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SNELBAKER
.
BRENNEMAN
5. On June 15, 1990 Defendants executed a Promissory Note
("Note") in the principal amount of $50,000.00, with interest
thereon at the rate of eleven and one-half pet.cent (11 1/2%) per
annum, which Note was payable in 17 monthly installments of
$479.17 with a final payment due thereon December 15, 1991 in
the amount of $50,479.11. A true and correct copy of the
aforementioned Note is attached hereto and incorporated by
reference herein as "Exhibit A".
6. Defendants materially breached the terms of the Note by
falling to pay the principal balance due thereunder, together
with accrued interest thereon on December 15, 1991.
7. In spite of the breach averred in Paragraph 6, above,
upon mutual consent of the parties after request of the
Defendants, Plaintiff granted Defendants all extension to
December 15, 1992 by which to pay the balance of principal and
interest due.
B. Defendants failed and refused to pay the balance due
under the Note on or before December 15, 1992.
9. Defendants have continued to fail and refuse to pay the
balance due under the Note in spite of repeated demands by
Plaintiff to do so.
10. All conditions precedent necessary for Plaintiff to
maintain this action have been performed on have occurred.
11. By reason of Defendants' breach of the terms of the
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Note and failure to pay Plaintiff the balance due thereunder,
the following sums are due Plaintiff under the Notel
Principal balancel
$50,000.00
Interest accrued to May 17, 19941
9.599.29
$59,599.29
subtotal:
Attorney's Commission (20\):
11.919.86
$71,5',>1 .15
Total Due:
WHEREFORE, Plaintiff demands jUdgment against the
Defendants jointly and severally in the amount of $71,519.15,
with per diem interest at a rate of $15.97222 beginning May 18,
1994 until the Note is paid in full, together with costs of this
action.
By:
';:0=-' C.
Keith O.Brenneman, Esquire
44 West Main street
Mechanicsburg, PA 17055
(717) 697-8528
Attorneys for PNC Bank,
National Association
Datel May 24, 1994
LAW OtfICf.S
SNELBAKEA
.
BRENNEMAN
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