Preview
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
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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
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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,
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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.
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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:
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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
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