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HomeMy WebLinkAbout02-0386PROMISSORY NOTE Dated: October 10 ,2001 Boiling Springs, Pennsylvania PROMISE TO PAY: FOR VALUE RECEIVED, ROY M. LEAMAN and MARYL ~l[/~. LEAMAN, of 534 Park Drive, Boiling Springs, Pennsylvania 17007, ("Maker") promises to pay to GREGORY A. BR/GGS, oi'370 Tree Lane, Aspers, Pennsylvania 17304 ("Holder") or to the order thereof, in lawful money of the United AStates of America. the ' ~o,.,,.~ ~.. 'sxL. o,~,~_~., ~,~,~q. ,. ~L~-L . pnncipal amount of together with interest o,, a, ..... ,.j . ."~,, ,~ ~"~. Dollars($ IX{3~q~..o,~ ~ - ,,,~ mspma pnncipm omance at the rate of nine percent (9.00%) pe---------~ ~anu~ from October 10, 2001, until paid in full. PAYMENT: Maker will pay this loan in accordance with the following payment schedule: October 10, 2001: $ November 10, 2001: $ November 20, 2001: $ December 10,2001: $ (paid as of the date hereof) December20, 2001: $ January 10, 2001: $ ,.,~ e, '}..% January 20, 2OOl: $ g - Maker will pay Holder at Holder's address shown above or at such other place as Holder 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 costs and late charges. PREPAYMENT: Maker 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 Holder in writing, relieve Maker of Maker's obligation to continue to make payments under the above payment schedule. Rather, they will reduce the principal balance due and may result in Maker making fewer payments. DEFAULT: Maker will be in default if any of the following occurs: (a) Maker fails to make any payment when due; (b) Maker breaks any promise Maker has made to Holder, or Maker fails to perform promptly at the time and strictly in the manner provided in this Note, or any agreement related to this Note; (c) Maker defaults under any loan, extension of credit, security agreement, purchase or sales agreement, or any other agreement, in favor of any other creditor or person that may materially affect any of the Maker's property or Maker's ability to repay this Note or perform Maker's obligations under this Note or any related agreement; (d) any representation or statement made or furnished to Holder by Maker or on Maker's behalf is false or misleading in any materiai respect; (e) Maker becomes insolvent, a receiver is appointed for any part of Maker's property, Maker makes an assignment for the benefit of creditors, or any proceeding is commenced either by Maker or against Maker under any bankruptcy or insolvency laws; (f) any creditor tries to take any of Maker's property on which the Holder has a lien or security interest; (g) any of the events described in this default section occurs with respect to any guarantor of this Note; (h) Holder, in good faith, deems Holder insecure. CONFESSION OF JUDGMENT: The Maker hereby irrevocably authorizes and empowers any prothonotary, clerk or attorney of any court of record within the United States or elsewhere to appear for the Maker and, with or without declaration, to confess judgment at any time or times against each, any or all of the Maker(s) and in favor of the Holder hereof for the above sum plus interest thereon from the date hereof, with costs of suit of attorney's commission for fifteen percent (15%) for collection; and for so doing, this Note or a copy of this note, verified by affidavit shall be sufficient warrant. The Maker hereby releases ail errors and expressly waives all rights to any stay of execution, sequestration of rents and exemption of any property from levy and sale of execution under any law or rule of court now in force or hereafter enacted. All of the foregoing promises are the joint and several promises of the Maker and shall bind the Maker, the Maker's heirs, successors and assigns. The Maker and all endorser waive protest, demand and notice of nonpayment of this Note. The auth°rity granted in this Note to confess judgment against Maker shall not be exhausted by any exercise of that authority, but shall continue from time to time and at all times until payment in full of all amounts due under this Note. HOLDER'S RIGHTS: Upon default, Holder may declare the entire unpaid principal balance on this Note and all accrued unpaid interest immediately due, without notice, and then Maker will pay that amount. Holder may hire or pay someone else to help collect this Note if Maker does not pay. Maker will also pay Holder that amount. This includes, subject to any applicable law, Holder's attorney's fees and legal and court expenses whether or not there is a lawsuit, including attorney's fees and Holder's legal expenses for bankruptcy proceedings (including eftbrts to modify or vacate any automatic stay or injunction ), appeals, and any other post-judgment collection costs and services. Maker will also 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 rate applicable to this Note at the time judgment is entered. The remedies provided to the Holder in this document in the event of a default or a breach of the conditions herein, shall not be construed to be exclusive of any other remedy available to the Holder and the Holder may exercise any remedy available to Maker. Additionally, the exercise of any one remedy shall not be considered a waiver of all those other remedies available to the Holder. GENERAL PROVISIONS: The interpretation and construction of this Note along with the rights and remedies available to the parties hereto shall be governed by the laws of the Commonwealth of Pennsylvania. If any provision of this agreement shall be held invalid or unenforceable, such shall not affect any other provision of the Note. This Note represents the entire agreement between the Maker and Holder. No waiver or modification of the terms of this note shall be valid unless in writing, signed by the Maker and Holder FURTHER RIGHTS UPON DEFAULT: In addition to any other remedies available to Holder, in the event o£default by Maker, Holder may, without further notice, enter upon the property of Maker for the purpose of removing the eom silage (approximately 415 tons) sold by Holder to Maker for which the financing hereunder is being provided. Maker shall cooperate in such removal and shall not interfere with Holder in such process. PRIOR TO SIGNING THIS NOTE, MAKERS ACKNOWLEDGE THAT THEY HAVE BEEN REPRESENTED BY LEGAL COUNSEL IN CONNECTION WITH THE EXECUTION AND DELIVERY OF THIS NOTE, THAT THEY HAVE READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS NOTE, INCLUDING THE CONFESSION OF JUDGMENT PROVISION. MAKERS AGREE TO THE TERMS OF THE NOTE AND ACKNOWLEDGE RECEIPT OF A COMPLETED COPY OF THIS NOTE. MAKERS FURTHER ACKNOWLEDGE THAT THE NOTE IS MADE IN CONNECTION WITH A COMMERCIAL BUSINESS TRANSACTION. IN~TN~E~S.S WHEREOF, Maker has caused this Note to be executed under seal this //O'C~- day of~ 2001. WITNESS/ATTEST: Roy M~. Leaman ~ Maryl ~i~ I~'aman ~ ~'-' ) .... C:~SLB\General Documents 2001\6189.4note. l.doc In the Court of Common Pleas of Cumberland County, Pennsylvania To Prothonotary 19 ~ fA~~alotiff No. Term, 19 __ Filed PRAECIPE 19 , Atty.