HomeMy WebLinkAbout95-00850
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Cumbo Co.
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FARMERS BANK AND TRUST COMPANY
Plaintiff
IN THE COURT OF COMMON PLEAS OF
CUMBERLAND COUNTY, PENNSYLVANIA
CIVIL ACTION - LAW
NO, 9j-- '7l5CJ {!.w-i.L.d~
v,
CONFESSION OF JUDGMENT
CORNER STORE, INC,
Defendant
.
.
.
.
CONFESSION OF JUDGMENT
By virtue of the authority conferred by the Commercial Loan
Note, a copy of which is attached to the Complaint filed in this
action, I appear for the Defendants and confess judgment in favor
of the Plaintiff and against the Defendant for the sum of
$87,726.52, together with interest as may hereafter accrue and
costs of suit.
Eugene E.
Attorney fo
of the author
in commercial
nsky, Jr.
efendants by virtue
zation contained
Loan Note
6. The Commercial Loan Note provides that Plaintitt may confess
judgment aqainst Defendants for the above sum [of Two Hundred Fitteen
Thousand Dollars ($215,000)) with costs of suit and with fifteen
percent (15') added for collection fees.
7, The total liability of the Defendant on and under the
Commercial Loan Note is $76,283.93. Fifteen percent (15') of said
principal sum is $11,442.59.
8. plaintiff has been advised and, therefore, avers that
Defendants executed the commercial Loan Note referred to in Paraqraph
4 above for business purposes.
WHEREFORE, plaintiff demands judgment aqainst Defendants in the
sum of $87,726.52, toqether with interest as may hereafter accrue and
costs of suit.
Date: February 14, 1995
KEEFER, WOOD, ALLEN & RAHAL
BY:~~inSkY' Jr.
Attorney I.D. #23702
210 Walnut street
P.O. Box 11963
Harrisburq, PA 17108-1963
(717) 255-8051
Attorneys for Farmers Bank and
Trust company
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Co(l" E,c. ~o"l&
Commerc'r.r LOIlI1"Ao\. I
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S 115,000.00 ...~" '.' . r"" '.. Oatel9ft'f'" ,f".;. I,.,.:]
Th~'Underslgned,'JOlntl/~~d~~~e;aily:~r~';;lse to p;yto'trr:;;;j~~~'F:~ers B~~~~'T~~'st' ~~p~~y of H~=:'(Ih"~"1
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"Bank" or Its Assigns ai any of Ita bank olflces..Q!!! HUNDR!D PIPTE!N THOUSAND-..;---__~------ Dollarl,
. 'f'i.,,",t'h:,~' '~'!~ f" .l> '" ~t'.1 r, \...IU."~ '"...
to be paid as follows: ," '.. :,.'''' ; . . \"
* Principal payable includi~ interest accrued to d~. .~~f1:,'Ba~k's
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With Interest At a rate per annum eQual to the FB&T Base Rate as in effect
from time to time plus 1.00\.
1nt.....1/Id be..........., on 1M bull '" tile ""'UI' number of dip In thl thon C\lI1'Illl_ _ ~r:;.;. lIolh pIInctpoI ond _Ill IN ~ .~.;.;:t~
' alaN Umtld SUI" of Amtrk:a II "'Y' omc. of BAnk In Immldlallly IVlllabl, lund.. . '"
SECURITY. AI MCurtt)' tor Ihe p'V'Mnl 01 thll not. and for lhe paymanl, ptrfofmance and dlChatOO of an other pt'eMnl or future lndebtldn.... abUgaUOna and undII1akingI
(Inc1MduaI. tolnl. HY.'II. di'ltd. conllngenl or othelWlN) or Ih. Borrow,r 10 0' rOt lhe beneftt althe 81n" wheUw at1Img dlrectty Ia &h. SInk undlr thll noce Of Undet "" ...
.g....menl. promluory noI. 01 undeh.ildngl now .alIting 01 herllinafler .nl,,1d bylhe BonowIr ID In. Bank, The Bonow8r hlrebr UI9tIInd trMlfn II .n ~ ... the
Bank Ind o,.nl. Ih' Bank I IMN1ry Inllf", In .... following ptapltty: :.; \'~'.'i . !~'1~"'.
1) collateral as set forth in Security Agreement - General of even date'
herewith: 2) Collateral as set forth in Security Agreement Inventory &
Acc~unts Receivable of even date herewith.
COLLA TERAL Th. I.rm "CoIlal.'II" II Ulfd ".,.," mil'" I" of '''. foregolnQ property. logeIhtt WIth all pI'OpIIrty tnt:lfMtJ of any naIUte tlfhIIlDIYer of the Uw:Iett9I1d, 01
Iny ollhem, now or her'lnltt" In ,;" POU8$l<ln 01 0' tI"!o ;....,~ C' ~.;::"(>':.1'j:,: ~. :'", Sa"" 1(1' any purpoM. nduclu'Q wilhout hmMhon any prvpeny l6JIed &bote and any
ballnc. 0' ,hll'. belonging 10 Ih, Unatr'Ignea 0' Iny 01 !nem, 01 an, aepoI,I, agency or 011'1., accounll With the Bank and anyothlf amountJ which may be O'Mng tram time 10
11m, by thl Bank 10 Ihe Underllf1\ed Of I"y ollhlm. Th. Und'rSlgned Igrl" Ihlllh, BAnk 11'1111 have a h.n upon and lICunry tnlemf tn 11'1. CoIIII'raI, and .n I1Qhtlln con.
nwchon wllh Ih. COllal"al, 10 lleurelh. paym'l1I 01 11'111 nol. and any ""'.all, ..t.nIIO"1 and modll'Uhonl 11'1.-.01 and all olhef ..lSlIng hlbll"I.I. whelher abIoIut. Of can-
Itng.nl. of 11'1. Und.rllgned. 01 any of th.m, 10 the Sink, laid note Ind any ,en...II, 1a1.nllOnl and modlflcatlona tMreol ancIlIid OIhar Iaabi1l1i. being her.inafter c:oISedJV8Jy
re!."ed 10 II lhe "Uabdltlll". It any Olh.r Uabl~ll.. Ire in ellllenee when 11'111 not. II paid, lhen, nolWlthllandlng lhlsun'ndlr 01 ttUI not,. the Bank may NWn IhI COIatlral
and Ihall hlv, wllh flsPIC1lherllo an rightl and r.medi'l availabl. 10 ii, including IhoN h.,einatter granled 01 "'trred to, Md I true copy ot h. noea tIWI be IUfftcienI proof
01 lhe righll gr'n1ed h.rlin. Said liln and IlCUnIy Inl'"llthall be independenl of any nohl 01 "'-elf whICh the Banlit may haVtl. The Uncllrltgntd u.aume. full rMponIbbry b
p',..rv.tlon 01 Ih. COIlat".I, ll"lcJudlng liking any "'PI necelSlry 10 preNrve any IIghll of the Unc:s."igned. or any oIlhIm, Of the Bank In tI eoalnal prior palMI. " II'fI/ ~
.ny Included In Ih, Collateral or Ih. valu.therlOI "'III It any time beCOme unllhllactory to lhe Bank. lhe U~ned thall .thin 24 Mull I"" demand and II thI Bank may
dl'ect. delIVer, ~gn 01 hypothtCate 10 lhe Bank u pari ollhe Collllltal addltO'lal property wheh ia "hataClory 10 IhI Bank,
RIGHTS OF BANK. In .ddition 10 all other ngtu granled h.rein or olh.twlN poueued by ii, the Bank ahall have the foIlowlng nghtJ, Nth 01 whCh may be .tn::iMd at any
tionl wilhout prior notice 10 or conNnl of any of the Und.rtigned: (i) to pledg. or lranll" Ih" noIe and .ny renewall, .a1.nliOnl and modificaUont thItwor, auigllng therwwith
lh. Blnk', rtghls in th. COUal,,.1 Of any porllOn Ihereof, and any luch pledg.. or tranl'"H Ihall have allth. nghll of the Sank he~ndtt with reaped 10 VUe 1I)t, and arry
"newlla, ..ten!lonl .nd modlliQ,lien' thereol Ind Iny of Ihe CoIlaler,lso assigled lhe,ewilh. and 11'1, Bank Ih.' be th,,"fI.r ,....18d from aJ1 habilrty wtth l'eIptCt 10 In)' 01
Ihe COllaleral so IIsigned; (ii) to Irlnller Ihl whole or Iny pari of Ii'll Collallral into the t1.Ime 01 IIHIt or Itl nom,"ee; (ill) 10 VOle thl CoIIII.ral; (Iv) to notify the pttlOftl
obllgaled on any 01 Ihe Colla'ltallo make payment 10 lhe Bank or any amountl due or 10 become due therlOn; (v) 10 I.ke conltol 01 any proceeds 01 11'1. Collat.raI; Ind (vi) 10
rel.a" 0' e.change any of thl CoII.I"alat any time before 0' atler maturil}' hereof.
PAYMENT OF COSTS. In addition 10 Ihe prinCipal and Inl,'ell paymenlllpeCil18d above, Ihe UMetllgned "'I. pay 10 Ihl eank or any other holder hereol, upon dtmanc:l. aU
COItland .xpe,... (Including retlOl"llbl. .nomeya' 1111 and legal IXplnHI) which may be incurred by the Bank 01 such holder In the CUItOdy. pr'MrvaliOn. uti. operabOn.
pr,patahon lor III. Of tal. 01 the Collateral eM' the .nlorcement upon de'ault 01 Ihll nole. Said COlli Ihall Include llaaonabf, anorneya' r... and COllI in Mnkruplcy ~
ceecJmgs. Also include r... Incurred lot any leglllchon In relahon to Ihe loan transactIOn (I.., b'lng Joined In Iny .Cllon betwlln our borrower and . 3td patty).
DEFAUL rs. The Uneteraigned Ihan be In delalAt h'"under upon the OCcur"nCll 01 any or the IoIlowing 8Yenll: fl) the nonpaymenl when due 01 any amount ~ on any 01
the Uabllilitl, or the ralh.lf. 01 .ny Obrigor 10 obterv. or perform any agreem.nl of any nalUfI whalsoever With the Sank (the 111m "Obligor" u UIId hltein belng meanllO .,...
dud. lhe Undersigned .nd all petaon. HCOndarily Uabfl on Ihil nole 01 any renewall. .a1.nllons, Of modlficalion 11'111101. IUch as .ndor..,. or gultanIOfl); (bl "any 0tlC1QOr
becomel. insolvenl or makel an asslgnmenllor the benlfll or credilOtl, or If .ny petllion il filed by or Iglinll any Obligor under any proviSiOn of any Ilw 01 IlltuW alJeging lhal
lOch Obligor II inlOlvenl or unlbl. 10 pay d.btl II Ih.y malure; (c) Ihe .ntry 01 any judgm.nl .galnll any ObItg01 or 11'1. IlIuing 01 any attlehment at o.milhrnt,. IQIII\II any
property 01 any Obllgo, 01 Ihe ~urence 01 any chang. in the 'Inancial COndition 01 any Obligor which In Iho 10ft judgmenl ot Ihe Sank i. malerially Ictv'fII; (d) the disIoIutlOn,
merger, consolldahon or rlOlgl,..lIl1on 01 any OblIgor which il a co'poratlOn or pI1l1n.rlhlp; (e) lhe death 01 any Obligor who 'I . nalural Pltson; (I) any Inlormalon heretofore 0'
her.m.tter furnished 10 Ih, Bank by any Obligo, in conneelion with lhe loan evidenced hereby 01 any guaranry Ihould be malerlally falll; and (g) tht failure or 11ft Obhgcw 10 rur.
nish IUCh l.nanaal and other Inlormation u th. Bank may "IIOMbly requIII.
ACCELERA Tloo AND ENFORCEMENT RIGHTS. Whlnever th, Und.,.ign.d .hall be In delluh u a'ornakf. (1) unl... the Sank t1td1 oth.rwi... the entire unpajd ImOU1I of
'uch of the Uabllti.. al are not Ih.n due and JNlYIbII IhaU become Immediat.ly due and payable Without notice 10 or demand on My Obligor; and (2) 1M Bank may II IIa op.
hon e.erc;.. lrom hm, 10 lime any or all nghll and remldi.1 ayailabl, to II und.r the P.nMylYaniI Unttorm CommerclaJ Cod. or Oth.rwill aYlilabl. 10 ... Indud&ng 1M right 10
dlspo" or the Coflalefll al publ'ic or prtyat. 1111(.) or olher prOCeedlngl, and lhe Undersigned agrees thai the Bank 0' ila noml"" m.y become the purchuer at any IUCh
1111(1). Th, Undersigned Wllves all right to Illy 01 ..ecUllon and ,.emptlOn of proptJl1y In Iny ,chon 10 enlorce Iny at Ih. UabiIlUII.
APPt.ICA nON OF COLLATERAL. Th. proceeal 0' Iny Conaleral receNed by lhe Bank .t any Ilml belo,. or after delaull whither lrom 11I101 CoIlaler" Of othIrwiM, may be
applied 10 01 on .ccount 01 the paym.nl Or IUch 01 11'1. Llabililies Ind in luch order u th. Sank may elect. each ollh. Underl91td 10 th, 'Xlent thai he hu I1'Pf tight. au. or
,"Ier,sl in any of the Coflateral, walvll .nd "1..... any righllo require the Sank to coIJtc1 any 01 the Ulbilitilllrom any 01 thl Collateral undw Iny Iheoty of ~ of
aasell, 01 Olhetwtll, a"d IpeclftCl"y authorl,.. th. Bank to apply any 0111'10 Collateral In which he has I right. IIUe 01 Inl,,"legainll any of th. Uabllltiel WI any mannat thai h
may determIne,
JUDGMENT. The Underaig"ed doel her.by authorlz. .nd empower any a"ornev or any Court 01 Record of Pennaytvanll or elsewhe"lo appear lor and .nler judgmenl
agaInst UndersIgl.d 'or Ihe aboYe lum, wllh or wllhout declarltlOn, with COlli 01 lUll, Il\Cluding reasonabll '"orney'a 'HI Ind rMlln bankruplcy proceedinga. it any. "&11 of
e"or" Wllhoul &lay 01 IxecutlOn, and wllh Mean (15%) percenl, added for collldiOn 'HS; anet lhe Undeflignect rul1her agr"l lhal re... personaJ 01 miled property may belOkl
upOn Iny wrll a' '.ecuhon al now or h.,.afl" provided by Ilw or Ih. P'nnlylvania Rul.. 01 eMI Procedure governing 11'1, enrorclm.nt 01 judgmentl; and Ut1OItI.gntd hereby
wal..." and IIle." all ,.Ii., from any appralllmenl. Itay or ..emplion laWl 01 any Ital. now In 'DIce 01 herelner .nactld. n a copy h,reol, ....rllied by atfIdavtt. IhIlJ he....
been Illed In IUch proceeding, it .hall not be necellary 10 iiI. lhe o,lglnal al I ..r"nt 01 Ittorney, The Undersigned (Ind IIch of ltlem, " mote than one,) hereby WI...... ltl.
r'ghlto any I,"Y of e.ecuhon and Ihe b1n.III 01 all e..mphon laws now 0' h.reafter in .HeeI. No lingl, ..erC1" 01 Ihil w.,ranl and power 10 conrla judgmlnllhaJl be dHm~
10 e.hault Ihl' power. whether or nol any luch ...rcile 11'1.11 be "eld by Iny CCUrllo be invalid. vioIabt. 0' VOid, but Ihi. power 1"'11 continue undlmlnilhed and may be '..rel..
t~ "..- ~,~O 10 I:mo :: onon 4" Dank IhaJJ 'Jetl u..M III .uma liult h.,eunder .".11 h..... been ,.111 In full.
MISCELLANEOUS. Any luilufl of t,l' Sink to .xercill any rign. her.unaer .h~1 nol be COt1llrueo II I wa",., or the nohl to '..rei.. th. 11m. or anv other ~t al any Otf'l"r
hm.. If the Undersigned conlllts 01 more lhan onl PIrlOn. auch perlOnl Iha' be joinll)' aM seve,,"y liable hereunder. Thl Underllgned inl.ndlltlil to bea ....'" l:\atrum.nt
and 10 bo legarly' bound hereby. All illue. arlllng her.under Ihall be gov.rnod by th. lawI 01 P""lylvlnil.
WITNESS OR ATTEST: BORROWER.
CORNER STORE, INC.
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:~c, C/( " .'l..~~/__ISEALI
N.m. ~T'''' Il n
&<g..... .~ t)c... .~ .ISEAL)
Nlme and TIUe 1 ~
.If any payment of principal or interest
is not paia when due or within 10 days
thereafter, a late charge of 5\ of the
amount past due (but not less than $10)
will be assessed in addition to any
interest due.,.., u 1'I..r. 41."
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Fl"56 RCH DES {JGS
(Name 01 IndlVlclJal
ISEAL)
NlmOl.dT.".' anle . gea lljiln, Presldent
~oI' ~,.t)?,,~ (SEAL)
Nlm".dT~li -JoAnn G. pea Inan, Secretary
4 Everqreen Circle
Addre"
West ford
c,,,
MA
Stal,
01886
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IN THE COURT OF COMMON PLEAS OF
CUMBERLAND COUNTY,
PENNSYLVANIA
CIVIL ACTION
NO. 95-850 Civil Term
COMPANY
Plaintiff
v.
CORNER STORE, INC.
Defendant
PRAECIPE
TO THE PROTHONOTARY:
Please mark this Judgment "satisfied" by order of the Plaintiff.
KEEFER WOOD ALLEN & RAHAL, LLP
Date: May 26,1998
By:
nsky, Jr.
Attorney L 3702
210 Walnut Street
P.O. Box 11963
Harrisburg, PA 17108-1963
(717) 255-8051
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