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HomeMy WebLinkAbout09-6693I )O/ Q4, W01-3 To., Cumberland Valley Cooperative 908 Mt. Rock road Shippensburg, Pa. 17257 JUDGMENT NOTE From: Lee A. Hoover, Jr. $ 35,000-00 Linda D. Hoover Date: AAoril 30, 2009 575 Park Drive Boiling Springs, Pa. 17007 Shippensburg, Franklin County, Pennsylvania FOR VALUE RECEIVED, the undersigned promise to pay to the order of CUMBERLAND VALLEY COOPERATIVE ASSOCIATION, at 908 Mount Rock Road, Shippensburg, Franklin County, Pennsylvania, or at any other place in the Commonwealth of Pennsylvania that any holder of this Note may designate in writing, the sum of $35,000.00, with interest at 18.0%, from the date written above until paid, subject to terms of an agreement of even date; provided, however, the maker or his successors shall not pay more than amounts actually advanced on account, with interest, by Cumberland Valley Cooperative Association. The Maker shall have the right to prepay the principal of this Note in whole or in part prior to its due date without premium or penalty. If this Note is placed in an Attorney's hands for collection, or collected by a suit or through a bankruptcy, probate or other Court proceeding, either before or after maturity, there shall be paid to the holder of this Note reasonable Attorney's fees of 15%, costs and other expenses incurred by the holder in enforcing the terms of this Note. The Makers, signers and endorsers of this Note severally waive, demand, presentment, notice of dishonor, diligence in collection and notice of protest and agree to all extensions and partial payments before or after maturity, without prejudice to the Holder. The undersigned certifies that they were advised and understood that they could have an attorney examine the said Demand Note and any other documents in connection with the loan prior to execution. The undersigned hereby certifies in connection with the loan above referred to secured by this Judgment Note containing a confession of judgment authorizing any attorney or prothonotary of any court of record in Pennsylvania or elsewhere to confess judgment against the undersigned: that the loan for which said Note was given is not a consumer loan; that the income of the undersigned (conjugal income if both spouses executed the Note) is $10,000.00 or more; that it was orally explained and fully understood by the undersigned that the execution of a demand Note containing a confession of judgment clause was a waiver of the right to have a prejudgment notice and hearing, the right to have the burden of proving default on Cumberland Valley Cooperative Association, the Creditor, and the right to avoid expenses attendant upon opening or striking a confessed judgment and that the undersigned voluntarily executed the said Demand Note with a confession of judgment clause knowing that the aforesaid rights have been waived and that an execution may be issued on a judgment entered on said confession against their property. Witness Seal 0 Witness Seal SWORN Tq AND SUBSCRIBED BEFORE ME COMMONWEALTH PENNSYLVANIA No Seal THIS DAY OF cal ZOC1 Mode D. Hamish mish, Notary Public Southampton Twp., Franklin County t - to Canmissl Expires Jan. 19, 2012 /'9 f?,J o Member, Pennsylvania Association n of Notaries r AGREEMENT THIS AGREEMENT is made this 30th day of April, 2009, by and between CUMBERLAND VALLEY COOPERATIVE ASSOCIATION, an agricultural cooperative association organized under the Cooperative Agricultural Association Law of 1990, hereinafter SELLER, with a principal place of business at 908 Mt. Rock Road, Shippensburg, Franklin County, Pennsylvania, 17257; and Lee A. Hoover, Jr.and Linda D. Hoover, adult individuals, hereinafter PURCHASER, who reside at 575 Park Drive, Boiling Springs, Pa., 17007. RECITALS: R1. PURCHASER is a member of SELLER Cooperative Association; and R2. PURCHASER desires to buy certain supplies from SELLER on credit with favorable rates of interest; and R3. SELLER is willing to extend to PURCHASER credit on terms more favorable than it would on its open accounts provided certain conditions are met. NOW, THEREFORE, in consideration of the mutual promises contained herein and other good and valuable consideration, receipt of which is hereby acknowledged and intending to be legally bound, the parties agree as follows: 1. SELLER will provide to PURCHASER such of his agronomy needs as he or she shall require, including without limitation, fertilizer, pest control products and weed control products, at prices SELLER and PURCHASER agree to from time to time. 2. PURCHASER shall execute a Judgment Note in an agreed upon amount with interest at 18% per annum payable on February 15, 2010, a copy of which is attached hereto as Exhibit "A". From time to time, upon the purchase of additional agronomy needs by PURCHASER from SELLER, PURCHASER will execute additional Judgment Notes increasing the principal amount. 3. Notwithstanding the terms of the Judgment Note, SELLER will accept interest at 8.5% per annum, hereinafter "discounted rate", on the unpaid balance of PURCHASER's account with SELLER so long as the account is paid in full, with accrued interest by February 15, 2010. 4. In the event that PURCHASER does not make payment in full as aforesaid, the interest on the account shall revert to 18% as of the date of this Agreement. 5. SELLER may file the Judgment Note to which reference was made in Paragraph 1 above, in the office of the Prothonotary for the Court of Common Pleas of Cumberland County, Pennsylvania, or in any County in which PURCHASER owns property. Notwithstanding the principal amount noted on the Judgment Note, SELLER shall not collect amounts in excess of the actual credit extended to PURCHASER with interest thereon. 6. The discounted rate is extended to PURCHASER on the express condition that payment of the account in full be made by February 15, 2010. 7. Commencing the date of this Agreement and continuing for one year thereafter, PURCHASER will buy from SELLER such fertilizer, weed control or pest control products which he shall require from SELLER. 2 s 1• 8. In order to ensure payment of the obligations as set out herein, PURCHASER shall obtain a crop insurance policy from an insurance company acceptable to SELLER in an amount of at least 35,000.00, and shall name SELLER as an additional loss payee as its interest may appear and shall provide to SELLER a copy of the declaration page and receipt for payment of the premium within ten days of the date of this Agreement. 9. Beginning on the first of each month following the date of this Agreement, and continuing on the first of each month thereafter until payment in full pursuant to the terms of this Agreement, PURCHASER will pay to SELLER installment payments of $0 per month which shall be applied by SELLER first to interest at the discounted rate and then to any principal due and owing on PURCHASER's account with SELLER. 10. This Agreement is made at SELLER's principal place of business in Franklin County, Pennsylvania. 11. This Agreement shall be for a term of one (1) year and shall not renew absent a separate written Agreement of the parties. 12. PURCHASER shall not provide to any other person an interest in any crop planted prior to the payment date set out herein without the written consent of SELLER. Further, SELLER shall offer PURCHASER the option of entering into a forward contract, according to the terms of which he shall sell to SELLER at an agreed upon price, so much of his crop as the parties shall determine. A copy of the forward contract, if any, is attached hereto as Exhibit "B". PURCHASER shall advise SELLER of any agreement made by PURCHASER to sell grain to any other person 3 within seven days of making such Agreement. Such a sale may cause the PURCHASER delay in meeting the terms of this Agreement. 13. This contract is made in the Commonwealth of Pennsylvania and shall be governed by the law of the Commonwealth of Pennsylvania. 14. The terms of this Agreement shall inure to the benefit of and be binding on the parties hereto and their heirs, executors, assigns, and successors. 15. Each provision of this Agreement is severable from the rest. In the event that one provision is determined to be unenforceable, the balance of the provisions shall remain in full force and effect. 16. This Agreement supersedes all prior oral and written promises, agreements, representations and conditions not contained herein. 4 it IN WITNESS WHEREOF, the parties hereto have set their hands and seal the day and date first above written. Witness: PURCHAS 0 PRCA R CUMBERLAND VALLEY COOPERATIVE ASSOCIATION Attest: Treasurer By: 000e- - 5 PLED-ot:FiGc OF THE P; `OT IC'NOTARY 2004 OCT -7 PM 3= 17 aa? sa y ?iat? ?