTELLIGENTLY AND VOLUNTARILY WAIVING THESE RIGHTS, AND 1 EXPRESSLY AGREE AND CONSENT TO LENDER'S
IMMEDIATELY EXECUTING ON THE JUDGMEN ANY MANNER PERMITTED BY APPLICABLE STATE AND FEDERAL LAW, WITHOUT
GIVING ME ANY ADVANCE NOTICE. INITIALS:
C. AFTER HAVING READ AND DETERMINED WHICH OF THE FOLLOWING STATEMENTS ARE APPLICABLE, AND BY PLACING MY
INITIALS NEXT TO EACH STATEMENT WHICH APPLIES, I REPRESENT THAT:
INITIALS
1. 1 WAS REPRESENTED BY MY OWN INDEPENDENT LEGAL COUNSEL IN CONNECTION WITH THE GUARANTY.
,[V 2. A REPRESENTATIVE OF LENDER SPECIFICALLY CALLED THE CONFESSION OF JUDGMENT PROVISION IN THE
GUARANTY TO MY ATTENTION.
D. I CERTIFY THAT MY ANNUAL INCOME EXCEEDS $10,000; THAT THE BLANKS IN THIS DISCLOSURE WERE FILLED IN WHEN I
INITIALED AND SIGNED IT; AND THAT I RECEIVED A COPY AT THE TIME OF SIGNING.
A7.J X (SEAL)
Robert Morrow
L ASEFI PFlO. Rep. U.S. Pat. & T.M. OIL, Ver. 3.20 (c) 1995 CFI ProServ,ces. inc. Alt rights reserved. IPA-000 LETTS.LN C2.0VLI
EXHIBIT
V-1 A_
F
DISCLOE RE FOR CONFESSION OF . DGMENT
-------'• «„,e,1nPeniI"A r_eas camera Shop (TIN: Lender: PENNSYLVANIA STATE BANK
75 Ma
rket 1986) Street
8 2148 Market Street
x76 Ma
Lemoyne, PA 17049 P.O. BOX 4e7
13118ran(Or: William D. Morrow and Linda M. Morrow Camp Hill, PA 17001-0487
1160 Slddensburg Road
Mechanicsburg, PA 17os6
DISCLOSURE FOR CONFESSION OF JUDGMENT
I AM EXECUTING, THIS -DAY OF
$72,607.89 OBLIGATING ME TO REPAY THAT AMOUNT. 19? A GUARANTY OF A PROMISSORY NOTE FOR
A. 1 UNDERSTAND THAT THE GUARANTY CONTAINS A CONFESSION OF JUDGMENT PROVISION THAT WOULD PERMIT LENDER TO
ENTER JUDGMENT AGAINST ME IN COURT, AFTER A DEFAULT ON THE GUARANTY, WITHOUT ADVANCE NOTICE TO ME AND WITHOUT'
OFFERING ME AN OPPORTUNITY TO DEFEND AGAINST THE ENTRY OF JUDGMENT. IN EXECUTING THE GUARANTY, BEING FULLY
AWARE OF MY RIGHTS TO ADVANCE NOTICE AND TO A HEARING TO CONTEST THE VALIDITY OF ANY JUDGMENT OR OTHER CLAIMS
THAT LENDER MAY ASSERT AGAINST ME UNDER THE GUARANTY I AM KNOWINGLY, INTELLIGENTLY, AND VOLUNTARILY WAIVING
THESE RIGHTS, INCLUDING ANY RIG O ADVANCE NOTICE OF THE ENTRY OF JUDGMENT, AND I EXPRESSLY AGREE AND CONSENT
TO LENDER'S NTERING JU NT AGAINST ME BY CONFESSION AS PROVIDED FOR IN THE CONFESSION OF JUDGMENT
PROVISION. INITIALS: ... "`
B. I FURTHER UNDERSTAND THAT IN ADDITION TO GIVING LENDER THE RIGHT TO ENTER JUDGMENT AGAINST ME WITHOUT
ADVANCE NOTICE OR A HEARING, THE CONFESSION OF JUDGMENT PROVISION IN THE GUARANTY ALSO CONTAINS LANGUAGE THAT
WOULD PERMIT LENDER, AFTER ENTRY OF JUDGMENT, AGAIN WITHOUT EITHER ADVANCE NOTICE OR A HEARING, TO EXECUTE ON
THE JUDGMENT BY FORECLOSING UPON, ATTACHING, LEVYING ON, TAKING POSSESSION OF OR OTHERWISE SEIZING MY
PROPERTY, IN FILL OR PARTIAL PAYMENT OF THE JUDGMENT. IN EXECUTING THE GUARANTY, BEING FULLY AWARE OF MY RIGHTS
TO ADVANCE NOTICE AND A HEARING AFTER JUDGMENT AS ENTERED AND BEFORE EXECUTION ON THE JUDGMENT,I AM
KNOWINGLY, INTELLIGENTLY AND VOLUNTARILY WAIVIN HESE RIGHTS, AND I EXPRESSLY AGREE AND CONSENT TO LENDER'S
IMMEDIATELY EXECUTING ON THE JUDGMEN , MANNER PERMITTED BY APPLICABLE STATE AND FEDERAL LAW, WITHOUT
GIVING ME ANY ADVANCE NOTICE. INITIALS F? _
C. AFTER HAVING READ AND DETERMINED 441C!I OF THE FOLLOWING STATEMENTS ARE APPLICABLE, AND BY PLACING MY
INITIALS NEXT TO EACH STATEMENT WHICH APPLIES, I REPRESENT THAT:
INITIALS
1. 1 WAS REPRESENTED BY MY OWN INDEPENDENT LEGAL COUNSEL IN CONNECTION WITH THE GUARANTY,
2. A REPRESENTATIVE OF LENDER SPECIFICALLY CALLED THE CONFESSION OF JUDGMENT PROVISION IN THE
GUARANTY TO MY ATTENTION.
0. 1 CERTIFY THAT MY ANNUAL INCOME EXCEEDS 810,000; THAT THE BLANKS IN THIS DISCLOSURE WERE FILLED IN WHEN I
INITIALED AND SIGNED IT; AND THAT 1 RECEIVED A COPY AT THE TIME OF SIGNING.
AFFIANT:
X U - 11'
v (SEAL)
William D. rrow
LASER PRO. Reg. U.S. Pat.& T.M.011.. Ver. 1201c11995 CFI ROSernces, Inc. At rights reserved .IPA-000 LET TS.LNC2.OVLI
DISCLO' RE FOR CONFESSION OF, DGMENT
m
cil
O c? CJ
N + . I .
PENNSYLVANIA STATE BANK
VS.
JAMES LETT CO.,
LETTS CAMERA SHOP,
LETTS, INC.,
WILLIAM D. MORROW,
LINDA M. MORROW,
J. ROBERT MORROW, and
ERNESTINE S. MORROW
IN THE COURT OF COMMON PLEAS
CUMBERLAND COUNTY, PENNSYLVANIA
Judgment in favor of Plaintiff
for $27,028.90
Entered to 1999-4480
Entered of record 7/26/99
SUBORDINATION OF JUDGMENT
KNOW ALL MEN BY THESE PRESENTS, that Pennsylvania State
Bank, the Plaintiff named in the above judgment, for and in
consideration of the sum of One Dollar ($1.00), lawful money of
the United States, to it paid by the Defendants above named, and
the receipt whereof is hereby acknowledged, does hereby
subordinate the effect of that judgment to a mortgage of 875
Associates, a Pennsylvania general partnership, of William D.
Morrow, general partner, and J. Robert Morrow, general partner,
to Keystone Financial Bank, N.A. dated December 1, 1999 in the
amount of $550,000.00.
Nothing contained herein shall affect the judgment or its
legal validity.
IN WITNESS WHEREOF, Pennsylvania State Bank has caused this
Subordination of Judgment to be signed this day of December,
1999.
Attest:
Secretary
PENNSYLVANIA STATE BANK
By: V?
President
COMMONWEALTH OF PENNSYLVANIA
COUNTY OF CUMBERLAND
SS.
On this, the 3104 day of December, 1999, before me, the
undersigned officer, personally appeared W',?\„_,,?
who acknowledged himself to be the iR,,.ieleyX+ of
Pennsylvania State Bank, a corporation, and that he as such
officer, being authorized to do so, executed the foregoing
Subordination of Judgment for the purposes therein contained.
IN WITNESS WHEREOF, I hereunto set my hand and official
seal.
Public
Notarial Seal
Thmmy S. Prosser, Notary Public
South MltlNUton Two.. Cumbodand Ceunry
My Commission Expires Oct. 25, 2003
`- -- ? J?
Er
?' -,
?_-
,,, ?,
?, ?
8 ° ?°
?; ? ? ?
?_ - ? ?
?., ,
,.
PENNSYLVANIA STATE BANK
------------------------------------------
N IS.
J. Robert Morrow, James Lett Co.
----------------------------------------------------
_
WilliamD_ Morrow, _Linda M. Morrow
__ Ernestine S,_ Morrow,_Letts Camera-Shop _
Letts, Inc.
---------------------------------------------------
PENNSYLVANIA STATE BANK -
In the Court of Con?n?on Pleas of
Cumberland County, Pennsylvania
.judgment in favor of Plaintiff on ---------------------
--------------------------------- for 272028.90
No.1999-4480 Civil
Littered _July_ 262.1999----------------- 19------
Plaintiff
in the above Judgnmut, do appear and acknowledge that THEY this clay have had and received and
h•ouh _ J. F _t rbrcug_Jates Iett_Car Wi7lian D. & Linda M._hbr=,_&nestine S_ hbrxvuLetts Camera, Letts Inc.
the defendant in the above Judgment, full payment and saisfaction of the same, with interest and costs, and desired that
satisfaction therefore shall be entered upon die records thereof.
And further, we do hereby authorise and empower___Curtis--R.-Long
----------------
theProthonotary of said Court, to appear ----------------------------
and in name and stead to enter full satisfaction upon de record of said judgment, as fully and effectually, to all
intents and purposes, as could were personally present in person to do so. And for so doing this shall be
your sufficient warrant of authority.
In tcsthnony whereof, we have hereunto set our hands and seals this _ 20th
- ------------
day of ------December----------------------------- A.D. 19--2002 ? ? ' ?
Paul H. Weidman Jr. Exec
-----------------------------
State of Pennsylvania 1
County of Cuptbcrland, J}
icia A.
V_P. (Seal)
_ (Seal)
Personally appeared before me the subscriber Paul H. Weidman, Jr. Executive V.P.
of PENNSYLVANIA STATE BANK
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------- the Plaintiff in the
above judgment, and in due form of law acknowledged the within and foregoing Power of Attorney to satisfy die Judg.
nient set forth, to be act and deed, and desired that the same shall be filed of record in the office of the Prothon-
otary of die Court of Common Pleas of said County.
. ^? y4
In tes into/Jny whereof, II have hereunto set my hand and seal this _-c?--____________________________________
day of C ?? 1YtCXC -------------------------- A. D 151 a .OT
_ .&(?a.!1'YV!J------- (Seal)
is
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