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Mechanicsburg, Pennaylvatlla
1. Q.lUJ;GQR'S PROMISE '1'0 PAY, In consideration of the
amendment to a certaln I\sset Purchase I\'JI'eement, dated .June 16,
1990, and the l'olease of ObLJgor's pr.emlsea from the Uen of a
certain Fixed Rate Note, also dated June 16, 1990, and as
secur ity for the per formance of ObI igee'a obl1gllt ion under the
Fixed Rate Note and I\sflet Pun'hlll'Hl Agreement, 1 prclmise to pay
U.S. One Hundred Ninety-Six '1'houfJilnd PollanJ ($196,000.00) (thla
amount is called "principal"). plus interest, to tbe order of the
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Obligee. 'rhe Obligee is WILLII\M W. WARREN, P.D.S. 1 understand
that tbe OblIgee may transfer t~.I." Note. 'l'he Obligee or anyone
wbo takes this Note by tralwfer d"d III'., il; entitled to recoive
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payments under this Not'l in called th,~ "Note lIo1d'3r".
2. Beginning on the d'lt,') of i\ certain Fixed Rate Note,
dated June i6, 1990, the terms of whl.ch an~ BUlmtantially Bimiinr
to the terms of this collateral Note and ilre incorporated herein
by reference, I will pay interest at a yeariy rate of ten percent
(10%). 'rhe interest l.nte required by this section of this Note
and the !o'lxed Rate Note Is the rilte I will pay both before and
after any default de~crib.,cl in Section 6(8) of this Note.
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(1\) '1' ime ..an.d.-.lli~Ii-9.Lr.i\:iJlLf'J1~. t
I will pay pd ncipnl and lnterest by maklng payments every
month.
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~". I'."~. ,""."~"" "'"1011 nUlllenl In 11*" IIIVIlllnlllliln, "n ",
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I wi.ll make my monthly paym8Jlts on the f inlt (Lat) day of
each month beginning em the tiut (1st) clay of the third (3rd)
month following the date of tJd.8 Note. I wi 11 make thrlse
payments every month until I have llaid all of the prindpal and
interest and any other charges described below that I may owe
under this Note and the f'J,xed Rate Note. My monthly payments
will be Ilpplled to interest before pr indpai. If 011 the
expiratlon of one hundred twenty (l20) months from the executloJl
and delivery of the Notu and the f'J.xed Hate Note to the Obligee I
still owe amounts under. this Note and the f'ixed Rate Note, I will
pay those amounts in full on that date, whJ.ch is callod the
"maturity date". Under no cln:umstances, however, ahali
Obllgee's obligatlon under this Note and the f'ixed Rate Note
exceed his obligatlon at allY time under the f'l.xed Rate Note or
the aforement i'med Asset Purchase I\\Ireement, as amended.
I will make my monthly payments at 324 East Main Street,
Mechanicsburg, Pellllsy 1 vania, or. at ,) di (ffJrent place if required
by the Nato Holder.
(8) /Ullount of MY..lJ1itial MonlJUy PavmenU.
My monthly payments wlll be in the a)1\ount of U. S. Two
Thousand f'ive lIUlIdrod Ninety and 1'71100 Dollars ($2,590.17).
4 . OBLIGOR' S RIGlrL:.LO PREI'AY. I have the right to make
payments of pdncipai at any tIme before they are due. 1\ payment
of principal only ls known as a "prepayment". When I make a
prepaymeJlt., I will tell the Note Holder in writillg that I am
doing RO.
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I may In<\ke a fui 1 prepaymont or a part iill prepayment without
paying any penalty. 'l'he Note Hoidllr will lIno all of my
prepaymentl!l to reduce the amount of prlnclpai that I owe under
thls Note. If I make a partial prepayment, there will be no
delays in tho due datos of my monthly paymenlll unless the Note
Holder agrees in writ ing to those dolilYs. If partial pre~ayment
is made, there will be no change In the due date or ill the amount
of monthly payments due under the Note unless Note Holder agrees
in writing to those chanuefl.
5. NO'1'E CHARGIill, [f a law which applies to this Note alld
which seta maximum chargofl is finally interpreted so that the
interest or other charges collected or to be collected in
connection with this loan exceed the permitted limits, thent (i)
any such loan charge Elhall be reduced by the amount necessary to
reduce the charge to tho permitted llmit/ and (il) any sums
already collected from me which exceeded permitted limits will be
refunded to me. 'rhe Note Holder JIIay choose to make this refund
by reducing the principal J: owe under this Note or by making a
direct payment to me. If a refund reduces principal, the
reduction wlll be treated as a partlal prepayment.
6. Q1l1,lGOR' S FAILURE '1'0 PAY AS BEOUlHEl.l,
(1\) Late charae for Overdue Pavment.ll..
If the Note Holder has not received the full amount of any
of my monthly payments by the end of fifteen (15) caiendar days
after the date it is due, I wiil pay a late charge to the Note
Holder. The amount of the charge will be three percent (3%) of
my overdue payment of prlncipal and interest. If the Note Holder
//
,/ has
not refJel ved the full amount of my monthly payment s bV tile
end of thirty (30) call1ndal' daya IIft.er tile dato it is due, [ wi!!
pay an additionlli late charge ot seven percent (7\) to tl~ Note
Holder. In that event, the total amount of the charge will be
ten percent (10\) of my ovordue payment of principal and
intereot. I will pay the late charges specified above promptly,
but only once on any late payment.
(B) Default.
If r do not pay the full amount of each monthly payment on
the date it is due, I will be in default. I wili also be in
default if I fail to make any payment or perform or refrain from
performing any act or duty requirEld of me under the terms or
condltions of a certain I\sset Purchase I\greement dated June 16,
1990 between me and WilHam W. Wan-en, D.D.S. ilnd the
aforementioned Fixed Rate Note of the Bame date.
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(C} Notice of Default.
If I am in default, the Note Holder may send me a wdtten
notil;e telling me that if I do not pay the overdue amount by a
certain date, which shall be not less than sixty (60) days after
the date the payment is first duo, the Note Holder may require me
to pay il1unediat'.lly the full nmount of principal which has not
been paid and all the interest that I owe all that amount. 'rhat
date must be at lesst thirty (0) days after the date all which
the notice is maiied or delivered to me.
(0) No Waiver bv Note Holdor.
Even if, at a time when I am in defauit, the Note Holder
does not l'eqlJire me to pay lmmediately in full as described
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, above, the Note Holder will stIll havt1 the right to do 110 if r am
in defauit at a later. time.
(E) fAY.U1eqt of NQljj 1l0ideL~Q.et.e...J.lli~&ielliles.
If the Note Holder has requIred me to pay inulledlateiy in
full all descdbed above, t.he Note Holder wUi have the rlght to
be paid back by me for all its reoaonllblo costs and expensell to
the extent not prohibitod by applicable law. '1'hoEJe expenses may
inciude, for eX<lmple, t"Olasotlilble dttorT,lYs' fOEls.
(F') I;&n.lIUWJ,.Q1L.Q.f JUdWIlOIl1.,
In addition to, and not by way of limitation of any other
rights or remedies which the Note Holder. may haVE!, the Note
1I01der shall have the riqht to enter judqment hereon at any time
and for such purpose the obllqor hereby authorizes and empowers
IIny attornoy of any court of record in the Unl'ted states or
elsewhere to appear for the Obli\]or and to confess judgment
against the Obllgor- In favor of tho Note lIolder. and in favor of
the Note llold.:Jr, at any time and from timo to time, as of any
term, with 01' without declaration filod, [or the entIre amount of
this Note then remaIning unpaid, with costs of suit and with
fifteen percent (15%) added as attorneys' collection fees; and
with respect to any judgm'.mt ,mtolod h"'l eon the obl igor waives I
in regard to any real or personal property levled upon, any right
of appraisement, eX'.lmpt ion or stay of execut ion under any law now
in for.ce or hereafter enacted, the riqht of inquisition (and
agreElS that any real estate nhall be voluntarlly cOndenlJled and
may be sold under any process allowed by law), and the right of
appeal, and does rEllease all (lnOra, ami the Obllqor aqreea that
DUllUl ~J1\1 ~'III11 1I'"I11U" WJlII;J1 nUWftrll I.. IIltt utvtlopmtnt 1.0. Inc.
/
.l.f a t.r.ua copy heroof vodfied by nffldavll made by the Notu
Holder or sqmeone Clt!tinll on its behalf io filed In suc;h
proceedlng it shall not be neCI'Hls<uy t.o fUEl tile original an oil
warrant. of attorney, any rule of coun" cuntom or practice to the
contrary notwithstanding. Obligofl agrees to release the lien of
any judtl"lent aualnst any of obllqor' B property for which new
property of equal or groater equity call be oubstituted.
7. GlYING Ol:'-.liQ'I'ICE~;. UnhJlJs applicable la.w t.fHluireB a
different methC)d, i)/lY not i.c:o lllilt IIlUllt 1m glvl.Jn to me under this
.
Note will be given by mailing it by first claao maU or by
deiivering it to 1110 at 68 old Pionoer Hood, Camp H.ill, 1'1\ l'/Oll,
or .It a diff..nellt addnHlsif I give the Note Holder a notlce of
my dif ferent addr.ens.
I\ny notice that munt be givon to the Note Hoider under t.his
Note wi 11 be given by IMil ing it by fi rBt class mai l to the Not.e
Holder at the addreFJs stat>'Jd ill Sectioll 3 (1\) above or at a
different addr.ens if I 11m given a not ice or that different
address,
B. OBLIGA'l,,~pNS OF'. PERSONS ~~. 1 f morEl than
one person signs this Note, each per SOli is fully and personally
obllgillml to kooh' all 01 t.Iw 1'1ol11lflfHl Illildo in thIs Note,
inciuding the promise to pay the full amount owed. I\ny perrJon
who III a guarantor', surety, or endorser of t.his Note ls also
obilgatod to do theBe thingfJ. Any person who takes over those
obi hJat. lOllS, lnc ludinq tho obl..l.gations of a qULlrant.or, surety, or
endorser of thIs tlote, ia also obligated to keep all of the
promises made In this Note. '1'he Note Holder may enforce it.s
~~II:~.~n. ."I~' ,P~'~'~" which Howard C,' ael. DmloDm.nt r,n. '"r
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/ rights under this
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, against all of un
Note agalnst each per/JOn lndividually or
together. '1'hin IIIOilnu that i1ny one of us lIIay be
J:equlred to (lilY ,Ill of the nmounts owed undsl. this Note.
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9. '1'1l1S NO'1'F: SJ::I.:.UIU::.LL..Il.i'...1LliI::.C.lJJU'1'Y Illil.'.l1UJm:tU. In addition
to tile protectlQl\R given to the Note Holder under thia Note, the
Obllgor grants to the Noto Ilolder a security lnterest ln all
personal property of the Obllgor, lnclud ing speci fically the
peJ:sonal pJ:operty, includlng tang ible and intangible (lJ:operty,
constituting, or formerly constituting, the aflsets of William W.
Wilrrell, n.D.S. /Join\) 1>\I1.chilnml lllltflllilllt to tho ilfo,.nflilld l\ll'wt.
.
Purchase Agreement, together wlth all iJdditions and substitutions
thereto.
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10. SCOPE OF LIEN. TilE LIEN OF TillS JUDGMENT SHALL ArFEC'l'
ONLY 'l'IlE PREMISES DESCRIBED IN EXIIIBIT "A" ATTACHED HERETO AND
MADE A PART Of THI~ NOrE.
WITNESS the handfl and neals of the undersigned.
'--.'i~7 o~~J~~~A~
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(SEAL)
(SEAL)
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