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HomeMy WebLinkAbout00-05040r FA1???? ° na . f ? Su VO CCAX Tom...-. A SUSQUEHANNA BANC Member FDIC PROMISSORY NOTE Principal Amount: $250,000.00 Interest Rate: 10.500% Date of Note: June 26, 2000 PROMISE TO PAY:- ANSON J;FLAKE and KATHRYN K FLAKE A/K/A KATHRYN M KIRCHHOFF ("Borrower") promise to pay to FARMERS FIRST BANK (' Lendlar"); or order, in lawful money of the United States of America, on. demand, the principal amount of.Two, Hundred Fifty Thousand`&-00F10D-gollars ($250;000.00), together with interest at the rate of 10.500% per annum on the-u4afd principal balance from June 26, 2000, until paid in full. PAYMENT. Borrower will pay this loan immediately upon Lender's demand. In addition, Borrower will pay regular monthly payments of all accrued unpaid interest due as of each payment date, beginning July 26, 2000, with all subsequent interest payments to be due on the same day of each month after that. The annual. interest rate for this Note is computed on a 365/360 basis; that is, by applying the ratio of the annual interest rate over a year of 360 days, multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance is outstanding. Borrower will pay Lender at Lender's address shown above or at such other place as Lender may designate in writing. Unless otherwise agreed or required by applicable law, payments will be applied first to accrued unpaid interest, then to principal, and any remaining amount to any unpaid collection costs and late charges. PREPAYMENT; MINIMUM INTEREST CHARGE. Borrower agrees that all loan fees and other prepaid finance charges are earned fully as of the date of the loan and will not be subject to refund upon early payment (whether voluntary or as a result of default), except as otherwise required by law. In any event, even upon full prepayment of this Note, Borrower understands that Lender is entitled to a minimum interest charge of $25.00. Other than Borrower's obligation to pay any minimum interest charge, 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 continue to make payments under the payment schedule. Rather, they will reduce the principal balance due. LATE CHARGE. If a regularly scheduled interest payment is 11 days or more late, Borrower will be charged 10.000% of the regularly scheduled payment or $20.00, whichever is greater. If Lender demands payment of this loan, and Borrower does not pay the loan within 11 days after Lender's demand, Borrower also will be charged either 10.000% of the sum of the unpaid principal plus accrued unpaid interest or $20.00, whichever is greater. DEFAULT. Borrower will be in default if any of the following happens: (a) Borrower fails to make any payment when due. (b) Borrower breaks any promise Borrower has made to Lender, or Borrower fails to comply with or to perform when due any other term, obligation, covenant, or condition contained in this Note or any agreement related to this Note, or in any other agreement or loan Borrower has with Lender. (c) Any representation or statement made or furnished to Lender by Borrower or on Borrower's behalf is false or misleading in any material respect either now or at the time made or furnished. (d) Borrower dies or becomes insolvent, a receiver is appointed for any part of Borrower's property, Borrower makes an assignment for the benefit of creditors, or any proceeding is commenced either by Borrower or against Borrower under any bankruptcy or insolvency laws. (e) Any creditor tries to take 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. (f) Any of the events described in this default section occurs with respect to any guarantor of this Note. (g) A material adverse change occurs in Borrower's financial condition, or Lender believes the prospect of payment or performance of the Indebtedness is impaired. (h) Lender in good faith deems itself insecure. LENDER'S RIGHTS. Upon default, Lender may, after giving such notices as required by applicable law, declare the entire unpaid principal balance on this Note and all accrued unpaid interest immediately due, and then Borrower will pay that amount. Lender may hire or pay someone also to help collect this Note if Borrower does not pay. Borrower also will pay Lender that amount. This includes, subject to any limits under applicable law, Lender's attorneys' fees and Lender's legal expenses whether or not there is a lawsuit, including 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. If 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 continue to accrue on this Note after judgment at the existing 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, Borrower agrees upon Lender's request to submit to the jurisdiction of the courts of LANCASTER County, the Commonwealth of Pennsylvania. This Note shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania. RIGHT OF SETOFF. Borrower grants to Lender a contractual security interest in, and hereby assigns, conveys, delivers, pledges, and transfers to Lender all Borrower's right, title and interest in and to, Borrower's accounts with Lender (whether checking, savings, or some other account), including without limitation all accounts held jointly with someone else and all accounts Borrower may open in the future, excluding however all IRA and Keogh accounts, and all trust accounts for which the grant of a security interest would be prohibited by law. Borrower authorizes Lender, to the extent permitted by applicable law, to charge or setoff all sums owing on this Note against any and all such accounts, and, at Lender's option, to administratively freeze all such accounts to allow Lender to protect Lender's charge and setoff rights provided on this paragraph. COLLATERAL. This Note is secured by a Recorded Note dated June 26, 2000 in the amount of $250,000.00. CONFESSION OF JUDGMENT. Undersigned hereby irrevocably authorizes and empowers the prothonotary or clerk or any attorney of any court of record to appear for and confess judgment therein against Undersigned, or any of them, for the amount which from the face thereof may appear to be due hereon, including accrued interest, plus 5% of such principal and interest, but not less than $ 200.00, as an attorney's commission, with cost of suit, release of errors, and without right of appeal. If a copy hereof, verified by an affidavit, shall have been filed in said proceeding, it shall not be necessary to file the original as a warrant of attorney. Undersigned waives the right to any stay of execution and the benefit of all exemption laws now or hereafter in effect. No single exercise of the foregoing warrant and power to confess judgment shall be deemed to exhaust the power, whether or not any such exercise shall be held by any court to be invalid, voidable, or void, but the power shall continue undiminished and may be exercised from time to time as often as the holder hereof shall elect, until all sums payable or that may become payable hereunder by Undersigned have been paid in full. FINANCIAL STATEMENTS. Borrower will furnish Lender with, as soon as available, but in no event later than one hundred twenty (120) days after the end of each fiscal year, Borrower's financial statement, prepared by Borrower, and a completed federal tax return for the year ended. All financial reports required to be provided under this Agreement shall be prepared in accordance with generally accepted accounting principles, applied on a consistent basis, and certified by Borrower as being true and correct. YEAR 2000 COMPLIANCE. "COVENANT"- Borrower shall (and shall cause each of its subsidiaries to) use its best efforts to develop and implement a comprehensive detailed program to address on a timely basis the "Year 2000 Problem" (that is, the risk that computer or other applications used by the Borrower [and each of its subsidiaries] may be unable to recognize and perform properly date-sensitive functions involving certain dates prior to and after December 31, 1999); Borrower reasonably anticipates that it will on a timely basis successfully resolve the Year 2000 Problem for all material applications used by it [and each of its subsidiaries]; Borrower shall notify Lender on or before July 1, 1999 that Borrower [and each of its subsidiaries] has conducted internal testing or verification processes to ensure that all material systems used by the Borrower [and each of its subsidiaries] function properly together for the Year 2000; and the results of said internal testing or verification processes shall be delivered to Lender on or before July 1, 1999. YEAR 2000 "EVENTS OF DEFAULT"- 1. Breach of the Year 2000 covenant above. 2. "Borrower [or any of its subsidiaries] fails to deliver to Lender on or before October 1, 1999 results of internal testing or verification processes which show that all of Borrower's [or any of its subsidiaries] computer systems function together for the Year 2000." "REMEDY'- "Without limiting the foregoing, and in addition to all other rights and remedies of Lender, in the event that Borrower for any of its subsidiaries] shall breach the Year 2000 covenant set forth above or commit a Year 2000 event of default as set forth above, then Borrower shall immediately hire and direct consultants to resolve the Borrower's Year 2000 Problem and bring all material computer systems used by Borrower [and. each of its subsidiaries] into compliance to function properly for Year 2000. The costs and fees incurred by said consultants shall be borne entirely by Borrower [and each of its subsidiaries]". Borrower: ANSON J FLAKE (SSN: 512-66-5058) Lender: FARMERS FIRST BANK KATHRYN K-'FLAKE A/K/A KATHRYN M KIRCHHOFF ELIZABETHTOWN OFFICE (SSN: 191-42-8867) 24'N-CEDAR STREET 4122 NANTUCKET DRIVE PO BOX 1000 MECHANICSBURG, PA 17055 LITITZ,'PA 17543 .'.? s.rev....s4eYY+m?S3i1di?.EiJ1eViLbPtlk!k.ta?.tWSid? vv 1 06-26-2000 Loan No 1335426480 PROMISSORY NOTE (Continued) Page 2 GENERAL PROVISIONS. This Note is payable on demand. The inclusion of specific default provisions or rights of Lender shall not preclude Lender's right to declare payment of this Note on its demand. Lender may delay or forgo enforcing any of its rights or remedies under this Note without losing them. Borrower and any other person who signs, guarantees or endorses this Note, to the extent allowed by law, waive presentment, demand for payment, protest and notice of dishonor. Upon any change in the terms of this Note, and unless otherwise expressly stated in writing, no party who Signs this Note, whether as maker, guarantor, accommodation maker or endorser, shall be released from liability. All such parties agree that Lender may renew or extend (repeatedly and for any length of time) this loan, or release. any party or guarantor or collateral; or impair, fallto realize upon or perfect Lender's 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 Lender may modify this loan without the consent of or notice to anyone other than the party with whom the modification is made. The obligations under this Note are joint and several. PRIOR TO SIGNING THIS NOTE, EACH BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS NOTE. EACH BORROWER AGREES TO THE TERMS OF THE NOTE AND ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THE NOTE. THIS NOTE HAS BEEN SIGNED AND SEALED BY THE UNDERSIGNED. U.S. Pat. & T.M. r'i C G C` ' l F T t ; r'(Y = i i . -'? - _ -4. C7 -? d it C r `C v liv W c,` IN THE COURT OF COMMON PLEAS FOR CUMBERLAND COUNTY, PENNSYLVANIA CONFESSION OF JUDGMENT FOR MONEY FARMERS FIRST BANK Case No. Plaintiff VS. ANSONJFLAKE KATHRYN K FLAKE A/K/A/ KATHRYN M KIRCHHOFF Defendant(s) PLAINTIFF'S AFFEDAVIT JUDGMENT IS NOT BEING ENTERED BY CONFESSION AGAINST A NATURAL PERSON IN CONNECTION WITH A CONSUMER CREDIT TRANSACTION. Affirmed to and subscribed before me this FARMERS FIRST BANK 11 day of JULY, 2000 Notary Public Vicki L. Ingram Notarial Seal Anita A. Broom, Notary Public Lltik Sorg Lancaster County My Commission Expires Nov. 30, 2002 MOWK, ema atwn Of mw? I/We further certify that the precise residences of the Plaintiff and Defendant(s) are: Plaintiff: 24 North Cedar Street, P. O. Box 1000, Lititz, PA 17543-7000 Defendant(s): 4122 Nantucket Drive, Mechanicsburg, PA 17055 ?? .r` c7 ?, s > ? ?; „ -? - „t; - _ z: .. ?? ?-. '" c _ U __ - ?; ? ?? ? -` 4?+ "`- t. , FARMERS FIRST BANK OF CUMBERLAND, Plaintiff Vs. ANSON J. FLAKE AND KATHRYN K. FLAKE, f/k/a KATHRYN M. KIRCHHOFF Defendants IN THE COURT OF COMMON : PLEAS PENNSYLVANIA NO. '2JO©- ?6`fU RELEASE OF LIEN OF JUDGEMENT FARMERS FIRST BANK, Plaintiff, in the above captioned matter, for and in consideration of the sum of ONE and 00/100 ($1.00) to wit in hand paid by the said ANSON J. FLAKE AND KATHRYN K. FLAKE, f/k/a KATHRYN M. KIRCHHOFF, at the time of the execution hereof, the receipt whereof is hereby acknowledged, does for itself, its successors and assigns hereby release from the lien of the judgement entered in the above captioned matter all that certain tract of real estate situate in the Township of Hampden, County of Cumberland, Commonwealth of Pennsylvania, known and numbered as 4122 Nantucket Drive, Mechanicsburg, PA as more fully described in Exhibit "A" attached hereto and made a part hereof by reference, so that the said ANSON J. FLAKE AND KATHRYN K. FLAKE, f/k/a KATHRYN M. KIRCHHOFF, their successors and assigns shall and may hold the same free and clear of and from the lien of the said judgement; provided, however, that nothing herein contained shall invalidate the lien or security of said judgement upon any other property of the said ANSON J. FLAKE AND KATHRYN K. FLAKE, f/k/a KATHRYN M. KIRCHHOFF. IN WITNESS WHEREOF, FARMERS FIRST BANK, has caused this release to be executed by its authorized official this day of 2001. FARMERS FIRST BANK BY: TITLE: 6// J-3. .w EXHIBIT "A" ALL THAT CERTAIN tract of ground in Hampden Township with the improvements erected thereon being designated as Lot No. 99 on the final subdivision plan of Beaumont Square recorded in the Office of the Recorder of Deeds in and for Cumberland County in Plan Book 62, Page 51, bounded and described as follows, to wit: BEGINNING at a point at the southern side of Nantucket Drive at which point is a line of adjoinder with Lots No. 98 and 99; thence South 40 degrees 31 minutes 27 seconds West, 132.89 feet to a point; thence North 83 degrees 17 minutes 07 seconds West, 36.59 feet to a point; thence North 40 degrees 31 minutes 27 seconds East, 153.25 feet to a point; thence South 49 degrees 28 minutes 33 seconds East, 30.40 feet to a point being the place of BEGINNING. CONTAINING 4,349 square feet, more or less. HAVING THEREON erected a residential townhouse dwelling known and numbered as 4122 Nantucket Drive, Mechanicsburg, Pennsylvania, 17055. BEING THE SAME PREMISES which Karen K. Klock (formerly Karen K. Wilson) joined by her husband Robert C. Klock, Jr., by deed dated April 29, 1994 and recorded May 3, 1994 in the Cumberland County Recorder of Deeds Office in Deed Book 104, Page 1075, granted and conveyed unto Kathryn M. Kirchhoff. AND THE SAID Kathryn M. Kirchhoff has since married and is now known as Kathryn K. Flake and is she is joined with her husband Anson J. Flake. ?'> f+ C ? ?? r ????: _.i 7 GU ?- i,t -r _:;' !?1 ?^ ?? s <_: - :=] ? tV 'n ?i ?' )' =? 'S % e Curtis R. Long _ Prothonotary ®ffire of the vrotbonotarp Cumberlanb County TO: Renee K. Simpson Deputy Prothonotary John E. Slike Solicitor Date (,uTlk:i,t 6.zuu3 We are returning the enclosed transaction(s) for the following reason(s) : • Incorrect fee received $ should be $ • Need signature • Must provide duplicate copies of the proposed judgment, decree or order and stamped envelopes addressed to the said persons and/or attorneys for notification. Please note: This notification is not a substitute for service of process. OtherTeasons 7j,., P.Air:, AP d(•-, Note: All transactions directed to this office must include a SELF ADDRESSED ENVELOPE WITH POSTAGE if a return receipt or certificate is desired. PAYMENT or FEE at time of filing will be required in every instance. CURTIS R. LONG PROTHONOTARY ( 19 61 )?jl jme De?ufy One Courthouse Square • Carlisle, Pennsylvania 17013 • (717) 240-6195 • Fax 17 171 Power of Attorney IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY Farmers First Bank vs. Anson J. Flake and Kathryn K. Flake aka Kathryn M. Kirchhoff Term: 2000 Number: 00-5040 Civil Term Real Debt: $$250,000.00 Farmers First Bank, the plaintiff in the above Judgment, does here .yy acknowledge to have received full satisfaction for the same, and hereby authorizes and empower`ss't re "Prothonotary of the`Court of Common Pleas of Cumberland County to enter satisfaction thereon and release the same. ***Curtis R. Long WITNESS my hand and seal the 18th day of July, 2003 Witness: f.a o. STATE OF MARYLAND COUNTY OF WASHINGTON SS.: FARMERS FIRST BANK BY: C-16 .'7 d l?? Chere L. Mitc e A rney in fact for Farmers First Bank ON THIS, the 18th day of July, 2003, before me, a notary public, the undersigned agent personally appeared Cherie L. Mitchell, who acknowledged herself to be the Agent of Farmers First Bank, a Corporation, and that she as such agent, being authorized to do so, executed the foregoing instrument for the purposes therein contained by signing the name of the corporation by herself as Agent. WITNESS my hand and notarial seal. Our file # 13-354264-80 Lori A, arovin NOTARY F'd. RUC STATE OF MARYLAND My Cornni scion ExVires January 9, 20106