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NOTE
$ 59.637.63
Date: Mav E . 2002
Shippen burg,
Franklin County, Pennsylvania
FOR VALUE RECEIVED, the undersigned promise to pay to the order of
CUMBERLAND VALLEY COOPERATIVE ASSOCIATION, at 908 Mount Rock Road,
Shippensburg, Franklin County, Pennsylvania, or at any other place in the
Commonwealth of Pennsylvania that any holder of this Note may designate in writing,
the sum of $ 59.637.63 , with interest at / (), 0 %, from the date
written above until paid, subject to terms of an agreement of even date; provided,
however, the maker or his successors shall not pay more than amounts actually
advanced on account, with interest, by Cumberland Valley Cooperative Association.
The Maker shall have the right to prepay the principal of this 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 after
maturity, there shall be paid to the holder of this Note reasonable Attorney's fees of
15%, costs and other expenses incurred by the holder in enforcing the terms of this
Note.
The Makers, signers and endorsers of this Note severally waive, 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 further certifies that they were advised and understood that
they could have an attorney examine the said Demand Note and any other documents
in connection with the loan prior to execution.
The undersigned hereby certifies in connection with the loan above referred to
secured by a Demand Note containing a confession of judgement authorizing any
attomey or prothonotary of any court of record in Pennsylvania or elsewhere to confess
judgment against the undersigned: that the loan for which said Note was given is not a
consumer loan; that the income of the undersigned (conjugal income if both spouses
executed the Note) is $10,000.00 or more; that it was orally explained and fully
understood by the undersigned that the execution of a demand Note containing a
confession of judgement clause was a waiver of the right to have a prejudgment notice
and hearing, the right to have the burden of proving default on Cumberland Valley
Cooperative Association, the Creditor, and the right to avoid expenses attendant upon
opening or striking a confessed judgment and that the undersigned voluntarily
executed the said Demand Note with a confession of judgement clause knowing that
the aforesaid rights have been waived and that an execution may be issued on a
judgment entered on said confession against their property.
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Galen R. Smith
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~ Linda K. Smit
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SWORN TO AND SUBSCRIBED
BEFORE ME THIS 17-d.
DAY
OF f1!ay , 2002.
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NOTARY PUBLIC
NOTARIAL SEAL
MERLE D. HARNISH, NOTARY PUBLIC
SOUTHi\MPlON TWP, fRANKLIN COUNTY
MY COMMISSION EXPIRES JAN. 19 2004
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AGREEMENT
THIS AGREEMENT, made this
l1-ti
day of
Mav ,2002, by
and between CUMBERLAND VALLEY COOPERATIVE ASSOCIATION, of
Shippensburg, Franklin County, Pennsylvania 17257, hereinafter CV CO-OP; and
GALEN R. SMITH and LINDA K. SMITH, his wife, of 39 Smithdale Road,
Shippensburg, Cumberland County, Pennsylvania 17257, hereinafter SMITH.
WITNESSETH:
R.1. SMITH has executed a Note in the amount of $20,000.00 entered as a
Judgment in the Court of Common Pleas of Cumberland County, Pennsylvania, to the
No. 01-1018 in the amount of $20,000.00 with interest at 10.5% per annum. The Note
was dated February 21,2001. The present balance outstanding is $ J.s: 7SZ b ~_'
.
R.2. SMITH has executed a second Judgment Note in favor of CV CO-OP in the
amount of $20,000.00 with interest at 18%, on April 25, 2001. The present balance
outstanding is $ 7, 3 ~~. '13
R.3. SMITH has an open account with interest at 18% per annum at Cumberland
Valley Cooperative, with unpaid invoices dated before April 30, 2002, the total
outstanding balances of which are $ :<'''. '197. 5}
R.4. SMITH seeks from CV CO-OP additional credit for purchases, for agronomic
purposes, in the Spring of 2002, up to a maximum amount of $ J ". /)00. 00
.
R.5. SMITH requests, additionally, an extension of time in which to repay the
indebtedness to CV CO-OP and an adjustment in the monthly payment due on the
obligations.
NOW, THEREFORE in consideration of the mutual promises contained herein and
other good and valuable consideration, and intending to be legally bound, the parties,
for themselves, their executors and assigns, agree as follows:
1. On the same day as the date of this Agreement, SMITH will execute a
Judgment Note in favor of CV CO-OP in the amount of $ {;9, b '37. b 3 with
interest thereon at 10%. CV CO-OP will promptly file the Judgment Note in the Court
of Common Pleas of Cumberland County, Pennsylvania.
2. At the same time as it files its Note, CV CO-OP will satisfy of record the Note
entered on the Cumberland County Docket to the Nos. 01-1018 Civil.
3. Commencing June 1, 2002, and continuing on the first day of each month
thereafter until May 1, 2007, SMITH will pay to CV CO-OP $ I. ;Z b Z J:z.
which represents the monthly amortized amount pursuant to the amortization schedule
attached hereto as Exhibit "A".
4. CV CO-OP may increase the interest rate by no more than 1 % per year
commencing January 1, 2003, provided, however that the interest shall never exceed
18% per annum, and, further, provided that CV CO-OP gives notice to SMITH by
December 15th preceding any January 1st increase of the impending increase along
with a revised amortization schedule and notice of an adjustment in the monthly
payment rate to take into account a change in interest rate.
5. CV CO-OP will extend to SMITH additional credit for purchases for the Spring of
2002 up to $/ (PI (JDt). OV , which is secured by the Judgment Note referenced
in Paragraph 1 above.
2
6. CV CO-OP will refrain from executing on its Judgment Note so long as the
monthly payment set out herein, as amended pursuant to Paragraph 3 above, are
made pursuant to the terms of this Agreement. In no event shall CV CO-OP demand
payment for any amount other than the sum of the existing balances on the two
Judgment Notes, the open account, and the purchase for Spring 2002 together with
interest as set out herein.
7. Notice may be provided by each party to the other at the following addresses:
(A) CV CO-OP, P. O. Box 350, Shippensburg, Pennsylvania 17257-0350.
(B) SMITH, 39 Smithdale Road, Shippensburg, Pennsylvania 17257-9525.
8. The terms of this Agreement shall be interpreted by the law of the
Commonwealth of Pennsylvania.
IN WITNESS WHEREOF, the parties hereto have set their hands and seals the
day and date first above written.
CUMBERLAND VALLEY
COOPERATIVE ASSOCIATION
ATTEST:
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SecretarylTreasurer
BY:-%.- j j~
General Manager
WITNE~: .LJ
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Galen R. Smith
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II Linda K. Smith
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Cumberland Valley Cooperative In the Court of Common Pleas of
} Cumberland Couaty, PennsylVllDia
PIaintift'
VS.
1udgment in mor ofPlain1i.d" on 5/17/2002
Galen R. Smith
forS 59,637.63 C.,If' \
Linda K. Smith 02431 2002
No. Term
Defendant
Cumberland Valley Cooperative
in the above Judgment, do IIppeIJ' and acknowledge that we
Galen R. Smith and Linda K. Smith
the d=:ocllnt in the above Judgment, !un payment md satis1ilctian of the same, with inlerest IIId costs, me! desired that satisfaction
therefore shall be enu:red upon 1he recorda thereof:
P1aiJItitr
this day have had IIId received IIId from
And furtbc:r, we do hereby autbaize me! CIDpOWllI' Curtis R. Long the
Prothonotary of said Court, to appear for us and in ou r
name and stead to enter full satisfaction upon the teeonl of said 1udgmcnt, IS fully and effectually, to aD intents II1d JlII!P08CS, IS
we could were we pcmmal1y prcICIlt in person to do 10. And for so doing this sbaD be your
sutlicient wmant of authority.
III telCimeay whereo~ I
March . A.D. 20...22...
have hcmmto set our bands and seals 1his 30 t h day of
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/
(Scal)
(Seal)
State OfPCDuyhuJa }
CoD.Dty or Camberlaad,}
Personally appclII'eCl before me, the subscriber, (Y)er)e. 1). )4tirn \~ h
the Plaintiff in the
above Judgment, and in due form of law acknowledged the within and foregoing Powc:r of Attorney to satisfy the Judgment set forth.
to be ~ and deed, md dcaircd that the same shall be filed ofrecmt in the office of the Protbonolluy of the Court of Common
Pleas of said County,
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COMM EALTH Of PENNSYL'tAAah (Seal)
NOTARIAL SEAL
DEBORAH WARREN,Notary Public
'.Mn'bur. Twp., Cumberland County
Cammlssion EXQlres Nov. 8,.JQ09
No.02431
2002 Tenn
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POWER OF ATTORNEY
To Satisfy a Judgment
Cumberland Valley Cooperative
vs.
Galen R. Smith. and
Linda K. Smith
Filed
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