HomeMy WebLinkAbout06-2367
IN THE COURT OF COMMON PLEAS OF
CUMBERLAND COUNTY, PENNSYLVANIA
CIVIL DIVISION: LAW
CITIZENS BANK OF PENNSYLANIA,
Plaintiff
No. Ole. -;2Jl..j
Clu~l~>-t
Vs.
FRANK P. ALBANO, III, tJd/b/a
ROBERTO'S,
Defendant
NOTICE TO DEFEND
You have been sued in Court. If you wish to defend against the claims set forth in the
following pages, you must take action within twenty (20) days after this Answer and New
Matter and notice are served, by entering a written appearance personally or by attorney
and filing in writing with the Court your defenses or objections to the claims set forth
against you. You are warned that if you fail to do so the case may proceed without you
and a judgment may be entered against you by the Court without further notice for any
money claimed in the Answer and New Matter or for any other claim or relief requested by
the Plaintiff. YOU MAY LOSE MONEY OR PROPERTY OR OTHER RIGHTS
IMPORTANT TO YOU.
YOU SHOULD TAKE THIS PAPER TO YOUR LAWYER AT ONCE. IF YOU DO
NOT HAVE A LAWYER OR CANNOT AFFORD ONE, GO TO OR TELEPHONE THE
OFFICE SET FORTH BELOW TO FIND OUT WHERE YOU CAN GET LEGAL HELP.
Cumberland County Bar Association
32 South Bedford Street
Carlisle, PA 17013
Telephone: (717) 249-3166
AVISO
USTEO HA SIOO DEMANDADO EN LA CORTE. Si usted desea defenderse de
quejas expuestas en las paginas siguientes, debe tomar accion dentro de veinte (20) dias
a partir de la fecha en que recibio la demanda y el aviso. Usted debe presentar
comparecencia escrita en persona 0 por abogado y presentar en la Corte por escrito sus
defensas 0 sus objeciones alas demandas en su contra.
Se Ie avisa que si no se defiende, el caso puede preceder sin usted y la Corte puede
decidir en su contra sin mas aviso 0 notificacion por cualquier dinero reclamado an la
demanda 0 par cualquier otra queja 0 compensacion reclamados por el Demandante.
USTED PUEDE PERDER DINERO, 0 PROPIEDADES U OSTROS DERECHOS
IMPORTANTES PARA USTED.
LLEVE ESTA DEMANDA A UN ABOGADO 1NMEDIATAMENTE. SI USTED NO
TIENE 0 NO CONOCE UN ABOGADO, VAYA 0 LLAME A LA OFICINA EN LA
DIRECCION ESCRITA ABAJO PARA AVERIGUAR DONDE PUEDE OBTENER
ASISTENCIA LEGAL.
IN THE COURT OF COMMON PLEAS OF
CUMBERLAND COUNTY, PENNSYLVANIA
CIVIL DIVISION : LAW
CITIZENS BANK OF PENNSYL VANIA,
Plaintiff
No. Oi.o - ;} 3' 7
Clu~L/~
vs.
FRANK P. ALBANO, Ill, t/d/b/a
ROBERTO'S,
Defendant
COMPLAINT
1. The PLAINTIFF is CITIZENS BANK OF PENNSYLVANIA, a state banking
institution, organized and existing under the laws of the Commonwealth of Pennsylvania, with
one of its principal places of business at 525 William Penn Place, Suite 2720, Pittsburgh,
Commonwealth of pennsylvania 15219 and hereinafter sometimes referred to as "Bank" and/or
"Plaintiff."
2. The DEFENDANT is FRANK P. ALBANO, III, an adult male individual,
trading and doing business as ROBERTO'S, residing at 36 Weatherburn Road, Enola,
Cumberland County, Commonwealth of Pennsylvania 17025 and hereinafter sometimes referred
to as "Defendant".
3. On or about October 28, 2003, Bank loaned to Defendant the sum of $35,000.00,
4. To evidence the loan of$35,000.00 by Plaintiff to Defendant as set forth in
Averment 3 hereof, on or about October 28, 2003, Defendant, as obligor, executed a
"Commercial Line Note" for the face amount of $35,000.00 in favor of Plaintiff, as obligee -
Loan #8079056-0101.
5. Attached hereto, marked Exhibit "A" and incorporated herein by reference is a
true and correct copy of the "Commercial Line Note" for the face amount of $35,000.00 executed
by Defendant as obligor, in favor ofPlaintift~ as obligee, dated October 28,2003.
6. According to the terms of the "Commercial Line Note" (Exhibit "A"), all
amounts owed by Defendant to Bank were payable on demand and until demand was made by
Bank upon Defendant, Defendant was to pay interest only on a monthly basis on the amount of
the outstanding principal due Bank under the "Commercial Line Note" (Exhibit "A") and with the
interest rate being a variable interest rate,
7, On or about March 18,2005, Bank and Defendant entered into and executed a
"Loan Modification Agreement" which fixed the interest on the principal due on the
"Commercial Line Note" at 7% per annum and provided for forty-eight (48) equal monthly
payments of principal and interest of$807.27 starting with the monthly payment due April 28,
2005.
8. Attached hereto, marked Exhibit "B" and incorporated herein by reference is the
"Loan Modification Agreement" entered into by Defendant and Bank on March 18,2005.
9. The "Commercial Line Note" (Exhibit "A") and "Loan Modification Agreement"
(Exhibit "B") have not been assigned, transferred or negotiated by Plaintiff and Plaintiff is the
holder of the "Commercial Line Note" (Exhibit "A") and "Loan ModificatIon A),'Teement" and is
the real party in interest.
I O. Defendant has not made the mnnthly payments of principal and interest of
$807.27 under the "Commercial Line Note" (Exhibit "A"), as amended by the "Loan
Modification Agreement" (Exhibit "B"), for the months of September, October, November
and December 01'2005 and January, February, March and April 01'2006.
II. The failure of Defendant to make regular monthly payments of principal and
interest of $807.27 for the months of September, October, November and December of 2005
and January, February, March and April 01'2006 constitutes a default under the
"Commercial Line Note" (Exhibit "A"), as amended by the "Loan ModificatIon Agreement"
(Exhibit "B").
12. As a result of the default by Defendant as set forth in Averment II hereof, on
March 13,2006, Bank issued a demand letter to Defendant demanding payment in full of all
principal, interest, late charges and costs due on acconnt of the "Commercial Line Note" (Exhibit
"A"), as amended by the "Loan Modification Agreement" (Exhibit "B"), by March 27, 2006.
13, Attached hereto marked Exhibit "c" and incorporated herein by reference is the
written demand dated March 13,2006 upon Defendant.
14, Defendant did not pay Bank in full all interest, late charges and costs due on the
"Commercial Line Note" (Exhibit "A"), as amended by the "Loan Modification Agreement"
(Exhibit "B"), by March 27,2006.
15. As of April 21, 2006 the following amounts are owed by Defendant to Bank on
account of the "Commercial Line Note" (Exhibit "A"), as amended by the "Loan Modification
Agreement" (Exhibit "B"):
A. Principal $29,815.74
B. Interest $ 1,408.14
C. Late Charges $ 403.61
D. Total $31,627.49
16. In addition to the amounts due as set forth in Averment IS, Bank is entitled to
reasonable attorney's fees. Bank requests legal fees of$3,OOO.OO.
17. The principal balance due on the "Commercial Line Note" (Exhibit "A"), as
amended by the "Loan Modification Agreement" (Exhibit "B"), being $29,815,71 is accruing
interest at the rate of 7%. with the per diem amount being $5.96.
2
WHEREFORE, the Plaintiff, Citizens Bank of Pennsylvania, prays for judgment in favor
of Citizens Bank of Pennsylvania and against the Defendant, Frank P. Albano, III, t/d/b/a
ROBERTO'S, for the following amounts along with costs of suit:
A. Principal $ 29,815.74
B. Interest $ 1,408.14
C. Late Charges $ 403.61
D Legal fees $ 3,000.00
E. Total $ 34,627.49
Plus interest since the date of this Complaint until Judgment at the per
diem amount of$5.96.
Dated: April 21, 2006
/
.---~
CO Jack F. R , uire
-KaIn; rown & RODerts LLP
119 East Market Street
York, PA 17401
LD.I0241
Phone 1-717-843-8968
Fax 1-717-846-6676
E-mail: JckReam@aol.com
Attorney lor the Plaintiff
CITIZENS BANK OF
PENNSYL VANIA
3
COMMONWEALTH OF PENNSYLVANIA
SS:
COUNTY OF ALLEGHENY
Before me, a Notary Public, in and for the said County
and State, personally appeared Judi A. Gimigiliano, who, being duly
sworn according to law, doth depose and say that she is a banking
officer of CITIZENS BANK OF PENNSYLVANIA, a banking association
organized and existing under the laws of the
Commonweal th of
Pennsylvania, and that as such officer is authorized to make this
Affidavit on behalf of CITIZENS BANK OF PENNSYLVANIA, and that the
facts set forth in the foregoing document are true and correct to
the best of her knowledge, information and belief.
CITIZENS BANK OF PENNSYLVANIA
1A1
I<J (II' rr J{) JOvVc() (S EAL )
Gimigiliano
.jute
Q
Sworn and Subscribed to
before me this
17-1 f)
day
of
-HpY11
, 2006.
",
,
/1 la ~IA 0v t./WI Cl L21 {)
Notary Public ( /
GOl~';MOf\lWEALni O~ PENNSYLVANIA
NcA.arialSea.\
Marin...1- Ruggiero, Notary Public
aty Of Pittsburgh, Allegheny County
My Commission Expires February 21, 2009
Member, Penr1S'v!\li'fJ'''' .!l!",f;;'-,'C.aj;(ln 01 Notar\e~,
EXHIBIT "A"
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CITIZENS BANK
Borro\yer(s) Name and Ad_s:
FRANK r, ALBANO m DIBIA ROBERTO'S
23 SOUTH UNION STREET
MD>DLETOWN~ PA 17057
Date of Agreement: 10/28/2003
Initial Rate: 4,500
%
Margin.... 0.500 % . Maximum Rate: 18.00 % Principal Amount $ 35.000.00
l!I If checked here, this loan is guarantecd by the Small Business Administration ("SBA").
LENDER:
o Cl~na Sank of Rhode I.tend
~ro'v<<:,~,a;a02tO'
o Cltlzan. B~ of ~onMCtlcut
~='t.\-::on,~"IO=
Ocltlun. Bank"-~.
lZ.~~.'I.~H.""
O C1llZenalhnk of U....Ch""ltta
.....te.,...,
BOIIton. MA 0:101
r;;:'l emun. Bank of Penneylvenl.
t6J ~tfl~=~'~~'9103
O Cllbeen. Bank
919 HCl1h Mmet atreet, Suite 200
Wilmington, DE 191101 .
r
COMMERCIAL IlINE \'IOTE
PROMISE TO PAY: FOR VALUE RECEIVED, the undersigned (the "Borrower" or "you")
promises to pay to the order of the lender named above (the "Lender", "we", "us". or "our") the
principal 81110unt .hown above, or such lesser amount as may be outstanding hereunder, plus interest,
costs and fees as described herein.
REVOLVING FEATURE: This Note POS$eSSCS a revolving feature. Upon satisfaction of
the conditions set forth in this Note, and subject to any restrictions and limitations stated herein, .
Borrower shall be entitled to borrow up to the full principal amount of the Note and to repay and
reborrow from time to time during the tenn of the Note.
Information with regard tb any loans or 3dvances or letters of credit issued under this Note
shall be recorded and maintained by Lender in its internal records and such records shaH be
conclusive as to the infonnstion set forth therein absent maai.fest mror. Lender's failure to record the
date and amount of any loan or advance or letters of credit sball not limit or otherwise affect the
obligations of the Borrower under this Note to repay the principal amount of the loans or advances or
letters of credit together with all interest accruing thereon. Lender shall not be obligated to provide
Borrower with a copy of the record on a periodic basis. Borrower shall be entitled to inspect or
obtain a copy of the record during Lender's business ooun.
CONDmONS FOR ADVANCES: If there is no Default (os defmed below) under this ,
Note, Borrower shall bl: entitled to borrow monies under this Note (subject to the limitations described
above) lUlder the following conditions:
At the time of eacb advance requested by Borrower imder this Note, the Bottower shall have.
complied with all of the tenns, coqditions and tequiremetitsofthat certain Business Loan and Security
Agreement betwl:en Borrower and:Lender and dated the date hereof (the "Loan Agreement"). The
Lender reserves. the right to request evidence satisfactory th,it that, at the time of each advance, there
exists DO Default or event ofDefa\}lt under this Note, the t..o. Agreement or any document or
instrument delivered pursuant to or in connection with this Note. Lender may terminate any further
advances upon Default by Borrower or, absent Default, upob dr:mand for payment of this Note.
Lender may demand payment in filII under this Note at any ?me, in its sole discretion and without
cause..
SBLiae Now. Rev, (W()1
,
EXHIBLT': "A"
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Page 2
LETTERS OF CREDIT: IftIiere:iino Default under this Note, Botrower shall be entitled
to request that the Bank: issue commercia,1~or<..5tfD... dby letters of credit under this Note (subject to the
limitations described above) pursuant to the ~Q<Yowing conditions: ,
(8) lounce of Letters of Crelllt;.,:,F,rom time to time on shy business day occurring prior to
Default or demand hereunder~ the Borrower ~,y request the issuance 'of commercial or standby letters
of credit (each a "Letter of Credit" and colfe~~vely, "Letters of Credit~) for its own account in respect
of obligations of the Borrower in stated face;~ounts (each such stated fltCe amount not to be less
than $1,000) requested by the Borrower on ~ day with an expiry da.te not later than the earlier of
one year from the date of such issuance; pc ~d the expiry date of ap existing lAter of Credit
previousLy issued hereunder to a date not l~t~.Vtan one year from the date of such extension.
,."
No issuance or extension of a Letter of Credit shall be made if, after gIving effect thereto: (a) the
~ggregate face amount of all outstanding Letters of Credit, uhm (b) the aggregate outstanding principal
amount of all outstanding advances under thif Note is areater than (c) the principal amount of this
Note,
To request the issuance of a Letter of Credit (or the extension of an outstanding Letter of Credit) the
Borrower shall hand deliver to the Bank a noti~ requesting the issuance of a Letter of Credit, or
identifying the Letter of Credit to be extended, the date of issuance or extension, the date on which
such Letter of Credit is to expire (which shall comply with the limitations set out above) as weU as
submitting the appropriate letter of credit application on the Bank's standard form.
Each Letter of Credit issued by the Bank shall be, in addition to the terms hereof, subject to the terms
and conditions of any fonn of letter of credit application or other agreement submitted or entered into
by the Borrower in connection with the issuance of any Letter of Credit. In the event of any
inconsistency between the terms and conditions of this Note, the Loan Agreement, and the terms of
any form letter of credit application or other agreement submitted or entered into by the Borrower in
cl;mnection with the issuance of any Letter o{ Credit, the terms and condition of such letter of credit
application or other agreement shall control.
(b) Reimbursement. If the Bank shall" honor or otherwise ~ake any disbursement in respect
of a Letter of Credit, the Borrower shall reimburse the Bank in the full principal amount of such
disbursement by paying to the Bank an amount equal to such disbursement not later than the close of
business on the day such disbursement is made. Notwithstanding the foregoing, the BOlTOwer may,
subject to the terms and cooditions of this Note, request that such reimbursement payment be fmanced
by means ofan advance hereunder. The Borrower acknowledges and agrees that the Bank is under
no obligation to so honor any such request and tha.t unless the Bortower sball reimburse the Bank in
full on. the date such disbursement is made. the unpaid amount thereof ahall bur interest, for each day
from and including the date of such un-reimbursed disbursement is made to but excluding the date
that the Borrower reimburses such disbursement, at the rate per annum then applicable to advances
hereunder.
(e) Letter of Credit Fees: ThJ Borrywer agrees to pay to the Bank a Letter of Credit fee in
an amount equal to the then applicable intereSf rate for advances hereunder multiplied by the stated
face amount of all Letters of Credit outstandirig, such fee to be paid monthly in arrears in accordance
with the payment scheduled set out below. The Borrow<< further agrees to pay to the Bank (0 on the
date of (x) the ismance of each Letter of Credit, (y) each increase in the stated face amount thereof
and (z) each extension (automatic or othCwise) of the stated expiry date thereof, an issuance fee as
provided for in the letter of credit application or other agreement submitted or entered into by the
Borrower in connection with such issuance, increase or extension, and (Ii) all reasonable costs and
expenses incurred by the Bank in connection with such Letter of Credit.
(d) Cash CoUateraUzatioo. If the Bank shall make demand hereunder or upon the
occurrence of any Default, on the day that the Borrower receives notices from the Bank demanding
tbe deposit of cash collateral, the Borrower shall depOSit in an account with the Bank, in the name of
and for the benefit of the Bank, an amount in cash equal to the aggregate amount of aU Letters of
Credit then outstanding. Such deposit shall be held by the Bank as collateral for the payment and
performance of tb.e obligations of the Borrower with respect to such outstanding Letters of Credit, this
Note, the Loan Agreement, and any application or agreement submitted or entered into by the
Borrower in connection with the issuance ('fany Letter afCredit. The Bank shall have exclusive
dominion and control, including the exclusive right of withdrawal. over such account. Other than
interest earned on the investment of such deposits, which such investments shall be at the option and
sole discretion of the Bank and at the Borrower's risk and expense, such deposits shall not bear
interest. Interest or profits. if any. 0)\ such investmertts shall accumulate in luch account. Moneys in
such account shaH be applied by the Bank to reimburse the Bank fOT Letter of Credit disbursements
for which it has not been reimbursed and, to the extent not so applied, shall be held fOT tbe
satisfaction of the reimbursement obligations of the Borrower for outstanding Letters of Credit, or, if
demand has been made hereunder, be applied to satisfy other obligations of the: Borrower under this
Note. If the Borrower is required to provide an amount of cash collateral here\lllder 8S a result of the
occurrence ofa Default, and the Bank shall refrain from demanding payment hereunder, such amount
(to the extent not applied as aforesaid) sball be returned to the Borrower within 3 business days after
an Defaults have been cured or waived.
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Page 3
VARIABLE INTEREST RATE: Interest shall accrue on this Note beginning at the Initial ~ate
set forth above. This Note has a variable interest rate feature. The interest ~te may change from time to time if
the lndox Rate identified below ohanges. Interest shall'be calculated at a vanable rate <<Iual to the sum ofthe
Margin shown above, plus the Index Rate. Any change in the interest rate resulting from a change ~ the Index
Rate will be effective en the date of each change in the Index Rate. For SBA guaranteed loans, the xnterest rate
will change on the first day of the calendar month fol1owina a change in the Index Rate. This interest rate change
wfll Dot occur more often Ulan once eac:h Inooth. Interest shall be computed on the basis of actual days elapsed
over a ~6S-day year. In the event of a Default (as defined below). Under may declare that Interest shan accrue
on tbis Note at the Default Rate as provided for in the section below regarding "Powers Upon Default."
, ,
INDEX RATE: The Index Rate for this Note ~hall be The Wall Street Journal Prime Rate. The
"Wall Strc:et Journal Prime Rate" is defined as. the "Prime Rate" for domestic banks, as published in The Wall
Street Journal, in the "Money Rates" sectitm:. If more than on~ such "';te is pu~~i~hed on any g:ven day, the
highest published rate shall be used to detennme the Index Rllte.. The "Pnme Rate IS not n~essanly the lowest
rate offered by Lender, nor by the lenders whose rates are surveyed by The W~ll Street Journal If ~e Wall
Street Journal ceases to publish a "Prime Rate," the Lender may choose a subsittute source for the Pnme ~ate or
may choose a substitute index. If the Lender chooses a substi.tute.inde~, it may also choose a substitute margm so
that the new index and margin result in an interest rate substantially similar to the Interest Rate in effect at the
time the Prime Rate ceases to be published in The Wan Street Journal.
MAXIMUM RATE: The interest rate on this Note shall not exceed the Maximum Rate set fortb
above.
PAYMENT SCHEDULE: This Note is payable ON DEMAND. Until demand is made,
Borrower shaH pay the principal and interest according to the following schedule:
Borrower must make regular monthly payments beginning one month from the date hereof and on
the same day of each month thereafter, in the following amounts:
[Xl If the box at the beginning of this paragraph is ehecked, BOITowet'll regular monthly payments
will be equal to the sum of (a) accrued interest and any other charges posted by Lender at the close ofthe bi1Hng
cycle, plus (b) any amount which is past due, plus (c) any amount by which the outstanding principal b91ance
under this Note exceeds the maximum principal amount of this Note (set forth at the beginning of this Note).
This minimum monthly payment will not reduce the principal that is outstanding under this Note, and will resu.1t
in greater expenses OVM tbe life of this Note. In addition to the miniml1ID monthly payment set forth above,
Borrower agrees that at least once during each 12 consecutive calendar ,month period (beginning on the date of
this Note} BorrowerwUl reduce, for 30 consecutive days. the outstanding principal balance of this Note to not
more than fifty percent (50%) of the highest outstanding principal balance under this Note for the preceding 12
calendar months.
I
Unless the box at the beginning of the preceding paragmpb hmi blen checked, Borrower's regular monthly
payment will be equal to the sum of (a) accrued interest and any other dharges posted by Lender at the close of
the billing cycle, plus (b) principal in the minimum amount of (i) $200.00 or (ii) two percent (2%) of the
outstanding prinCipal balance at the close of the billing cycle, whichever is greater (however, the minimum
payment will never exceed the etliti1e amount outstanding), plus (c) any amount which is past due, plus {d} any
amount by which the outstanding principal balance of this Note exceeds the maximum principal amount of this
Note (set forth at the beginning of this Note).
If you have so indicated on the Application and have completed an authorization on the form we
provided to you, you authorize us tel debit your Citizens Bank. buSiness checking account with us for all sums .
(inc1udin&i without limitation, principal, interest and fees) payable under this Note and the Loan Documents (as
defined below); provided. however, that 1bis provision shall Dot obligate us to create or allow any overdraft, and
further provided that such authority shall not relieve you of the obligation to assure that payments are made when
due if ~her:e are not sufficient good funds iL your ~t, You undentand that in exchange for your
authonzatJon to deduct your payments from your checking account we ha-le reduced the interest rate payable
under this Note by one percent (I %). If you close your checking ac'ount, if you revoke your authorization to
debit payments from your Checking account, or if automatic payments are otherwise tenninated for any reason, we
ha,vc the ~ght to increase the Margin disclosed at the beginning of this Note by one percent (1 %) without any
pnor nohce to you. 1
Unless payments are ma~ by automatic debit o"~1Jrl: Checking account, you must make payments
to Lender at the address on the billina stat.ement in lawful curreDl::~ft&.o United States of America.
,;,r.; ,
, If Borrower ~ants to pay ~he outstanding b8lan~,Oftb.is Note in full with a check or similar
Instrument that has such Special notations:or instructions on it at With'it, hut not terminate this Note Borrower
~u~t sond the payment {including special notations or instruction~lto the address for such payments Ii~ted on the
bllhng statement. : ~ {;( :
, r
If Borrower wants to pay lhe outstanding baJand~ldf this Note in full witb a check or similar
instrument that has such special notations~or inrnuctions on it or,~ith'it, and terminate this Note Borrower must
send the payment (inclUding special notatitns or instructions) to tHe.address for such payments list~d on the
billing statement. -' ,,~ .
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. . If.payment !nfu/1.i~ received at any other ad~sii.(i}. Lender may ignore any special notatjons or
instructions, and (Il) Lender s creditmg any sucb check or other i.riitfum.'ent to the Credit Line does not mean that
Lender bas agreed to the special notation, or instrnctions, ' '
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.Hi
REQUESTING AnV ANCES: : YOU! may request an advance on this Note by using the
special loan checks we will give you. The follo'Wir.l~- tules apply to your use of specia110an checks:
a) Lost Or Stolen Special LO.D.C~ecks. You agree to teU us if special loan checks are lost
or stolen,.or if you believe someone is ta.king ad~~ on this Note without your pern1ission, The fastest
way to notify us is by calling us at 1"800-4-BUS~. l
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b) Forged Special Loan Checks. Y pu agree that we do nO,t have to pay any of your special
loan checks if we believe the signature on the checxl~ been forged. unless you tell us to.
, II,: I
c) Postdated Special Loan Checks. If you date a special loan check with a date that is later
than th~ date on which you actually wrote the special loan cneck, you agree that we may pay tbe special10an
check, even if we pay it or post it to the principal balance ofthis Note on a date which is earlier than the date
on the. special loan check.
d) Stopping Payment on a Special Loan Cheek. Yau can ask us to stop payment on any
special loan check you have written that has not ~ paid by ctJling us at the telephone number shown on
your statement. An oral stop payment order will stay in effect for fourteen (14) days, unless you confmn. it in
writing or tell us to cancel it.
You can confirm your stop paymett order by writing to us at the address shown on your
statement. A written stop payment request will stay in effect for S1x (6) months, unless you tell us to cancel
it.
,
e) We Are Not Liable. We will not be liable if anyone fails to honor a special loan check
written by you.
f) Paying Speda) Loan Cbeeks in Exces!! of Your Credit Umlt. We do not have to pay
any spedalloan check that would cause the principal balance of Ibis Note to exceed. the Principal Amount of
this Note. However, we may do so if we choose.
g} Paying Speebd Loan Checka After Termination. We will not pay any additional special
loan checks presented to us for payment after we send you notice of termination of this Note, If you
terminate this Note, you will be responsib!e for paying: any additional advances we make to pay special loan
checks. which are presented to us for payment bboore 'fC have had a reasonable amount of time to implement
your termination notice, Once we have implemente~ your termination notice, we will not pay any additional
special loan checks presented to us fOT payment.
PREPAYMENT: This Note may be prep3id in part or in full at any time without penalty.
,
LATE FEE: If any payment of principal or interest due hereunder is not paid within ten (10)
days ofth~ due date, Lender may require Borrower to pay a late fee equal to five percent (5%) of the overdue
amount or $35.00, whichever is greater, in addition to and not in liem of further accrual of interest on any
overdue a.mount, For business loans to non-corporation borrowers in amounts less than or equal to S 1 0,000,
the lender may assess a delinquency charge of twenty dollars ($20) or ten percent (10%) of each installment
or payment, whichever is higher, which is in default for more than IS days,
ANNUAL FEE: On each yearly anniversary of the date of tbis Note, you shall pay us an
Annual Fee of $ )00 by means of an Advance under the Credit Line which shall not be subject to any refund
upon termination,.
SECURITY: This Note is seoured by all collateral described in the Loan Agreement,
together with all securities or other property of Borrower now or hereafter held by Lender and aU
deposits (other-than IRA accounts) of BorroWer held by Lender. BOITower gives Lender an express
right of setoff against any such deposit accounts.
BUSINESS LOAN AND SECURITY AGREEMENT: This Note is subject to the terms and
entitled to the benefits of the Loan Agreement In the event there is any inconsistency between the provisions
of this Note and the provisions of the Loan Agreement, the provisions of this Note shall govern. This Note,
the Loan Agreement, and every other document executed in connection therewith are referred to in this Note
as the "Loan Docume.ats." Borrower's obligations under the Loan Documents are referred to in this Note as
the "Obligations",
EVENTS OF DEFAULT: This Note is payable on demand, The inclusion of events of
Default bereunder shall not limit Lender's ri&ht to de1pand payment in its sole discretion, The following shall
be events of default under this Note (each refecred totberein a.lI a "Default"):
(1) Failure by Borrower, Or by any Co-Obligor, endorser, guerantor or surety for or under
any of the Obligations (each referred to herein as a "Co-Obligor'!), to make full and prompt payment when
due. of any amount required to be paid to Lender under any of the Loan Documents or any other agreement;
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(2) FaillU'C: by Borrtlwer or any Co-Obligor to perform, keep or observe any other tenn,
provisiClttt condition, covenant. agre~en~ warranty or represen~tion <:ontained ~n my of the Loan
Documents or any other agreement wtth or in favor of Under,.whioh failure continues for ten (to) days
after notice thereof by Lender to the person or entity required to perfoon. keep or observe such term,
provision, condition. ~o~t. aaroement, warranty or representation;
(3) If any representation. statement. report or certificate made, or delivered by Borrower
or any Co.-Obligor is false or incorrect in sny material ~ when made or delIvered:
(4) If any attachment, trustee process, lien, execution, levy" injunction: or ,receivership
issued or made against the Borrower, any Co-Obligor or any Collateral secunng the Obhgattons (referred
to herein as "Collateral") ill Dot rt1Doved within thirty (30) days or if an)' fmal judgment and execution
issued against Borrower or any Co.Obligor remains unsatisfied fortbirty (30) days;
(5) The entry of a decree or order for relief with respect to the Borrower or any
Co-Obligor in an involuntary case under the fweral bankroptcy law, as now or hereafter constituted., or
any other applicable federal or state b81lkruptcy, insolvency or other similar IDW, or appointing a re~eiver,
liquidator, truStee, custodian (or similar official) of or for thc;EJorrower or any Co-Obhg~r, or orden~g ~e
winding-up 01' liquidation of its affairs which is not promptly cont~ed and released or discharged wuhm
sixty (60) days;
(6) The commencement by the Borrower or any Co.Obligor of a voluntary case under the
federal bankruptcy law, as now constituted or hereafter amended~ or any other applicable federal or state
bankruptcy, insolvency or other similar law, or the consent by Borrower or any Co-Obligor to the
appointment of or taking possession by tl. recoiver, liquidator, trustee, custodian (or other similar official)
of or for the Boltower or eny Co-Obligor or for any substantial part. of its. prcperty, or the making by
Borrower or any Co-Obligor of eny assignment for the benefit of creditors, or the insolvency or the failure
of the Borrower or any Co-Obligor generally to pay ita debts 81 such debt become due, or the taking of
action by the BOITOwer or any Co-Obligor in furtherance of any of the foregoing;
(7) Loss or destruction of or subst8D:tial damage 1to any material portion of any Collateral.
for this. Note;
(8) Default which has not been C\11'ed during any applicable cure period in the prompt
payment, performance or observance of any term, provision, condition, covenant, warranty or
representation set forth in any mortgage, lien or encumbrance affecting any Collateral for this Note,
whether or not such mortgage, lien or encumbrance is senior or junior to Lender's interest therein and
whether or not such mortgage, lien or encumbrance has been consented to by Lender, provided, however,
that nothing herein shall be deemed to be a CODaent by Lender, implied or otherwise, to the gre.nting of
any mortgage, lien or encumbrance OD the Collateral; or
(9) Such a ,change in the condition Dr affairs (financial or otherwise) of the Borrower or
any Co-Obligor, or decline in the value of the Collateral as, in the opinion of the Lender, materially
impairs the Lender's security or increases its risk. or if the Lender in good faith deems itself insecure.
POWERS UPON DEFAULT: Upon the OCCUJTeDCC of any Default or at any time
thereafter, Lender may, at its option, without notice or demand, do anyone or morc of the following, 'in
addition to any other right or remedy that Lender may have at lhw or in equity or, given to Lender under
any of the Loan Documents., all of which are hereby authoriUd by. Borrower. '
I
(1) Declare the Obligations immediately due and payable;
(2) Cease advancing money or extending credit to or for the benefit of the Borrower
under any agreement;
(3) Set.off against any and aU deposits, accounts, certificate of deposit balances claims
or other sums at any time credited by or due from the Lender to the Borrower and against all other' ,
property of Borrower in the possession of Lender or uuder its control;
(4) Realize immediately upon any Collateral;";
, (5) Declare thst Inlmst .h.Il,accrue on thi~'lfote'at. rate (the "Default Rate") equal to
the lesser of (1) the awn of the lndQ RAte identl:tted below, pUllithe'Margin shown above plus four
percent (4%); and (ii) the Maximum ~te set forth at the begi!tdn$' bfthis Note. '
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COL~E<;l'IO~ EXPENS~: . ~e Borrow~ :~~s to pay all actual costs of collection
and attempted collection, mcJud~g,. w\1hout Jitn.i.ta~on: (1) u.~ ~ses .incurre~ or paid to protect,:
pres~e, collect:, lesse, sell, n:t'au', unprove, adverhae, locate;, ~~ possession of, liquidate or othenvise
deal Wlth any Collateral fur this Note, (2) expenses of dealing~Wlth any person or entity in any bankruptcy
procee~ing, (3) all out.of-pocket ~es incUITed b~ the ~ {9t the Lender's attorney and paralegal
f~es, d~sbursements, and costs, aU at sue. h rates and With respe;ci~osucb selVices as the Lender in its sole
dIscretion may elect to pay (as .such ~tes may vary from timc.l€'_)im:c during the course of the
perfonnance of s~ch servlC~) In.cl~dinJ the costs of attomey~~po ~ employees of the Lender, and (4)
the costs of ~ppralsers. engIneers, tnYestmMt bankers, Mvironmental consultants and other experts that
may ~e retamed by the Lender in conn'fCtion witl1 such coUectiOD. efforts. Such costs will be added to the
unpwd balance of the loan. ( if ~ ~
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WAIVER OF RIGHTS: Th~ Borrower waives the nghts of demand. protest, notice
of acceptance of this Note, notice of defau).t lj)f dishonor. presentmen~ 'notice of loans made, credit
extended, collat.ral received or d,livereJ br b/her setion taken by the Lender hereunder sod all other
demands and notices of any description.
iiS,
MULTIPLE BORRO~~l [0 the event that the!word "Borrower" refers to more
than one person or entity, all representati~~ ~~ obligations: under thi~ Note sball be joint and several.
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LENDER'S RIGHTS: The't.endcr shall not be deemed to have waived any of its
rights under this Note or otherwise unless such waiver is in writing and signed by the Lender.
,Lmder's failure to require strict performance of the terms, covenants and agreements of this Note or
any other of the Loan Documents, or any deIfy or omission on the part of the Lender in exercising
any right, or any acceptance of partial or adequate payment or performance shaH not waive, affect or
diminish such right or Borrower's duty of compliance and performancp therewith. A waiver on any
one occasion sball not be construed as a bar to or waiver of the l!Iamc or any other right on the same
or any future occasion. All rights and remedies of the Lender under this Note or any other of the
Loan Documents, shall be cumulative and may be exercised singularly or concurrently. This Note
may be negotiated, extended or renewed by the Lender without releasing the Borrower or any
Co-Obligor.
GOVERNING LAW; SEVERABILITY: This Note shall be construed in all
respects in accordance with, and governed by, the internal laws of the State set forth in Lender's
address, above (the "State"). Wherever possible, each provision of this Note shall be interpreted in
such manner as to be effective and valid under applicable law, but if any provisions of this Note shall
be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of
such p.uhibition or invalidity, without inyaIidzting the remainder of such provision or the remaining
provisions of this Note. This Note has been de~vered to Lender and accepted by Lender in the State.
Jfthere is a lawsuit involving this Note, Borrqwer hereby irrevocably submits to the jurisdiction of the
courts of the State (and the federal courts located in the State).
MODIFICATION: This Note may not be altered or amended except by an
agreement in writing signed by both Lender and Borrower.
APPUCATION OF PAYMENT: Borrower irrevocably waives the right to direct
the application of any and all payments at any time or times hereafter received by Lender from
BDITOwer, or from aoy other source, and Borrower does hereby irrevocably agree that Lender shall
have the continuing exclusive right to apply and reapply any and aU payments received at any time or
times hereafter against the Obligations in such manner as Lender may deem advisable.
ASSIGNMENT; SUCCESSORS AND ASSIGNS: Borrower shall not be entitled to
assign any of its rights or obligations under this Note without Lender's prior written conSent. Lender
shall be entitled to assign some or all of its rights under this Note without notice to or consent of
Borrower. This Note shall be binding upon and inure to the benefit of BOlT ower, Lender and their
respective successors, assigns, trustees, reCeivers, adminiatrators, personal representatives, legatees and
devisees.
WAIVER OF JURY TRIAL: LENDER AND BORROWER EXPRESSLY AND
VOLUNTARILYWAlVEANY AND ALL RlGHTS, WHETIIER ARISING UNDER TIlE UNITED
STATES OR ANY STATE CONSTlTtmON, ANY RULES OF CNIL PROCEDURE, COMMON
LAW OR OTIlERWISE, TO DEMAND A TRIAL BY JURY IN ANY ACTION, LA WSUlT,
PROCEEDING, COUNTERCLAIM OR ANY OTIlER LmGATION PROCEDURE BASED UPON,
OR ARISING OUT OF, THIS NOTE OR TIlE LOAN DOCUMENTS, ANY AGREEMENTS
ARISING UNDER OR RELATING TO nus NOTE, ANY COLLATERAL SECURING TIlE
OBLIGA TlONS, OR TIlE DEALINGS OR RELA TIONSHlPS BETWEEN OR AMONG LENDER
AND BORROWER, OR ANY OF TIffiM, NEffilER LENDER NOR BORROWER, INCLUDING
ANY ASSlGNEE OR SUCCESSOR OF LENDER OR BORROWER, SIIALL SEEK A JURY
TRIAL IN ANY SUCH ACTION. NEITIIER (-ENDER NOR BORROWER SIIALL SEEK TO
CONSOLIDATE ANY SUCH ACflON WITIl ANY OTIIER ACTION WHEN A JURY TRIAL
CANNOT BE OR HAS NOT BEEN W A1YED, TIlESE PROVISIONS SHALL BE SUBJEcr TO
NO EXCEPTIONS. NEITIlER LENDER NOR BORROWER HAS IN ANY WAY AGREED WITH
OR REPRESENTED TO TIlE OrnER TIIAT TIlE PROVISIONS OF THIS PARAGRAPH WILL
NOT BE FULLY ENFORCED IN ALL INSTANCES,
BORROWER EXPRESSLY AGREES THAT TIlE INTEREST RATES SPECIFIED IN
THIS NOTE SHALL BE TIlE APPLICABLE INTEREST RATES DUE (A) ON AMOUNTS
OUTSTANDING DURING TIlE TERM OF THIS NOTE, SUBJECT TO TIlE MAXIMUM RATE
PRESCRIBED ABOVE, AND (B) WITH REsPECT TO ANY AMOUNT OUTSTANDING ON AND
AFTER THE MATURITY DATE OF THIS NOTE.
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WAIVER: If the "State" (as.;~fined shove) is Connecticut, the fonowing applies:
BORROWER ACKNOWLEDGES TIIAT ~ TRANSACTION OF WHICH TIllS NOTE IS A
PART IS A COMMERCIAL TRANSACTIOl\i:AND TO THE EXTENT ALLOWED UNDER
CONNECTICUT GENERAL STATVTES"S~ONS 52-278. TO S",278., INCLUSIVE, OR BY
OTIlER.APPUCABLB LAW, BORRO~~AIVES ANY RIGIm! TIIAT BORROWER HAS TO
NOTICE AND llEARlNG WITH RESPBCT''i'O ANY PREJUDGMENT REMEDY WElCH
LENDER, OR ITS SUCCESSORS OR A~S~S, MAY DESlRJ! TO .uSE; AND BORROWER
FURTHER WAIVES ANYREQUIREMENl"l'IlATLENDBR POST A BOND OR OTHER
SECURITY IN CONNECTION WITII SUCH)'REJUDGMENT REMEDY,
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MAINE: If the address for the Borrower is Maine, the following notice applies:
~, Under Maine law, no promise, contract or agreeznent to lend money, extend credit. forbear
frOm collection of a debt or make any other accommodation for the repayment of a debt for more than
$250,000 may be enforced in court against Lender, unles. the promise. contract or agreement is in
~ and siw.ed bv T .r.r1c1er. Accordingly, Borrower cannot enforce any oral promise to extend
credit tmless it is contained in a written dlpCUlilent signed by Lender. nor can any change,
forebetn'8ncc. or other accommodation relating kt any extension of credit by Lender to Borrower be
enforced, unless it is in writing sivned bv T ~tuler.
POllellloo: CONFESSION OF JUDGMENT: If the collateral address is
Pennsylvania, the following applies: Gr~tee may enter upon ami take possession of the Premises
with of withont legaladioo, and by force If necessary, collect therefrom all rentals (which term
ghaU.lIo include tUDll payable for use .nd occupation) and, .fter deducting aU cosU of
coUect\on and admlB1stratlon expense, apply the Det rentab to any ODe or more of the foUowing
items tn sucb maDDer and In luch order o.fprlorlty as Grantee, In Grantee's sole discretion, may
eJect: the payment of Il:ny sums due uoder any prior Ben, taxes, water and sewer rents, cblrges
and claims, insuraDce premiums and aU other carytng eharges, .nd to. the maintenance, repair
or restoration of the Premises, or on account urtbe Liabilities; In and for tb.t purpose Grantor
hereby assigns to Grantee all rentals due and to become due under any lease or leases or rights
to nse and occupation ofthe Premises hereafter created, u weU as aU rights and remsdleS
provided in such lease or leasu or at la" or In equity for tbe collection of the rentab. FOR
THE PURPOSE OF OBTAINING POSSESSION OF THE PREMISES FOLLOWING ANY
DEFAULT HEREUNDER OR UNDER ANY OF THE LIABILITIES, GRANTOR
IRREVOCABLE AUI1IORIZES AND J:MPOWERS ANY ATTORNEY OF RECORD, OR
THE PROTBONOTARY, CLERK OR SIMILAR OFFICER, OF ANY COURT IN THE
COMMONWEALTH OF PEENSYULi' ANIA OR ELSEWHERE, AS ATTORNEY FOR
GRANTOR,'AS WELL A.S FOR THE PElIllONS CLAlMlNG UNDER, BY, OR THROUGH
GRANTOR, TO SIGN AN AGREEMENT FOR ENTERING THEREIN AN APPROPRIATE
ACTION IN EJECTMENT FOR POSSESSION OF THE PREMISES (WITHOUT THE
NECESSITY OF FILING ANY BOND AND WITHOUT ANY STAY OF EXECUTION OR
APPEAL) AGAINST GRANTOR AND ALL PERSONS CLAIMING UNDER, BY, OR
THROUGH GRANTOR, AND THE1lEIN CONFESS JUDGMENT FOR THE RECOVERY BY
GRANTEE OF POSSESSION OF THE PREMISES FOR WHICH THIS INSTRUMENT (OR A
COPY THEREOF VERIFIED BY AFFIDAVIT) SHALL BE A SUFFICIENT WARRANT;
WHEREuPON A WRIT OF POSSESSION OF THE MORTGAGED PREMISES MAY BE
ISSUED FORTBWlTB, WITHOUT ANY PRIOR WRIT OR PROCEEDING WlIATSOEVER,
GRANTOR HEREBY RELEASING AND AI>REEING TO RELEASE GRANTEE AND ANY
SUCH ATTORNEY FROM ALL PROCEDllRAL ERRORS AND DEFECTS WlIATSOEVER
IN ENTERING SUCH ACTION OR JUDGMENT OR IN CAUSING SUCH WRIT OR
PROCESS TO BE ISSUED OR IN ANY PROCEEDING THEREON OR CONCERNING THE
SAME, PROVIDED THAT GRANTEE SHALL HAVE FILED IN SUCH ACTION AN
AFFIDAVIT MADE ON GRANTEE'S BEHALF SETTING FORTB THE FACTS NECESSARY
TO AUTHORIZE THE ENTRY OF SUCH JUDGMENT ACCORDING TO THE TERMS OF
TillS INSTRUMENT, OF WHICH FACTS SUCH AFFIDAVIT SHALL BE PRIMA FACIE
EVIDENCE, IT IS HEREBY EXPRESSLY AGREED THAT IF FOR ANY REASON AFTER
ANY SUCH ACTION BAS BEEN COMMENCED, THE SAME SHALL BE DISCONTINUED,
MARKED SATISFIED OF RECORD, OR TERMINATED, OR POSSESSION OF THE
MORGAGED PREMISES REMAIN IN OR BE RESTORED TO GRANTOR OR ANYONE
CLAIMING UNDER, BY, OR THROUGH GllANTOR, GRANTEE MAY, WHEREVER AND
AS OFTEN AS GRANTEE SHALL HAVE THE RIGHT TO TAKE POSSESSION AGAIN OF
THE MORTGAGED PREMISES, BRING ONE OR MORE FURTHER ACTIONS IN THE
MANNER HEREINBEFORE SET FORni TO RECOVER POSSESSION OF THE PREMISES
AND TO CONFESS JUDGMENT THEREIN AS HERlNADOVE PROVIDED, AND THE
AUTHORITY AND roWER ABOVE GIVEN TO ANY SUCH ATIrORNEY SHALL EXTEND
TO ALL SUCH FURTHER ACTIONS IN J;:JECTMENT AND CONFESSION OF JUDGMENT
THEREIN AS HEREINABOVE PROVIDED, WHETHER BEFORE OR AFTER AN ACTION
OF MORTGAGE FORECLOSURE IS BROUGHT OR OTHER PROCEEDINGS IN
EXECUTION ARE INSTI1'urED uPON TillS MORTGAGE OR uPON ANY INSTRUMENT
THEN EVIDENCING ANY OF THE LIABILITIES, AND AFTER JUDGMENT THEREON OR
THEREIN AND AFTER A JUDICIAL SALE OF THE PREMISES.
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BORROWER
FRANK P ALBANO 10
By: -[~ (~
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BORROWER
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f}J7r!:J 1 (%; 10,,$,03.
Witness
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EXHIBIT "8"
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S:ITIZENS BANK
Loan Modification Agreement
Effective Date of:
This Loan Modification Agreement (this "Agreemenf') is entered into by CITIZENS BANK OF PENNSYLVANIA, a Pennsylvania
chartered bank, (the "Bank") and FRANK p, ALBANO lIT D/BJA ROBERTO'S as borrower (the "Borrower").
PRELIMlNARY STATEMENTS
(Complete as Necessary)
A. The Bank and the Borrower are parties to a loan agreement (as it may bave been amended, extended, renewed or modified, the
"Loan Agreement") identified as follows:
Title of Loan Agreement:
Date of Loan Agreement:
Additional Parties (if any):
Business Loan and Security Agreement
October 28, 2003
B,
The Borrower has made a promissory note in favor of the Bank (as it may have been amended or modified, the "Note") to
evidence its debt obligations to the Bank, The Note is identified as follows:
,
Title of Note:
Date of Note:
Principal Face Amount of Note:
(Original Face Amount of Note:
Commercial Line Note
October 28, 2003
$35,000.00
$35,000,00)
C, The Borrower has granted a security interest in certain of its assets as collateral security for its debt obligations to the Bank
pursuant to the terms of the following documents (collectively, the "Security Documents"):
(I) Title of document:
(2) Title of document:
(3) Title of document:
Date:
Date:
Date:
D. The obligations of the Borrower to the Bank have been guaranteed pursuant to a guaranty or guaranties (as applicable, the
"Guaranty" or "Guaranty(ies)") by the following (collectively the "Guarantors")"
(I) Name:
(2) Name:
Date of Guaranty:
Date of Guaranty:
E. The obligations of the Borrower are supported pursuant to the terms of a pledge or other collateral agreement (as applicable, the
"Support Agreement") by the following party (the "Pledgor"):
Name:
Title of Support Agreemen1:
Date:
All capitalized terms employed herein and not otherwise defined shall have the meanings ascribed to them in the Loan
Agreement, Note, Security Documents, Guaranty(ies), or Support Agreement as applicable.
Draft August 1, 2002
Business Lending Services [}Qcumer.tatioo Department
EXHIBIT "B"
-~
1. For good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Bank and the
Borrower hereby agree to modify the boan Agreement andlor the Note and the Security Documents, all to the extent
applicable, to reflect the following modifications (which are checked off and completed if applicable):
INTEREST. RATE:
D
o
D
Interest shall accIDe at such rate per annum calculated daily as shall equal % greater than the
fluctuating rate of interest designated by Bank from time to time as its "Prime Rate" of interes~ such interest
rate to change as and when the Prime Rate changes, but in no event shall the interest rate exceed that
allowable under applicable law. Interest shall be computed on the basis of a three hundred sixty (360) day
year counting the actual number of days elapsed,
Effective March 28, 2005: Interest shall accrue at a rate of 7.00% per annum, fixed. Interest shall be
computed on the basis of a three hundred sixty (360) day year counting the actual number of days elapsed.
From . (the "Start Date"), interest shall accrue interest at an initial rate of
% (the "Initial Rate"), The Initial Rate shall remain fixed until (the
"Change Date"), From and after the Change Date, interest shall accrue at a rate equal to
, Interest shall be computed on the basis of a three
hundred sixty (360) day year counting the actual number of days elapsed.
PAYMENT TERMS: COMMENCING WITH PAYMENT DUE: April 28, 2005
o
D
o
D
OTHER:
o
Principal and interest payments of $807.27 per month until the earlier of the final payment date or the date of
the Loan Agreement/Note is paid in full.
Principal payments of $ (ler month plus interest until the earlier of the final payment date or the
date of the Loan Agreement/Note is paid in full.
Final payment date (if modified): March 28, 2009
Commencing with the payment due on , and on the day of eacb month, the
Borrower shall make principal payments of $ per month until the Change Date. After the Change
Date, the Borrower shall make U consecutive monthly principsl payments on sucb day in an
amount sufficient to amortize the then outstanding balance over the remaining term of the Note. If payment
is due on a day of the month for which there is no day in one or more months that numerically corresponds to
such payment date, payment will be made on the last day of such month(s),
. The Note is no longer made available on a revolving basis, No further advances shall be permitted. As
of the date of this Agreemen~ all amounts outstanding under said Note shall be repaid in accordance with
the, terms outlined herein, but may not be reborrowed.
PAYMENT EXTENSION WAIVER
The Demand Revolving Line of Credit is hereby converted to a Term Loan,
D
D
principal
payment(s) under the Loan Agreement/Note, now due or to become due, are extended to the date the Loan
AgroomenllNote matures. Principal payments shall recommence on , 200 . Interest shall
be paid monthly during the extension period and the final payment date of the Loan Agreement/Note shall not
be changed unless noted below,
Final payment date (if modified)
Dt1lt\ August I, 2()i}2
Business Lending Services Documentation Department
...
2. The Borrower hereby warrants that: (i) all of the representations and warranties contained in the Loan Agreement, Note and
the Security Documents, if any, are true and correct as of the date hereof (except for Borrower's representation with respect
to its fmancial condition, which is accurately reflected on Borrower's most recent financial statements provided to the Bank)
and there has not occurred any material adverse change in the business, assets, financial condition, or prospects of the
business of the Borrower since the date such fmancial statements were submitted; (ii) no default or Event of Default has
occurred and is continuing under the Loan Agreement andlar the Note or the Security Documents or any event which would
constitute a default or Event of Default but for the requirement that notice be given or time elapse or both, (iii) the Borrower
has no offsets, set-offs or other claims of any kind against the Bank, and to the extent it may have any, it hereby waives the
same, and (iv) the BOlTower has no defense or countercl8im whatsoever to any action or proceeding that may be brought to
enforce the Bank's rights and remedies under the Loan Agreement, Note andlor the Security Documents,
3. Borrower hereby ratifies, acknowledges, confmns, and agrees that an terms and provisions of the security interest granted
to the Bank remain in full force and effect, including without limitation, that all liabilities and obligations of the Borrower
to the Bank, whether now existing or hereafter arising, including without limitation, all sums now or hereafter advanced
and outstanding under the Note remain secured by a first lien on all Collateral of the Borrower which first lien was granted
pursuant to the Security Documents, and related UCC fmancing statements.
4, Each of the Loan Agreement andlor the Note and the Security Documents are hereby amended to be consistent with the
terms and provisions of this Agreemenl All references in the Loan Agreement andlor the Note and the Security
Documents to each of the others shall be deemed to refer to such document(s) as amended by this Agreement.
5. The parties to this Agreement shall, upon the request of tlte Bank, take any and all additional actions and execute any and
all additional documents reasonably necessary to effectuate the terms and intent of this Agreement.
6, This Agreement may be executed in any number of counterparts, which together shall constitute one instrument, and shall
bind and inure to the benefit of the parties hereto and their respective successors and assigns.
7. Except as modified and amended hereby, the Loan Agreement andlor the Note and the Security Documents and all other
agreements between the Bank and the Borrower remain in full force and effect and are in all other respects hereby ratified
and confirmed,
8, This Agreement shall be governed by, and construed in accordance with, the laws of the Commonwealth of
Pennsylvania.
[Remainder of page intentionally left blank]
Draft August 1,2001
Business Lending Services Documentation Department
. IN WITNESS WHEREOF, the parties hereto have executed or caused this Agreement to be executed, by their respective
officers thereunto duly authorized (if applicable), as of the Effective Date written above and it shaU take effect as a sealed
instrument.
@~
Frank P. bano III
Witness
CITIZENS BANK OF PENNSYLVANIA
r~
Nle~~
Reaffirmation of Guarantor(s)
In order to induce the Bank to enter into the Loan Modification Agreement set forth above, the Guarantor, for good and
valuable consideration, the receipt and adequacy of which are hereby acknowledged, bereby: (a) consents to the execution of
the Loan Modification Agreement by the Borrower, (b) agrees and confirms that the Guaranty remains in full force and effect
with respect to the Loan Agreement and/or the Note and the Security Documents, as amended above; and (c) there are no
setoffs or defenses against the Guarantor's obligations or against the Bank's right to exercise any rights and remedies available
to the Bank under the Guaranty; and (d) to the extent the Guarantor granted a security interest to the Bank as security for the
Grantor's obligations under the Guaranty, such security interest remains in full force and effect.
Executed as under seal this _ day of
,200_
Name:
Witness
Reaffirmation ofPledgor(s)
In order to induce the Bank to enter into the Loan Modification Agreement set forth abovil, the Pledgor, for good and
valuable considemtion, the receipt and adequacy of which are bereby acknowledged, hereby: (a) consents to the execution of
the Loan Modification Agreement by the Borrower, (b) agrees and confirms that the Support Agreement remains in full force
and effect with respect to the Loan Agreement and/or the Note and the Security Documents, as amended above; and (c) there
are no setoffs or defenses against the Pledgor's obligations or again.t the Bank'. right to exercise any rights and remedies
available to the Bank under the Support Agreement; and (d) the security interest granted to the Bank pursuant to the Support
Agreement as coUateral security for the Borrower's obligations under the Loan Agreement and the Note remains in full force
and effect.
Executed as under seal this _ day of
.200_
Name
Witness
Draft August 1,2002
Business Lending Services Documentation Depamncnt
EXHIBIT "c"
KAIN, BROWN & ROBERTS LLP
ATTORNEYS AT lAW
.JACK F'. REAN II
ST~E:N M. CARR
AUDREY r::. WOLOSHIN
GAVIN W. MARKEY
CAVlO .J. WAISCH
,JOHN N. ELLIOTT
119 EAST MARKET STREET
YORK, PENNSYLVANIA 17401-1278
o~ COUN.'~
RO!ll!;ftT J, !IAOWN
COWARD C. ROBERTS
(717) 843-8968 EXT. 35
FAX (717) 846-6676
E-MAil: jckream@aOI.COm
JACK F, REAM \I
THOMAS t_ COCHRAN 18-42-1BelO
COCHR;O,W &. HAY \1:5eO_1883
COCHRAN & WILt..IAMS ISS.3"191Z
COCHRAN. WILLIAMS,," !<AIN 19'2-'930
GEORGE HAY KA1N 1930-1937
K""N. KAIN & KA.N 1937-19158
KAIN, KA1N & BROWN 19$8-1966
March 13,2006
Mr. Frank P. Albano, III
36 WeatheIburn Road
Enola, P A 17025
Mr, FrankP, Albano
36 Weatherbum Road
Enola, P A 17025
In Re: Citizens Bank of Pennsylvania
"Commercial Line Note" for $35,000.00 dated October 28, 2003
Loan #8079056-0101, as amended by "Loan Modification
Agreement" dated March 18,2005
Gentlemen:
I have been retained by Citizens Bank of Pennsylvania ("Bank") with regards to
the obligation and liability of Frank p, Albano ill, Vd/b/a Roberto's ("BOlTower") to
Bank arising under the "Commercial Line Note" for $35,000,00 dated October 28, 2003
Loan #8079056-0101 ("Loan") as amended by "Loan Modification Agreement" dated
March 18,2005 which Frank p, Albano ("Guarantor") has guarantied. I have been
authorized and directed by the Bank to transmit this communication to both of you,
Pursuant to the tenns and provisions of the "Commercial Line Note" for
$35,000.00 dated October 28, 2003, Loan #8079056-0101, as amended by "Loan
Modification Agreement" dated March 18, 2005; Borrower was to make monthly
payments of principal and interest of $807 .27. Borrower has not made the monthly
payments of principal and interest of $807,27 for the months of September, October,
November and December of2005 and January and February of2006.
The failure to make the monthly payments of principal and interest of $807,25 for
the months of September, October, November and December of 2005 and January and
February of 2006 constitutes a default by Borrower under the Loan.
EXHIBIT "e"
Mr, Frank p, Albano, III
Mr. Frank p, Albano
March 13, 2006
Page 2
As a result of the default by Borrower, Bank hereby:
1, Declares Borrower in default of the Loan;
2, Declares all principal owed by Borrower to Bank under the
"Commercial Line Note" for $35,000,00 dated October 28,2003, Loan #8079056-0101,
as amended by "Loan Modification AgIeement" dated March 18, 2005, to be now
immediately due and payable in full;
3, Demands payment in full by Borrower and Guarantor of all
principal, interest and late charges due Bank under the "Commercial Line Note" for
$35,000,00 dated October 28,2003, Loan #8079056-0101, as amended by "Loan
Modification AgIeement" dated March 18, 2005, ON OR BEFORE MARCH 27, 2006;
4, Effective as of the date of this letter, invokes the default rate of
interest which is 11%,
As of the date of this letter, the following amounts are owed by Borrower and
Guarantor to Bank on account of the Loan:
Principal
Interest
Late Charges
Legal Fees
Total
$ 29,815,74
$ 1,052,85
$ 322.88
$ 450.00
$ 31,641.47
In addition, the principal balance of$29,815,74 is accruing interest at the per
diem amount of$9, II per day,
In the event you do not pay to the Bank the sum of $31,641.47 plus interest at the
per diem date of$9.11 for each day after the date of this letter on or before MARCH 27,
2006, then Bank will immediately begin legal action to collect these amounts. In the
event Bank initiates legal action to collect these amounts, you will be obligated for all
reasonable legal fees incurred by Bank,
Mr. Frank p, Albano, III
Mr, Frank p, Albano
March 13, 2006
Page 2
Nothing herein constitutes a waiver of any and/or all of Bank's rights and
remedies all of which rights and remedies are expressly reserved for benefit of Bank,
Very truly yours,
Ja~
cc: Ms, Judi A. GimigIiano
Citizens Bank of Pennsylvania
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IN THE COURT OF COMMON PLEAS OF
CUMBERLAND COUNTY, PENNSYLVANIA
CNIL DNISION: LAW
CITIZENS BANK OF PENNSYLVANIA,
Plaintiff
No, 06-2367 Civil Term
VS,
FRANK p, ALBANO ill, t/d/b/a ROBERTO'S, :
Defendant
NOTICE OF INTENTION TO ENTER JUDGMENT PURSUANT
TO RULE 237.5 OF PENNSYLVANIA RULES OF CIVIL PROCEDURE
TO: Mr. Frank p, Albano, ill, t/d/b/a ROBERTO'S
36 Weatherburn Road
Enola, P A 17025
DATE OF NOTICE: June 6,2006
IMPORTANT NOTICE
YOU ARE IN DEFAULT BECAUSE YOU HAVE FAILED TO TAKE ACTION
REQUIRED OF YOU IN TIDS CASE. UNLESS YOU ACTION WITHIN TEN (10)
DAYS FROM THE DATE OF TIDS NOTICE, JUDGMENT MAYBE ENTERED
AGAINST YOU WImOUT A HEARING AND YOU MAY LOSE YOUR PROPERTY
OR OTHER IMPORTANT RIGHTS. YOU SHOULD TAKE TIDS NOTICE TO A
LAWYER AT ONCE. IF YOU DO NOT HAVE A LAWYER OR CANNOT AFFORD
ONE, GO TO TELEPHONE THE FOLLOWING OFFICE TO FIND OUT WHERE YOU
CAN GET LEGAL HELP.
LAWYER REFERRAL SERVICE
CUMBERLAND COUNTY BAR ASSOCIATION
32 SOUTH BEDFORD STREET
CARLISLE, P A 17013
PHONE 1-717-249-3166
KAIN, BROWN & ROBERTS LLP
BY: J~m, Esquire
119 East Market Street
York, Pa. 17401
I.D. 10241
Phone 1-717-843-8968
Fax 1-717-846-6676
E-mail JckReam@ao1.com
Attorney for Plaintiff
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IN THE COURT OF COMMON PLEAS OF
CUMBERLAND COUNTY, PENNSYLVANIA
CIVIL DIVISION: LAW
CITIZENS BANK OF PENNSYLVANIA,
Plaintiff
No, 06-2367 Civil Term
vs,
FRANK P. ALBANO III, tJd/b/a
ROBERTO'S,
Defendant
CERTIFICATE OF SERVICE
OF TEN (10) DAY NOTICE
I, Jack F, Ream, Esquire, attorney for Plaintiff, Citizens Bank of Pennsylvania in the
above captioned matter, hereby certify that on the 6th day of June, 2006, I caused a copy of the
"Ten (10) Day Notice," which is attached hereto, marked Exhibit "A" and incorporated herein by
reference hereto, to be served upon the following party by United States Mail, regular mailing
and certified mail, return receipt requested, postage prepaid, by depositing the "Ten (10) Day
Notice" in the United States Post Office in York, Pennsylvania, addressed to the following party
at the following address:
Mr, Frank p, Albano, III
t/d/b/a ROBERTO'S
36 Weatherburn Road
Enola, P A 17025
Certified Mail #7005 18200003 14523728
DATED: June 6, 2006
KAIN, BROWN & ROBERTS LLP
BY:
,St:. Eo,,,,,
119 East Market Street
York, Pa. 17401
I.D. 10241
Phone 1-717-843-8968
Fax 1-717-846-6676
E-Mail JckReam@aol.com
Attorney for Plaintiff
Citizens Bank of Pennsylvania
. '.
IN THE COURT OF COMMON PLEAS OF
CUMBERLAND COUNTY, PENNSYLVANIA
CNIL DNISION: LAW
CITIZENS BANK OF PENNSYLVANIA,
Plaintiff
No, 06-2367 Civil Term
vs,
FRANK p, ALBANO III, tJdIb/a ROBERTO'S, :
Defendant
NOTICE OF INTENTION TO ENTER JUDGMENT PURSUANT
TO RULE 237.5 OF PENNSYLVANIA RULES OF CIVIL PROCEDURE
TO: Mr, Frank p, Albano, III, tJdIb/a ROBERTO'S
36 WeatheIburn Road
Enola, P A 17025
DATE OF NOTICE: June 6, 2006
IMPORTANT NOTICE
YOU ARE IN DEFAULT BECAUSE YOU HAVE FAILED TO TAKE ACTION
REQUIRED OF YOU IN TillS CASE. UNLESS YOU ACTION WITHIN TEN (10)
DAYS FROM THE DATE OF THIS NOTICE, JUDGMENT MAY BE ENTERED
AGAINST YOU WITHOUT A HEARING AND YOU MAY LOSE YOUR PROPERTY
OR OTHER IMPORTANT RIGHTS. YOU SHOULD TAKE TillS NOTICE TO A
LAWYER AT ONCE. IF YOU DO NOT HAVE A LAWYER OR CANNOT AFFORD
ONE, GO TO TELEPHONE THE FOLLOWING OFFICE TO FIND OUT WHERE YOU
CAN GET LEGAL HELP.
LAWYER REFERRAL SERVICE
CUMBERLAND COUNTY BAR ASSOCIATION
32 SOUTH BEDFORD STREET
CARLISLE, PA 17013
PHONE 1-717-249-3166
KAIN, BROWN & ROBERTS LLP
BY: J~m, Esquire
119 East Market Street
York, Pa. 17401
I.D.I0241
Phone 1-717-843-8968
Fax 1-717-846-6676
E-mail JckReam@aol.com
Attorney for Plaintiff
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IN THE COURT OF COMMON PLEAS OF
CUMBERLAND COUNTY, PENNSYLVANIA
CIVIL DIVISION: LAW
CITIZENS BANK OF PENNSYLVANIA,
Plaintiff
No, 06-2367 Civil Term
vs.
FRANK p, ALBANO, III, tldlbla
ROBERTO'S,
Defendant
TO: PROTHONOTARY OF CUMBERLAND COUNTY, PENNSYL VANIA
PRAECIPE TO ENTER JUDGMENT
ENTER JUDGMENT in the above captioned matter for failure to enter an appearance
and/or to file a response pleading against the DEFENDANT, FRANK P. ALBANO, III, tldlbla
ROBERTO'S, and in favor of the PLAINTIFF, CITIZENS BANK OF PENNSYL VANIA,
for:
1. The sum of $34,627.49 with interest from April 21, 2006 to June 19,
2006 of$35 1.64 for a total judgment amount of$34,979,I3,
It is certified that a written notice of the intention to file this praecipe was mailed to the
defendants against whom judgment is to be entered and to their attorney of record, if any, after
the default occurred and at least 10 days prior to the date of the filing of this praecipe,
Certification
I certifY that that I caused to be seIVed upon the Defendant, FRANK P. ALBANO, m,
t/d/b/a ROBERTO'S, a NOTICE OF INTENTION TO ENTER JUDGMENT BY
DEFAULT PURSUANT TO RULE 237 OF PENNSYLVANIA RULES OF CIVIL
PROCEDURE more than ten (10) days prior to the date this Praecipe for Judgment was filed,
DATED: June 19,2006
KAIN, BROWN & ROBERTS LLP
BY:~
~aCk~~ Esquire
119 East Market Street
York, Pa. 17401
I.D. 10241
Phone 1-717-843-8968
Fax 1-717-846-6676
E-mail JckReam@aol.com
Attorney for Plaintiff
Citizens Bank of Pennsylvania
~ "
IN THE COURT OF COMMON PLEAS OF
CUMBERLAND COUNTY, PENNSYLVANIA
CNIL DNISION: LAW
CITIZENS BANK OF PENNSYLVANIA,
Plaintiff
No. 06-2367 Civil Term
vs.
FRANK P. ALBANO ill, tld/b/a
ROBERTO'S,
Defendant
NON-MILITARY AFFIDAVIT
Commonwealth of Pennsylvania
ss:
County of York
Before me, a Notary Public of York County, Pennsylvania, personally appeared JACK F. REAM,
ESQUIRE, attorney for Plaintiff, Citizens Bank of Pennsylvania, in the above entitled case, who
being duly sworn or affirmed according to law deposes and says that the Defendant:
(l) is not in the military service of the United States of America;
(2) resides at 36 Weatherbum Road, Enola, Cumberland County, Pennsylvania 17025;
(3) is a resident of Cumberland County, Pennsylvania; and
(4) employment status is unknown,
(yn.
Jac~
Kain, Brown & Roberts LLP
119 East Market Street
York, PA 17401
Attorney ill #10241
Telephone: 1-717-843-8968
Fax: 1-717-846-6676
E-Mail JckReam@aol.com
Attorney for Plaintiff
Citizens Bank of Pennsylvania
Sworn and Subscribed before
me this 16th day of June 2006
Prothono
NOTARIAL seAl.
UNDA M. WOlF. NOTARY PUIlUC
CITY OF YORK. YORKCOUNTV
II( 00I1ItISSlll'I EllPiRES tlAy 22. 2Oll7
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IN THE COURT OF COMMON PLEAS OF
CUMBERLAND COUNTY, PENNSYLVANIA
CIVIL DIVISION: LAW
CITIZENS BANK OF PENNSYLVANIA,
Plaintiff
No, 06-2367 Civil Term
vs,
FRANK P. ALBANO, ill, tldIb/a
ROBERTO'S,
Defendant
CERTIFICATE OF RESIDENCE
PURSUANT TO P A R.C.P. 236
I, Jack F, Ream, Esquire, attorney of record for the Plaintiff, Citizens Bank of
Pennsylvania, in the above captioned matter hereby certif'y the following:
1. Name and Address and Residence of Plaintiff:
Citizens Bank of Pennsylvania
525 William Penn Place
Suite 2720
Pittsburgh, PA 15219
2. Name and Last Known Address of Defendant:
Mr. Frank p, Albano, III
tJd/b/a ROBERTO'S
36 Weatherbum Road
Enola, PA 17025
DATED: June 19,2006
KAIN, BROWN & ROBERTS LLP
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Adl. J<. Rea';' Esqnire
119 East Market Street
York, Pa. 17401
I,D. 10241
Phone 1-717-843-8968
Fax 1-717-846-6676
E-Mail JckReam@aoI.com
Attorney for Plaintiff
Citizens Bank of Pennsylvania
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IN THE COURT OF COMMON PLEAS OF
CUMBERLAND COUNTY, PENNSYLVANIA
CIVIL DIVISION: LAW
CITIZENS BANK OF PENNSYLVANIA,
Plaintiff
No. 06-2367 Civil Term
vs.
FRANK p, ALBANO, III, tld/b/a
ROBERTO'S,
Defendant
NOTICE OF THE ENTRY OF JUDGMENT
DATE: June 19,2006
TO:
Mr. Frank p, Albano, III
T/DIB/A ROBERTO'S
36 Weatherbum Road
Enola, P A 17025
(X)
NOTICE IS HEREBY GIVEN THAT A JUDGMENT IN THE ABOVE
CAPTIONED MATTER HAS BEEN ENTERED AGAINST YOU IN THE
AMOUNT OF $34,979.13.
~o
and County
By:
If you have any questions regarding this Notice, please contact the attorney for the filing
party:
Jack F. Ream, Esquire
Kain, Brown & Roherts, LLP
119 East Market Street
York,Pa.17401
I.D, 10241
Phone 1-717-843-8968
Fax 1-717-846-6676
E-Mail JckReam@aoI.com
Attorney for Plaintiff
Citizens Bank of Pennsylvania
(This Notice is given in accordauce with Pa. R.C,P. 236)
'.
NOTICE SENT TO:
Mr. Prank p, Albano, III
t/dlb/a ROBERTO'S
36 Weatherbum Road
Enola, P A 17025
SHERIFF'S RETURN - REGULAR
CASE NO: 2006-02367 P
COMMONWEALTH OF PENNSYLVANIA:
COUNTY OF CUMBERLAND
CITIZENS BANK OF PENNSYLVANIA
VS
ALBANO FRANK PIlI TDBA ROBERT
SHARON LANTZ
, Sheriff or Deputy Sheriff of
Cumberland County, Pennsylvania, who being duly sworn according to law,
says, the within COMPLAINT & NOTICE
was served upon
ALBANO FRANK PIlI T/D/B/A ROBERTO'S
the
DEFENDANT
, at 1709:00 HOURS, on the 1st day of May
, 2006
at 36 WEATHERBURN ROAD
ENOLA, PA 17025
by handing to
JAMIE ALBANO, WIFE
a true and attested copy of COMPLAINT & NOTICE
together with
and at the same time directing Her attention to the contents thereof.
Sheriff's Costs:
Docketing
Service
Postage
Surcharge
t J).. 'i I ()t.- +
So Answers:
18.00
13.20
.39
10.00
.00
41.59
r~~~
R. Thomas Kline
05/02/2006
KAIN BROWN ROBERTS
A.D.
Sworn and Subscribed to before
me this
day of
Prothonotary