HomeMy WebLinkAbout06-0892
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PROMISSORY NOTE
Principal amount $ 13,630,00
Date: FEBRUARY 13TH, 2006
FOR VALUE RECEIVED, the undersigned hereby jointly and scverally promise to pay
to the order of
KREIDER'S MILL
the sum of $13,630,00
Dollars ($ 13,630,00 ), togcther with interest thereon at the rate of 12 % per
annum on the unpaid balance, Said sum shall be paid in the manncr following:
$64],61 PER MONTH FOR TOTAL OF 24 MONTHS FIRST PAYMENT DUE FEB 25TH
All payments shall be first applied to interest and the balancc to principal. This note may
bc prepaid, at any time, in wholc or in part, without penalty,
This note shall at the option of any holder thereofbc immediately due and payable upon
the occurrence of any of the following: I) Failure to make any payment due hereunder within
days of its due date, 2) Breach of any condition of any security interest, mortgage, loan
agreement, pledge agreement or guarantee granted as collateral security for this note, 3) Breach
of any condition of any loan agreement, security agreement or mortgage, if any, having a priority
over any loan agreement, security agrcemcnt or mortgage on collateral granted, in wholc or in
part, as collateral security for this note, 4) Upon the death, incapacity, dissolution or liquidation
of any of the undersigned, or any cndorser, guarantor to surety hereto, 5) Upon the filing by any
of the undcrsigncd of an assignment for the benefit of creditors, bankruptcy or othcr form of
insolvency, or by suffering an involuntary petition in bankruptcy or reecivership not vacated
within thirty (30) days,
In the evcnt this note shall be in default and placed for collection, then the undersign cd
agree to pay all reasonable attorney fecs and costs of collection, Payments not madc within five
(5) days of due ~lite shall be subject to a late chargc of 2 % of said payment. All payments
hercunder shall be made to such address as may from time to time be designated by any holdcr.
The undersigned and all othcr partics to this note, whether as endorsers, guarantors or
sureties, agree to remain fully bound until this note shall be fully paid and waive demand.
ZZA-\ABAT
.
presentment and protest and all notices hereto and further agree to remain bound,
notwithstanding any extension, modification, waiver, or other indu]gcnce or discharge or release
of any obligor hereunder or exchange. substitution, or release of any collateral granted as
security for this note, No modification or indulgence by any holder hereof shall be binding
unless in writing; and any indu]genee on anyone occasion shall not be an indulgence for any
other or future occasion, Any modification or changc in terms, hereunder granted by any holder
hcreof, shall be valid and binding upon caeh of the undersigned, notwithstanding the
acknowlcdgement of any of the undersigned, and each of thc undersigncd does hereby
irrevocably grant t07~a~: ~~~":Z~ower of attorney to enter into any such modification on
their behalf. The rights of any holder hereof shall be cumulative and not necessarily successive,
This note shall take effect as a sealed instrument and shall be construed, governed and enforced
in accordance with the laws of the State of
PENNSYLVANIA
Witncssed:
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Witness f!5
Witness
Borrower
GUARANTY
We the undersigned jointly and severally guaranty the prompt and punctual payment of
all moneys due under the aforesaid note and agree to remain bound until fully paid,
In the presence of:
Witness
Guarantor
Witness
Guarantor
ZZAAABAT
,.....
DEBT ACKNOWLEDGEMENT
The undersigned hereby confirms and acknowledges to KREIDER'S MILL
(Creditor) that the undersigned is indebted to thc Creditor in the amount of$ 13,630,00
as of datc hereof, which amount is duc and owing and includes all accrued interest and other
permitted charges to datc, We further acknowledge that there are no defenses to, or crcdits or
rights of set off as against said account balance and that the Creditor shall be authorized to enter
a confession of judgment (where so allowed by law) against the undersigned for the amount of
debt acknowledged to bc due,
Signed this 13TH day of
Signed in the presence of:
FEBRUARY
, 2006 (year),
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Witness
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ZZAAABA T
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