HomeMy WebLinkAbout06-3138464,
PROMISSORY NOTE
Principal amount $59,880.26
Date: May 23,
1,3 S CA-?
2006
FOR VALUE RECEIVED, The 1824 King Street Partners ip hereby promises to
pay to the order of Michael J. Cassidy & Julie A. Cassi y, t/d/b/a G & C
Associates, the sum of Fifty Nine Thousand, Eight Hundr d Eighty Dollars and
Twenty Six Cents ($) 59,880.26, together with interest hereon at the rate of
5 % per annum on the unpaid balance. Said sum shall be laid in the manner
following: Three (3) payments of Twenty Four Thousand,
Dollars and Thirty Seven Cents ($) 24,242.37. The fir
or before y4r-A- 2009, The second payment to be
2010, and the third payment to be due on
2011,.
All payments shall be first applied to interest
principal. This note may be prepaid, at any time, in
without penalty.
This note shall at the option of any holder the
o Hundred Forty Two
payment to be due on
on or before
before
the balance to
or in part,
be immediately due
and payable upon the occurrence of any of the following: 1) Failure to make
any payment due hereunder within 30 days of its due date. 2) Breach of any
condition of any security interest, mortgage, loan agree ent, pledge
agreement or guarantee granted as collateral security £o this note. 3)
Breach of any condition of any loan agreement, security greement or
mortgage, if any, having a priority over any loan agreem nt, security .
agreement or mortgage on collateral granted, in whole or in part, as
collateral security for this note. 4) Upon the death, in apacity, dissolution
or liquidation of any of the undersigned, or any endorse , guarantor to
surety hereto. 5) Upon the filing by any of the undersig
for the benefit of creditors, bankruptcy or other form o
suffering an involuntary petition in bankruptcy or recei%
within thirty (30) days.
of an assignment
insolvency or by
arship not vacated
In the event this note shall be in default and
then the undersigned agree to pay all reasonable attorn
collection. Payments not made within five (5) days of d
subject to a late charge of 5 % of said payment. All pa
be made to such address as may from time to time be des
The undersigned and all other parties to this not,
endorsers, guarantors or sureties, agree to remain full:
note shall be fully paid and waive demand, presentment
notices hereto and further agree to remain bound, notwi
extension, modification, waiver, or other indulgence or
of any obligor hereunder or exchange, substitution, or
collateral granted as security for this note. No modifi
by any holder hereof shall be binding unless in writing
on any one occasion shall not be an indulgence for any
occasion. Any modification or change in terms, hereunde
holder hereof, shall be valid and binding upon each of
notwithstanding the acknowledgement of any of the under
the undersigned does hereby irrevocably grant to each o
of attorney to enter into any such modification on thei
of any holder hereof shall be cumulative and not necess
note shall take effect as a sealed instrument and shall
governed and enforced in accordance with the laws of
Pennsylvania.
In addition, Borrower does hereby authorize and
ced for collection,
y fees and costs of
e date shall be
ments hereunder shall
gnated by any holder.
whether as
bound until this
nd protest and all
hstanding any
discharge or release
elease of any
ation or indulgence
and any indulgence
ther or future
granted by any
e undersigned,
gned, and each of
the others a power
behalf. The rights
ily successive. This
)e construed,
State of
)ower the
Prothonotary or any Attorney of any Court of Record of P nnsylvania or
elsewhere to appear for and enter judgment against Borro er for the above
sum, with or without declaration, with costs of suit, re ease of errors,
without stay of execution, and with 15 percent added forlcollection fee; and
Borrower hereby agrees not to make any motion or any app ication whatsoever
to any Court for an inquisition on any real estate that ?ay be levied upon to
collect the aforesaid sum, and Borrower voluntarily condomns same, and
authorizes the Prothonotary to enter said voluntary cond mnation upon the
Writ of Execution. Borrower further agrees that any pro erty, real property
or mixed may be sold through Writ of Execution and further hereby waives and
releases all relief from any and all appraisements, st
State now in force or which are passed hereafter.
No single exercise of the foregoing power to cc
deemed to exhaust the power whether or not any such e
any court to be valid, voidable, or void, but the power
undiminished and it may be exercised from time to time
hereof shall elect, until such time as the holder hereo
payment in full of all amounts owing hereunder, toget
WAIVER
or exemption of any
ss judgment shall be
cise shall be held by
shall continue
s often as the holder
shall have received
with costs.
In executing this note, Borrower understands the Iransaction and
knowingly and voluntarily waives the right to contest
judgment against Borrower in court and does hereby cc
the judgment by confession, Borrower hereby certifies
$10,000.00 or more per year.
entry of this
to the entry of
he has earnings of
Witnessed: -/ 30 , 2006
Witness
4 King Street
A. Coll-Ter,
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