HomeMy WebLinkAbout10-59451 1%
DEMAND NOTE elo- says ivil ferwl
US $ 174,000.00
Dated: September 8, 2010
Mechanicsburg, Pennsylvania
FOR VALUE RECEIVED, the undersigned promises to pay to Jay D. Crum and Anna
Mae Crum, husband and wife, the principal sum of One Hundred Seventy-Four Thousand,
($174,000.00) Dollars with interest on the unpaid principal balance upon demand, at the lowest
applicable IRS imputed interest rate. The principal and interest shall be payable at 1790 North
Meadow Drive, Mechanicsburg, PA 17055, or such other place as the holder hereof may
designate in writing.
Nothing herein to the contrary, this Note shall be due and payable, in full, on or before
August 31, 2020, unless the parties hereto mutually agree to an extension hereof.
If any installment is not made within fifteen (15) calendar days of its due date, a late
charge of five (5%) percent of principal and interest shall immediately become due and payable.
If any installment under this Note is not paid when due and remains unpaid for a period of
thirty (30) days, the undersigned shall be considered in default and the entire principal amount
outstanding hereunder and accrued interest thereon shall at once become due and payable.
And further, whether the undersigned is in default or not under the terms of this Note,
each of them does hereby authorize and empower the Prothonotary or any attorney of any Court
of Record of Pennsylvania or elsewhere to appear for and enter judgment against the undersigned
and each of them for the above sum, with or without declaration, with costs of suit, release of
errors, without stay of execution, and with Ten Percent (10%) added for collection fees; and the
undersigned and each of them further agree that real, personal or mixed property may be sold
upon any writ of execution as now or hereafter provided by law or the Rules of Civil Procedure
governing the enforcement of judgments; and the undersigned and each of them hereby waive
and release all relief from any appraisement, stay or exemption laws of any state now in force or
hereafter to be passed.
The undersigned shall have the right to prepay the principal amount outstanding in whole
or in part.
Presentment, notice of dishonor, and protest are hereby waived by all makers, sureties,
guarantors and endorsers hereof. This Note shall be the joint and several obligation of all
makers, sure t' , gu antors and endorsers, and sha ind' g o ahem and their heirs,
personal represent ives, successors and assigns.
Witness B Robert H. Black
Witness By: Pamela R. Black N,,ti
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EXPLANATION OF RIGHTS
(Full Confession)
A. I clearly and specifically understand that by signing a Note dated September 8, 2010,
in the amount of $174,000.00 payable to Jay D. Crum and Anna Mae Crum which contains a
Confession of Judgment clause:
1. I will authorize them to enter a judgment against me and in their favor which will
give them 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 they can enter this judgment without any proof of non-payment 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 non-payment or other
default on my part;
5. I will be unable to challenge this judgment, should they enter it, except by
proceeding to open or strike the judgment; and such a proceeding will result in attorney's fees and
costs which I will have to pay.
B. I know and understand that it is the Confession of Judgment clause in the above-
described Note which gives them the rights enumerated in sub-paragraphs 1 through 5 of
paragraph A. above.
IF I DO NOT SIGN A NOTE WHICH CONTAINS A
CONFESSION OF JUDGMENT CLAUSE, I UNDERSTAND
THAT 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 rest upon them before my property
can be exposed to execution.
3. The right to avoid the additional expense attorney's fees and costs incident to
opening or striking off a confessed judgment.
C. Fully and completely understanding these rights which I have prior to signing the
above-described Note, and clearly aware that these rights will be given up, waived, relinquished,
and abandoned if I sign the Note, I nevertheless 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 in paragraph A. above.
fitness
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Witness
I HAV&RE T IS ENTIRE FORM AND
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Robert H. lack
Pamela R. Black
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