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HomeMy WebLinkAbout11-4746IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA CIVIL ACTION - LAW DONALD D. KREISBERG and MARY E. KREISBERG C_-1 N Plaintiff No. I r 417q rnC Mim= X? -a (0 o A v. Confession of Judgment ° W s-a E5 LEMOYNE SLEEPER CO., INC. z' c? 3r I Complaint Pursuant to Pa.R. ca - ors Civ.$C? rg? Defendant 2952 r? - s' WARRANT OF ATTORNEY Pursuant to the authority contained in the warrant of attorney, a copy of which is attached to the Complaint filed in this action, I appear for Defendant Lemoyne Sleeper Co ., Inc. and confess judgment in favor of Plaintiffs Donald D. Kreisberg and Mary E. Kreisbe rg and against Defendant Lemoyne Sleeper Co., Inc. as follows: ? J ( y 1.2.7. sI)P Principal sum: $76,529.94 6k 0 y y90 Late Charges: $ 112.37 9-4- b 6 S Attorney fees: $ 3,826.50 Total: $80,468.81, plus costs of suit. Respectfully submitted, John L. Senft, Esquire Attorney I.D. No. 64486 Senft Law Firm LLC 105 Leader Heights Road York, PA 17403 Attorneys for Plaintiffs Donald Kreisberg and Mary E. Kreisberg IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA CIVIL ACTION - LAW DONALD D. KREISBERG and MARY E. KREISBERG c Plaintiff V. LEMOYNE SLEEPER CO., INC Defendant -V3 No. zm Confession of Judgment r r- = w *C*' Complaint Pursuant to Pa.R. Civ.c 2952 ?-, COMPLAINT IN CONFESSION OF JUDGMENT 1. Plaintiffs are Donald D. Kreisberg and Mary E. Kreisberg, adult individuals residing at 1428 Banner Drive, Lancaster, Pennsylvania. 2. Defendant Lemoyne Sleeper Co., Inc. is a Pennsylvania corporation with a registered office at 57 South 3rd Street, Lemoyne, Pennsylvania. 3. On October 1, 2010, Defendant signed a Judgment Note agreeing to pay Plaintiffs the amount of $110,000.00. A true and correct copy of the Judgment Note is attached as Exhibit A. 4. Defendant has defaulted under the terms of the Judgment Note by failing to pay Plaintiffs the agreed upon payments. 5. The Judgment Note provides Plaintiffs with the right to confess judgment against the Defendant in the event of default. See Exhibit A, p. 3. 6. Judgment is not being entered by confession against a natural person in connection with a consumer credit transaction. z rnr-- -u m s° o? 7. Judgment on the Judgment Note has not heretofore been entered in any jurisdiction. 8. An itemized computation of the amount due is as follows: a. Principal sum due: $76,529.94 b. Late charges: $ 112.37 C. Attorneys fees: $ 3,826.50 Total: $80,468.81, plus costs of suit. 9. Judgment in favor of Plaintiffs and against Defendant is demanded as authorized by the warrant of attorney filed in connection with this Complaint. Wherefore, Plaintiff demands judgment in the sum of $80,468.81 plus costs in its favor and against Defendant. Respectfully submitted, John L. Senft, Esquire Attorney I.D. No. 64486 Senft Law Firm LLC 105 Leader Heights Road York, PA 17403 Attorneys for Plaintiffs Donald D. Kreisberg and Mary E. Kreisberg JUDGMENT NOTE U.S. $110,000.00 October 1, 2010 FOR VALUE RECEIVED, LEMOYNE SLEEPER CO., INC. ("Borrower") promises to pay to the order of DONALD KREISBERG AND MARY KREISBERG (the "Payee") the principal sum of One Hundred Ten Thousand Dollars and 00/100 ($110,000.00) with interest from the date hereof at the rate specified below, payable as provided below. STOCK REDEMPTION AGREEMENT. This Note (the "Note") evidences the obligations set forth in the Note referred to in the Stock Redemption Agreement of even date (the "Redemption Agreement") between Payee and Borrower. This Note is issued subject to the terms and conditions of the Redemption Agreement. All capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Redemption Agreement. INTEREST RATE. This Note shall bear interest at the rate of six percent (6%) per annum. Upon any event of default and while such default is uncured, the interest rate shall increase to 11% per annum. REPAYMENT. The interest and principal due pursuant to this Note shall be payable in weekly installments over two years from the date hereof. The first weekly installment shall be paid at the Closing contemporaneously with the execution of this Note, and subsequent weekly payments shall be due and payable on the same day of each subsequent week. An amortization schedule is attached hereto as Exhibit "A". LATE CHARGE. Borrower also promises to pay to Payee as a late charge and not as additional interest, an amount equal to five percent (5%) of any payment not received by Payee on or before the 7th calendar day after the date it was due. PREPAYMENT RIGHTS. Borrower may prepay all or any portion of the Note representing principal and interest only due under this Note at anytime without premium or penalty. EVENTS OF DEFAULT. The following shall be deemed Events of Default hereunder: a. Payment - The failure by Borrower to pay the principal of, accrued interest on, or late charges with respect to this Note within seven (7) days after the same shall have become due. b. Other Obligations - Borrower's default in the performance of any other agreement, term or condition contained in the Redemption Agreement or documents related thereto which shall not have been cured within thirty (30) days after written notice thereof by Payee or default in any other obligation or in any agreement relating to such obligation, if the effect of such default is to cause or to permit the holder or holders of such obligation (or a trustee on behalf of such holder or holders) to then cause such obligation to become due prior to its stated maturity. 11771 c. Voluntary Bankruptcy - The commencement by Borrower of a voluntary case under the Federal Bankruptcy Code or any other applicable Federal or state bankruptcy, insolvency, reorganization, rehabilitation or other similar law, or the consent to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, of Borrower or the making by Borrower of an assignment for the benefit of creditors. d. Involuntary Bankruptcy - The entry of a decree or order for relief by a court having jurisdiction over Borrower or the properties of Borrower in an involuntary case under the Federal Bankruptcy Code or any other applicable Federal or state bankruptcy, insolvency or other similar law, or the appointment of a receiver, liquidator, assignee, trustee, custodian, for Borrower, or the ordering of the winding up or liquidation of the affairs of Borrower and the continuance of any such events for a period of sixty (60) days undismissed, unbonded or undischarged. ACCELERATION; RIGHTS OF PAYEE. Upon the occurrence of an Event of Default under clause (c) or (d) above and at the election of the Payee upon the occurrence of any other Event of Default, the principal and interest accrued on this Note and any and all other amounts due hereunder shall be immediately due and payable. Whether or not it elects to accelerate, Payee may set off accounts and may exercise any rights and remedies against Borrower and any collateral granted as security for amounts due hereunder as may be available to Payee. Setoff shall be deemed to have occurred immediately after any default in payment whether or not any book or accounting entry shall have been made. Interest shall continue to accrue after entry of judgment by confession or otherwise at the contractual interest rate until all sums due under this Note and under any judgment are paid. Payee reserves the right to proceed against Borrower in such order as Payee may in its sole discretion determine. MISCELLANEOUS. (a) Borrower hereby waives presentment for payment, notice of demand, notice of nonpayment or dishonor, protest, notice of protest, and all other notices in connection with the delivery, acceptance, performance or enforcement of payment of this Note except as specifically set forth herein; (b) notwithstanding any other provision of this Note, at no time shall Borrower be obligated to pay interest: hereunder at a rate which is in excess of the maximum rate permitted by law, and if, by the terms of this Note, Borrower is at any time obligated to pay interest in excess of such maximum rate, the rate of interest hereunder shall be deemed immediately reduced to such maximum rate of interest; (c) if any provision of this Note is for any reason held invalid or unenforceable, no other provision shall be affected thereby, and this Note shall be construed as if the invalid or unenforceable provision has never been a part of it; (d) the duties of Borrower shall be binding on Borrower and all receivers, trustees, successors and assigns of Borrower; and (e) this Note shall in all respects be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania. The following paragraph sets forth a warrant of attorney to confess judgment against Borrower. In granting this warrant of attorney to confess judgment against Borrower, Borrower hereby knowingly, intentionally, voluntarily, and, with opportunity for advice of separate counsel, unconditionally waives any and all rights Borrower has or may have to prior notice and an opportunity for hearing under the respective constitutions and laws of the United States and the Commonwealth of Pennsylvania. 2 CONFESSION OF JUDGMENT. UPON THE OCCURRENCE OF AN EVENT OF DEFAULT, BORROWER HEREBY AUTHORIZES AND EMPOWERS IRREVOCABLY THE PROTHONOTARY OR ANY CLERK OR ATTORNEY OF ANY COURT OF RECORD TO APPEAR FOR AND TO CONFESS JUDGMENT AGAINST THE BORROWER IN FAVOR OF THE PAYEE OR OTHER HOLDER OF THIS NOTE AS OFTEN AS NECESSARY UNTIL ALL AMOUNTS DUE HEREUNDER HAVE BEEN PAID IN FULL, AS OF ANY TERM, FOR ALL AMOUNTS OWING (WHETHER OR NOT THEN DUE) UNDER THIS NOTE, TOGETHER WITH COSTS OF LEGAL PROCEEDINGS AND A REASONABLE ATTORNEYS' FEE FOR COLLECTION (WHICH ONLY FOR PURPOSES OF EXERCISING THIS WARRANT OF ATTORNEY TO CONFESS JUDGMENT SHALL BE DEEMED TO BE EQUAL TO 5% OF THE SUM OF THE PRINCIPAL PLUS INTEREST FOR WHICH JUDGMENT IS THEN CONFESSED, but in no event less than $2,500), WITH RELEASE OF ALL ERRORS, WAIVER OF APPEALS, AND WITHOUT STAY OF EXECUTION. BORROWER HEREBY WAIVES ALL RELIEF FROM ANY AND ALL APPRAISEMENT, STAY OR EXEMPTION LAWS OR RULES OF COURT NOW OR HEREAFTER IN EFFECT. Witness the due execution of this Note under seal on the day and year first above written. WITNESS/ATTEST LEMOYNE SLEEPER CO., IN 3 VERIFICATION I hereby verify that the facts set forth in the foregoing Answer, and to the extent the same are based on information which I have given to counsel, they are true and correct to the best of my knowledge, information and belief. The facts set forth in this document are based on information which has been furnished to counsel. The language in this document is that of counsel and not mine. To the extent that the content of this document is that of counsel, I have relied upon counsel in making this verification. I understand that false statements herein are made subject to the penalties of 18 Ya.C.S.A. §4904 relating to unsworn falsification to authorities. IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA CIVIL ACTION - LAW DONALD D. KREISBERG and MARY E. KREISBERG Plaintiff V. LEMOYNE SLEEPER CO., INC. Defendant No. Confession of Judgment Complaint Pursuant to Pa.R.Civ.P. 2952 NOTICE OF ENTRY OF JUDGMENT, ORDER, OR DECREE TO: Lemoyne Sleeper Co., Inc. 57 South 3rd Street Lemoyne, PA 17043 PURSUANT TO PA. RULE NO. 236, YOU ARE NOTIFIED THAT THERE WAS ENTERED IN THIS OFFICE TODAY, IN THE ABOVE-CAPTIONED CASE: XX_ Judgment of $80,468.81, plus interest and costs of suit, for Plaintiffs and against Defendant Dated: ??,.? 3+? ?? ) OTHONO ARY