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0740368/3528006P.NA2
$300,000.00
March IS, 1995
PROMISSORY JUDGMENT NOTE
FOR VALUE RECEIVED, KEITH L. PLASTERER and JAMIE PLASTERER
(hereinafter collectively "MAKER") promise to pay to the order of GEORGE D. BERRYHILL,
SR., (hereinafter "PAYEE") at the office of PAYEE, or at such other place designated by the
PA YEE, the principal sum of Three Hundred Thousand ($300,000) Dollars, with interest on the
outstanding principal balance hereof at the rate of seven (7%) percent per annum, payable
monthly in accordance with Sr.hedule A attached hereto.
The principal due under this Note may be prepaid in whole or in part at any time
without penalty.
Each of the following events shall constitute an Event of Default under this Note,
regardless of the cause thereof and whether within or beyond the control of MAKER:
(a) The failure of MAKER to pay any sum under this Note or that certain
promissory note of even date herewith between MAKER and PAYEE in
the principal amount of $91,352, within thirty (30) days after written
notice by registered or certi fied mail, postage prepaid and return receipt
requested, from PA YEE to MAKER that such payment has not been made
when due, which notice may be given at any time on or after the 5th day
following the date when such payment was due, and such payment shall
be subject to a twenty ($20.00) dollar per diem late charge after the 5th
day following the date when such payment was due;
(b) So long as PA YEE is not in default under that certain Non-Competition
Agreement by and between PAYEE, MAKER and Carlisle Sports
Emporium, Inc. (the "Corporation") dated of even date herewith (the
"Non-Competition Agreement"), the failure of KP/the Corporation to pay
any sum due under the Non-Competition Agreement within thirty (30)
days after written notice by registered or certified mail, postage prepaid
and return receipt requested, from PAYEE to MAKER that such payment
has not been made when due, which notice may be given at any time on
or after the 5th day following the date when such payment was due.
(c) The failure of MAKER and/or the Corporation to cure, within sixty (60)
days of written notice thereof, any default by MAKER or the Corporation
in the performance of any non-monetary obligation under the Non-
Competition Agreement or that certain Buyout Agreement of even date
0740368/35ZS006P.NAZ
herewith by and between MAKER, PAYEE and the Corporation (the
"Agreement").
(d) The entry of a final non-appealable judgment, made by a court of
competent jurisdiction against MAKER and/or the Corporation, for
monetary damages (not covered by a policy of insurance in place for the
benefit of MAKER and/or the Corporation) in excess of $1,000,000.
(e) The failure of MAKER and/or the Corporation to cure, within sixty (60)
days of wrillen notice thereof, any failure of MAKER and/or the
Corporation to pay, withhold, collect or remit any material tax or penalty
or interest thereon, when due and payable.
(I) The dissolution and/or liquidation of the Corporation or the permanent
suspension of the Corporation's business.
(g) If MAKER or the Corporation shall become insolvent or make an
assignment for the benefit of creditors, file a petition in bankruptcy, apply
to or petition any tribunal for the appointment of a receiver, intervenor or
trustee for MAKER or the Corporation or a substantial part of the
MAKER's or the Corporation's assets; or if MAKER or the Corpomtion
shall commence any proceeding under any bankruptcy, assignment or
readjustment of debt law or statute of any jurisdiction, whether now or
hereafter in effect; or if any such petition or application shall have been
filed or proceeding commenced against MAKER or the Corporation which
shall not be dismissed within ninety (90) days, or if any such receiver,
intervenor or trustee shall have been appointed and shall not have been
dismissed within ninety (90) days.
(h) The sale by the Corporation of substantially all of its assets to an unrelated
third party, other than in the ordinary course of business; or the sale by
MAKER of the equity interest owned by him in the Corporation to an
unrelated third party; or the redemption by the Corporation of the equity
interest of MAKER in the Corporation.
If an Event of Default should occur under this Note, then the entire unpaid
balance of said principal sum, together with any allomey's fees but in no event less than the sum
of One Thousand Dollars ($1,000) shall, at the option of PAYEE and without notice to
MAKER, become due and payable immediately, and PA YEE may also recover all costs of suit
and other expenses in connection therewith.
-2-
0740J61/'5Z8006P.NAZ
MAKER hereby irrevocably authorizes and empowers any attorney or the
Prothonotary or Clerk of any court in the Commonwealth of Pennsylvania, or elsewhere, to
appear at any time for MAKER in connection with the delivery, acceptance, performance,
default or enforcement of this Note.
MAKER hereby irrevocably authorizes and empowers any attorney or the
Prothonotary or Clerk of any cou~t in the Commonwealth of Pennsylvania, or elsewhere, to
appear at any time for MAKER in any action brought against MAKER on this Note, with or
without declaration filed, as of any term, and therein to confess or enter judgment against
MAKER for the entire unpaid principal of this Note, together with costs of suit and reasonable
attorneys' fees, and other sums secured by the Note; and for so doing this Note or a copy hereof
verified by affidavit shall be sufficient warrant.
The authority gran led herein 10 confess judgment shall not be exhausted by any
exercise thereof but shall continue frol11 time to time and at all times until payment in full of ail
the amounts due hereunder.
The remedies of PA YEE as provided in the Note and the warrants contained
therein shail be cumulative and concurrent, and may be pursued singly, successively or together
at the sole discretion of PA YEE, and may be exercised as often as occasion therefor shail occur;
and the failure to exercise any such right or remedy shall in no event be construed as a waiver
or release thereof.
MAKER hereby waives presentment for payment, demand, notice of demand,
notice of nonpayment or dishonor, protest and no lice of protest of this Note, and ail other
notices in connection with the delivery, acceptance, performance, default, or enforcement of the
payment of this Note, and agrees lhat the liability of MAKER shall be unconditional, without
regard to the liability of any other party, and shall note be affected in any manner by any
indulgence, extension of time, renewal, waiver or modification granted or consented to by
PA YEE. MAKER consents to any and all extensions of time, renewals, waivers, or
modifications that may be granted by PA YEE with respect to the payment or other provisions
of the NOTE, and to lhe release of lhe collateral or any part thereof, with or without
substitution.
No delay by the PA YEE or any holder in exercising any power or right hereunder
shall operate as a waiver of any power or right, preclude other or further exercise thereof, or
the exercise of any other power or right hereunder or otherwise; and no waiver whatever or
modification of the terms hereof shall be valid unless in writing signed by the PAYEE or any
holder of this Note and then only 10 lhe extent therein set forth.
-3.
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SUBORDINATION AGREEMENT
TillS AGREEMENT, MADE TIllS ~ DAY OF 411~j? , 1998 BY
George D. Berrybill, ("PLAINTII'I'''); AND Co_eroe Bank/Harriaburg,
M.A. ("Bank")
WHEREAS, Keitb L. Plaaterer AND Ja.ie Lee Plaaterer ARE THE
OWNERS OF THE PREMISES KNOWN AS 36 KELLY DRIVE, SILVER SPRING
TOWNSHIP, CUMBERLAND COUNTY, PENNSYLVANIA. SEE EXHIBIT "A"
ATTACHED.
WHEREAS, "PLAINTII'I''' IS THE HOLDER OF A CERTAIN JUDGMENT
ENTERED Marob 31, 1995 to #1995-01113 IN THE AMOUNT OF $300,000.00
IN THE OFFICE OF THE PROTHONOTARY FOR CUMBERLAND COUNTY, WHICH IS
A LIEN ON THE ABOVE MENTIONED PREMISES.
WHEREAS, Co_eroe Bank/Harriaburq, N.A., ITS SUCCESSORS AND
ASSIGNS; "BANK" HAS MADE AN ADDITIONAL LOAN FOR $249,000.00 TO BE
SECURED BY A MORTGAG,E. oy TJI.E !Y'OVE DESCRIBED PREMISES, WHICH
MORTGAGE IS DATED */.&J AND IS INTENDED TO BE
FORTHWITH RECORDED IN THE AFORESAID OFFICE OF THE RECORDER OF
DEEDS.
WHEREAS, THE JUDGMENT FIRST ABOVE MENTIONED IS PRIOR AND
SUPERIOR TO THE LIEN OF THE LAST ABOVE MENTIONED MORTGAGE; AND
WHEREAS" )'B~KI:" DESIRES THAT THE MORTGAGE LAST MENTIONED,
DATED ~j{f,/';S BE MADE A SECOND LIEN UPON THE ABOVE
DESCRIBED PREMISES.
NOW, THEREFORE, IN CONSIDERATION OF THE PREMISES "PLAINTIFI'''
DOES HEREBY DECLARE MID AGREE THAT THE LIEN OF THE MORTGAGE LAST
MENTIONED SHALL BE A SECOND LIEN UPON THE PREMISES, SUPERIOR TO ANY
RIGHT, TITLE INTEREST, CLAIM OR LIEN WHICH THE FIRST ABOVE
MENTIONED JUDGMENT REPRESENTS AND SAID PRIOR JUDGMENT SHALL BE IN
ALL THINGS SUBJECT AND SUBORDINATED TO THE MORTGAGE LAST ABOVE
MENTIONED,
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