HomeMy WebLinkAbout06-3134
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To: Cumberland Valley Cooperative
908 Mt. Rock road
Shippensburg, Pa. 17257
JUDGMENT NOTE
From: Gary D. Shughart
Elaine A. Shughart
439 S. Locust Point Road
Mechanicsburg.Pa.. 17055
$ 25.000.00
Date: Aoril7. 2006
Shippensburg. Franklin County, Pennsylvania
FOR VALUE RECEIVED. the undersigned promise to p y to the order of CUMBERLAND
VALLEY COOPERATIVE ASSOCIATION. at 908 Mount Rock R d, Shippensburg, Franklin County.
Pennsylvania, or at any other place in the Commonwealth of Penn ylvania that any holder of this Note
may designate in writing, the sum of $25,000.00, with interest at 18. %. from the date written above until
paid, subject to terms of an agreement of even date; provided. ho ever. the maker or his successors
shall not pay more than amounts actually advanced on account. . h interest. by Cumberland Valley
Cooperative Association.
The Maker shall have the right to prepay the principal of thi Note in whole or in part prior to its
due date without premium or penalty.
If this Note is placed in an Attorney's hands for collection. or collected by a suit or through a
bankruptcy. probate or other Court proceeding, either before or afte maturity, there shall be paid to the
holder of this Note reasonable Attorney's fees of 15%, costs and ot er expenses incurred by the holder
in enforcing the terms of this Note.
The Makers. signers and endorsers of this Note severally ive, demand. presentment. notice
of dishonor. diligence in collection and notice of protest and agree to all extensions and partial payments
before or after maturity. without prejudice to the Holder.
The undersigned certifies that they were advised and un erstood that they could have an
attorney examine the said Demand Note and any other documents 'n connection with the loan prior to
execution.
The undersigned hereby certifies in connection with the loa above referred to secured by this
Judgment Note containing a confession of judgment authorizing a y attorney or prothonotary of any
court of record in Pennsylvania or elsewhere to confess judgment ag inst the undersigned: that the loan
for which said Note was given is not a consumer loan; that the in me of the undersigned (conjugal
income if both spouses executed the Note) is $10,000.00 or more; t at it was orally explained and fully
understood by the undersigned that the execution of a demand Note containing a confession of
judgment clause was a waiver of the right to have a prejUdgment n lice and hearing. the right to have
the burden of proving default on Cumberland Valley Cooperative As iation, the Creditor. and the right
to avoid expenses attendant upon opening or striking a confessed j dgment and that the undersigned
voluntarily executed the said Demand Note w~h a confession of j dgment clause knowing that the
aforesaid rights have been waived and that an execution may be iss ed on a judgment entered on said
confession against their property.
Witness~~
Witness~-rL.~L
Seal
Seal
SWORN TO ~D SUBSCR~ORE ME
THIS /();U- DAYOF r ,.RDob.
~ Q ~ ..oM~~.
~ Merle D. Hamish,
SouIhamplon r..".. F
, My Cclmn ...... &pin!s
vlember, Penn" -."-- .sa
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AGREEMENT
THIS AGREEMENT is made this 6th day of ril 2006, by and between
CUMBERLAND VALLEY COOPERATIVE ASSO IATlON, an agricultural
cooperative association organized under the Coopera ive Agricultural Association
Law of 1990, hereinafter SELLER, with a principal place of business at 908 Mt. Rock
Road, Shippensburg, Franklin County, Pennsylvania, 1 257; and Gary D. Shuahart
and Elaine A. Shuahart. adult individuals, hereinafter URCHASER, who reside at
439 S. Locust Point Road. Mechanicsbura. Pa. 17055.
R E C IT A L S:
R1. PURCHASER is a member of SELLER Co perative Association; and
R2. PURCHASER desires to buy certain sup ies from SELLER on credit
with favorable rates of interest; and
R3. SELLER is willing to extend to PURCH SER credit on terms more
favorable than it would on its open accounts provided ce ain conditions are met.
NOW, THEREFORE, in consideration of the mutu I promises contained herein
and other good and valuable consideration, receipt of w ich is hereby acknowledged
and intending to be legally bound, the parties agree as fol ows:
1. SELLER will provide to PURCHASER suc of his agronomy needs as
he or she shall require, including without limitation, fertiliz r, pest control products and
weed control products, at prices SELLER and PURCH SER agree to from time to
time.
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2. PURCHASER shall execute a Judgme Note in an agreed upon
amount with interest at 18% per annum payable on the December 15. 2006, a copy
of which is attached hereto as Exhibit "A". From time t time, upon the purchase of
additional agronomy needs by PURCHASER from ELLER, PURCHASER will
execute additional Judgment Notes increasing the princi al amount.
3, Notwithstanding the terms of the Judgmen Note, SELLER will accept
interest at 10,5% per annum, hereinafter "discounted ra e", on the unpaid balance of
PURCHASER's account with SELLER so long as the account is paid in full, with
accrued interest by the December 15, 2006.
4. In the event that PURCHASER does n t make payment in full as
aforesaid, the interest on the account shall revert to 8% as of the date of this
Agreement.
5, SELLER may file the Judgment Note to ich reference was made in
Paragraph 1 above, in the office of the Prothonotary for he Court of Common Pleas
of Cumberland County, Pennsylvania, or in any County i which PURCHASER owns
property. Notwithstanding the principal amount not on the Judgment Note,
SELLER shall not collect amounts in excess of the actual credit extended to
PURCHASER with interest thereon,
6. The discounted rate is extended to PU CHASER on the express
condition that payment of the account in full be made by t e December 15, 2006.
7. Commencing the date of this Agreement nd continuing for one year
thereafter, PURCHASER will buy from SELLER such fe Hizer, weed control or pest
control products which he shall require from SELLER.
2
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8. In order to ensure payment of the obligations as set out herein,
PURCHASER shall obtain a crop insurance policy f m an insurance company
acceptable to SELLER in an amount of at least $25 000 00 and shall name SELLER
as an additional loss payee as its interest may appear a d shall provide to SELLER a
copy of the declaration page and receipt for payment of he premium within ten days
of the date of this Agreement.
9. Beginning on the first of each month following the date of this
Agreement, and continuing on the first of each month t ereafter until payment in full
pursuant to the tenns of this Agreement, PURCH ER will pay to SELLER
installment payments of $Q per month which shall be pplied by SELLER first to
interest at the discounted rate and then to any p 'ncipal due and owing on
PURCHASER's account with SELLER.
10. This Agreement is made at SELLER's p ncipal place of business in
Franklin County, Pennsylvania.
11. This Agreement shall be for a tenn of one 1) year and shall not renew
absent a separate written Agreement of the parties.
12. PURCHASER shall not provide to any oth r person an interest in any
crop planted prior to the payment date set out herein w hout the written consent of
SELLER. Further, SELLER shall offer PURCHASER he option of entering into a
forward contract, according to the tenns of which he hall sell to SELLER at an
agreed upon price, so much of his crop as the parties sh II detennine. A copy of the
forward contract, if any, is attached hereto as Exhibit "B". PURCHASER shall advise
SELLER of any agreement made by PURCHASER to s II grain to any other person
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within seven days of making such Agreement. Sych a sale may cause the
I
PURCHASER delay in meeting the terms of this Agreem nt.
13. This contract is made in the Commonwea h of Pennsylvania and shall
be governed by the law of the Commonwealth of Penns vania.
14. The terms of this Agreement shall inure to he benefit of and be binding
on the parties hereto and their heirs, executors, assigns,
15. Each provision of this Agreement is sev rable from the rest. In the
event that one provision is determined to be
provisions shall remain in full force and effect.
able, the balance of the
16. This Agreement supersedes all prior ral and written promises,
agreements, representations and conditions not containe herein.
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IN WITNESS WHEREOF. the parties hereto hav set their hands and seal the
day and date first above written.
Witness:
ff~~ Z:~
fZ~%f'7
Attest:
/7~ 1) 7U
Treasurer
By:
5
VALLEY
ASSOCIATION
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Cumberland Valley Cooperative In the Court of Common Pleas of
} Cumberland COUDty, Pennsylvania
PIaintiif
VS.
Gary D. Shughart
Elaine A. Shughart
} Judgment in favor of Plaintiff on 6 /1 / 2006
}
forS 25,000.00
} No. 3134 2006
DcfClldmt
Civ',J
Tenn
Cumberland Valley
in the abclw Judpnent, do appear and acknowledge that
Gary D. Shughart and Elaine A. Shughart
the dcfa1dant in the above Judgment, fun paymc:nt and satistictioo of the same, with interest and costs, and desired that satisfaction
therefore shall be entered UJlOII the rec:orda thereof.
we
Plaintiff
Ibis day have had and received and from
And furtbc:r, we do berdJy authorize and empower Curtis R. Long the
Prothonotaty of said COIIrt, to appear for us and in ou r
_ and stead to enter full satisfaction upoII the tceord of said Judgment, as fully and effectually. to all intents and JllIIPOItS, as
we could were we personally present in penon to do so. And for so doing this shall be your
sufficient WImI1t of authority.
III teldmttuy whereo~ I
March ,A.D.20~.
have hcRunto set our banda and seals this 30 t h day of
/2d2[)~ ~lbl~
(Seal)
(Seal)
State ofPeuuymu.1a }
CoRDty of CumberlaDd,}
Personally appclll'eCl before me, the subscriber,
m~r~.f1llsh
the PIainliff in the
above Judgment, and in due form oflaw acknowledged the within and foreSOing Power of Attorney to satisfy the Judgment set forth,
to be M act and deed, and desired that the same shall be filed ofrecord in the office of the ProthonollUy of the COlIrt of Common
Pleas of said County,
~__I_--_my~~" ,:~ ~~~
,\.D.20].. J.J:1 "\._lh.__ (Seal)
(Seal)
AlTH Of PENNSn..'V~
NOTARIAL SEAL
DEBORAH WARREN; Notary Public
ShlPPtntburg TWp., Cumberland County
Iv" Cl:Immlulon Expires Nov. 8, 200g
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No. 3134
~006_ 'TertII
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POWER OF ATTORNEY
To Satisfy a Judgment
~mberland Valley Coo~eratJve
VS.
~rY D. Shughart
gaine A. Shue.hart
Filed
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