William Dommel (“Dommel”) and his late father, Robert Dommel,1 participated in the commercial horse-breeding business for over twenty-five years. (Doc. 97 ¶ 7; Doc. 106 ¶ 7). Between March 2006 and May 2007, the Dommels entered into three loan agreements with Jonestown Bank and Trust Company (“the Bank”), totaling approximately $4,330,000. The documents memorializing these agreements consist of promissory notes, mortgages, and guaranties (collectively, “the loan documents”).
The Dommels pledged three properties in toto as security for the loans: 1) “Farm One” located at 83 Sherk’s Church Road, Palmyra, Pennsylvania, consisting of 96 acres, (2) “Farm Two” located at 7 Coon Creek Road, Palmyra, Pennsylvania, consisting of 68 acres, and (3) a hunting camp located in Lycoming County, Pennsylvania, consisting of 500 acres. According to the terms of each mortgage, the Dommels waived “all notices of Mortgagor’s default of, or Mortgagee’s election to exercise, or Mortgagee’s actual exercise of any right, remedy or option under, this Mortgage or under the Note, unless expressly required under this Mortgage or documents evidencing or collateralizing the Note.”