HomeMy WebLinkAbout01-3465 PROMISSORY NOTE
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· ...... J~,~'~ In [! m i~ ~~ ~~m ~ ~b~ ~1 i~ ~/nln~ ~ ~ O~ly ............... and ~ do n~ ~n lima om~ t~ ~il~ d~ ~ ~ ~ s, t~i
~: W~ & ~, R~8 ~N: ~r: ~R~N WK
~I~E, PA 1~1~ ~1~, PA
Principal Amount: $166,000J)0 Interest Rite: 8.000% Date of Note: June 6, 2001
Moturlly Date: September 8, 2001
o,my ~mta I, OorlO0 Dollars (SlOe,goo.go), together with Intoosll
it the rltl of l~00~ per lnnum on the unpaM pdnclpld ~ from June 8, ~Ol, until paM/n full.
~ ........ ~ ..... p ~ Imymwm m ilOO~.o~ pig to~re~ Off ~l~pto1111~ Br ~001. Thto ~lVllleflt due O`" ~mnt, pmhm,..
unpa/d Inteml due ue of each Imyment date, bmolnnlflo July g, 2001, with uti .ubueauent IntomM IVmmltA t~ h,, d,,~ nn fl...., d...~----,.
`"1~ Ifter . -- ...................
pflnclpI, anY rolm nln0 emount to any untid cofleetto, cole ond leto chorge8. Tbs onnum Ileml ral for thio Nofe te coop. tod on o
Such La.c ruey --"' ' """"'""'""' "on'"" '"" pay on' of Lander od,...how..boys er .t
PRBSAYMENT. Borrower tomy pay without peuefly ail er m podion of tho amount owed codler then It is due. Early payments will not, Unless agreed to
by Lander in wflitng, raiieve Borrower of Borrower's oblig`"iton to conitnue to ri'rake payments under the payment schedule. Rather, 8orly payments will
reduce the principal belenco due. Borrower agmos not to send Lander payments modred "paJd In full", "without rsccome", or sim#er tsnguege. If
Borrower sends such · g`"ymord, Lander ney -___rl.~p_ t It without losing any of Landm'8 rights under this Nc)to, and Borrower will remain obll0~ted to pay
,.ny todher ,.mount owed to Lander. ~1 written communicaItons com~errdng disputed ,.mounts, including ,.ny check or other payment insh'urnent thet
thdicotes Ih`"t the payment conefitoles "payment in fuN" of the amount owed er thet is tendered with other conditloos or JimiteItons or ~s futl settstec41on
of ,. disputed amount must be moiled or daiiuemd to: ORflSTOWN BANK, P.O, BOX 250 SHIPPENSBURG, PA 17257.
LATE CHARGE. It ,. paym,.nt is 16 deys or more iste, Borrower will be chergecI 6.000% of the reguledy ~chedu _b~_ paymont or ~0.00, whthhever te
gm,d,--'.
Ihlcm'=$T AFTER DEFAULT. Upon dof`"ult, including radium to bey upon fiueJ nmtudty, the totol sum due under this Note will be`"r interest from the
dsto of ecc~tton or m`"todly ,.t tho interest rets On ti'ds Note. The in;G,-G&t rsto will nut exceed the m~dmom r'ete por'midsd by `"pplicabts tow.
DEFAULT. Each of Ih`" foitowtng she" coosittote `"n event of default ("Event of Default") under this Note:
Payment Dofeult. Bon'owor faiis to m`"ke ,.ny payment when due under this Note,
COlor Odmdtg. Borrower fails to comply wiih or to preform ,.ny other term, obii0efion, covenent or conditfon cont`"lnod In this Note or In `"ny of
the rai`"tod documents or to comply with or to perform ,.ny term, obit0,.iton, coven,.nt or condign conh, lnod in ,.ny other agmem,.nt between
Landor,.nd BOrTOWOr.
Fal.e Idemento. Any w,.rmnly, mprecontefion or stetemont mede er furnished to Lander by Borrower or on BOfTOWOr'S behelf under this Note
or the reletod dcoumente is MMe or misteading In soy melerlai respect, `"ither now or `"t the Itme mild`" or f,,mished er becomes terse or mfaicodlng
`"t ,.ny Itmo there`"ller.
Death or Inonlvuecy. The dissuluIton er termlnefion of Borrower's eaistence am `" going boslnssc or the dcoih of `"ny partner, the Insulvency of
O0fTOWer, th,. ,.ppointment of ,. receiver for ,.ny part of Piorrowe,-~ prspedy, ,.ny asci0nment for the benefit of creditors, ,.ny type of creditor
workout, or the commencement of soy proceeding under eny benkrupthy or insolvency tsws by or ng`"lnst BorT'ower.
Cosdltor or Forfeiture Procoedlnpa. Comm`"ncoment of foreclosure or forfeiture prsccodings, whether by JudicleJ proceeding, serf-help,
reposueosJon or `"ny other method, by `"ny creditor of Borrower or by ,.ny govemmenteJ agency against ,.ny coJistorai uecudng Iho loon. This
includes 8 0ernishment of `"ny of Borrowers accounts, including depo~Jt accounts, with Lender. However, this Event of Date, dr shell not apply if
there is `" good faith -
dispute by Borrower as to th,. validity or rsu.souebtsueos of the cleim which Is the basis of the orediter or toffefiure proceeding
,.rid If Rorrowor (lives Lander writton notice of tho modltor or forfeiture proceeding `"nd deposits with Lander moniss or (L surety bond for the
creditor or forbiture proceeding, th `"n ,.mount dslermlnecI by Lander, th Its sots discreiton, os b~n0 ,.ri ,.dsqueto roserYe or bond for tho dispute.
EveofB Affe~lno GUorontor. Any of tho precocIth0 Mots occurs with respect to ,.ny guexantor, endorser, surety, or `"coommodsUon party of,.ny
of the indebtedr'l~ or ,.ny guerentor, ,.ndofser, surety, or accommodation pady dies or becomos iricompatent, or revokes or disputes the velidity
of, or liability under, ,.ny guemnly of the Indsbtednscs evidenced by this Note. In the event of ,. dcoth, Lander, ,.t Its odtlon, m,.y, but snail not bo
required to, peri.it the guereritor's ostote to OSSUrTI uncondlitonslly the oblrgefioos ,.rising under the ouerenty In 8 m,.nuer ueUsteuton/to Lander,
,.rid, in d~ng so, cure ,.ny Event of Detouif.
EVellt~ Affectln0 Gonord Partner of Borrower. Any of the preceding events occurs with rospeof to ,.ny goneml pertoer of Borrower or `"ny
pensrsJ pertner digs or becomsc Incompetent.
ClllnOe In Ownership. The rosi0nsUori or expulsion of `"ny 0eflor`"l partr'l' wlih ,.ri ownership Interest of twenty-five percent (25%) or more in
Borrower.
Adverse Chanoe. ^ rostohel ,.clveme cheng,, ocoum in Borrower's fin,.sclel condlIton, or Lander beHevm th,. prospect of p,.yment or
pef/orrnsLnce of this Note is ImdsirecI.
Inlonurlly. Lander in good tolth bailevos itsdf insecure.
Cure Provision,.. If ,.ny default, nthor than ~ default In payment is cursble ,.nd if Borrower hoc not been given ,. co4iue of a bruech of tho rmrue
provision of this Note within th,. preceding Iwelve (12) months, it ney be cured (,.nd no event of default wifl heys occurred) if Borrower, `"tier
muehAng wdtton noiico from Lander dsm`"ndlng cure of Such deteuth (1} curs~ the dsteuit within fifteen (15) deys; or (2) It the cure requires
more then fllluen (15) deys, immecIlldaiy thitisles steps which Lander deems in Lander's saio discretion to be sutfici`"nt to cure the default `"nd
thereafter continues `"rid compleles ail rueson`"bts `"nd uecolos~y steps sutflclont to produce compli`"nco os scori ms mesondeJy preotfuel.
PROMISSORY NOTE
(Continued) Pa;e;
LENDER'8 RIGHT5. Upon default, Lender m~y, af~' gMng such nofl~se us required by appllusble law, declore the ent~ unpaid pdncJp;d b~lanue on
this Note and ~11 acorued unpafd interest ImmedlaMy due, and then Borrowor will pay that amount.
ATTORNEYS' i-=ca; EXPENSES.
th-t amount. Thb Includes, Lender nmy hire or day someone MM) to help cutbof this Note if Bon'owor does nof pay. Bonowor will pay Lendef
subbse,~ to any ,mits under ~)plicable law, Lender's altonmys' [ms and Lend~ lageJ e~, whether or not there is a
lawsuit, inrduding attorneys'e~ousse for b~nkruptw proceedings (Including effods to modify or v~uele any autonmlb s~,y or thJundilon), and
.Ppsets. If not prohibited by .ppilcabla law, Borrower Mso will pay any court costs, in addition to all ornor sums pro~tdecl by law.
RIGHT OF ~=TOFF. To the orient permiltocl I~y appiis~bla law, Lender rusevse a. right of setoff in MI Borrower's accounts with Lender (whether
cheddng, sevJngs, or some OfNS' a(;count). This ~ncludse ~ ~ucouNs Borrower holds jofoity with someone NSe and .]1 .ucounts Borrower n~y open in
the future. However, this does not include any IRA or Keogh ~UCOUNS. or any bust accounts for which setoff would be prohibited by law. Bon'owe'
auth~zse ~ndor, to the extort permiltod by epplbabla law, to charge or sefo~ ail sums owing on the debt egeJnct any and MI such ~ucouNs, and. at
Le~ odlion, to admir)~sb'~Uve.~/freese MI such ~ucouNs to allow Lender to probnt Lenders charge ,,nd setoff dons provided in this par~mph.
SUCCESSOR INTERESTS. The terms of this Note she"i be binding upon Borrower. and upon B(XTOWers heirs, peSOncl repreMnt~tivse. SUCCessors
and assigns, and shall inure to the benerTI of Lender and its successors and assigr,.s.
NOTIFY ES OF INACCURATE INFORMATION WE REPORT TO CONBUMEfl REFORTING AGENCIES. I:'f~,__~ noUfy us if we repod any inegcurele
Information about your .ucounKs) to a consumor reporting agency. Your wntten noitce deseriblng the .pachlo incucumcy(iss) should be sent to us at
the f(~ng address: ORRST(~N BANK P.O. BO~( 250 SH[PPEN88URG, PA 17P_57
GENERAL FROVISIONB. This Note is payable on demand. The Inclusfon of spacitb dof. uit proV~ious or dons of Lender .hell not preclude Lenders
don to de.re deyment of this Nob on Its den~nd. Lender may deby or forgo e .nf,~.-~.;ng any of its rights or remodiss under this Note wirnout lusing
them. Bon'owor and ony other person who signs, guor~nlese or endorsse this Note. to the extont eilowecl by law, wsJve presentment, demand for
p-yrnent, -,nd noffoe of dishonor. Upon any change In the trams of this Note, and unisse ofh~ expressly .tMod In wrttlng, no pmly who slgus this
Nob, whether se mskor, Ouorentor, ecoommodetfon mMmr or enodmor, shell be r~___~ h'om liability. All such pmllse agree that Lender nmy renew
~,....,M~n.d...(.~_ __t~l_i.Y...~ ?x ~.n? .M. ngth of itme) ~s luen or rnte~se any pmly, pa~'tnor, or guarantor or collaMm~ ...............
All such derlMs abo .gmo that Lender may modify this Icon without the consent of or nntbe to anyone ofhor then the party with whom the modifisefion
is made. The M)"g-qlons under this Note are Joint and several.
affect the enforosebillty of any other provbions of [his Note. if ony portion of this Note is [or any _r~,___,~,~ determined to be unenforceable, It wil[ not
CONFESSION OF.JUDGMENT. BORROWER
OR CLERK HERESY [RRE¥OCASI.y AUTHORIZES AND EMPOWERS ANY ATrORNEY OR THE PROTHONOTAI;y
OF ANY COURT IN THE COMMONWEALTH OF PENNSYLVANIA, OR ELEEWHERE, TO APPEAR AT ANY TIME FOR BORROWER AI=TER
A DEFAULT UNDER THIS NOTE AND WITH OR WITHOUT COMPLAINT FILED, CONFESS OR ENn;R JUDGMENT AGAINST BORROWER FOR THE
ENTIRE PRINCIPAL BALANCE OF THiS NOTE AND AU. ACCRUED iNTEREST, LATE CHA~GES AND ANY AND ALL AMOUNTS EXPENDED OR
ADVANCED BY LENDER RELATING TO ANY COU..ATERAL SECURING THIS NOT;, TOGE'i't. IER WITH COSTS OF SUIT. AND AN A1TORNEY'S
COMMISSION OF 'i~N PERCENT (10%) OF THE UNPAID PRINCIPAL BALANCE AND ACCRUED INTEREST FOR COLLECTION, BUT IN ANY EVENT
AUTHORITY GRANTED ..,1 .r.~.a ~.l*.J~t: y;rllrlt:L) t~T /~J'i'II.)AVIT ~HALL RE SUFF CENT WARRANT 11-E
iN THIS NOT~ TO CONPESS JUDGMENT AGAINST BORROWER 8HAJ..I. NOT BE EXHAUSTED BY ANY E)(~RCISE OF THAT
AUTHORITY, BUT 8HALL CONTINUE FROM TIME TO TIME AND AT ALL. TIMES UNTIL PAYMENT IN FULL OF AI.L AMOUNTS DUE UNDER THIS
NOT;. BORROWER HEREBY WAIVES ANY RIGHT BORROWER MAY HAVE TO NOTICE OR TO A HEARING IN CONNECTION WITH ANY SUCH
CONPESSION OF JUDGMENT AND STATES THAT EITHER A REPRESENTATIVE OF LENDER SPECIFICALLY CALLED THIS CONFESSION OF
JUDGMENT FROVlSION TO BORROWER'S AT'rEN~ON OR BORROWER HAS BEEN REFRESENTED BY INDEPENDENT LEGAL COUNSEL.
T~EK~ TO SIGNING THIS NOTE, BOR.OWE~ READ AND UNDE~S'rooo ALL THE PROVISION8 OF THIS NOTE. BORROWER AGREES TO
TERMS OF TIE NOTE.
BORROWER ACKNOWLI=nGES RECEIPT OF A COMPLETED COPY OF THIS FROMIS,noRY NOTE.