Loading...
HomeMy WebLinkAbout87-0077No. ~/'~ _Civil 19 ~ Court of Common Pleas Cumb. Co. $___20 ~O_OO.O0-~ PROMISSORY NOTE Loan #. Dated Dee~,mb-r 12 _, 19_~ Debtor The Sub Shop of 861 Market Street: ~moyne~ PA Debtor Alvin D, A~ve~ FOR VALUE RECEIVED AND INTENOING TO BE LEGALLY BOUND HEREBY, the person or persons who sign as debtor below (each ~ointly and severally liable if more than one person and hereinafter referred to as "Debtor"), promises to pay to the order of ("Lender") F~ ~ ~P~, 1 at any of Lender's branch offices, _ Dollars the Principal sum of in lawful money of the United States, to be paid as follows: in 48 equal monthly instalments of $ 521.79 each, co~encing on the 15th day of Janua~, 1987, and continuing on the 15th day of each ~nth thereafter. Interest from the date of this Note shall accrue on the unpaid Principal balance hereof at the rate of 11,50 ~ per ~n~ amd shall be payable monthly . as billed. ~ENOER'S Ri6HIS OPON OEFAOU: Notwithstanding anything to the contrary contained herein or elsewhere, S[COl[l~ I Nl[RiSl: Is secunty for the prompt payment as and when due of all amounts due under this Note, interest payments from time to time, d this including any renewals, extensions and/or modifications thereof, together with ali other ex/sting and future or the fact that Debtor may be required to make Pnncipal and/or liabilities and obligations of Debtor, or any of them, to Lender whether absolute or contingent, of any nature Note is payable upon demand, Lender may demand payment of all outstanding Prmcipal and accrued interest whatsoever and out of whatever transactions arising (hereinafter collectively rMerred to as the "Liabilities"), in at any time, whether or not an Eveni of OMault shall have occurred, in any eveut, upon the occurrence of any addition to any other security agreement or document granting Lender any rights in any of Obligor's ("Obligor", Event of Oefau[t, Lender may do any or ail o~ the fo,owing: as used herein, shall include Debtor and all other persons liable, either absolutely or contingently, on the (1) accelerate the maturity of this Note and demand immediate payment of all outstanding Principal and Liabi[dies, inc]uding endorsers, sureties and guarantors) property for the purpose of securing the Liabilities, accrued interest. Obligor acknowledges Lender's right of set-off a nd [u~her hereby grants to Lender a lien and security interest m (2) pursuant to the Warrant of A~omey contained herein, confess judgment against Debtor, or any of them. and to all property of Obligor, or any of them, which at any time Lender shall have in its possession, or which transit to d, mcludmg without Limitation any balance o~ share belonging to Obligor, or any of them, of any (3) exercise Lender's right of set-off amd ail of the rights, prM[eges and remedies of a secured pa~y under the de~sit~agenc~rust~escr~w~r~t~eracc~u~t~racc~untswit~e~dera~da~y~t~eram~u~tsw~ic~ maybe Pennsylvania On/form Commercial Code and ail of its rights and remedies under any security agreement, o~ing from time to time by Lender to ObiigoL or any of them. Said lien and security mterest shall be pledge agreement, assignment, mortgage, power, this Note or any other note, or other agreement, instrument or independent of Lender's right of set-off, which, d exercised, shall be deemed to occur at the time tender first document issued in connect/on with or arising out of any of the Liabilities, ali of which remedies shall be restricts access of Obiigor to property in Lender's possession, a~though such set-oH may be entered upon cumulative and not alternative, lbe net proceeds of any collateral held by Lender as security lot any of the Liabilities shall be applied first to the expenses of Lender in preparing the collateral for sale, selling and the like, Lender's books and records at a inter time. mc]udmg, without Limitation, reasonab{e a~orney's fees and expenses incurred by Lender (including fees and ~ if checked, Oebtor agrees that this Note is a renewai of the Promissory Note dated expenses of any ]itigatiom incident to any of the foregoing), and second, in such order, as Lender may, in its sole discretion, elect, to the complete satisfaction of ail of the Uabi~dies together with all interest thereon. Obligor ,19~, a~d that, whether or not additional funds are advanced herewith, waives and releases any right to require Lender to collect any of the Liabilities to Lender from any other this Note is not intended to create a totally new debt ~f Lender was given a purchase money or other security collateral under any theory of marshalling of assets or otherwise, and specifically authorizes Lender to apply interest in conneciion with the prior Promissory Note, that security interest sha]] be retained by Lender any manner that Leader may determine. connection with this Note. liability of any (4) Upon five (5) days wri~en notice to Oebtor, begin accruing interest, in addition to the interest provided for UNCONDIIiON~t [IAl[UlY: Obiigor's liability shall be unconditional and without regard to the other Obligor, and shall not be affected by any indulgence, extension of time, renewal, waiver or modification o~ above, if any, at a rate not to exceed four percent (4%) per annum on the unpaid Principal balance; provided, this Note, o~ the release, substitution and/or addition of col[aterai security for this Note. Obligor consents to anyhowever, that and all extensions of time, renewals, waivers or modifications, as wei] as to the release, substitution or addition ~aw. Debtor agrees to pay such accrued interest upon demand. of Obligors and/or collateral security, without notice to Obligor and without affecting Obiigor's hereunder or under the Liabilities. ~RR~NI OF A~ORNEY: Oebtor, and each of them d more than one, hereby irrevocably authorizes amd This Note is entitled to the benefits of any loan agreement(s), surety and/or guaranty agreement(s), security empowers any A~omey or any Qerk of any court of record upon or after the occurrence of any Event of Default, agreement(s), mortgage(s), assignment(s), and/or other such loan documents (referred to as the "Loan as specified above, to appear for and CONFESS JUOGMENI against Oebtor, or any of them, (a) for such sums as Oocuments") issued in connect/on with the Liabilities, whether executed previous[y to or concurrenUy with, or are due and/or ma~ become due on the L/ab/M/es, and/or (b) in any act/on of replevin msbtuted by Lender to to be executed subsequent to, this Note, and which may be amended, modified, renewed or substituted without obtain possession of a~y collateral securing this Note or securing any of the Liabilities, in either case with or affecting in any way the validity or enforceability of this Note. without declaration, with costs of s~it, without stay of execution and with an amount not to exceed fi~een EVENIS OF DE[AOU: Each o~ the following shall be an "front of Oefauit" hereunder: (1) the nonpayment percent (15%) of the unpaid pr/nc/pa[ amount of such iudgment, but not [ess than One lbousand Ooiiars when due, or ii this is a demand obligation, upon demand, of any amount payable under this Note or of any ($1,000.00), added for a~omey's collection fees. Debtor: (1) waives the right of requisition on any reai estate amount when due under or on any of the Liabilities, or the ~ailure of any Obligor to observe or perform any ]evmd on, voiuntaniy condemns the same, authorizes the Prothonotary or Clerk to enter upon the Writ of agreement of any nature whatsoever with Lender, including, but not i/m/ted to, those contained in the Loan Execution said vo[untary condemnation and agrees that said real estate may be sold o~ a Writ of Execution; Documents; (2) if any Ob]igor becomes msolvent or makes an assignment for the benefit of creditors, or d any (2) to the extent permitted by [aw, waives and re[eases a[~ relief from ail appraisement, stay, exemption or pet/bom is bled by or against any Obligor under any provision pt amy state or federal ~aw or statute al[egmg that appeal laws of any state now in force or hereafter enacted; and (3) releases all errors in such proceedings. If a such Ob[igor is msoNent or unable to pay debts as they mature or under any provision of the Federal c~py~thisN~te~verdiedbyaf~davitby~r~be~a~f~f~endersha~havebee~b~edi~suc~acti~n~dsha~n~t tc Code' 3 theentryofanyiudgmentagainstanyObiig°r°rany°fObiig°r'spr°pertywhichremains benecessaryt~et~e~riginaiN~teasaWarrant~fA~mey.~heaut~dtyandp~wert~appearf~randenter Ba nkfu~ff,~. ';fl'~ )n q 5~ da-s' (4)the ssumg o~ any attachment, levy or garnish ment against any prope~y o~ iudgment against Debtor shall not be exhausted by the m/t/al exercise thereof, and the same may be exercised, any Obligor; {5) the occurrence o~ any substantiai change in the financial condition of any Obligor which, in the from time to time, as often as Lender shall deem necessary and desirable, and this Note shall be a sufficient sole, reasonable good ~aith judgment of Lender is materially adverse; (6) the sale of all or substanbaIly all of the assets, or c~ange m ownership, or the d~ssoiution, Iiquidation, merger, consolidabon or reoraanizabon Obligor which is a corporation or ~a~nership, without the ex~ress ~nor wn~en consent of Lender; (7) the death, tbe Uabilities, without regard to whether judgment has been entered on more than one occasion for the same Liabildies. In the event any ~udgment entered against Debtor hereunder is stricken or o~ened u pon a~plicabon or signature furnished to lender by any Obligor at any time m connection wit~ any o~ the Liabilities, or in by or on Debtor's behalf for any reason whatsoever, lender is hereby authorized and empowered to again incarceration or adjudication of legal incompetence o~ any Obligor w~o is a natural person; (8)i~ any information a~Dear for and Con~ess Judgment against Debtor or any of them; subiect, however, to the [imitation that such the failure pi any Obligor to timely furnish to Lender such financml and other mformabon as Lender may subsequent entry or entries pi ~udgment by Lender may only be done to cure any errors in ~rior proceedings, connection with any guaranty or surety agreement a~plicabie to any of the Uabiiities, ~s false or mcorrect; or (9) only and to the extent that sucb errors are sub[ect to cure in the later oroceedings. reasonabIy request or require. THE PROVISIONS ON THE REVERSE SIDE ARE PART OF THIS NOTE. Debtor has duly executed this Note the day and year first above wfifleu and has ~ereunto set Debtor's ~and and seal {INDIVIDUAL ~ (CORPORATION OR PARTN[RSHIP DEBTOR{S) SiGN ~[LOW) (SEAL) '-~a~d ~e -- / ~ae~ PREPAYMENTS: Unless otherwise agreed to in writing by Debtor, this Note may be prepaid in whole or in part, instituted by Lender under the terms of this Note. Debtor agrees to reimburse Lender for all costs, including at any time without penalty. However, if the Principal of this Note is repayable in installments, any such court costs and reasonable attorney's fees of 15% (but in no event less than $1,000) of the total amount due prepayments shall be applied first to accrued interest to the date of prepayment and then on account ofthelast hereunder, incurred by Lender in connection with the collection and enforcement hereof. If this Note bears remaining unpaid Principal payment to become due, and the number of installments due hereunder shall be interest at a rate based on the reference rate designated by Lender or others from time to time as the Prime correspondingly reduced. No such prepayments shall reduce the amounts of the scheduled installments nor Rate, Base Rate, or otherwise, or the Discount Rate in effect from time to time as set by the Federal Reserve Bank relieve Debtor from paying a scheduled installment on each installment payment date until all Principal due in whose district the Lender is located, changes in the rate of interest hereon shall become effective on the days on which such reference rate changes or that Federal Reserve Bank announces changes in its Discount Rate, as together with accrued interest thereon has been paid in full. DISBURSEMENT OF PROCEEDS: Each Debtor hereby represents and war~ants to Lender tha~ the PrincipaPef applicable. The rights and privileges of Lender under this Note shall inure to the benefit of its successors and this Note will be used solely for business or commercial purposes and agrees that any disbursement of the assigns. All representations, warranties and agreements of Obligor made in connection with this Note shall bind Principal of this Note, or any portion thereof, to any one or more Debtors, shall conclusively be deemed to Obligor's personal representatives, heirs, successors and assigns. If any provision of this Note shall for any reason be held to be invalid or unenforceable, such invalidity or unenforceability shall not affect any other constitute disbursement of such Principal to and for the benefit of all Debtors. provision hereof, but this Note shall be construed as if such invalid or unenforceable provision had never been RIGHT TO COMPLETE NOTE: Lender may at any time and from time tr time, without ri°tire t° any Oblig°r: contained herein. The waiver of any Event of Default or the failure ot Lender to exercise any right °r remedy t° (1) date this Note as of the date when the loan evidenced hereby was made; (2) complete any blank spaces which it may be entitled shall not be deemed a waiver of any subsequent Event of Default or of Lender's right to according to the terms upon which Lender has granted such loan; and (3) cause the signature of one or more exercise that or any other right or remedy to which Lender is entitled. This Note has been delivered to and persons to be added as additional Debtors without in a ny way affecting or limiting the liability of the existing accepted by Lender in and shall be governed by the laws of the Commonwealth of Pennsylvania, unless Federal Obligors to Lender. law otherwise applies. The parties agree to the jurisdiction of the federal and state courts located in MISCELLANEOUS: Debtor hereby waives protest, notice of protest, presentment, dishonor, notice of dishonor Pennsylvania in connection with any matter arising hereunder, including the collection and enforcement and demand. Debtor hereby waives and releases all errors, defects and imperfections in any proceeding hereof. Collateral: all business assets now owned and hereafter acquired and the proceeds thereof.