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HomeMy WebLinkAbout13-5350 Q. Promissory Note Jake A. Roman (hereinafter referred to as "Lender") and Stephen O. Fugett, Elena Yarlett and James Laic Yarlett (collectively referred to hereinafter as "Borrower ") hereby enter into this loan agreement this sixth (6 day of September, 2013. 1. Amount of Loan. Lender shall loan Borrower no more than the sum of twenty thousand United States Dollars ($20,000); total amount to be borrowed no later than April 1, 2014. 2. Interest. Interest shall be calculated on the unpaid balance as simple interest at the rate of eleven and six thenths percent (11.6 %). 3. Payment Terms. Payments shall be applied first to interest and then to the unpaid balance of the loan and shall be made according to the following terms. a. Amount. The amount of each month's payment shall be at least equal to two and one - half percent (2.0 %) of the total amount borrowed plus computed interest. b. Monthly Payments. Monthly payments shall be due on the first day of each month. c. Late Payments. Payment shall be considered late if not paid by the close of business on the tenth day of the month. A late fee of $50.00 shall apply to all late payments. d. Term of Contract. Payments shall be due beginning on the first day of November, 2013 with a final payment due on the first day of the 51 month following the date on which the total amount was borrowed. 4. Collateral. This loan shall be secured by lien on all Borrower's Property filed with the Prothonotary of Cumberland County, Pennsylvania. 5. Loan Acceleration. Should Borrower fail to make any monthly payment before the following month's payment becomes due, he /she shall be in default. Should Borrower be unable to cure the default within thirty (30) days, Lender may call the entire amount of the loan due. 6. Attorney Fees and Court Costs. Should Borrower fail to comply with the terms of this loan agreement he /she will be responsible for all of Lender's attorney fees and any Court costs associated with enforcement of this agreement. 7. General Provisions. 7.1 Governing Law. The parties agree that this agreement shall be governed by the laws of the Commonwealth of Pennsylvania and that the Courts of the state of Pennsylvania shall have exclusive jurisdiction to resolve any disputes that may arise out of this loan agreement. 7.2 Entire Agreement. This Agreement constitutes the entire agreement of the parties and supersedes all prior or contemporaneous oral or written agreements concerning this subject matter. 7.3 Severability. If any provision of this agreement is held by a court of law to be illegal, invalid or unenforceable, (a) that provision shall be deemed amended to achieve as nearly as possible the same economic effect as the original provision, and (b) the legality, validity and Vat j6 /It ( &� R- a pjA,, k , , d GLG w red enforceability of the remaining provisions of this agreement shall not be affected or impaired thereby. 8. Early Payment. No penalty shall be assessed for early monthly payment(s), periodic lump -sum payment(s), or early payment of the outstanding balance. IN WITNESS WHEREOF, the parties have executed this Promissory Note on this day of q1 & A '� 1 Lender Borr e ibg1 B jf By: 7:yal FO AA4 By � (typed or printed name of lender) (typed or printed name of orrower) � 13r By: N (typed or printed name of borrower) 1 7dr3 (typed or pri ted name of borrower) STATE OF ��Al kiMCY A&i 12 1 COUNTY OF A t�Ei&� Before me, the undersigned Notary Public in and for said county and state, did personally appear 4V E A kO "AKi (Lender and 1 O . e, &`r' 1 E - A \ 4 AeLF_ and < 1��1� L. VWC Yt (Borrower), and signed this Promissory Note as their free and voluntary act and deed. Old ARIALSEAL Notary Publi 6M ofCarls Cumbe N otary County My Commission E *fires June 21, 2014 (Seal or stam h.� tQ ©N1V 8j sWnj �1 :6 WV 01 d3s E IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY PENNSYLVANIA Jake A. Roman • Civil Action - Law Plaintiff v. • No. 2013-5350 Stephen O. Fugett, Elena Yarlett and `• ' James L. Yarlett, Defendant JUDGMENT RELEASE ' TO: David D. Buell, Prothonotary FOR VALUE, and intending to be legally bound hereby Jake A. Roman, agrees that the lien upon said premise that is known as 19 Nicholas Drive, Carlisle, PA, as more fully described in Cumberland County, Pa., Recorder of Deeds Office, in Record Book Volume 253, Page 1014, that is shown as Exhibit "A" in the above captioned matter, is hereby released. This release shall not affect the lien or priority of payment for any other real estate not described herein. ,.lL .► . b J e A. Roman, Plaintiff co,,f : ",,I;YLVAfv1A WEN�Y t iln t ":CY' ^':y Ptabiic ii �t_=..�,rte,,. ,c,Y :t Count City c,t�:: i„��,c G Y My Co : `. -;o Exp:m3 Junc 7,2015 SHARPS&SHARPS,LIP , ✓ vP / ArtoRNE Ts AT Lae- I 257 Lincoln War East Chambersburg,PA 17101 `' ; (717)263.8447 i e(ysi •: i q7 Ty ! S > Ei ,• !l s Exhibit "A" ALL that certain tract of land situate in Dickinson Township, Cumberland County, Pennsylvania, known as Lot 35 and more fully described on the Final Subdivision Plan for Phase 1 of Nicholas Manor, prepared by Statler-Brehm • i Associates, Inc., dated October 13, 1999 and recorded April 17, 2000 in the Office of the Recorder of Deeds in and for Cumberland County, in Plan Book 80, page 135, bounded and described as follows, to wit: BEGINNING at a point along the eastern right-of-way line of Nicholas Drive at the dividing line of Lots No. 34 and 35 on said Plan; thence South 65 degrees 54 minutes 48 seconds East, 572.74 feet to a point along lands now or formerly of Linwood Phillips, Jr. and Lucille Phillips; thence along said lands, South 25 degrees 15 minutes 00 seconds West, 231.09 feet to a point along the dividing line between Lots No. 35 and 36; thence North 65 degrees 54 minutes 48 seconds West, 280.00 feet to a point; thence continuing North 87 degrees 01 minute 25 seconds West, 185.51 feet to a point on the eastern line of Nicholas Drive; thence along Nicholas Drive, North 02 degrees 58 minutes 35 seconds West, 319.28 feet to a point along the dividing lien between Lots No. 34 and 35, the place of BEGINNING. CONTAINING a gross lot area of 128,124 square feet, including the portion under and subject to a 65,664 square foot • drainage/conservation easement along the southern boundary line of said lot. i il BEING the same real estate which Donald E. Diehl and Raymond E. Diehl, by deed dated August 6, 2002, recorded August 19, 2002, in the Office of Recorder of is Deeds of Cumberland County, Pa., Record Book Volume 253, Page 1014, conveyed 11 to Elena Yarlett. !s j it SHARPE St SHARPE,LLP li ppp ATTORNEYS AT LAW S i' 257 Lincoln Way East Chambersburg,PA 17201 I It (717)263.8447 ii :, il lI