COMMERCIAL PROMISSORY NOTE - Loan Number C-12-07-136429 - Promissory Terms and Payment Schedule

Sep 16, 2026

Uploaded by Patrick

Commercial Promissory Note governing a term loan between Community Bank N.A. as Lender and Corning Natural Gas Corporation as Borrower. Specifies loan number, note date, principal amount of $2,450,000.00, loan term of 60 months, and maturity date of November 20, 2017. Details the promise to pay, monthly amortizing schedule of 59 payments plus a final balloon payment, variable interest rate indexed to One Month Libor with a minimum rate, late payment charge, and rules for default interest, set-off, collateral, and related documents.

LanguageEnglish

CategoryForms

FormatPDF

Pages3

Reading Time1 min

AccessFree to download

Borrower and Lender Information

Promise to Pay and Payment Schedule

Interest Rate, Changes, and Charges

Prepayment, Security, and Set-Off Terms

COMMERCIAL PROMISSORY NOTE Community Bank N.A.240 South Hamilton StreetPainted Post,New York 14870(607)936-2223 | LOAN NUMBER | NOTE DATE | PRINCIPALAMOUNT | LOAN TERM | MATURITY DATE | | --- | --- | --- | --- | --- | | C-12-07-136429 | November 20,2012 | $2,450,000.00 | 60 months | November 20,2017 | | LOAN PURPOSE:Term Out LOC used to fund 2012 Capital Expenditures | | | | | # BORROWER INFORMATION Corning Natural Gas Corporation330 William StreetCorning,NY 14830 NOTE.This Commercial Promissory Note will be referred to in this document as the "Note." LENDER."Lender"means Community Bank N.A.whose address is 240 South Hamilton Stret,Painted Post,New York 14870,its successorsand assigns. BORROWER."Borrower"means each person or legal entity who signs this Note. PROMISE TO PAY.For value received,receipt of which is hereby acknowledged,on or before the Maturity Date,the Borower promises topay the principal amount of Two Million Four Hundred Fifty Thousand and 00/100 Dollars($2,450,000.00)and all interest and any othercharges,including service charges,to the order of Lender at its office at the address noted above or at such other place as Lender may designatein writing.The Borrower will make all payments in lawful money of the United States of America. PAYMENT SCHEDULE.This loan willbe paid according to the following schedule:59 consecutive payments of principal and interestbeginning on December 20,2012 and continuing on the same day of each month thereafter.The payment will be in the amount of $24,575.26.One final ballon payment shall be due on the Maturity Date in an amount equal to the then unpaid principal and accrued and unpaid interest.All payments received by the Lender from the Borrower for application to the Loan may be applied to the Borrower's obligations under the Loanin such order as determined by the Lender. INTEREST RATE AND SCHEDULED PAYMENT CHANGES.The initial variable interest rate on this Note will be 3.750%per annum.This interest rate may change on November 21,2012,and every day thereafter.Each date on which the interest rate may change is called the"Change Date."Beginning with the first Change Date,Lender willcalculate the new interest rate based on One Month Libor Rate in effect onthe Change Date (the "Index")plus 3.000 percentage points (the "Margin").If the Index is not available at that time,Lender willchoose a newIndex which is based on comparable information.The Index is used solely to establish a base from which the actual rate of interest payableunder this Note will be calculated,and is not a reference to any actual rate of interest charged by any lender to any particular borrower.Theinterest rate will never be less than 3.750%. Nothing contained herein shall be construed as to require the Borrower to pay interest at a greatrrate than the maximum allowed by law.If,however,from any circumstances,Borrower pays interest at a greater rate than the maximum allowed by law,the obligation to be fulfilled willbe reduced to an amount computed at the highest rate ofinterest permissible under applicable law and if,for any reason whatsoever,Lender everreceives interest in an amount which would be deemed unlawful under applicable law,such interest shall be automatically applied to amountsowed,in Lender's sole discretion,or as otherwise allowed by applicable law.A change in the interest rates may result in a change in yourpayment amount.Interest on this Note is calculated on a Actual/360 day basis.The unpaid balance of this loan shall,afer an Event of Defaultexists under this Note or any other agreement related to the loan,be subject to a Default Rate of interest equal to 4.000 percentage points overthe applicable variable interest rate in effect from time to time,calculated as described above in the section "Interest Rate,"and after Maturity,whether by acceleration or otherwise,shall be subject to a post-maturity rate of interest equal to 4.000 percentage points over the

FAQs

What are the key loan terms and maturity date?

The note sets a principal amount of $2,450,000.00 with a 60-month term and a maturity date of November 20, 2017.

How is the interest rate determined and can it change?

The initial variable interest rate is 3.750% per annum and may change on specified change dates using the One Month Libor Rate plus a 3.000 percentage point margin, with a stated minimum of 3.750%.

What happens if a payment is late or the borrower defaults?

If a required payment is more than 10 days late, a late payment charge may apply. Upon an Event of Default, the note may become subject to a Default Rate of interest and a post-maturity interest rate after maturity.

Sep 16, 2026

Uploaded by Patrick