HomeMy WebLinkAbout03-6669INSTALLMENT JUDGMENT NOTE
June 1, 2003 $97,500.00
FOR VALUE RECEIVED, FROMMCO, INC., a corporation organized and existing
under the laws of the Commonwealth of Pennsylvania ("Maker") promises to pay to WILLIAM
C. FROMM ("Payee") at 100 Lebo Road, Carlisle, Pennsylvania, or at such place as the Payee
thereof may fi.om time to time designate, in writing, the principal sum of NINETY-SEVEN
THOUSAND FIVE HUNDRED ($97,500.00) DOLLARS, together with interest at the rate of
8.535% per annum compounded monthly.
Principal and interest are payable in eighty-four (84) equal monthly installments of
$1,545.77 commencing July 1, 2003 and on the 1st day of each month thereafter until principal
and interest are paid in full. In the event any payment is more than 10 days later an additional 2%
of the payment due shall be added as an administrative charge.
Maker shall have the fight to prepay the indebtedness evidenced hereby only if the entire
remaining principal balance is paid in full at the time of any prepayment. In no event will the
monthly payment fi.om Maker be less than $1,545.77 while principal is owed.
Principal and interest computed and payable as herein provided shall be payable without
relief from valuation or appraisement laws, and with attorney's fees, costs and expenses of
collection, in the event that this Note is referred to an attorney for enforcement or collection.
If the Maker shall default in the payment of principal or interest when the same shall
become due and payable, or upon the happening of any of the following events affecting the
Maker: Voluntary filing of a petition in bankruptcy or reorganization, execution of an
assignment for the benefit of creditors, liquidation of Maker's business, appointment of a
receiver by a court of competent jurisdiction, which appointment shall not have been vacated
within a period of thirty (30) days after the appointment of such receiver (all hereinafter an
"Event of Default"), then the entire principal amount of this Note, including any interest due
thereunder, shall at the option of the Payee, become immediately due and payable without
presentment or demand, notice of protest or other notice of dishonor of any kind, all of which are
expressly waived by Maker.
No delay on the part of the Payee in exercising an option shall operate as a waiver or
preclude the exercise of such option at any time during the continuance of any such default.
The Payee may, at its option, make extensions of the time for payment of indebtedness,
or any part thereof, or reduce payments thereon, and Maker consents and agrees to any such
extensions or reductions, all without notice, and agrees that any such action by the Payee of this
Note shall not relieve it from liability hereunder. Maker hereby waives presentment for
payment, notice of dishonor, protest, notice of protest, notice of nonpayment of this Note and
UPON THE HAPPENING OF AN EVENT OF DEFAULT, PAYEE MAY DECLARE
ALL MONIES IMMEDIATELY DUE AND PAYABLE, AND PROCEED TO COLLECT THE
SAME AT ONCE. UPON THE HAPPENING OF AN EVENT OF DEFAULT, MAKER
AUTHORIZES AND EMPOWERS ANY PROTHONOTARY OR CLERK OF ANY
ATTORNEY OF ANY COURT OF RECORD, INCLUDING SPECIFICALLY, BUT NOT
LIMITED TO, ANY COURT OF COMMON PLEAS OF THE COMMONWEALTH OF
PENNSYLVANIA, TO APPEAR FOR AND TO CONFESS OR ENTER JUDGMENT
AGAINST THE MAKER, AT ANY ONE OR MORE TIMES UPON ANY DEFAULT, AS OF
ANY TERM, FOR ALL SUMS DUE OR TO BECOME DUE HEREUNDER, TOGETHER
WITH TEN (10%) PERCENT THEREOF ADDED FOR ATTORNEY'S COLLECTION FEES,
AND WITH COSTS OF SUIT, RELEASES ALL ERRORS, WAIVER OF APPEALS,
WITHOUT STAY OF EXECUTION, AND THE UNDERSIGNED WAIVES INQUISITION
AND EXTENSION UPON ANY LEVY ON ANY REAL ESTATE, HEREBY
VOLUNTARILY CONDEMNS THE SAME AND AUTHORIZES THE ENTRY UPON THE
WRIT OF EXECUTION, HEREBY WAIVING AND RELEASING ALL RELIEF FROM ANY
AND ALL APPRAISEMENT AND STAY OF EXECUTION, AND THE UNDERSIGNED
WAIVES INQUISITION AND EXTENSION UPON ANY LEVY ON ANY REAL ESTATE,
HEREBY VOLUNTARILY CONDEMNS THE SAME AND AUTHORIZES THE ENTRY
UPON THE WRIT OF EXECUTION, HEREBY WAIVING AND RELEASING ALL RELIEF
FROM ANY AND ALL APPRAISEMENT AND STAY OF EXECUTION LAWS NOW IN
FORCE OR HEREAFTER ENACTED.
Dated at
ATTEST:
, Pennsylvania, on this 1 ,t day of June 2003.
MAKER:
FROMMCO, INC.
By,' ~~~ A~ )r_~a., ]~
(Corporate Seal)
COMMONWEALTH OF PENNSYLVANIA:
COUNTY OF ~--.~'),~£,gL,4/Y~ :
: SS
On this the ]~o~ day of ~ ~, 2003, before me, a Notary Public in and for
the Commonwealth of Pennsylvania, the undersigned officer, personally appeared
~,n~,~-5 ~tr/n[ known to me (or satisfactorily proven) to be the PRESIDENT of
FROMMCO, INC., a corporation, and that he as such President, being authorized to do so, executed the
foregoing instrument for the purposes therein contained by signing the name of the corporation by himself
as the President.
IN WITNESS WHEREOF, I hereunto set~xly_.~and and official seal.
l~ot~xy Public ~/t~
NOTARIAL SEAL
Roberta L, Radcliff NotaW PubliC
wo~mteysburO Borough, County o! cumberis~
My Commission Expires Jan. 20, 2005