HomeMy WebLinkAbout08-2390-n, . () F- ;t 3 9 b Co?,J 'It..,
BALLOON PROMISSORY JUDGMENT NOTE
This loan is payable in full at maturity. You must remit the entire principal balance of the
loan and unpaid interest then due. The lender is under no obligation to refinance the loan
at that time. You will, therefore, be required to make payment out of other assets that you
may own, or you will have to find a lender, which may be the lender you have this loan
with, willing to lend you the money. If you refinance this loan at maturity, you may have to
pay some or all of the closing costs normally associated with a new loan even if you obtain
refinancing from the same lender.
$141,913.49 Harrisburg, Pennsylvania
March 25, 2008
FOR VALUE RECEIVED AND INTENDING TO BE LEGALLY BOUND
HEREBY, Monica A. Lauver of 45 Honeysuckle Drive, Mechanicsburg, PA 17050 (herein the
"Maker") promises to pay to the order of Alex DiSanto and Dona DiSanto of 1858 Bradley
Drive, Harrisburg, Pennsylvania, 17110 (herein, together with any successor holder or holders of
this Note, the "Payee") the principal sum of ONE HUNDRED FORTY-ONE THOUSAND
NINE HUNDRED THIRTEEN) DOLLARS AND FORTY-NINE CENTS (141,913.49)..
(FOR VALUE RECEIVED, AND INTENDING TO BE LEGALLY BOUND, Monica A.
Lauver a single person, residing at 45 Honeysuckle Drive, Mechanicsbuerg, PA 17050 (herein
the "Maker") promises to pay Alex DiSanto and Dona DiSanto of 1858 Bradley Drive,
Harrisburg, Pennsylvania, 17110 (herein the "Holder") the sum of One Hundred Forty-One
Thousand, Nine Hundred and Thirteen and 49/100($141,913.49) Dollars lawful money of
the United States of America. The principal advanced by Holder to Maker is in connection with
a business transaction.
Payment shall be as follows: The principal balance shall bear interest at the rate of ten
(10%) percent per annum amortized over a thirty(30) year period until paid in full on or before
the balloon date, which shall be not later than March 25, 2011. Payments shall begin April 25,
2008, and shall continue on the twenty-fifth (25th) day of each month thereafter until the balloon
payment (the date which the remaining balance of the Note shall be paid in full) on or before
March 25, 2011. The monthly principal and interest amount shall be One Thousand Two
Hundred Forty-Five and 39/100 ($1,245.39) Dollars. The payment shall be late if not paid
within fifteen (15) days of the due date. Late payments shall incur a late charge of ten (10%)
percent of the monthly payment and such late charge shall not require demand. In the event
payment is not received within such ten day period, the same shall be a default hereunder.
Holder shall provide written notice of default only to the address set forth above providing a
period of ten (10) days to cure such default, after which judgment by confession may be entered.
In the event judgment by confession is entered, the judgment rate of interest shall be the same
rate hereunder and interest shall accrue on that sum until the payment in full of both principal
and interest from the date of declaration of default. In any event, the full amount of principal and
interest shall be paid to Holder no later than March 25, 2011.
This Note is secured in part by a Mortgage and Note herein and therein the "ancillary
closing documents") of even date herewith, by and between the parties hereto, all of which are
incorporated herein by reference and made a part hereof. .
Each of the following shall be an Event of Default hereunder. (i) any payment due
hereunder is not paid when due and within fifteen (15) days of the receipt of written notice of
demand and for cure (ii) an Event of Default occurs under the Purchase and Sale Agreement, or
any ancillary closing documents (iii) any proceedings under the Bankruptcy Code or any law of
the United States or of any state relating to insolvency, receivership or debt adjustment is
instituted by or against Maker, (iv) a trustee or receiver is appointed for all or any part of the
Property and such appointment shall not have been vacated within sixty (60) days thereafter, or
(v) Maker shall make an assignment for the benefit of creditors or become insolvent. Upon an
Event of Default, Payee, at their option, in addition to all their rights and remedies contained in
the Purchase and Sale Agreement or available at law or in equity, may declare immediately due
and payable the entire outstanding balance of Principal and accrued and unpaid Interest, together
with all other charges to which Payee may be entitled under this Note, the Purchase and Sale
Agreement, and the ancillary closing documents. If this Note is so accelerated or any amounts
due hereunder are not paid on the Maturity Date or when sooner due, all amounts due hereunder
shall, after such acceleration or Maturity Date as the case may be, bear interest at a rate of Ten
(10%) Percent (the "Default Rate") until paid.
Maker agrees to pay all charges (including reasonable attorneys' fees) of Payee in
connection with the collection and/or enforcement of this Note or the Purchase and Sale
Agreement or in protecting or preserving the security for this Note, whether or not suit is brought
against Maker.
The failure of Payee at any time to exercise any option or right hereunder shall not
constitute a waiver of Payee's right to exercise such option or right at any other time.
Maker hereby jointly and severally waives presentment, demand, notice, protest and all
other defenses generally except the defenses of payment and/or performance.
This Note shall be governed by, construed, and enforced in accordance with the laws of
the Commonwealth of Pennsylvania. Venue shall lie in Dauphin County, Pennsylvania. If any
provision of this Note is held to be invalid or unenforceable by a court of competent jurisdiction,
the other provisions of this Note shall remains in full force and effect.
In the event that Payee shall ever receive from Maker payment of interest in an amount
which would be prohibited by applicable law, such amount that would be prohibited interest shall
be applied to the reduction of the unpaid Principal balance and not to the payment of interest.
Time is of the essence with respect to all of Makers' obligations and agreements under
this Note.
CONFESSION OF JUDGMENT - UPON AN EVENT OF DEFAULT, THE
UNDERSIGNED DOES HEREBY IRREVOCABLY AUTHORIZE AND EMPOWER
ANY PROTHONOTARY, CLERK OR ATTORNEY OF ANY COURT OF RECORD
WITHIN PENNSYLVANIA OR ELSEWHERE TO APPEAR FOR AND ENTER
JUDGMENT AGAINST HIM/HER/THEM FOR THE UNPAID PRINCIPAL SUM DUE
HEREUNDER, TOGETHER WITH ALL ACCRUED AND UNPAID INTEREST, IF ANY,
AND ALL OTHER CHARGES OR SUMS DUE HEREUNDER, TOGETHER WITH A
REASONABLE ATTORNEYS' COMMISSION FOR COLLECTION, WITH OR
WITHOUT DECLARATION, WITH COSTS OF SUIT, RELEASE OF ERRORS,
WITHOUT STAY OF EXECUTION; AND THE UNDERSIGNED ALSO WAIVES THE
RIGHT OF INQUISITION ON ANY REAL ESTATE THAT MAY BE LEVIED UPON TO
COLLECT THE NOTE, AND DOES HEREBY VOLUNTARILY CONDEMN THE
SAME, AND AUTHORIZE THE PROTHONOTARY TO ENTER UPON THE WRIT OF
EXECUTION SAID VOLUNTARY CONDEMNATION; AND FURTHER AGREES
THAT SAID REAL ESTATE MAY BE SOLD ON A WRIT OF EXECUTION, AND THE
UNDERSIGNED HEREBY WAIVES AND RELEASES ALL RELIEF FROM ANY AND
ALL APPRAISEMENT, STAY OR EXEMPTION LAWS OF ANY STATE NOW IN
FORCE OR HEREINAFTER TO BE PASSED. IF COPIES OF THIS NOTE, VERIFIED
BY AFFIDAVIT OF THE HOLDER HEREOF OR SOMEONE ON THE HOLDER'S
BEHALF, HAVE BEEN FILED IN SUCH ACTION, IT WILL NOT BE NECESSARY TO
FILE THE ORIGINAL OF THIS NOTE AS A WARRANT OR ATTORNEY. THE
AUTHORITY AND POWER TO APPEAR FOR AND ENTER JUDGMENT AGAINST
THE UNDERSIGNED WILL NOT BE EXHAUSTED BY THE INITIAL EXERCISE OF
THE AUTHORIZED POWER, AND THE POWER MAY BE EXERCISED FROM TIME
TO TIME AS OFTEN AS THE HOLDER DEEMS NECESSARY OR DESIRABLE AND
THIS INSTRUMENT OR A COPY HEREOF SHALL BE A SUFFICIENT WARRANT.
THE PRECEDING PARAGRAPH SETS FORTH A WARRANT OF AUTHORITY
FOR AN ATTORNEY, PROTHONOTARY OR CLERK TO CONFESS JUDGMENT
AGAINST THE UNDERSIGNED. IN GRANTING THIS WARRANT OF ATTORNEY
TO CONFESS JUDGMENT, THE UNDERSIGNED HEREBY KNOWINGLY,
INTENTIONALLY AND VOLUNTARILY, AND, AFTER CONSULTATION WITH
LEGAL COUNSEL OF HIS/HER/THEIR OWN CHOOSING, UNCONDITIONALLY
WAIVES ANY AND ALL RIGHTS HE/SHE/THEY HAS OR MAY HAVE TO PRIOR
NOTICE, AND AN OPPORTUNITY FOR PRIOR HEARING UNDER THE
CONSTITUTIONS AND LAWS OF THE UNITED STATES OF AMERICA, THE
COMMONWEALTH OF PENNSYLVANIA AND ALL OTHER APPLICABLE
JURISDICTIONS.
THE UNDERSIGNED UNDERSTANDS THE MEANING AND EFFECT OF THE
WARRANT OF AUTHORITY TO CONFESS JUDGMENT CONTAINED IN THE
FOREGOING PARAGRAPHS. SPECIFICALLY, THE UNDERSIGNED
UNDERSTANDS, AMONG OTHER THINGS, THAT (I) THE UNDERSIGNED IS
RELINQUISHING THE RIGHT TO HAVE NOTICE, AN OPPORTUNITY TO BE
HEARD, AND THE RIGHT TO HAVE THE BURDEN OF PROOF OF DEFAULT REST
ON PAYEE PRIOR TO THE ENTRY OF JUDGMENT, (H) THE ENTRY OF
JUDGMENT MAY RESULT IN A LIEN ON THE UNDERSIGNED'S PROPERTY, AND
(III) THE UNDERSIGNED'S PROPERTY MAY BE TAKEN TO PAY THE PRINCIPAL
AMOUNT, INTEREST, LATE CHARGES, COSTS AND ATTORNEYS' FEES AS
PROVIDED ABOVE.
TO THE EXTENT PERMITTED BY LAW, ACTING UNDER
REPRESENTATION OF COUNSEL, THE UNDERSIGNED HEREBY IRREVOCABLY
WAIVES ANY DUE PROCESS RIGHTS TO PREJUDGMENT NOTICE AND HEARING
AND/OR POST SEIZURE RELIEF ARISING IN CONNECTION WITH, OR IN ANY
WAY RELATED TO, PAYEE'S RIGHT TO CONFESS JUDGMENT AGAINST THE
UNDERSIGNED AS HEREIN PROVIDED, AND THE UNDERSIGNED
ACKNOWLEDGES AND UNDERSTANDS THAT BY WAIVING THESE RIGHTS, THE
UNDERSIGNED HAS CONSENTED TO ALLOW THE PAYEE TO ENTER A COURT
JUDGMENT AGAINST THE UNDERSIGNED AND TO SEIZE THE UNDERSIGNED'S
PROPERTY WITHOUT PRIOR NOTICE OR HEARING IN ORDER TO SATISFY THE
OBLIGATIONS OWED BY THE UNDERSIGNED TO THE PAYEE.
THE UNDERSIGNED HEREBY KNOWINGLY AND IRREVOCABLY WAIVES
TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE, OR
OTHERWISE INVOLVING, THIS NOTE. THE UNDERSIGNED FURTHER
IRREVOCABLY CONSENTS TO THE JURISDICTION AND VENUE OF ANY STATE
OR FEDERAL COURT SITTING IN OR FOR DAUPHIN COUNTY, PENNSYLVANIA.
IN WITNESS WHEREOF, and intending to be legally bound Maker has caused this
Note to be executed and delivered on the date first written above.
WITNESS: MAKER:
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Monica A. Lauver
EXPLANATION OF RIGHTS
A. I clearly and specifically understand that by signing the foregoing Promissory Note
dated even date herewith in the amount of One Hundred Forty-One Thousand Nine Hundred
Thirteen Dollars and Forty-Nine Cents ($141,913.49) (the "Note"), payable to Alex DiSanto
and Dona DiSanto (herein the "Holder") which contains a Confession of Judgment clause:
1. I will authorize the Holder to enter a judgment against me in Holder's favor which will
give the Holder a lien upon any real estate which I may own, including my home.
2. I will give up the right to any notice or opportunity to be heard prior to the entry of
this judgment on the records of the court.
3. I will agree that the Holder can enter this judgment without any proof of nonpayment
or other default on my part.
4. I will subject all of my property, both personal property and real estate, to execution
(and sheriffs sale) pursuant to this judgment prior to proof of nonpayment or other
default on my part.
5. I will be unable to challenge this judgment, should the Holder enter it, except by a
proceeding to open or strike the judgment; and such a proceeding will result in attorneys'
fees and costs which I will have to pay.
6. I know and understand that it is the confession of judgment clause in the Note which
gives the Holder the rights enumerated above.
B. IF I DO NOT SIGN A NOTE WHICH CONTAINS A CONFESSION OF
JUDGMENT CLAUSE. I UNDERSTAND I WOULD HAVE THE FOLLOWING:
1. The right to have notice and an opportunity to be heard prior to judgment.
2. The right to have the burden of proving default rests upon the Holder before my
property can be exposed to execution.
3. The right to avoid the additional expense of attorneys' fees and costs incident to the
opening or striking off a confessed judgment.
C. I fully and completely understand these rights which I have received prior to signing
the Note and am clearly aware that these rights will be given up, waived, relinquished and
abandoned if I sign the Note. Nevertheless, I freely and voluntarily choose to sign the Note, my
intention being to give up, waive, relinquish and abandon my known rights (as described in
Paragraph B above) and subject myself to the circumstances described immediately above.
D. I hereby certify that I, a signatory to the Note, which has a confession of judgment
clause, have earnings of $10,000.00 or more per year.
WITNESS: I HAVE READ THIS ENTIRE FORM AND
FULLY UNDERSTAND ITS CONTENTS
MAKER:
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Alex DiSanto
Dona DiSanto,
Plaintiff
V.
Monica A.Lauver
Defendant
: IN THE COURT OF COMMON PLEAS OF
: CUMBERLAND COUNTY, PENNSYLVANIA
: DOCKET NO. 2008-02390
: Civil Term
PRAECIPE TO SATISFY JUDGMENT
TO THE PROTHONOTARY:
Please mark the judgment in the above-captioned matter satisfied.
Respectfully submitted,
BEINHAUR & CURCILLO
By:
J Kepfi A. T,idcillo, III Esquire
Supreme Court I.D. #404060
Lexington Street
Harrisburg, PA 17109
Attorney for Plaintiff
DATED: 1 \ \l,' d
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