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  • Orson P Yancey v. Paul H Lyndaker, Lyndaker Excavating & Trucking LlcCommercial - Contract document preview
  • Orson P Yancey v. Paul H Lyndaker, Lyndaker Excavating & Trucking LlcCommercial - Contract document preview
  • Orson P Yancey v. Paul H Lyndaker, Lyndaker Excavating & Trucking LlcCommercial - Contract document preview
  • Orson P Yancey v. Paul H Lyndaker, Lyndaker Excavating & Trucking LlcCommercial - Contract document preview
  • Orson P Yancey v. Paul H Lyndaker, Lyndaker Excavating & Trucking LlcCommercial - Contract document preview
  • Orson P Yancey v. Paul H Lyndaker, Lyndaker Excavating & Trucking LlcCommercial - Contract document preview
  • Orson P Yancey v. Paul H Lyndaker, Lyndaker Excavating & Trucking LlcCommercial - Contract document preview
  • Orson P Yancey v. Paul H Lyndaker, Lyndaker Excavating & Trucking LlcCommercial - Contract document preview
						
                                

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FILED: LEWIS COUNTY CLERK 11/30/2018 04:27 PM INDEX NO. EFCA2018-000355 NYSCEF DOC. NO. 23 RECEIVED NYSCEF: 11/30/2018 EXHIBIT B FILED: LEWIS COUNTY CLERK 11/30/2018 04:27 PM INDEX NO. EFCA2018-000355 NYSCEF DOC. NO. 23 RECEIVED NYSCEF: 11/30/2018 MORTGAGE LOAN NOTE $204,043.07 April 3, 2014 Syracuse, New York FOR VALUE RECEIVED, the undersigned, Paul H. Lyndaker, an individual residing at 8712 Cutoff Road, Castorland, New York 13620 (the "Individual .Borrower") and Lyndaker Excavating & Trucking, LLC, a New York limited liability company located at 8718 Cut Off Road, Castorland, New York 13620 (the "Entity Borrower") (individually and collectively, the Entity Borrower and the Individual Borrower are sometimes hereafter referred to as the "Borrower"), hereby unconditionally and promise absolutely to pay to the order of Orson Yancey, an individual residing at 51 North Main Street, Newmarket, New Hampshire 03857 (the "Lender") the principal sum of Two Hundred Four Thousand Forty Three and 07/100 Dollars ($204,043.07), together with interest on the amount outstanding under the terms of this Mortgage Loan Note (the at "Note") the fixed rate of nine percent (9%) per annum (the "Interest Rate"), with payment to be made at the Lender's address as set forth above, or at such other place as the Lender or holder may from time to time appoint, as set forth in this Note. The Borrower promises to pay this Note as follows: On December 25, 2019 (the "Maturity Date"), the Borrower shall pay the Lender an amount equal to the unpaid principal balance due under the terms of this Note together with all accrued interest and all other amounts due and owing from the Borrower to the Lender under the terms of this Note. All payments will be applied first to any unpaid collection costs, then to any late charges, then to any accrued unpaid interest, and then to principal. The Interest Rate will be computed on the basis of a 360-day year but charged on the basis of the actual number of days elapsed in a given year. The Interest Rate used for calculating payments will not in any way affect the stated Maturity Date of this Note. In the event that the applicable in.terest rate received by the Lender under this Note exceeds the maximum amount permitted under any applicable law, then all monies received by the Lender in excess of such permitted rate shall be deemed a mistake, be cancelled as an interest payment automatically and, if theretofore paid, shall be applied by the Lender in reduction of principal amounts due hereunder, and if no such principal amount remains unpaid, shall be refunded to Borrower. The interest stated in this Note shall accrue from the date of this Note until all principal and.other charges due under the terms of this Note are irrevocably paid in full. Default" 1. If an "Event of occurs under the terms of this Note and is not cured within any applicable grace period if any, then all amounts shall be immediately due and payable without further demand or notice and the Lender shall have no obligation to make any further advances hereunder. The Borrower waives any {31364/23952/JPS/00778663.DOC) FILED: LEWIS COUNTY CLERK 11/30/2018 04:27 PM INDEX NO. EFCA2018-000355 NYSCEF DOC. NO. 23 RECEIVED NYSCEF: 11/30/2018 requirement of presentment, demand, notice of non-payment or notice of protest in connection with this obligation arising under this Note. Default" 2. Upon the occurrence of an "Event of (as defined herein) or after Date" the "Maturity of this Note, interest shall accrue at a rate of fifteen percent (15%) (the "Default Rate"). Further and not in lieu of any other remedy, in the event any payment due hereunder is not made within fifteen (15) days of the date when due, Borrower shall pay to Lender a late charge, equal to 4% of the amount of such payment. 3. For purposes of this Note, each of the following is considered to be an "Event of Default": a. the Borrower fails to make any scheduled payment on this Note of priñcipal or interest or other fee or charge within ten (10) days of the date when due, fails to make any payment at the Maturity Date or fails to pay on demand any amount specified to be payable on demand; b. the Borrower defaults in the performance of any term, covenant or condition contained in this Note, other than subdivision (a) above, or as stated in any mortgage or other document securing or relating to this Note; c. the Borrower defaults in performancethe of any other obligation now or hereafter owing to the Lender by the Borrower other than those described in (a) and (b) above, subject to applicable cure or grace periods, if any; d. any obligation in excess of $10,000 now or hereafter owing to a person or entity other than the Lender is not paid within ten (10) days after the Borrower receives notice that such eb!!getion is in default, or if an event of default occurs and continues with respect to such obligation, or if any such obligation is accelerated or is declared to be due and payable prior to the stated maturity thereof; e. the Borrower becomes insolvent or unable to pay its debts as they mature, or is generally not paying its debts as they become due, or a custodian, as defined in Title 11 of the United States Code, or substantially all of its property will have been appointed or taken possession; f. a case under Title 11 of the United States Code, or any proceeding under any other federal or state bankruptcy, insolvency or other law relating to the relief of debtors, the readjustment, composition or extension of indebtedness . or reorganization of debtors, including, but not limited to, a receivership, committee, or an assignment for the benefit of creditors, is commenced by or against the Borrower, provided that Borrower will have forty five (45) days to stay or vacate any involuntary filing; g. any money, deposit, or other property of the Borrower is attached, set off, or becomes subject to attachment, distraint proceedings, levy or any (31364/23952/3PS/00778663.DOC) 2 FILED: LEWIS COUNTY CLERK 11/30/2018 04:27 PM INDEX NO. EFCA2018-000355 NYSCEF DOC. NO. 23 RECEIVED NYSCEF: 11/30/2018 similar order or process of any court or administrative agency with respect to any claim in excess of $10,000; h. any judgment is rendered against the Borrower which exceeds either individually or in the aggregate with other judgments, the sum of $10,000, which is not timely bonded or otherwise discharged within twenty (20) days from the date of filing, or the Borrower has any material assets attached, seized, levied upon or otherwise become subject to any order of restraint or sequestration or lien in the amount of $10,000 or more and fails to bond or otherwise obtain the discharge or satisfaction of any such seizure, levy, lien, order of restraint or order of sequestration; i. any person or governmental authority takes possession of any substantial part of the property of the Borrower; j. any default occurs under the terms of any guaranty of this Note; k. the Entity Borrower is dissolved, or loses its franchise or charter or is a party to any merger or consolidation, or there is a change in control of the Borrower whether by contract or change in the ownership of the majority of the partners of the Borrower, excluding changes or transfers permitted under the terms of the Mortgage; or l. the Entity Borrower sells, transfers or otherwise disposes of, or attempts to sell, transfer or otherwise dispose of a substantial portion of its assets without the prior written consent of the Lender. 4. As long as any sums are outstanding under the terms of this Note, the Borrower will, upon Lender's request, furnish the Lender with the following: such BGriswer financial information and statements as Lender may request, including but not limited to a copy of the Borrower's local, state and federal tax or information returns and all schedules filed or to be filed for such previous year. All such returns and schedules shall be prepared by an independent accountant and any financial inferrñation or statements shall be in such form and with such other detalis and schedules as may be prescribed by the Lender. 5. This Note may not be amended, waived or modified in any manner, absent the execution and delivery of a written agreement by the Lender intended for such purpose. A waiver of any condition or right on any occasion shall not be construed as a commitment or agreement for a waiver on a subsequent occasion respecting any matter whatsoever. This Note constitutes the complete understanding between the Borrower and the Lender with respect to the repayment of a mcñetary obligation represented by this Note, and supersedes all prior or contemporaneous understandings, agreements, commitment letters and negotiations, all of which are merged into this Note. The Borrawer specifically affirms that it has not been induced to execute and deliver this Note based upon any representations made by the Lender, its officers, {31364/23952/JPS/00778663.DOC) 3 FILED: LEWIS COUNTY CLERK 11/30/2018 04:27 PM INDEX NO. EFCA2018-000355 NYSCEF DOC. NO. 23 RECEIVED NYSCEF: 11/30/2018 agents, attorneys and employees except those contained herein and Borrower specifically affirms that it is not relying upon any said representations. 6. Every right and remedy of the Lender as defined hereunder and by law may beenforced by the Lender either in the alternative or cumulatively and in such order as desired, in its sole discretion. No single or partial exercise or delay or waiver by the Lender in the exercise of any right or remedy hereunder or under law shall be deemed to be a waiver of the Lender's right to exercise such right or remedy on any other occasion. 7. Any notice required or permitted to be given under or pursuant to the terms of this Note, shall be in writing and shall be deemed to have been duly given if personally delivered, delivered by an overnight courier service or mailed by certified mail return receipt requested, postage and registry fees prepaid in the event of mailing, and in all events addressed to the party to receive such notice at the address set forth at the beginning of this Note. By notice sent in accordance with this section, any party may change the address to which further notice shall be sent. AII notices shall be deemed given when mailed or delivered in the manner provided in this section. 8. This Note shall be binding upon and inure to the benefit of the successors, participañts and assigns of the Lender. The Lender shall be released and discharged from any liability whatsoever in the event it sells or transfers its rights in this Note, which may occur without notice to the Borrower. The Borrower may not assign, in whole or in part, any of the Borrower's rights under this Note. In particular, but not by way of limitation, the Lender shall be under no obligation to make loans to any perscñ or entity other than Borrower. 9. If any action or consultation is taken by the Lender in connection with this Note including any legal action to collect the Indebtedness and other amounts due in connection with this Note, the Lender shall be entitled to recover and the Borrower shall pay all the Lender's reasonable costs, disbursements and allowances, including attorneys' fees. 10. If a check for any payment made under the terms of this Note is returned unpaid by Berrower's bank for any reason, a fifty dollar ($50.00) service charge will be charged to Borrower, in additicñ to any bank or service chãrges imposed by the bank. 11. This Note shall be interpreted and construed in accordance with the laws of the State of New York, .exclusive of New York conflict of laws rules and public policies. 12. The Lender shall not by any act, delay, omission or otherwise, be deemed to have waived any of its rights or remedies hereunder, unless such waiver be in writing and signed by the Lender, and only to the extent therein set forth. (31364/23952/JPS/00778663.DOC} 4 FILED: LEWIS COUNTY CLERK 11/30/2018 04:27 PM INDEX NO. EFCA2018-000355 NYSCEF DOC. NO. 23 RECEIVED NYSCEF: 11/30/2018 13. Whenever any payment to be made hereunder shall be stated to be due on a Saturday, Sunday or a public holiday under the laws of the State of New York or of the United States, such payment shall be made on the next succeeding busiñêss day, and such extension of time shall in such case be included in computing interest, if any, in connection with such payment. 14. If any paragraph or part hereof shall for any reason be held or adjudged to be invalid, illegal or unenforceable by any court of competent jurisdiction, such paragraph or the part thereof so adjudicated invalid, illegal or unenforceable shall be dssmsd separate, distinct and independent and the remainder of this Note shall remain in full force and effect and shall not be affected by such holding or adjudication. 15. Any action or proceeding brought on account of this Note shall be brought in the Supreme Court, State of New York, within the County of Lewis or at the Lender's option in any county where any collateral securing this Note is located and the Borrower hereby submits and consents to the jurisdiction of such Courts and agrees that any of such Courts is a convenient forum. 15. Borrower may pay, without penalty, all or a portion of the amount owed earlier than it is due. Early payment will not, unless agreed to by Lender in writing, relieve Boricwsr of Borrower's obligations to continue to make payments under the paymsnt schedule. Rather, early payments will reduce the principal balance due on the Maturity Date. Borrower agrees not to send to Lender payments marked "paid in full", "without recourse", or similar language. If Borrower sends such a payment, Lender may accept it without losing any of Lender's rights under the Note, and Borrower will remaiñ obligated to pay any further amount owed to Lender. 16. BORROWER HEREBY WAIVES THE RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING RELATING TO THIS NOTE. IN WITNESS WHEREOF, this Note has been duly executed by the Boricwer as of the date written above. PAUL H. LYNDAKER Paul H. Lyndaker LYNDAKER EXCAVATING & TRUCKING, LLC By: Name: e,a c.Je L-y Title: {31364/23952/JPS/00778663.DOC} 5 FILED: LEWIS COUNTY CLERK 11/30/2018 04:27 PM INDEX NO. EFCA2018-000355 NYSCEF DOC. NO. 23 RECEIVED NYSCEF: 11/30/2018 STATE OF NEW YORK ) COUNTY OFLEWIS ) ss.: On April , 2014 before me, the undersigned, personally appeared Paul H. Lyndaker, personally known to me or proved to me on the basis of satisfedory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individuals or the persons upon behalf of which the individual acted, executed the instrument. NotaryPublic STATE OF NEW YORK ) COUNTY OFLEWIS ) ss.: On April 1, 2014 before me, the undersigned, personally appeared Paul H. Lyndaker, persoñally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and ackñowledged to me that he executed the same in his capacity, and that by his signature on the instrument, Lyndaker Excavating & Trucking, LLC upon behalf of which the individual acted, executed the instrument. STEVEN A. SMITH Nota Public Notary Pubhc No. 4804253 County of Oneida, State of .Y. f-• c / My Commissions Expires {31364/23952/JPS/00778663.DOC} 6