HomeMy WebLinkAboutResolution #5051 (Fuller Jewelry) RESOLUTION NO.5051
A RESOLUTION APPROVING A PROMISSORY INSTALLMENT LOAN AGREEMENT WITH
DANIEL FULLER,D/B/A FULLER'S JEWELRY AND THE CITY OF CANTON AND DIRECTING THE
MAYOR TO EXECUTE AND DELIVER SAID AGREEMENT ON BEHALF OF THE CITY OF
CANTON,ILLINOIS.
WHEREAS, the Revolving Loan Committee of the City of Canton has determined that it is necessary and
in the best interests of the City of Canton to enter into a promissory installment loan agreement with Daniel Fuller,
d/b/a Fuller's Jewelry, Inc., as set forth in Exhibit"A"attached hereto and incorporated herein; and
WHEREAS,the City Council of the City of Canton has made a similar determination.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY COUNCIL OF THE CITY
OF CANTON,ILLINOIS,AS FOLLOWS:
1. That the agreement attached hereto and incorporated herein as Exhibit"A" is hereby approved by the
Canton City Council.
2. That the Mayor of the City of Canton, Illinois is hereby authorized and directed to execute said Agreement
on behalf of the City of Canton.
3. That this Resolution shall be in full force and effect immediately upon its passage by the City Council of
the City of Canton, Illinois and approval by the Mayor thereof.
PASSED by the City Council of the City of Canton, Illinois at a regular meeting this 3rd day of May 2016 upon a
roll call vote as follows:
AYES: Alderman Craig West, Tad Putrich, Ryan Mayhew,Justin Nelson,John Lovell,Angela Hale
NAYS: None
ABSENT: Alderman Jim Nelson
ABSTAIN: Alderman Gerald Ellis
APPROVED:
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Promissory Installment Note
1. RECITATIONS:
Date: Mayes, 2016
Borrowers: Daniel Fuller, d/b/a Fuller's Jewelry, Inc.
Borrowers' Addresses: 46 N. Main St., Canton, IL 61520
Lender: City of Canton
Place for Payment: 2 North Main Street, Canton, Illinois 61520
Principal Amount: $33,000.00
Term: Monthly (60 months)
Monthly Payments: $592.97
Maturity: June 1, 2021
2. PROMISE TO PAY. Borrower promises to pay lender, or order, any lawful money of
the United States of America, the principal amount of thirty-three thousand dollars ($33,000.00)
together with interest at the rate of 3% per annum on the unpaid principal balance from July 1,
2016, until paid in full. Borrower shall use the funds for the demolition of the reconstruction the
north wall and the repair and restoration of the west (rear) wall of the building located at 46 N.
Main Street, Canton, Illinois. The repair shall commence within thirty (30) days of the
distribution of said funds. The repair and restoration of said wall shall be completed within six
(6) months of said distribution of said funds. Should said repair and restoration not be
commenced and completed within the parameters established by this Section, the Borrower shall
be considered in default and Lender shall be able to collect said funds pursuant to Sections 7 and
8 of said Note.
3. INTEREST RATE. Annual interest rate on matured, unpaid amounts shall be at the rate
of three percent(3%).
4. PAYMENT TERMS. Borrower will pay this loan in sixty (60) equal payments of five
hundred ninety two dollars and ninety seven cents ($592.97) each payment, subject to the
amortization schedule attached hereto and incorporated herein by reference. Borrower's first
payment is due July 1, 2016, and all subsequent payments are due on the same day of each
month thereafter. Borrower's final payment will be due on June 1, 2021, and will be for all
principal and accrued interest not yet paid. Payments include principal and interest. Unless
otherwise agreed or required by applicable law, payments will be applied first to any accrued
unpaid interest; then to principal; then to any unpaid collection costs; and then to any late
charges. The annual interest rate for this promissory installment note is computed on a 365/360
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basis; that is, by applying the ratio of the annual interest rate over a year of 360 days, multiplied
by the outstanding principal balance, multiplied by the actual number of days the principal
balance is outstanding.
5. PRE-PAYMENT. Borrower may pay without penalty all or a portion of the amount
owed earlier than it is due. Early payments will not, unless agreed to by lender in writing,
relieve Borrower of obligation to continue to make payments under the amortization schedule.
Rather, early payments will reduce the principal balance due and may result in Borrower making
fewer payments. Borrower agrees not to send Lender's 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 this note, and Borrower will remain obligated to
pay any further amount owed to Lender. All written communications concerning disputes
amounts, including any check or payment instrument that indicates that the payment constitutes
"payment in full" of the amount owed where that is tendered with other conditions or limitations
or as full satisfaction of the disputed amount must be made or delivered to "City of Canton, 2 N.
Main Street, Canton, IL 61520".
6. PLACE FOR PAYMENT. Borrower will pay Lender at Lender's address shown above
or at such other place as Lender may designate in writing.
7. DEFAULT AND ACCELERATION CLAUSE. If Borrower defaults in the payment
of this note or in the performance of any obligation, including, but not limited to those noted
below, and the default continues after Lender gives Borrower notice of the default and the time
in which it must be cured, as may be required by law or written agreement, then the Lender may
declare the unpaid principal balance on this promissory installment note immediately due.
Borrower and each surety, endorser, and guarantor waive all demands for payment, presentation
for payment, notices of intentions to accelerate maturity, notices of acceleration of maturity,
protests and notices of protest, to the extent permitted by law.
Each of the following shall constitute an event of default under this note:
a. Payment default: Borrower fails to make any payment when due under this
note.
b. Other defaults: Borrower fails to comply with or to perform any other term,
obligation, covenant or condition contained in this note, or
in any of their related contained in any other agreement
between Lender and Borrowers.
c. Default in favor of third parties: Borrower or any guarantors defaults under
any loan, extension of credit, security agreement, purchase
for sales agreement, or any other agreement, in favor of any
other creditor or person that may materially affect any of the
Borrower's property or borrowers' ability to repay this note
or perform Borrower's obligation under this note or any
other related documents.
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d. False statements: Any warranty, representation or statement made or
furnished to Lender by Borrower or on Borrower's behalf
under this note or the related documents as false or
misleading in any material respect, either now or at the time
made or furnished or becomes false or misleading at any
time thereafter.
e. Insolvency: The dissolution or termination of Borrower's existence as a
business, the insolvency of Borrower, the appointment of a
receiver for any part of Borrower's property, any assignment
for the benefit of creditors, any type of creditor workout, or
the commencement of any preceding under any bankruptcy
or insolvency laws by or against Borrower.
E Adverse change: A material adverse change occurs in Borrower's
financial condition, or Lender believes the prospect of
payment or performance of this note is impaired.
g. Insecurity: Lender in good faith believes itself insecure.
8. INTEREST ON PAST DUE INSTALLMENTS AND CHARGES. All past due
installments of principal and/or interest and/or all other past-due incurred charges shall bear
interest after maturity at the maximum amount of interest permitted by the Laws of the State of
Illinois until paid in full. Failure by Borrower to remit any payment by the fifteenth (15th) day
following the date that such payment is due shall incur a thirty-five dollar ($35.00) late fee. If
Borrower fails to remit payment by the thirtieth (30th) day following the date that such payment
is due entitles the Lender hereof to declare the entire principal and accrued interest immediately
due and payable. The Lender's forbearance in enforcing a right or remedy as set forth herein
shall not be deemed a waiver of said right or remedy for a subsequent cause, breach or default of
the Borrower's obligations herein.
9. INTEREST. Interest on this debt evidenced by this Note shall not exceed the maximum
amount of non-usurious interest that may be contracted for, taken, reserved, charged, or received
under law; any interest in excess of the maximum shall be credited on the principal of the debt
or, if that has been paid, refunded. On any acceleration or required or permitted prepayment, any
such excess shall be canceled automatically as of the acceleration or prepayment or, if already
paid, credited on the principal of the debt or, if the principal of the debt has been paid, refunded.
10. FORM OF PAYMENT. Any check, draft, money order, or other instrument given in
payment of all or any portion hereof may be accepted by the holder and handled in collection in
the customary manner, but the same shall not constitute payment hereunder or diminish any
rights of the holder hereof except to the extent that actual cash proceeds of such instruments are
unconditionally received by the Lender and applied to this indebtedness in the manner elsewhere
herein provided.
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11. ATTORNEY'S FEES; EXPENSES. If this Note is given to an attorney, including any
attorney within the employ of the City of Canton, for collection or enforcement, or if suit is
brought for collection or enforcement, or if it is collected or enforced through probate,
bankruptcy, or other judicial proceeding, then Borrower shall pay the Lender all costs of
collection and enforcement, including reasonable attorney's fees and expenses in addition to
other amounts due.
12. CONFESSION OF JUDGEMENT. Borrower hereby irrevocably authorizes and
empowers any attorney at law to appear in any court of record and to confess judgment against
Borrower for the unpaid amount of this Note as evidenced by an affidavit signed by an officer or
elected official of the Lender setting forth the amount then due, attorney's fee plus cost of suit, to
release all errors, and waive all rights of appeal. If a copy of this Note, verified by an affidavit,
shall have been filed in the preceding, it will not be necessary to file the original as a warrant of
attorney. Borrower waives the right to any stay of execution and the benefit of all exemption
laws now or hereafter in effect. No single exercise of the forgoing warrant in power to confess
judgment will be deemed to exhaust the power, whether or not any such exercise shall be held by
any court to be invalid, violable, or void; but the power will continue undiminished and may be
exercised from time to time as the Lender may elect until all amounts owed on this Note have
been paid in full. Borrower hereby waives and releases any and all claims or causes of action
which Borrower might have against any attorney acting under the terms of authority which
Borrower has granted herein arising out of or connected with the confession of judgment
hereunder.
13. SEVERABILITY. If any provision of this Note or the application thereof shall, for any
reason and to any extent, be invalid or unenforceable, neither the remainder of this Note nor the
application of the provision to other persons, entities or circumstances shall be affected thereby,
but instead shall be enforce to the maximum extent permitted by law.
14. BINDING EFFECT. The covenants, obligations and conditions herein contained shall
be binding on and inure to the benefit of the heirs, legal representatives, and assigns of the
parties hereto.
15. DESCRIPTIVE HEADINGS. The descriptive headings used herein are for
convenience of reference only and they are not intended to have any effect whatsoever in
determining the rights or obligations under this Note.
16. CONSTRUCTION. The pronouns used herein shall include, where appropriate, either
gender or both, singular or plural.
17. GOVERNING LAW. This Note shall be governed, construed and interpreted by,
through and under the Laws of the State of Illinois.
PRIOR TO SIGNING THIS NOTE, BORROWER READ AND UNDERSTOOD ALL THE
PROVISIONS OF THIS NOTE. BORROWER AGREES TO THE TERMS OF THIS NOTE.
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BORROWER ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS
PROMISSORY NOTE.
EXECUTED this day of May, 2016.
BORROWER:
DANIEL FULLER, d/b/a Fuller Jewelry, Inc.
By: ga4:�—�R
Daniel Fuller
Attest:
By: C�!
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EY. A
Futter Jewelry Amortization Schedule
Enter values
Loan amount -$ 33,000.00-.I
Annual interest rate 3.000%
Loan -
period in years g
Start date of loan 6/1/20161
Monthly payment S 592.97
Number of payments 60
Total interest $ 2,578.01
Total cost of loan S 35,578.01
Payment Beginning Ending
No. Date Balance Payment Principal Interest Balance
1 7/1/2016 $ 33,000.00 $ 592.97 $ 510.47 $ 82.50 $ 32,489.53
2 8/1/2016 $ 32,489.53 S 592.97 5 511.74 $ 81.22 $ 31,977.79
3 9/1/2016 $ 31,977.79 $ 592.97 $ 513.02 $ 79.94 $ 31,464.77
4 10/1/2016 $ 31,464.77 $ 592.97 $ 514.30 $ 78.66 $ 30,950.46
5 11/1/2016 $ 30,950.46 $ 592.97 $ 515.59 $ 77.38 $ 30,434.87
6 12/1/2016 $ 30,434.87 $ 592.97 $ 516.88 $ 76.09 $ 29,917.99
7 1/1/2017 $ 29,917.99 S 592.97 $ 518.17 $ 74.79 $ 29,399.82
8 2/1/2017 $ 29,399.82 S 592.97 S 519.47 $ 73.50 $ 28,880.35
9 3/1/2017 $ 28,880.35 $ 592.97 $ 520.77 $ 72.20 $ 28,359.59
10 4/1/2017 S 28,359.59 $ 592.97 $ 522.07 $ 70.90 $ 27,837.52
11 5/1/2017 $ 27,837.52 $ 592.97 $ 523.37 $ 69.59 $ 27,314.15
12 6/1/2017 $ 27,314.15 $ 592.97 $ 524.68 $ 68.29 $ 26,789.47
13 7/1/2017 S 26,789.47 $ 592.97 $ 525.99 $ 66.97 $ 26,263.47
14 8/1/2017 S 26,263.47 $ 592.97 $ 527.31 $ 65.66 $ 25,736.16
15 9/1/2017 $ 25,736.16 $ 592.97 $ 528.63 $ 64.34 $ 25,207.54
16 10/1/2017 $ 25,207.54 $ 592.97 $ 529.95 $ 63.02 $ 24,677.59
17 11/1/2017 $ 24,677.59 $ 592.97 $ 531.27 $ 61.69 $ 24,146.32
18 12/1/2017 $ 24,146.32 $ 592.97 $ 532.60 $ 60.37. $ 23,613.72
19 1/1/2018 $ 23,613.72 $ 592.97 $ 533.93 $ 59.03 $ 23,079.78
20 2/1/2018 $ 23,079.78 $ 592.97 $ 535.27 $ 57.70 $ 22,544.52
21 3/1/2018 $ 22,544.52 S 592.97 $ 536.61 $ 56.36 $ 22,007.91
22 4/1/2018 S 22,007.91 $ 592.97 $ 537.95 $ 55.02 $ 21,469.96
23 5/1/2018 $ 21,469.96 $ 592.97 $ 539.29 $ 53.67 $ 20,930.67
24 6/1/2018 $ 20,930.67 $ 592.97 $ 540.64 $ 52.33 S 20,390.03
25 7/1/2018 $ 20,390.03 $ 592.97 $ 541.99 $ 50.98 $ 19,848.04
26 8/1/2018 $ 19,848.04 $ 592.97 $ 543.35 $ 49.62 $ 19,304.69
w
Payment Beginning Ending
No. Date Balance Payment Principal Interest Balance
27 9/1/2018 $ 19,304.69 $ 592.97 $ 544.71 $ 48.26 $ 18,759.99
28 10/1/2018 $ 18,759.99 $ 592.97 $ 546.07 S 46.90 $ 18,213.92
29 11/1/2018 $ 18,213.92 $ 592.97 $ 547.43 $ 45.53 S 17,666.49
30 12/1/2018 $ 17,666.49 $ 592.97 $ 548.80 $ 44.17 $ 17,117.69
31 1/1/2019 $ 17,117.69 $ 592.97 $ 550.17 $ 42.79 $ 16,567.52
32 2/1/2019 $ 16,567.52 $ 592.97 $ 551.55 $ 41.42 $ 16,015.97
33 3/1/2019 $ 16,015.97 $ 592.97 $ 552.93 $ 40.04 $ 15,463.04
34 4/1/2019 $ 15,463.04 $ 592.97 $ 554.31 $ 38.66 $ 14,908.73
35 5/1/2019 $ 14,908.73 $ 592.97 $ 555.69 $ 37.27 $ 14,353.04
36 6/1/2019 $ 14,353.04 $ 592.97 $ 557.08 $ 35.88 $ 13,795.95
37 7/1/2019 $ 13,795.95 $ 592.97 $ 558.48 $ 34.49 $ 13,237.48
38 8/1/2019 $ 13,237.48 $ 592.97 $ 559.87 $ 33.09 $ 12,677.60
39 9/1/2019 $ 12,677.60 $ 592.97 S 561.27 S 31.69 S 12,116.33
40 10/1/2019 $ 12,116.33 $ 592.97 $ 562.68 $ 30.29 $ 11,553.65
41 11/1/2019 $ 11,553.65 $ 592.97 $ 564.08 $ 28.88 $ 10,989.57
42 12/1/2019 $ 10,989.57 $ 592.97 S 565.49 $ 27.47 $ 10,424.08
43 1/1/2020 $ 10,424.08 $ 592.97 $ 566.91 $ 26.06 $ 9,857.17
44 2/1/2020 $ 9,857.17 $ 592.97 $ 568.32 $ 24.64 $ 9,288.85
45 3/1/2020 $ 9,288.85 $ 592.97 $ 569.74 S 23.22 $ 8,719.10
46 4/1/2020 $ 8,719.10 $ 592.97 $ 571.17 S 21.80 $ 8,147.93
47 5/1/2020 $ 8,147.93 $ 592.97 $ 572.60 $ 20.37 $ 7,575.34
48 6/1/2020 $ 7,575.34 $ 592.97 $ 574.03 $ 18.94 $ 7,001.31
49 7/1/2020 $ 7,001.31 $ 592.97 $ 575.46 $ 17.50 $ 6,425.85
50 8/1/2020 $ 6,425.85 $ 592.97 $ 576.90 $ 16.06 $ 5,848.94
51 9/1/2020 $ 5,848.94 $ 592.97 $ 578.34 S 14.62 $ 5,270.60
52 10/1/2020 $ 5,270.60 $ 592.97 $ 579.79 $ 13.18 $ 4,690.81
53 11/1/2020 $ 4,690.81 $ 592.97 S 581.24 $ 11.73 $ 4,109.57
54 12/1/2020 $ 4,109.57 $ 592.97 $ 582.69 $ 10.27 $ 3,526.88
55 1/1/2021 $ 3,526.88 $ 592.97 $ 584.15 $ 8.82 $ 2,942.73
56 2/1/2021 $ 2,942.73 S 592.97 $ 585.61 $ 7.36 $ 2,357.12
57 3/1/2021 $ 2,357.12 $ 592.97 $ 587.07 $ 5.89 $ 1,770.04
58 4/1/2021 $ 1,770.04 $ 592.97 $ 588.54 $ 4.43 $ 1,181.50
59 5/1/2021 $ 1,181.50 $ 592.97 $ 590.01 $ 2.95 $ 591.49
60 6/1/2021 $ 591.49 $ 592.97 $ 591.49 $ 1.48 $