Common use of Stipulation for Judgment Clause in Contracts

Stipulation for Judgment. In order to secure payment of Eight Hundred Thousand Dollars ($800,000.00) due and payable under the Amended and Restated Promissory Note as follows: (i) $75,000 on the date hereof, (ii) eleven equal monthly installments of $62,346.00 paid on the 26th day of the month, commencing June 26, 2004, and (iii) all remaining principal and interest on the outstanding principal balance at the rate of six percent (6%) per annum on May 26, 2005 (the "Maturity Date"), all as set forth in the Note, referenced herein and a copy of which is attached hereto, Buyer and PWS shall upon the execution hereof deliver to Ro▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇f Fi▇▇▇▇ ▇nd Ph▇▇▇▇▇▇, LLP an originally executed Stipulation for Judgment (the " Judgment") (attached hereto as Exhibit "B") that if filed by the Seller shall, at the time of filing be a judgment for the full amount of the Amended and Restated Promissory Note plus all attorneys' fees and costs incurred by Seller to file, execute and enforce the Judgment, less any payment made by Buyer and/or PWS of the principal and interest on the Amended and Restated Promissory Note up to the time of the filing of the Judgment by Seller suitable for filing in Orange County, California, to secure the Payment Obligations. Seller shall and shall require Seller's Attorney to hold the Judgment in trust unless and until a "default" (as defined in the Amended and Restated Promissory Note) occurs under the Amended and Restated Promissory Note. Buyer and Seller acknowledge and agree that in the event of Buyer's "default" under the Amended and Restated Promissory, Seller shall file a Complaint for Breach of Promissory Note in the Superior Court of the State of California, County of Orange, to obtain a case number and immediately thereafter file with that Court the Judgment and immediately take all steps to execute on and enforce the Judgment against Buyer and PWS. Buyer and PWS agree to execute such additional documentation as reasonably requested by Seller, at Seller's expenses, to further Seller's right to and/or facilitate in the Seller's taking action to file (i) the Judgment and/or (ii) a judgment against Buyer and PWS in any amount equal to the total of all sums then due to the Seller under the terms of the Amended and Restated Promissory Note. Seller covenants, agrees and promises not to execute on, enforce, or attempt to collect the Judgment (and refrain from doing so) in any manner or by any process unless and until there has been a default on the Amended and Restated Promissory Note. Seller further agrees, covenants and promises to apply and credit all payments made under or on the Amended and Restated Promissory Note (or property recovered through executed of the Judgment) against outstanding principal and accrued by unpaid interest in the event that enforcement of or execution on the Judgment occurs. Seller further agrees to return the Judgment to Buyer and PWS when Buyer and PWS have made full payment under the Amended and Restated Promissory Note, assuming there have been no uncured "defaults" under that note at any time prior to its being fully paid off by Buyer and PWS.

Stipulation for Judgment. In order The parties have stipulated to secure payment of Eight Hundred Thousand Dollars ($800,000.00) due and payable under the Amended and Restated Promissory Note as follows: (i) $75,000 on the date hereofa Judgment, (ii) eleven equal monthly installments of $62,346.00 paid on the 26th day of the month, commencing June 26, 2004, and (iii) all remaining principal and interest on the outstanding principal balance at the rate of six percent (6%) per annum on May 26, 2005 (the "Maturity Date"), all as set forth in the Note, referenced herein and a copy of which is attached heretohereto and incorporated herein by reference as “Exhibit A”) pursuant to California Code of Civil Procedure, Buyer Section 664.6 in favor of WTA Campbell and PWS against Zamba for the sum of $729,300.00, payable as follows: (a) Zamba to pay WTA Campbell $65,000.00 on the first day of each month for a 10-month period, commencing on the later of October 1, 2002, or two business days following execution of this Agreement by the Parties, and ending July 1, 2003 with a final payment of $58,300.00 on August 1, 2003; plus (b) Zamba to pay WTA Campbell an additional payment of $15,000.00 on the later of October 1, 2002, or two business days following execution of this Agreement by the Parties; plus (c) Zamba to pay WTA Campbell an additional payment of $ 6,000.00 on November 1, 2002; plus (d) Zamba Corporation shall upon vacate the Premises no later than December 8, 2002; In addition, the Judgment will provide that in the event of a default by Zamba, WTA Campbell shall be entitled to recover reasonable attorneys’ fees and costs incurred in connection with any proceeding to enter, collect and/or enforce the Judgment. Entry and execution hereof deliver of the Judgment shall be stayed provided that Zamba regularly pays the installments and performs in the manner provided herein. For the purpose of this Agreement, and pursuant to Ro▇▇▇▇ ▇▇▇California Code of Civil Procedure Section 664.6, the Parties stipulate that the Santa ▇▇▇▇▇ ▇f FiCounty Superior Court shall retain jurisdiction over Zamba to enforce the settlement until performance in full has been achieved of its terms. In the event Zamba defaults in the payment of the installments or fails to perform in the manner provided herein, WTA Campbell shall provide written notice of said default by faxing said notice to Zamba, Attention: General Counsel, Fax Number (▇▇▇▇ ) ▇nd Ph▇▇-▇▇▇▇▇▇. If Zamba fails to cure the default within ten (10) calendar days of said notice, LLP an originally executed Stipulation for Judgment (shall be entered and the " Judgment") (attached hereto as Exhibit "B") that if filed by the Seller shall, at the time of filing be a judgment for the full amount of the Amended and Restated Promissory Note plus all attorneys' fees and costs incurred by Seller to file, execute and enforce the Judgment, less any payment made by Buyer and/or PWS of the principal and interest on the Amended and Restated Promissory Note up to the time of the filing balance of the Judgment by Seller suitable for filing in Orange County, California, shall be immediately due and payable and WTA Campbell shall be entitled to secure the Payment Obligations. Seller shall and shall require Seller's Attorney to hold the Judgment in trust unless and until a "default" (as defined in the Amended and Restated Promissory Note) occurs under the Amended and Restated Promissory Note. Buyer and Seller acknowledge and agree that in the event of Buyer's "default" under the Amended and Restated Promissory, Seller shall file a Complaint for Breach of Promissory Note in the Superior Court of the State of California, County of Orange, to obtain a case number and immediately thereafter file with that Court the Judgment and immediately take all steps legal means to execute on and collect the unpaid balance and/or enforce the Judgment against Buyer and PWS. Buyer and PWS agree to execute such additional documentation as reasonably requested by Seller, at Seller's expenses, to further Seller's right to and/or facilitate in the Seller's taking action to file (i) the Judgment and/or (ii) a judgment against Buyer and PWS in any amount equal to the total of all sums then due to the Seller under the terms of the Amended Judgment. Zamba hereby expressly waives notice of entry of Judgment, notice of and Restated Promissory Noteright to any hearing regarding entry of Judgment. Seller covenantsProvided Zamba vacates the Premises, agrees Zamba’s duties and promises not to execute onobligations under the Lease shall terminate. Provided Zamba regularly pays the installments and performs in the manner provided herein, enforceWTA Campbell, or attempt to collect upon the Judgment (and refrain from doing so) in any manner or by any process unless and until there has been a default on the Amended and Restated Promissory Note. Seller further agrees, covenants and promises to apply and credit all payments made under or on the Amended and Restated Promissory Note (or property recovered through executed receipt of the Judgment) against outstanding principal last payment as provided herein, will file and accrued by unpaid interest in serve a Request for Dismissal with Prejudice. Additionally, the event Parties agree that enforcement WTA Campbell shall retain the cash Security Deposit which is currently understood to be of or execution on $51,834.00 and the Judgment occurs. Seller further agrees remaining balance of the line of credit component of the Security Deposit, which is currently understood to return the Judgment to Buyer and PWS when Buyer and PWS have made full payment under the Amended and Restated Promissory Note, assuming there have been no uncured "defaults" under that note at any time prior to its being fully paid off by Buyer and PWSbe $3,483.00.