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Home My WebLink About95-01874 _ROMISSORY NOTE . LoanDIte 12..oz-1192 RO'.fence.ln IhI shlded Ir.. .,. for lender', use ani Maturity Borrower: M.1t Corpo,.t1on /TIN: 25-1518115) 2331 Martl.1 81".1 Camp HIli, PA 17011 Lender: PENNSYLVANIA STATE SANK 2141 MARKET STREET P. O. BOX 411 CAMP tflU, PA l100l-G4I1 Principal Amount: $50,000.00 Initial Rate: 8.000% Dete 01 Note: December 2, 1992 PROMISE TO PAY. M.II Corpor.llon ("Borrow.r") r.roml... to pay 10 PENNSYLVANIA STATE BANK ("Lender"), or order, In I.wlul money or Ihe Unll.d Sial.. or Amerlc., on demand, Ih. pr nclpal .mounl or Filly Thou..nd & 001100 Dollar. ($50,000.00) or so much.. m.y be oUI.lendlng. logelh.r Wllh Inlerlll on Ih. unp.ld oul.l.ndlng prlnclpel balance or each advance. Inlerealahall be calculaled Irom the dale 01 each adv.nc. unlll r.paymenl ol.ach advance. PAYMENT. Borrower Will pay Ihl. lo.n Immedl.lely upon Lend.r'a dem.nd. In Iddlllon, Borrower will pay regular monlhly paymenla 01 all accrued unpaid Inlerll' due .. ol.ach payment d.le, beginning J.nuary " 1813, wllh .11 eUb..quent Inlerlll paymenla to be due on Ihe ..me day 01 .ach monlh .n., Ih.t. Inlere.1 on this Nole I. compuled on a 365/365 .Imple Inlere.t be.I.; Ihot I.. by applying Ihe rello ollhe annuollnlore.1 rale over Ihe number or days In . year, limes Ihe outstanding principal balancs, limes the actual "umbor 01 days the principal balance Is outstanding, DorrowBr wlll pay Lendar at Lender's address shown above Of "I such olher place 85 Lendor may deslgnale In wrlllng. Unless otherwise agreed or requIted by appllcabkl law, payments will be applied first 10 aCcrued unpaid Inleresl, then 10 principal, and any remaining amount 10 any unpaid collecllon cosls Bnd lale charges. VARiABlE INTEREST RATE. The Inlerest role on Ihl. Nole Is subjecl 10 chanue Irom limo 10 limo based on changes In on Index which Is Iho Ponnsylvonlo Slale Sank's Boso Lending Rale (Ihe "Inde,'), The Index Is nol noeessonly Iho lowesl rolo cho'ued by Lender on lis loon. and I. sel by Lander In II. solo dlscrollon, "Iho Index becomes unavailable during Ihe lerm of Ihls loon. Lendar may deslgnale a subsl,lula Inde, oller nOl'fying Borrower. lender will tell Borrower the current Index rale upon Borrower's request. Borrowor underslands thai lender may make loans based on olhor role. a. wall. The Inlero.1 role Chango will nol OCCur mora ollen Ihon each Day. Th. Indu curr.nlly 1.7.000% per annum. The Inler..l ral. 10 b.appU.d 10 Ih. unpaid principal balanc. ollhl. Nol. will be .,. r.t. 01 1.000 percenl.ge polnl ove' Ihe Indu, rllulllng In an Inlllll ral. 01 .,000% pe' annum. NOTICE: Under no clrcum.l.nce. will the Inle,e.1 role on Ihl. Nole be more Ihon Ihe mo,lmum role allowed by oppllcabla low. Unl... wllVId by L.nd.r, any Incr....ln Ih.lnl.rlll r.l. wllllnc'.... the .mounl. 01 Borrow.r'.lnlerlll p.ymanl.. PREPAYMENT. Borrowe, may pay wllhout penally all or 0 portion of the amount owed earlier Ihon Ills due. Early poymenl. will nol, unles. agrood 10 by Lende, In wrlllng. rellave Borrower 01 Borrower'. obllgollon 10 continue 10 make poymenl. under Ihe poymenl schedule. Ralher. Ihey will reducolho principal balanea due .nd may re.ullln Borrower'. making lawer poymenl.. LATE CHARGE. II. poymenll. IS d.y. 0' mor.I.I., Borrower will be chorgod 5,000% 01 tha r.gularlv ochedulad paymenl or $5.00, Whlch.v., I. gr..t.,. DEFAll. T. Sorrower will be In delaulllf eny of Ihe following happen.: 'a) Sorrower loll. 10 make any poymenl when due, (b) Sorrowe, break. onv promise Sorrower has made to Lende" or Borrower falls 10 pertorm prompllV ollhe lime and slrlcllv In Ihe manner provided In Ihl. Nole or env agreement relaled to thl. Note, or In anV olhe, ogroomenl or loan Borrower has wllh Lender. (c) AnV represenlallon or .Ialemenl mede 0' lurnlshed 10 Lender by Sorrowar or on Bo<rower'. beholll. lolse 0' misleading In anV molerlol respoel. (d) Sorrower becomes In.olvenl. a receiver I. oppolnlad lor onV pell 01 Sorrowe~a property, Sorrower make. en asslgnmenllor the beneftt 01 credllors, or onv proceeding I. commenced ellher bV Borrower 0< ogoln.t Sorrowe, under enV bankruplcy 0' Insolvency law.. (e) AnV cred,lor Irle.lo lake eny 01 Borrower's propellv on or In which Lender has a lien or .ecurlly Interest. This Includes. gernl.hmenl 01 onV of Borrower's eccounl. wllh Lender. (I) Any ollhe Aveni. described In Ihls deloull seellon occurs wllh respect to eny guaranlo< 01 Ihl. Nole. (g) Lender In good lallh deems IIselllnseeure. LENDER'S RIGHTS. Upon def.ulI, Lender may daclar. Iha .nllre unpaid principal balance on Ihi. Nole and all accrued unpaid Inlare.llmmediololy dUB, without nolk:., and then Borrower will pay that amounl lender may hire or pay someone elslI to help collect this Nole If Borrower does nol pay. Borrower also will pay Lender thai amount This Includes, subJect 10 any limits under applicable law, lender', attorneys' fee~ and Lender', legal expenses whether or nol lher. I' a lawsuit, Including Illorneys' 'ees and legal expenses lor bankruptcy proceedings (Including effortl to modify or vocala onV .ulom.1Ie stay 0< Injunellon). eppeals. and any anllclpeled po.l-judgment collecllon .ervlces, II nol prohlblled by .ppllcablelaw. Sorrow", also will pay anv coull costs, In addition 10 all other eums provided by laIY. "judgmenlls enlered In connecllon wllh Ihla Note, Inlere.t will conllnue 10 accrUe on Ihls Nota .fter judgment at Ih. Inlere.t rale applicable 10 Ihls Nole allho lime jUdgment Is enle,ed. Thl. Note hll be.n d.llv.r.d 10 Lend., and acc.pt... by L.nda' In Ih. Commonw.allh 01 P.nnaylvanl.. IIlh.r. I. .'IWIUIt, Borrower .gr... upon Lender'a r.que.llo IUbmlt to Ih.lurladk:llon 01 IhI court. 01 CUMBERLAND Counly, the Commonwealth 01 P.nnevlvanl.. Thle Nole ahall be governed by .nd con.lruld In accordanc. with Ih. law. 01 the Commonw.allh 01 Penn.Vlvanl.. CONFESSION OF JUOGMENT. Sorrower hereby Irrevocably eulhorlzas and empowers any oUornev or Ihe Prolhonolary or Clark 01 anv Court In Ihe Commonweallh 01 Penn.ylvanle. 0< elsawhera, 10 appaar 01 any lime for Borrower after a delaull undar Ihls Nole. and wllh or wllhoul complaint iliad. a. of anV lerm. confess or enler judgmenl agalnsl Borrower lor the enllre prinCipal balance of Ihls Nole and all accrued Inlere.l, logelher Wllh co.ls olsull, and an allornev'a commission of tan percenl (to%) Qf the unpaid principal balance and accrued Inle,esl for collecllon, bulln any evenl nolle.. IlIan Five Hundred Dollars (tsOO); .nd for so doing. Ihl. Nolo or e copy of Ihl. Nole verlftad by allidavil shall be sufficient worranl. The aulhorlly granlod In Ihl. Nolo to confess jUdgmanl.galnsl Borrower sh.1I nol ba e.hau.led by any e.arclse ollhol aulhorlly. bul sholl conlinue f,om lime to lime and at oil lime. unlil paymenlln lull of all .mounl. due undor Ihl, Nolo, DISHONORED ITEM FEE. Sorrowe, will pey a fee 10 Lendar 01 S20,oo If Borrower makes a poymenl on Sorrower's loon and Ihe check or preaulhorlzed charge Wllh Which Sorrower pays Isloler dl.hono,ed, RIGHT OF SETOFF. Borrower gronls 10 Lender a conlroclual possassory secullly Inlerest In. and heroby assign.. convays, delivers. pledge., and ~on.fors to Lender .11 Borrowe~s rlghl. 1,IIe and Inlera.lln and 10, Borrowe~s accounls wllh Lender (whelher checking. savings. or some olher occounl), Including wllhout IImltallon all accounl. held jolnlly wllh .omeone else and all occounl. Borrower may opan In the lUlure, e,cludlng however all IRA. Koogh. .nd Irusl .ccount.. Sorrower oulhorlze. Lender, 10 Ihe e,lenl permitled by applicable low, to charge or .eloft all .ums owing on Ihl. Nole egolnsl anV and all such .ccounls. LINE OF CREDIT. This Nole .vldences a ,evolving line 01 credll. Advances under Ihls Nole may be requesled orally by Sorrower or by on oulhorlzed porion. lender may, but need nol, require that all oral requests be confirmed In wrlllng. All communications, Inshucllons, or dlrocUons by lelephone Dr olherwlse to Lender are 10 be dlrecled 10 Lender'. ollice shown above, The following polly or porlles ore oulhorlzed 10 requeslodvonces under thel,no of credit unlll lender receives from Borrower at Lender's sddross shown above writlen naileD of revocation of Iheir Bulhorlly; Cha,'ea R. Cavl., Manager. Sorrnwe, agr... 10 be 1I0blo lor all .um. ellhe" (a) advonc.d In accordance wllh Ihelns~ucllons olon oulhorlzed person Or (b) creditod 10 onV of Borrower's accounts wllh Lender. The unpaid plfnclpol balance owing on Ihls Nole 01 any limo may bo evidenced by endorsemonl. on Ihls Nole 0< by Lender'a Inlemal records, Including dolly compuler prlnl-ouls. Lender will heve no obligalion 10 advance fund. under Ihl. Nolo II: (a) Borrower or any guarantor Is In default under tho lerms 01 this Nolo or Bny agreemenlthal Borrower or any guarantor has with lender, Including any agreement made In connection wllh tho signing of Ihls Nolei (b) Borrower or any guarunlor ceases doing buslnoss or Is Insolventj (clany guarantor seeks, claims or otherwise attempts to limit, modify or relJoke such guarantor's guaranies 01 this Nole or any othor loan with lendor; (d) Borrower has applied funds proVIded pursuanllo Ihls Nole for purposa. olher Ihon tho.e oulhorlzed by Lendor; or Ie' Lender In good lollh deem. IIself Insecure under Ihl. Nole or anV olhe, agreemenl between Lendar and Borrower. DEFAll.T INTEREST RATE. In Ihe evenl 01 deloull for which Ihe Bonk doe. not occole'olo tho Loon. Including Ihe foitu'e 01 Borrowe, 10 provldelho financial statements 81 required hereunder or under Ihe Loan Aoreemenl, tho applicable inlorosl ,ale 10 Iho loan for 8 period beginning lhreo (3) da)'l aller writlen notice of luch delaull and ending upon tho curing 01 said noticed defnult, shall Incrense anD quartor of one percenl (.25%) lor the rirsllhltty (30) days 01 said de'aull and Increase an additional one quarter 01 ono percont (.25%) during each thirty (30) day periOd thoreafte, during which the nolice dofaull continuos. Such default Inlaresl rales shall apply 10 the out~18ndlng princIpal balance of Iho loan. Upon the curing of tho noticed do'aull, the Inlere,t rato on the loan shall rovort to tho Inillallv agreed-upon Inlersst role effeclivo on Ihe dolo on which the default Is cured. ANNUAL PAYOUT/ANNUAL REVIEW. The Loon I. SUbJecllo a 3O-doy poyoul during each fiscal year 01 Which limo Ihe balance musl bo paid In lull lor a periOd of Ihlrty (30) consecullve days, The Loan commllmenl Will expire one yoar Irom Ihe dale Ihallhe Nnle Is execulod, The Sank Will ,ovlow the loan annually lor renewals and extensions; such 'ollowals and exlonsions 10 bo gronled predlcatod on lho performance allhe company andlor Indrvldual. and odhe,encelo Ihel oon Agreomenlond/or loon policy. 12-02-1112 LOin No s000203-04 PROMISSORY NOTE (Contlnuld) PIIII 2 GENERAL PROVI8ION.. Thlt Nole It payable on demand, Tha Inclusion olspeclllc dtf.ull provisions or rights of Land" shill nol preclude Landii'. right 10 dtcIa,. ptyment ollhlt Nole on lis demand. Lander may dalay or forgo anfDlclng any of lis rights DI remadles undar this Nola wllhoutloalng tham. BorrllW\it and any olhat peIIon who signs. guarent_ Ot andorsts this Nota. 10 tht a.lenl allowad by law. waive prlltntmtnt. damand lor paymenl. pro...t and notice of d1ahonOt. Upon any change In tha tarms of thls Nota. and unit.. othIfWl.. ..p,..sly slalad In wrlUng, no party who signs thlt Nole. whethat u maker. guarenlOt, accommodaUon maker Q( tndorltl, shall b. ralaa..d from Utblllty. All such parties agrN that Ltnder may renew Ot P1and <_Iadly and lOt any Ianglh 01 IlmelIhIt loan. Q( ral.... any party or gUllanlor Q( collal..al; Q( Impa~, fall 10 ,..n.. upon Ot parlacl Lander's IICUrtty Inltlallln the collataral; and Iaka any other acUon daamad IlICtSlllry by Ltndar wllhoullht conlllnt 01 or nollea 10 anyone. All such partial also agratlhlt Lander may modify Ihlt loan wllhoullha con..nt olOt nollea 10 anyona olhll lhan Iha party with whom lha modlflcaUon Iamade. PRIOR TO ItONING TIlII NOTE,IIORROWER ReAD AHO UNDER8TooD AU. TIE PROVISIDNS OF THI8 NOTE, INCl.IJIlING TIE VARIAIILE INTERnT RATE PROVI.IONI. IIORROWER AGREEI TO THI! TERMS OF TIll! NOTE AHD ACKNOWLEDGES RECEtPT OF A COMPlETI!D COPY OP THI! NOTE. IIORROWER: Mall ~ /> /) :.... 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