HomeMy WebLinkAboutOrdinance#4224 - Redevelopment Agreement between the City of Canton and Frank Rusaj (Elm Street Cafe) CERTIFICATE
THE UNDERSIGNED CERTIFIES THAT SHE IS THE CITY CLERK FOR THE CITY
OF CANTON, ILLINOIS, AND THAT THE CITY COUNCIL AT A REGULARLY
CONSTITUTED MEETING OF SAID CITY COUNCIL OF THE CITY OF CANTON ON
THE 20TH DAY OF APRIL, 2021 ADOPTED ORDINANCE NO. 4224, A TRUE AND
CORRECT COPY OF WHICH IS CONTAINED IN THIS PAMPHLET.
GIVEN UNDER MY HAND AND SEAL THIS 2D DAY OF APRIL, 2021.
(SEAL)
grer, ,„
DIA PAVLEY-ROCK
CITY CLERK
CITY OF CANTON, ILLINOIS
ORDINANCE NO. 4224
AN ORDINANCE APPROVING AND AUTHORIZING THE EXECUTION OF A
TIF REDEVELOPMENT AGREEMENT
BY AND BETWEEN
THE CITY OF CANTON,FULTON COUNTY, ILLINOIS
AND
FRANK RUSAJ
(d/b/a Elm Street Cafe)
PASSED BY THE CITY COUNCIL
OF THE CITY OF CANTON, FULTON COUNTY, ILLINOIS,
ON THE 20TH DAY OF APRIL, 2021.
PUBLISHED IN PAMPHLET FORM BY AUTHORITY OF THE CITY
COUNCIL OF THE CITY OF CANTON, FULTON COUNTY, ILLINOIS,
THIS 20TH DAY OF APRIL, 2021.
EFFECTIVE: APRIL 20, 2021
1
CITY OF CANTON, ILLINOIS: ORDINANCE NO. 4224
CANTON 2 - RT. 9 / CHESTNUT STREET
TAX INCREMENT FINANCING (TIF) DISTRICT
AN ORDINANCE APPROVING AND AUTHORIZING
THE EXECUTION OF A REDEVELOPMENT AGREEMENT
by and between
THE CITY OF CANTON, FULTON COUNTY, ILLINOIS
and
FRANK RUSAJ
(d/b/a Elm Street Cafe)
BE IT ORDAINED BY THE CITY OF CANTON, FULTON COUNTY, ILLINOIS
THAT:
1. The Redevelopment Agreement by and between the City of Canton and Frank Rusaj
d/b/a Elm Street Café, (Exhibit A attached) is hereby approved.
2. The Mayor is hereby authorized and directed to enter into and execute on behalf of the
City said Redevelopment Agreement and the City Clerk of the City of Canton is hereby
authorized and directed to attest such execution.
3. The Redevelopment Agreement shall be effective the date of its approval on the 20th day
of April, 2021.
4. This Ordinance shall be in full force and effect from and after its passage and approval as
required by law.
[the remainder ofhispage is intentionally blank]
PASSED,APPROVED AND ADOPTED by the Corporate Authorities of the City of
Canton, Fulton County, Illinois, on the 20th day of April, 2021, and deposited and filed in the Office
of the City Clerk of said City on that date.
MAYOR&ALDERMEN AYE VOTE NAY VOTE ABSTAIN/ABSENT
Angie Lingenfelter X
Andra Chamberlin X
Jeff Fritz X
Craig West X
Quin Mayhew X
Justin Nelson X
John Lovell X
Angela Hale X
Kent A. McDowell,Mayor
TOTAL VOTES 8 0 0
APPROVED: .�.411filk �� ir, ,./1I1y, , Date: / /2021
layo;, ity o 0 nto
ATTEST: , / '0( Date: I / 21)/2021
City -rk, City of Canton
ATTACHMENTS:
EXHIBIT A. REDEVELOPMENT AGREEMENT BY AND BETWEEN THE CITY OF CANTON AND
FRANK RUSAJ d/b/a ELM STREET CAFE
3
TAX INCREMENT FINANCING DISTRICT
REDEVELOPMENT AGREEMENT
by and between
CITY OF CANTON, FULTON COUNTY, ILLINOIS
and
FRANK RUSAJ
(d/b/a Elm Street Cafe)
CANTON 2 - RT. 9 / CHESTNUT STREET
TAX INCREMENT FINANCING DISTRICT
APRIL 20, 2021
TIF REDEVELOPMENT AGREEMENT
by and between
CITY OF CANTON
and
FRANK RUSAJ
(d/b/a Elm Street Cafe)
CANTON 2 - RT. 9 / CHESTNUT STREET TIF DISTRICT
THIS TIF REDEVELOPMENT AGREEMENT (including Exhibits and the "Agreement")
is entered into this 20th day of April, 2021, by the City of Canton (the "City"), an Illinois Municipal
Corporation, Fulton County,Illinois,and Frank Rusaj (d/b/a Elm Street Cafe,a sole proprietorship
and the "Developer").
PREAMBLE
WHEREAS, the City has the authority to promote the health, safety,and welfare of the City and
its citizens and to prevent the spread of blight and deterioration and inadequate public facilities by
promoting the development of private property thereby increasing the tax base of the City and
providing employment for its citizens; and
WHEREAS,pursuant to the Tax Increment Allocation Redevelopment Act,65 ILCS 5/11-74.4.4
et seq., as amended (the "Act"), the City has the authority to provide incentives to owners or
prospective owners of real property to develop, redevelop, and rehabilitate such property by
reimbursing the owners for certain costs from resulting increases in real estate tax revenues; and
WHEREAS, on February 6, 2012, recognizing the need to foster the development, expansion
and revitalization of certain properties which are vacant, underutilized or undeveloped, the City
adopted Tax Increment Financing under the Act, approved a Redevelopment Plan and designated a
Redevelopment Area known as the Canton 2 - Rt. 9/Chestnut Street TIF District (hereinafter
referred to as "Canton TIF District 2," or as the "TIF District"); and
WHEREAS,pursuant to the TIF Act,the City approved the First Amendment to the TIF District
on March 19, 2013 by Ordinance No. 3009; and
WHEREAS, pursuant to the TIF Act, the City approved the Second Amendment to the TIF
District on August 16, 2016 by Ordinance No. 4038; and
WHEREAS, pursuant to the TIF Act, the City approved the Third Amendment to the TIF
District on April 5, 2017 by Ordinance No. 4071; and
WHEREAS, one such property is owned by the Developer and located at 231 E. Elm Street,
Canton, Illinois (PIN 09-08-27-434-014 and the "Property"), and said Property is in need of
redevelopment which is consistent with the goals and objectives of the TIF District; and
WHEREAS, the Developer will proceed with plans to renovate the building by: installing new
awnings; replacing doorways at front and at restroom with ADA compliant entries; and repair the
Frank Rusaj(dl b/a Elm Street Ca fe)Redevelopment_Agreement Page 1
signage on the building (the "Project"), and is doing so based upon incentives made available by the
City; and
WHEREAS, it is the intent of the City to encourage economic development which will increase
the real estate tax, which increased taxes will be used, in part, to finance incentives to assist this
Developer's Project; and
WHEREAS, the City has the authority under the Act to incur Redevelopment Project Costs
("Eligible Project Costs") and to reimburse Developer for such costs; and
WHEREAS, pursuant to Illinois Statute 65 ILCS 5/8-1-2.5, the City has the authority to
appropriate and expend funds for economic development purposes,including without limitation, the
making of grants to any commercial enterprise that is necessary or desirable for the promotion of
economic development within the municipality;and
WHEREAS, the Developer has requested that incentives for the development be provided by
the City from incremental increases in real estate taxes of the City and its Project and that such
incentives include the reimbursement of TIF Eligible Project Costs; and
WHEREAS, the City has determined that this Project requires the incentives requested and that
said Project will,as a part of the Plan,promote the health,safety and welfare of the City and its citizens
by attracting private investment to prevent blight and deterioration,to develop underutilized property,
and to provide employment for its citizens and generally to enhance the economy of the City; and
WHEREAS, the City and the Developer (the "Parties") have agreed that the City shall provide a
forgivable loan to the Developer for the reimbursement of a portion of the Developer's TIF Eligible
Project Costs (as set forth in Exhibit "1" attached hereto) of an amount not to exceed Ten
Thousand and 00/100 Dollars ($10,000.00) to be paid from the Canton TIF District 2 Special Tax
Allocation Fund as specified below in Section C, Incentives; and
WHEREAS, in no event shall cumulative maximum reimbursements for the Developer's TIF
Eligible Project Costs under this Agreement exceed Ten Thousand and 00/100 Dollars
($10,000.00); and
WHEREAS, the City is entering into this Agreement to induce the Developer to acquire the
Property and complete the Project; and
WHEREAS, in consideration of the execution of this Agreement and in reliance thereon, the
Developer has proceeded with its plans to complete the Project as set forth herein.
AGREEMENTS
NOW, THEREFORE, for good and valuable consideration, the receipt of which is
acknowledged, the Parties agree as follows:
Frank Rusaj(d/b/a Elm Street Cafe)Redevelopment_Agreement Page 2
A. PRELIMINARY STATEMENTS
1. The Parties agree that the matters set forth in the recitals above are true and correct and
form a part of this Agreement and are to be construed as binding statements of this
Agreement.
2. Any terms which are not defined in this Agreement shall have the same meaning as they do
in the Act, unless indicated to the contrary.
3. The Developer shall remain in compliance with all municipal ordinances relating to property
development, property condition, zoning, subdivision and building codes. Failure to cure
the violation of any such ordinance within thirty (30) days upon being provided written
notice of the same by the City shall be cause for the City to declare the Developer in Default
and unilaterally terminate this Agreement, except where such failure is not reasonably
susceptible to cure within such 30-day period, in which case the Developer shall have such
additional time to cure as is reasonably necessary, provided that the Developer has
commenced such cure within such 30-day period and continues to diligently prosecute the
same to completion.
4. The Developer shall complete the Project on or before on or before the date that is six (6)
months from the date this Agreement is approved by the City, subject to extension due to
Force Majeure (defined below). The Project will be deemed complete when the Developer
has completed the renovations to the commercial building located on the Property.
5. Each of the Parties represents that it has taken all actions necessary to authorize its
representatives to execute this Agreement.
B. ADOPTION OF TAX INCREMENT FINANCING
The City has created a Tax Increment Financing District known as the "CANTON 2 - RT. 9 /
CHESTNUT STREET TIF DISTRICT" which includes the Developer's Property. The City has
approved certain Redevelopment Project Costs,including the types described in Exhibit "1"for the
Developer's Project.
C. INCENTIVES
In consideration for the Developer completing its Project, the City agrees to extend to the
Developer the following incentives to assist the Developer's Project:
1. In exchange for a promissory note co be issued by the Developer to the City as set forth in
Exhibit"2"attached hereto,the City agrees to loan to the Developer (also,the"Borrower")
the sum of Ten Thousand and 00/160 Dollars ($10,000.00) from the TIF District Special
Tax Allocation Fund for TIF Eligible Project Costs incurred as a result of the Developer's
Project. The terms and conditions for the loan shall be as follows:
a. The full Loan amount of$10,000.041 shall be disbursed to the Developer from the TIF
District Special Tax Allocation :and within thirty (30) days from the date of execution
Frank Ruraj(d/b/a Elm Street Cafe)RedP1elopment.:i,g;-eement Page 3
of this Agreement, or upon verification of a minimum of$10,000.00 of TIF Eligible
Project Costs pursuant to Section E below, whichever occurs later.
b. The interest rate for the note shall be Three Percent (3%) per annum and shall begin to
accrue on the date the loan funds are disbursed to the Developer.
c. The term of the note shall expire on the date that is five (5) years from the date the loan
funds are disbursed to the Developer hereunder.
d. One-Fifth (1/5) of the principal amount of the loan, plus any accrued interest thereon,
shall be forgiven annually by the City commencing one (1) year from the date the loan
funds are disbursed to the Deveioper and continuing on said date of each year thereafter
for the term of the loan,provided the Developer has been at all times in full compliance
with every term of this Agreement,including the following:
i. The Developer continues to operate the Elm Street Cafe for the term of the Loan.
ii. The Developer shall annual} provide verification of the payment of the real estate
taxes for the property during the term of this Agreement.
iii. The Developer does not file for bankruptcy or otherwise become insolvent during
the term of this Agreement.
iv. The Property is not the subject of foreclosure proceedings during the term of this
Agreement.
v. The Developer shall carry adequate insurance on the Property to cover the
replacement cost of the completed Project.
vi. The Loan shall be secured by a mortgage (attached hereto as Exhibit "3') granted
by the Developer and in favor of the City, which shall be filed with the Fulton
County's Recorder's Office. The City agrees that said mortgage shall be subordinate
to that of a primary lender providing financing for the Project at the request of the
Developer. Upon full payment or forgiveness of the Loan, the City shall release the
mortgage and file with the County Recorder's Office whatever documents are
necessary to release said mortgage.
D. LIMITATION OF INCENTIVES TO DEVELOPER
1. In no event, shall the maximum cumulative reimbursements for the Developer's TIF
Eligible Project Costs pursuant to Section C(1) above exceed Ten Thousand Dollars and
No Cents ($10,000.00) as set forth herein.
2. It is not contemplated that, nor is the City obligated, to use any of its proportionate share
of the monies generated by this Project for any of Developer's Eligible Project Costs, but
rather the City shall use such sums fur any purpose under the Act as it may in its sole
discretion determine.
Frank Rusaj(d/b/a Elm Street Cate)Redevelopment.-lteeerrent Page 4
E. PAYMENT OF ELIGIBLE PROJECT COSTS
1. Payment to the Developer for TIF Eligible Project Costs as set forth by the Act shall be
made by a Requisition for Payment of Private Development Redevelopment Costs
("Requisition") (attached hereto as Exhibit "4') submitted from time to time to Jacob &
Klein, Ltd. and the Economic Development Group, Ltd. (collectively the "Administrator")
and subject to their approval of the costs and availability of funds in the Special Account.
2. All Requisitions must be accompanied by verified bills or statements of suppliers,
contractors, or professionals together with cancelled checks, mechanic's lien waivers
(whether partial or full), or an invoice marked paid from each of the parties entitled to a
payment that is the subject of the Requisition as required by the City.
3. The Administrator shall approve or disapprove a Requisition by written receipt to the
Developer within thirty (30) business days after receipt of the Requisition. Approval of the
Requisition will not be unreasonably withheld. If a Requisition is disapproved by the
Administrator, the reasons for disallowance will be set forth in writing and the Developer
may resubmit the Requisition with such additional information as may be required and the
same procedures set forth herein shall apply to such re-submittals.
4. All TIF Eligible Project Costs approved shall then be paid by the City pursuant to the terms
set forth in Section C above.
5. The Parties acknowledge that the determination of TIF Eligible Project Costs, and,
therefore,qualification for reimbursement hereunder are subject to changes or interpretation
made by amendments to the Act, administrative rules or judicial interpretation during the
term of this Agreement. The City has no obligation to the Developer to attempt to modify
those decisions but will reasonably assist the Developer in every respect to obtain approval
of Eligible Project Costs.
6. The Developer may submit for prior approval by the City as TIF Eligible Project Costs
under the Act estlinates of costs before they are incurred subject to later confirmation by
actual bills
F. VERIFICATION OF TAX INCREMENT
1. It shall be the sole responsibility of the Developer to provide to the City as requested the
following:
a. Copies of all PAID annual real estate tax bills for the Property.
2. The failure of Developer to provide any information required herein after notice from the
City, including verification of Eligible Project Costs, and the continued failure to provide
such information within thirty (30) days after such notice shall be considered a material
breach of this Agreement and shall L:2. cause for the City to deny payments hereunder to the
Developer, which payments are conditional upon receipt of the foregoing information.
Frank Rusaj(d/6/a Elm Street Cafe)Rerlerelopnaeaat.-',greenaevt Page 5
G. LIMITED OBLIGATION
The City's obligation hereunder to pay the Developer for Eligible Project Costs is a limited
obligation to be paid solely from the TIF District Special Tax Allocation Fund. Said obligation does
not now and shall never constitute an indebtedness of the City within the meaning of any State of
Illinois constitutional or statutory provision and shall not constitute or give rise to a pecuniary liability
of the City or a charge or lien against the City's general credit or taxing power.
H. LIMITED LIABILITY OF CITY TO OTHERS FOR DEVELOPER'S EXPENSES
There shall be no obligation by the City to make any payments to any person other than the
Developer, nor shall the City be obligated to make direct payments to any other contractor,
subcontractor, mechanic or materialman providing services or materials to the Developer for the
Project. This Agreement shall not create any third-party rights and the Developer shall indemnify and
hold the City harmless on any claims arising out of the Developer's construction activities.
I. COOPERATION OF THE PARTIES
The City and the Developer agree to cooperate fully with each other when requested to do so
concerning the development of the Developer's Project. This includes without limitation the City
assisting or sponsoring the Developer, or agreeing to jointly apply with the Developer, for any grant,
award,or subsidy which may be available as the result of tile Developer's or City's activities.This also
includes without limitation the Developer assisting or sponsoring the City,or agreeing to jointly apply
with the City, for any grant, award or subsidy which may be available as the result of the City's or
Developer's activities.
j. DEFAULT; CURE; REMEDIES
In the event of a default under this Agreement by any party hereto (the"Defaulting Party"),which
default is not cured within the cure period provided for below, then the other party (the "Non-
defaulting Party") shall have an action for damages, or in the event damages would not fairly
compensate the Non-defaulting Party's for the Defaulting i'arty's preach of this Agreement,the Non-
defaulting Party shall have such other equity rights and remedies as are available to them at law or in
equity. Any damages payable by tue City 1- :tear-icier shall be limited to the real estate tax increment
payable to the Developer under the terms of this Agreement.
In the event a Defaulting Party shall failperform a monetary covenant which it is required to
perform under this Agreement,it shall not be deemed to be in default under this Agreement unless it
shall have failed to perform such monetary co eliant within thiree (30) days of its receipt of a notice
from a Non-defaulting Party specifying that if has failed to perform such monetary covenant. In the
event a Defaulting Party fails to perform any non-monetary covenant as and when it is required to
under this Agreement,it shall not be deemed to be in default if it shall have cured such default within
thirty (30) days of its receipt of a notice from a INon-defaulting Party specifying the nature of the
default, provided, however, with respect to those non-monetary defaults which are not capable of
being cured within such thirty (30) day period, it shall not be deemed to be in default if it commences
curing within such thirty (30) days period, and thereafter diligently and continuously prosecutes the
cure of such default until the same has been curets.
Frank RuJaj(dl b/a Elm,Street Cafe)Re'iie?el,)pnie It ,,o// Page 6
K. TIME; FORCE MAJEURE
For this Agreement, time is of the essence. The Developer agrees to complete the Project on or
before the date that is six (6) months from the date this Agreement is approved by the City. Failure
to do so shall be cause for the City to declare the Developer in default and unilaterally terminate the
Agreement. However, the Developer and the Citi'shah not he deemed in default with respect to
any obligations of this Agreement on its part to be performed if the Developer or City fails to timely
perform the same and such failure is due in whole, or in part, to any strike,lock-out,labor trouble
(whether legal or illegal), civil disorder,inability to procure materials,weather conditions wet soil
conditions, failure or interruptions of power, restrictive governmental laws and regulations,
condemnation, riots,insurrections, war, fuel shortages, accidents, casualties, Acts of God, acts
caused directly or indirectly by the City (or the City's agents, employees or invitees) when applicable
to Developer or third parties, or any other cause beyond the reasonable control of Developer or the
City.
L. ASSIGNMENT
The rights and obligations of the Developer under this Agreement shall not be assignable.
M. WAIVER
Any party to this Agreement may elect to waive any remedy it may enjoy hereunder,provided that
no such waiver shall be deemed to exist unless die party waiving such right of remedy does so in
writing. No such waiver shall obligate such party to waive any right of remedy hereunder or shall be
deemed to constitute a waiver of other rights and remedies provided said party pursuant to this
Agreement.
N. SiLVERAYi—iLLITY
If any section, subsection, term or provision of this Agreement or the application thereof to any
party or circumstance shall, to any extent, be invalid or unenforceable, the remainder of said section,
subsection,term or provision of this Agreement or the application of same to parties or circumstances
other than those to which it is held invalid unc ifotceable, shall not be affected thereby.
G. NOTICES
All notices, demands, requests, consents, approvals or other instruments required or permitted by
this Agreement shall be in writing and shall oe executed by the Party or an officer, agent or attorney
of the Party, and shall be deemed to have been effective as of the date of actual delivery,if delivered
personally, or as of the third (3'1) day from and inciuciing the date of posting, if mailed by registered
or certified mail,return receipt requested,with postage prepaid addressed as follows:
To Developer: To City:
Frank Rusaj (d/b/a Llm Street Cafe; Canton City Clerk
231 E. Elm St. City Hall
Canton, IL 61520 2 _N. Main Street
Ph: (309) 349-4447 Canton, Illinois 61520
1 eiepinone: (309) 647-0020
Frank Rusaj(d/b/a E vv Street Cry%e)Redenelopmeat_ j ree;rna! Page 7
With copy to:
Jacob&Klein,Ltd.
Economic Development Group,Ltd.
1701 Clearwater Avenue
Bloomington,Illinois 61704
Telephone: (309)664-7777
P. SUCCESSORS IN INTEREST
Subject to the Provisions of Section `L"above, this Agreement shall be binding upon and inure to
the benefit of the Parties hereto and their respective successors and assigns.
Q. NO JOINT VENTURE,AGENCY, OR PARTNERSHIP CREATED
Neither anything in this Agreement nor any acts of the Parties to this Agreement shall be
construed by the Parties or any third person to create the relationship of a partnership,agency,or joint
venture between or among such Parties.
R. INDEMNIFICATION OF CITY
It is the understanding of the Parties that the position of the Illinois Department of Labor is that
the Illinois Prevailing Wage Act does not apply to TIE increment received by developers as
reimbursement for private TIP Eligible Project Costs. This position of the Department of Labor is
stated as an answer to a r AQ on its website at:
https://www.illinois.gov/idol/FAQs/Pages/prevailing-wage-faq.aspx. The Developer shall
indemnify and hold harmless the City, and ail. City elected or appointed officials, officers, employees,
agents, representatives, engineers, consultants and attorneys (collectively, the Indemnified Parties),
from any and all claims that may be asserted against the Indemnified Parties or one or more of them,
in connection with the applicability, determination, and/or payments made under the Illinois
Prevailing Wage Act (820 ILCS 130/0.01 et. seq.), the Illinois Procurement Code, and/or any similar
State or_Federal law or regulation. in addition, the Developer agrees to indemnify and hold harmless
the City for any claim asserted against the City arising from the Developer's Project and/or this
Agreement or any challenge to the of project costs reimbursed to the Developer hereunder.
This obligation to indemnify and hold harmless obligates Developer to defend any such claim and/or
action, pay any liabilities and/or penalties imposed, and pay all defense costs of City, including but
not limited to the reasonable attorney fees of City.
S. ENTIRE AGREEMENT
The terms and conditions set forth in this _Agreement and exhibits attached hereto supersede all
prior oral and written understandings and constitute the entire agreement between the City and the
Developer with respect to the subject matter hereof.
T. WARRANTY OF SIGNATORIES
The signatories of Developer warrant fall authority to both execute this Agreement and to bind
the entity in which they are signing on
Frank Irrsaj(d/b/a Fi,°rz Silver Cale, Lear 67-,men:. Page 8
U, TERM O)THE AGREEMENT
This.Agreement shall expire on the date roar]sive(5)years from the date the loan funds
provided for in Seclioil C above are disbursed io the Developer.The Agreement shall expire sooner if
the Developer files for bankruptcy or otherwise becomes insolvent, the Property becomes the
subject of foreclosure proceedtngs upon neo dL l rac Developer of this Agreement.
IN WITNESS WHEREOF ttic Parue.i,creco._av c caused du,_tgreemcnt to be executed by their
duly authorized officers on the above dare 17 _ic:,rn, Illinois.
CITY OF CANTON,ILLINOIS,an By: 14-
/A J
Illinois Municipal Corporation N ayor
FRANK RUSAJ(d/b/a Elm Street Café),a
ATTEST: sole proprietorship
C crk Crank itusaj Cd/b/a Elm Street Cafe)
ATTACHMENTS:
Exhibit 1. Summary of Estimated TIF Eligible Project Costs
Exhibit 2. Promissory Note
Exhibit 2. Mortgage
Exhibit 3. Private Project Request Form for Verification of TIF Eligible Project Costs
Frank Rusty'(d/bl:+F/n S/reel Page 9
U. TERM OF THE AGREEMENT
This Agreement shall expire on the date that is five (5) years from the date the loan funds
provided for in Section C above are disbursed to the Developer. The Agreement shall expire sooner if
the Developer files for bankruptcy or otherwise becomes insolvent, the Property becomes the
subject of foreclosure proceedings or upon any ocher default by the Developer of this Agreement.
IN WITNESS WHEREOF the Panties hereto coo e caused this Agreement to be executed by their
duly authorized officers on the above date at Canton, Illinois.
CITY OF CANTON, ILLINOIS, an By:
Illinois Municipal Corporation 1 avor
FRANK RUSAJ (d/b/a Elm Street Cafe), a
ATTEST: sole proprietorship
O % � By:
C erk frank Rusaj (d/b/a Elm Street Cafe)
ATTACHMENTS:
Exhibit 1. Summary of Estimated TIF Eligible Project Costs
Exhibit 2. Promissory Note
Exhibit 2. Mortgage
Exhibit 3. Private Project Request Form for Verification of TIF Eligible Project Costs
Frank Rusaj(d/b/a Elm Street Ca/e)Redevelopmeiat_=1greerent Page 9
EXHIBIT 1
SUMMARY OF ESTIMATED TIF ELIGIBLE PROJECT COSTS
Frank Rusaj (d/b/a Elm Street Cafe)
"The Frank Rusaj (d/b/a Eli Sect Cafe) Redevelopment Project"
Canton Ili" District 2, Cil` of 'iariton, i aitoil County, Illinois
Project Description: Developer cv.__s the Property and viii proceed with plans to renovate
the building b4: installing new awnings; replacing doorways at front
and at restroom with ADA compliant entries; and repair the signage
on the buuaing.
Location: 231 E. Elm Street, Canton, Illinois
Parcel Number: 09-08-27-409-66
Estimated TIF Eligible Project Costs:
Renovation and Rehabilitation Costs $20,000
Total Estimated TIF Eligible Project Costs' $20,000
1 The Developer's total reimbursement of TIF Eligible Project Costs under Sections C(1)of the Agreement
shall not exceed$10,000.00.
Frank Rusaj(d/bl a Elm Street Cafe)Redevelopment 4greement Page 10
EXHIBIT 2
PROMISSORY NOTE
FOR VALUE RECEIVED, Frank Rusai (the "Borrower"), promises to pay the City of
Canton,Fulton County, Illinois, an Illinois Id.unicipal Corporation ("Lender") the principal sum of
up to Ten Thousand Dollars ($10,004.00) vith interest accruing on the unpaid principal at the rate
of three percent (3%) per annum. The aforementioned principal sum represents monies loaned by
the Lender to the Borrower for the reimbursement of Borrower's TIF Eligible Project Costs,
specifically redevelopment project costs, it ct_rred as a result of a Redevelopment Project located at
231 E. Elm Street, Canton, Illinois (the "Property"),within the Redevelopment Project Area and that
is the subject of a Tax increment Fini_nc r1g tinsaici Redevelopment hent Agreement between the City of
Canton and Frank Rusaj d/b/a Elm Street Cafe (me "Redevelopment Agreement") entered into the
20th day of April, 2021.
The term of this Promissory Note shall commence on the date the reimbursements provided
for in Section C of the Redevelopment Agreement are disbursed to the Borrower and end on the date
that is five (5) years from the date of such disoursement.
Provided that the Borrower is at all times in compliance with the Redevelopment Agreement
and this Promissory Note, One-Fifth ( /5) of the principal balance of up to $10,000.00, plus any
accrued interest thereon, shall be forgiven N the Lender each year during the term of this Promissory
Note, with the first date of forgiveness being the date that is one (1) year from the date of the
disbursement set forth in Section C of the Redevelopment Agreement and continuing on said date of
each year thereafter for the term of this Promissory Note. Provided that the Borrower does not
Default or otherwise breach this Promissory Note or the Redevelopment Agreement,the full principal
amount of this Promissory-No':e,plus any acc-ten interest thereon,shall be forgiven on the expiration
of this Promissory Note.
The Borrower shall be deemed in Default of this Promissory Note,if the Borrower:
1) Fails to maintain constant and co._tinruous operation of the Elim Street Cafe located on the
Property for the Term of the Promissory Note;
2) Sells or otherwise conveys the subject Property during the term of this Promissory Note;
3) Files for bankruptc. or otherwise becomes insolvent during the term of this Promissory
Note;
4) Fails to provide annual verification that the ad valorem real estate taxes for the subject
Property have been paid;
5) If the Property becomes the subject of foreclosure proceedings.
6) If the Borrower fails to carry adequate insurance on the Property to cover the replacement
cost of the completed Project.
7) Or upon any other default by the Developer of the Redevelopment Agreement or this
Note.
Frank Rusaj(d/b/a Elm Street Cite)Redeneloprnerat_-1 ree,neat Page 11
In the event the Borrower is in lkdiuit under the terms of this Promissory Note or the
Redevelopment Agreement and does nor cure said default or breach on or before the thirtieth(30`'')
day after Lender gives Borrower written notice of Default thereof by personal delivery or certified
mailing, the outstanding principal amount, plus any accrued interest thereon,is immediately due to
the Lender and The Lender shall be entitled to all remedies permitted by law. Notice shall be deemed
given on the date of personal delivery or dal,: of tnauiutg, whichever applies. No delay or failure in
giving notice of said Default or breach sltau Contraire a ay wirer of the right of the Lender to exercise
said right in the ey cur of a subsNueur of antuo.u,og Default or breach. Furthermore,in the event of
such Default or breach, Borrower ix;,mises .o •r_:mbo.rse Lend,r for all collection and/or litigation
costs incurred by the Cit], ioc,auing teaaonabie acroc Oey fees and court costs,whether judgment is
rendered or nor.
As a signatory to this -Vote, Frank i�.,say personalis guarantees payment of this Note in the
event of a default nereoi.
This Promissory Note has been entered into and shall be performed in the City of Canton,
Fulton County, Illinois, and shall be coosr:ced in accordance with the laws of Illinois and any
applicable federal statutes or regulations of tL_ L Iiited Stares. _Any claims or disputes concerning this
Note shall,at the soil•election of the l.ender,be adjudicated in !upon County,Illinois.
BORROWER: LENDEt:
FRANK RUSAJ,u,bi a lana 3trcc-.Cain Cr L Y OF CANTON,an Illinois Municipal
Corporation
•
BY: d' .41`)T 4-. vV 1/4,) hi-04
Frank Rusaj Mayor,(.its of Canton11
DATE: D.\1 1_: V-Z z) /202/
ATTEST: . :�!/!_
City C. r.,City
of Canton
DATE: 51/2.0/2 .$)/
Frank Rgrai(d/b/a sant Slreei(U s,Redereiopmeia I;;oenrent Page 12
In the event the Borrower is in Default under the terms of this Promissory Note or the
Redevelopment Agreement and does not cure said default or breach on or before the thirtieth (30`h)
day after Lender gives Borrower written notice of Default thereof by personal delivery or certified
mailing, the outstanding principal amount, plus any accrued interest thereon, is immediately due to
the Lender and the Lender shall be entitled to all remedies permitted by law. Notice shall be deemed
given on the date of personal delivery or elate Of mailing, whichever applies. No delay or failure in
giving notice of said Default or breach shall c-onstcite a waiver of the right of the Lender to exercise
said right in the event of a subsequent or continuing Default or breach. Furthermore,in the event of
such Default or breach, Borrower promises ro rt mburse Lender for all collection and/or litigation
costs incurred by the Cit), including reasonable attorney fees and court costs, whether judgment is
rendered or no c.
As a signatory to this -dote, Frank Risaj personalk guarantees payment of this Note in the
event of a default hereof.
This Promissory Note has been entered into and shall be performed in the City of Canton,
Fulton County, Illinois, and shall be construed in accordance with the laws of Illinois and any
applicable federal statutes or regulations of tlx:; Lotted States. Any claims or disputes concerning this
Note shall, at the sole election of the Lender, be adjudicated in Fulton County, Illinois.
BORROWER: LENDER:
FRANK RUSAJ, 6/b j a Situ Stree Call: CITY 0-2 CANTON, an Illinois Municipal
Corporation
BY: BY: 4.1"-A-1,
4-‘ viiti;) Li--04
Frank Rusaj tirayor, City of Canton
DATE: DATE: Z tJ /202 /
lf .,/,,
ATTEST': _/ . 1
City Cr,, City of Canton
DATE: 47/! Z /ZG V
Frank Rusaj(d/b/a Elm Street Cale)Redevelopment.'W;r-eement Page 12
EXHIBIT 3
MORTGAGE
Frank Ruraj(d/6l a Elm Street Cafe)Redevelopment_1greement Page 13
EXHIBIT 4
CITY OF CANTON, ILLINOIS
Canton 2 - Rt.9/Chestnut Street
TAX INCREMENT FINANCING DISTRICT
PRIVATE PROJECT
REQUEST FORM FOR VERIFICATION OF TIF ELIGIBLE COSTS
BY
FRANK RUSAJ (d/b/a ELM STREET CAFE)
Date
Attention: City TIF Administrator, City of Cenaon, ihinois
Re: TIF Redevelopment Agreement, (hied April 20, 2021
by and between the City of Canton, Illinois, and Frank Rusaj (d/b/a Elm Street Cafe) (the
"Developer")
The City of Canton is hereby requested to disburse funds from the Special Tax Allocation
Fund pursuant to the Redevelopment Agreen_en:described above in the following amount(s), to the
Developer and for the purpose(s) set forth i_. this Request for Reimbursement. The terms used in
this Request for Reimbursement shall have he meanings given to those terms in the Redevelopment
Agreement.
1. REQUEST FOR RLIMB L R>LMEN" )
2. PAYMENT DUE TO: Frank Rusay
3. AMOUNTS REQUESI'E.D TO BE DISBURSED:
Description of TIE ElOble Project Cost Amount
Total
Frank Rusaj(d/b/a Elm Street Cafe)Redevelopment i,reement Page 14
4. The amount requested to be disbursed pursuant to this Request for Reimbursement will be used
to reimburse the Developer for Redevelopment Project Costs for the Project detailed in Exhibit
"1"of the Redevelopment Agreement.
5. The undersigned certifies that:
(i) the amounts included in (3) aboc:: were made or incurred or financed and were necessary
for the Project and were made or incurred in accordance with the construction contracts,
plans and specifications heretofore in effect; and
(ii) the amounts paid or to be paid, as set forth in this Request for Reimbursement,represent a
part of the funds due and payable for'elf' Eligible Redevelopment Project Costs; and
(iii) the expenditures for which amounts are requested represent proper Redevelopment Project
Costs as identified in the "Limitation of Incentives to Developer" described in Section 'V"
of the Redevelopment Agreement, nave not been included in any previous Request for
Reimbursement, have been ptoperlr, recorded on the Developer's 'nooks and are set forth
with invoices attached for all sums for which reimbursement is requested, and proof of
payment of the invoices; and
(iv) the amounts requested are not grease: than those necessary to meet obligations due and
payable or to reimburse the Domor its fluids actually advanced for Redevelopment
Project Costs; acid
(v) the Developer is not in default under the Redevelopment Agreement, and nothing has
occurred to the knowledge of the Dcve oyer that would prevent the performance of its
obligations under dig i.edev elopme:it Agreement.
6. Attached to this Request for Reimbursement is Exhibit "1"of the Redevelopment Agreement,
together with copies o_invoices, proof o of the invoices, and Mechanics Lien Waivers
relating to all items for which h te_inl utse er_t is being ' e C;fi sted.
BY: (Developer)
TITLE:
APPROVED BY CITY OF CANTON, ILLINO
BY:
TITLE: DATE:
REVIEWED BY JACOB &KLEIN, LTD. &THE ECONOMIC DEVELOPMENT GROUP, LTD.
BY:
TITLE:
Frank Rusaj(d/b/a B1hi Sin-et Cafe)Redevelopment I;reement Page 15
RECORDATION REQUESTED BY:
The City of Canton, Illinois
2 N. Main Street
Canton, IL 61520
WHEN RECORDED MAIL TO:
The City of Canto:.,
2 N. Main Street
Canton, IL 6'520
PREPARED BY:
Nicolas P.Nelson
Jacob& Klein, Ltd.
1701 Clearwater Avenue
Bloomington, IL 61704
FOR RECORDER'S USE ONLY
MORTGAGE
THIS MORTGAGE dated ,2021,is made and executed between Frank Rusaj,
whose address is 231 E.Elm St.,Canton,Illinois 61520(referred to below as "Grantor")and the City
of Canton, an Illinois Municipality, whose address is 2 N. Main Street, Canton, Illinois 61520
(referred to below as"Lender"). Grantor ow Ls _elle,.the principal sum of Ten Thousand Dollars and
No Cents ($10,000.00) as evidenced by the Redevelopment Agreement, and Promissory Note attached
thereto, executed by C-;:.iter and Lender on April 20, '.021 (hereinrfter referred to as the"Redevelopment
Agreement" or the "I,can7
GRANT OF MORTGkGE For valuableidcr� 'a i, Grantor mortgages,warrants, and conveys to
Lender all of C::alroor.s_-fight,title,and intentst ar,d to the following described real property,together with
all existing or subsequently erected or affixed buildings, improvements and fixtures; all easements, rights
of way,and appurtenances; and all other rights, royalties, and profits relating to the real property,including
without limitation all minerals, oil, gas, geothermal and similar matters, located at 231 E. Elm Street,
Canton,Illinois (.`rug 14 , '.7-?'--4'34°-0.!".
THIS MORTGAGE IS GIVEN ,SECUIZ17 'F.j PA' lV7_7,-r OF THE INDEBTEDNESS AND (B)
PERFORMANCE OF ANY AND AL'_ OPLIGATIONS UNDER THE REDEVELOPENT
AGREEMENT., THE PROMISSORY NOT.' : ATTACHED THERETO, THE RELATED
DOCUMENTS, AND T- 7.1lf)RTGA..F 3'7, ✓C CRTG T GE IS GIVEN AND ACCEPTED ON
THE FOLLOWING TERMS:
PAYMENT AND PERFORMANCE. C_�cept<.= e:cvided in this Mortgage,Grantor shall pay
to Lender all amounts secu-eci b. this `v'_ort ace -:.s they heec;r_e due and shall strictly perform all of
Grantor's obligations Mertgcg,
POSSESSION AND MAINTENANCE CF THE PROPERTY. Grantor agrees that Grantor's
possession and e;e ��t'�e t r } s irs11 bhh the g provisions:
Possession and 'Use U ti the occurrence of an ' vent of Default, Grantor may (1) remain in
possession and control of the property: (2) use, operate or manage the Property; and(3)collect the
Rents frau the ' r e:t .
Duty to Maintain. Grantor shall ma the the Propert..- in good condition and promptly perform
all reor rS I �loo s.. s c.'__� :'-7r '✓c ssa_yto :).es.erve its value.
MORTGAGE (coned)
Nuisance, Waste. Grantor shall poiof ic.. condnct or permit any nuisance nor commit, permit,
or suffer any stripping of or waste on or to the Property or any portion of the Property.
Removal of Improvements. Grantor s,all not demolish or remove any Improvements from the
Real Property without Lender's prior written consent. As a condition to the removal of any
Improvements, `_ender.r ay reg;n: tc _n ke:i, .I.n cments satisfactory to Lender to replace
such lnprov eo eot ' ith 'n nprm' ei,monn: f _ '_east c ual val':e.
Lender's Right to Enter. Lender agents and representatives may enter upon the
Rea'_Property at all reasor_ab_e time; atter,'.to Lenders interests and to inspect the Real Property
for pt,Tc,scs ., ,,rr
s tarrs c;rid,t�ons of this Mortgage.
Compliance with Governmental Requiirements. Grantor shall promptly comply with all laws,
ordinanc2s, nou, a -__f effect, ,of -'1 got-:-nig e.otal authorities applicable
o , `Ii P ty- �t_r may e Intent;n cod faith any such law,ordinance,
to thesseJl .c,��- znc_, .��.. r, 1.�_ g
or regnlatio arc Lho! " �� ... 7 _i�, r ..,e��,'ing, including appropriate appeals, so
long as Grantor has not'fed Lender in v i-:iiia ?rim-to doing so and so long as, in Lender's sole
opinion, Lend...-T' ; Prni; IT; c.no.jeopardized. Lender may regc_;:'e Grantor to post
adecuate s `t'• x a _ v bon_. _ .,a. s` a Lendel.,to protect sender's interest.
Duty reotten'ed the Property. Grantor
shall do all :oah, ;hove in this section, which from the
charac,.er and o:t°~t. "' c :L.-~, -o protect and preserve the Property.
TAXES AND -!ENS. The fa•i'r n_,,a to ihe "._es and liens on the Property are part of
this Mortgage:
Pay fi __t. c .ielir.c ]ency) a'. taxes, payroll
taxes, spec _I ras _ as c1ea s sev.c' service charges levied against or on
acco_n.;cr_'t :. Prc l _ • s %vorl,Idene on or fol services rendered
or material furnished to the Property. L'_ce_)t for the primary lender for the Grantor's project, the
Grantor shalll maintain the Property n-ee :f-anv liens having priority over or equal to the interest of
Lende: .o£reedd to in writing by Lender, and
except fay nenn! sane cited in the Right to Contest
parag,p .
Right to C :):i .a. r:=: s'• raynient of any`.c . assessment, or claim in connection
with a good c-IC'_ E: "` to Ue:y_ as Lender's interest in the Property is
not jeopardiaac. if a 1. _.re5 r_:.. _ayraeot_ Grantor shall within fifteen
(15) days after do !yen vices if a l: is ad. v,'_thio ffteen (15) days after Grantor has notice
of the filing, secure the discharge of the lien. or if requested by Lender, deposit with Lender cash
or a sufficient corporate rets ho a cc se .atv satisfactory to Lender in an amount sufficient
to discharge 1cc lien plus any costs no: rney's fees.or other charges that could accrue as a result
of a foreclosure o- sale _:nae:'the lie,. !7 a-v cooteq. Grantor shah defend itself and Lender and
shall satisfy `.a gen- at k :: ._st `h:e Property. Grantor shall name
Lender as' an add_a'a.' hge i:ping' ,c s :_-ety bond f'_ :nislied 11 the contest proceedings.
(cont'd)
Evidence of Payment. Grantor shall upon demand furnish to Lender satisfactory evidence of
payment of the taxes or assessments :7;'o. ruthorioe the appropriate governmental official to
deliver to Lender at any time a wrinen statement of the taxes and assessments against the Property.
LENDER'S EXPENDITURES. If Grantor fas: (A)to keep the Property free of all taxes, liens,security
interests (other tha tl at cf the pri;r.x:y Inde: a-ant a's project), encumbrances, and other claims,
(B)to provide Lav re iii cd :k-i rzr.ae o:. c: (0C:') make repairs to the Property then Lender
may do so. If any actio o-procea_ a wadid :r.aterially affect Lender's interests in the
Property,then Lender on Grantor's behalf may. cru E is not required to,take any action that Lender believes
to be appropr'aLe putcI Lcnder nt ::a,;. eopl :.-_sas incurr;;_'. or paid by Lender for such purposes
will then bear int,:l >_ :.r t'3. 7.te !Vet! a tl- inc ,r'"zc or paid !ay Lender to the
date of repay_1,-s_. _! 7,-c1-. e _ h7—col—. c a paat of the Indebtedness and, at Lender's
option, will (A) h, yr_',',: on .dE,i : i''e _'.a"Ce r the Loan set fcrth in the
Redevelopmen. Agreeraeat (arat" the "r.acti so°} " o t attached thereto) and be apportioned among and be
payable with any inscal'me it iayrnents to becom the tem-, of any applicable insurance
policy; or(2) the a'-1 .. greenien;; or(C) be treated
as a balloon pa_:_-_est _ ",_'s tto a_, by is'Tortgage also will secure
payment of these a: !T a;-1 :',all be in atter_Ic l to any other rights
g �,,y A
OT any remedies LO ..Vii:-'. i �;i:.c'l sa W ... � � �,__ c 1J�:�'� J� d_.:.:Sit. !^.:ey such action by Lender
shall not he c� arntsdv that it otherwise would
have had.
WARRANs _''_ ` �O :.
ers; p of the Property
are a part of
Title. Grantor C--30 - -7.-c rood iui1. . ketable ttleor record to the Property
in fee simple, i=-ee 3f `! ' to- d :_ca _7bra _. a'aaerricer than that of a primary lender,those
set forth i t r. s 'La. 2.o'icv. rcnort, or final title
opinsa_ _ f - O _ .cca: .., _ _rection with this Mortgage, and (b)
Grantor has fa,c ft.!! ecieco_:°e d ..e,i o' this Mortgage to Lender.
Det „_ c
: Ca~a ator aaarrants and will
fore e .. _ -- ,c c' ' oe'sols Ii, the event any
action .-r tha 1 _rest sf Lender trader
this V:; s. . C: tt --.,s_ C ranter rr, be the nominal
party :laaaae.tLaa, _e: I eaaj.ar ei __ _. aaHcia.are in the proceeding and to be
(
nia
I"ep:„s(. .t.a_ _ v
.1 �,�.=:�P�,�'.. -_ _. - _ _ _� '.i�` :_.GI 'i'ideliver,or cause
to'be 'c'., ___:„to ber_de so:°2 : ..-_. -_ ._.-,t ie may:-a__iesr from time to time to permit such
participation.
.
Compl-„aTesi Gr?aa'-- .:i P:c" ty G'rantor's use of the Property
complies. a
L ofg;,vc,:_srental authorities.
Survival of Promises. All aramaes_ ar:eentents. and statements Grantor has made in this
Mortgage shall slat v't'e f-c F._ecition : __ da!ivcry of-this Mortgage, shall be continuing in nature
and Thal' :"enio. i i _ 1i!! fa T ;' s _- „ata”; : Indebtedness is paid in full.
CONDEMNATION. The following provisions relating to condemnation proceedings are a part of this
Mortgage:
(cont'd)
Application of Net Proceeds. If all or any part of the Property is condemned by eminent domain
proceedings or by any proceeding 0:!21.- it ; eu of condemnation, Lender may at its election
require that all or any portion of the net- ,r oceeds of the award be applied to the Indebtedness or the
repair or restoration of the Property. '_e net proceeds of the award shall mean the award after
payment of all reasonable costs, expenses, and attorneys' fees incurred by Lender in connection
with the c-, den-ma:i a.;
FURTHER AS�'�I� NC S:. ,-1.1-701:0;17.Y--71:':-.!--!,.C7. 'Tire f_! owing ,provisions relating to further
assurances and atto f a nai_
Fut-the: Ass .._yes. at any time. a o fora time to time, upon request of Lender, Grantor will
make.execute and deliver, made.executed or delivered,to Lender or to Lender's
desig arc:. si v`i.eli ,u_. ., r_o be .'ec. Fece "ad, refilled. or :erecorded, as the
case t:_aj 're. at '_I< places-,as Lender may deem appropriate,any and
all such mortgages. deeds of rr^s�, s it. deeds, security agreements. financing statements,
a its. C a'ti .wtes. and ether documents as may,
in the so!.? 1)-;' fir '.' ii: Jrcie' effectuate, :arlplete. perfect.
r. --. '_l.. <_ `1 ter_'.. this 7v1or~.2;age. and the Related
i-e
Dom:- _ �, ,� -'s- ..,.=. �_ �:_r �_ . -yr � .,:e S�`:tl-� � '��ortgri_-e- :�' thei' now owned
or he""eafte. Le-ader '?Igrees to the contrary in
writing. Gt-co.t;a_ `. 1 i_. c:` 2�:sse5 lc..:"ed in connection with the
matt v. tl!:
fit �ti; Y -l' S � E,. ad tC l;'1 t rr ed:'ig paragraph
and _i ii ' :i,:._ . _.:. is _.. I- . C.ac.tor, are! at Grantor's
exp - Iendcrc s C'ra ''s attorney-in-
fac 7,, ' .. -.TILE, _olds,g. and doing all other things
as may 5e ,.cF..ss_.y ... . _ �_e o? .�r_;:_=-to acco rp"is:r the matters referred to in
f"
FULL PFR 'e,. ,t R '.— • r` a' d a' c re:forms all the
obligations - ` -.: ,� . �:.'' �._. :�r'e _l de',� e� tc Gractor a
suitable sat f -I - VT:, r " - . _ of_. ina statement or
a
file evidenc .- `_.. :----- : "� _ _� ,,�� .- *.;- : __ a-+ __r . ;° .
EVENTS �� '-f- :f any of
the follown_l
Paw -:_ `_ n - - -. - . a--- d:rthe Indebtedness.
L i, 7 - , . Mortgage to
n�2... . _., . s� r d" n a2 a ent .Thng of or to
effect discharge
Break Other Promises. Grantor b"et_-_s any promise made to Lender or fails to perform promptly
1
_ _� I a-i,-.. 'i � i^'_ _.,�. ,�. � ii.Yl L' < ze'er„v_."..,r re rte e.. ..o this
Mcr gra.
MORT,JAGL (cont'd)
False Statements. Any representation or statement made or furnished to Lender by Grantor or on
Grantor's behalf under this Morulas, 'r Bela::d Documents is false or misleading in any
material respect,either now or at the time made or furnished.
Defective Collateralization. This Mortgage or any of the Related Documents ceases to be in full
force and :f`act(1-'icln.ding tail€ f;:;-. ,,o_:ai, r l documerto create a val'd and perfected security
interest or �rei2� aT ac.,/T_ll :c anC: ! - _ -
Insolvency. The dissolution of Grantor. the insolvency of Grantor, the appointment of a receiver
for an.i part a'Gra for 1li_ b left of creditors, any type of creditor
woi� ofn. :n12i, -acs ,"a LIe ri, <_ beak'uptcy or ipsolyency laws by or
against
Taking :1 the i3' o oe t•! cr _oN'ernar,cnta° .teen_-) tries to take any of the Property
or any c 1.cr :�G , v i:�' '-c ,_(�'r a, ,_ 1::i. This includes taking of garnishing
of o_
Breach of Other Agreement. by Grantor under the terms of any other agreement,
`c. the _ 1 ? _ .'I_' Laos' `he Promiss..cy mate attached
theictoj "cccs::CC .. lrlC.�. :' > :':'ill a' this reference between Grantor
and L _.,cL �` : �_;., ice � ._ia- oro�,'ided therein, including without
limitation any agreement coace_„'_r i �ebtedness or other obligation of Grantor to Lender,
,A,helh(:r pis_'- Ick. '
itCC`?rS .spe�t to any guarantor,
en:.of n-: cif t` C�_ nr s o. :_y guarantor_ endorser,
surest aS' .vc•kes or disputes the validity
of, cr
RIGHTS A'".,n) `., ^" 77'1.17. . -: r '17! , 'f r t= .e't of D fa::'_t ansi at any
time the eaft.. '__ >:_ • . -_ ()Jr' r g11'�s and
_
remedies, Vii- ��':c��i , *� .:i __ . . ._- -- — . ..
Accelerate de'otc- ±y_ ss. e The right tit its option without notice to Grantor to
(real._', t- o- °s--,eat penalty
tha- " -;c . , 7-
- be placed as mortgagee in possession or
to '. ' d to ,. A :,art ._. `_l':e P,- JeiTty, l;i`.h the powe3'to
t
�,ro.( - _ „__,� f:� .�,.os.. _ or sale, and to
:els, ar and above the cost of the
or receiver may serve without
diol' 7 1_ r-of a ,e .e"shall c'cl:whether or not
the . __'e: : - a'.C)_E a amount. [mpl yment
}.'y,
J1rd'.Iafaa s'7E, .?t=_est in all or
an:‘,
MORTGAGE(cont'd)
Deficiency Judgment. if permitted by applicable law, Lender may obtain a judgment for any
deficiency remaining in the lndebteo .e:>.; :e to Lct.der after application of all amounts received
from the exercise of the rights provided section.
Other Remedies. Lender shall have ail other rights and remedies provided in this Mortgage or
the .,o.^�� or a,ai abl: at lativ in
Sale of 1-Le r':r'o;,er<y r ',.e r.,v 9, ,2licable law, Grantor hereby waives any and
all right to have the Property marshaled. in exercising its rights and remedies, Lender shall be free
to sell_ all part oft' : Pr��.� r.� rc�: 11�_ se ;atatc-) '€,one sale or by separate sales. Lender
shall be1.-:'d at any ptl c. `al o_: a1: or any portion of the Property.
eCtFE'�9l � aat .: rK_rE$. i.3i.. .',, .a ciael "'e,rc'dles wl__ be cumulative and may be
exercised aicol ,'i tog'_<< &.. As _ ,_. 1.c:i ier'C ehoe,s_ any; one remedy will not bar Lender
fro. a; 71: 'or a perform any of the Grantor's
s - - -, 'failure`o do so. fleet decision by Lender will not
affect Lender's right to declare G as.cl- and to exercise Lender's remedies.
e~Forte a::) cfthe terms of
this M( " ad'--d'g- -.Sona
ble as
,
at�cr h �_�,. „Jr a ?CtjGi '.s involved, a_.d to
I ',Led that :n ' t:: der's opinion are
t .eeste�,. ' ,� :�r� �r._� :� ..: ,:. ;p :�-�e-� _e ler
necensa,.-v for pry _::-est or tin enforcement of its rights shall become
1397 :_, _ .• ;r; '•..,t :ate from tr>e date
of _; _ € ;7.77 - _ :1;_ r'' h i Cl_:de. ., `.r'��'` limit,^-_t'_ory
t _ _`i. nevc, fees e5 a:nd Le'ides'S legal
ex�a_, Ice <<r ear C_Cr" rr and Jel for bankruptcy
IDrC,Ctz_ 0 _.:y 05 :rljun trop` appeals, and
cry €` _ :'It3_c: "eCe-d aoteinIng title
r _•- : ,0 _ ? r'n --isal fees end _. I_'insurance to
�;
the _ .. ,� I _..r. ; __ :�� =1 �; ., •. -- c Zr-' d ytS ir. :!C, tC'.rC 31l Other
sun's
NOTICES. - "in;r. xti. . notice
of default ;rf
_ _ - c ter. de._;ere..d
,
when ac a,, - .
nationally so _ Cr“ _: "nt: United States mail. as first
class, certified gis:e.,c. t't_ _ . e--ses show-, near :'-_e beginning of
this or_gag.. ."._ _=, _._ . � _ ._ _ �_:e -- .-- _._ -. ,7_. _ _Hty over this
Mortgage s" • _._ "H±:S " 2e rso~i
may chans - - : the coker
person er t c.: For notice
purposes, c n_e.r of c,.rle .nre>s. Unless
otherwise t L..„, Lc de.-to zany
Grantor it.: -'1-0-.e others of
the notice'_ -
MISCEA
Mortgag :
MORTGAGE (cont'd)
Amendments. What is written in :his Viortgage and in the Related Documents is Grantor's entire
agreement with Lender concerning ti ;na_ters eovby this Mortgage. To be effective, any
change or amendment to this Mortgage must be in writing and must be signed by whoever will be
bound or obligated by the change or ar::en:n,,ent.
Caption T{eiin s. p i " , a i lisrS I4;, 1 'la:tgage :nnvenience purposes only and are
not to be used o inter)ret i-' '3 ' ofigage.
Governing Law. by federal law applicable to Lender and,
to the extent not preempted by federal taw,the laws of the State of Illinois without regard to
::tS Sc,_ 3 _ 7,fSE'S." 'i 1 _2CCep ed v Leal- la t.1.-ie State of
Ill:r:.is.
a, .' ;'_ ._ 4.� �:P.11 at e + 2rights under
ti' Il.:. T'`. _e - t -rider s or molts to exercise
any [ sht e' -1' ..C' :e."- 'I _ ' S _ ! ore"d„rs agree'n rinsing to give
up ole; of Lender's GrEr ,..11 not have to comply with the other
provisions of this Mortgage. Grantor-_ss. :.Aerstands ala::f Lender does consent to a request,that
ye. - .!" 'r_n, ' '; I' q �c�_ �a_'t again if the situation happens
agalo. nS; _ac �5 tC or ....:re Of Grantor's
re_a:st �_ 1. - -:_ ' T t f o Cri - - .. . - ?-. ..y.3- _�-^ '; � ?1tC !'2 lU25tS.
Ca ..^,r��� alp ;e: 'r. __ -� ''r � -. .�'_ _ � ::-t Inc' -ot:;.e of dishono.'.
Seti„ ra; u l : _ r :, �.'. l �e `c 'Or v !',d :sr s' chid not be
/_. fjslot ice .._id or enforced
II . .
Mor 'g- . �,_., . ,;� .._ .. ' ':
._ �r. ,, � ) -e�' �- t�ts"''O ;;r;t p.��=�.i±l-: gay other
, Cr,C,12- ia any capacity,
vi . .;
Successors and Assi ,. s. S_.h me a• ; ::-: ratio:_s s:oted in this Mortgage on transfer of
e
y� '��__ - _ _ �.. � -.-�t"t��� �e,,�._fi_ -F ae ,at-ties, t.ei„
tGrantor,
a°'- _ i 's s,Tacessors wit`,_ reference to this
Mortga:gc ' ithout releasing Grantor from
the is Elab - .._ _ '
- . -
!Thm,: ` �i �I; ad e—efits Of
:a _ :-'.' adebtedness secured by this
Mcrt_ ue.
SUBORDIN t E.-."-.a!! be s .,nate to the
following
3 located
�� a r` .,. il° -.v . �_, ,,_� ,.. ._ < pt._� :�- +.,: }�_tine � or_-ower's project ocate
v ala _ (cont d)
DEFINITIONS. The following words e ing meanings when used in this Mortgage:
Borrower. The word -Borrower" means !':"anL Rusaj and all his successors and assigns.
Event of Defauli. The words -E,„en. :r Default' mean any of the events of default set forth in
this Vic,rtgage in the a a iP. of de 2illi. :ri`tlii'
Cnr r. Th(.: :
Gtlaa Via. a �� �: iu�.� =� ?_ Lg.!"._::tit' trot:. ?tIaraotor, en o se , sirety. or
acro ,_.ct oc i r��e� ::_. c zt�r: a guaranty of all or part of the Loan.
F ov'arnert;, The .7d -r.eans al' existing and future improvements,
buildings, structures.mobile homes affixed on the Real Property,facilities,additions. replacements
and -11e- :AL')
Indebtedness. The word "Indebtedness'' means all principal, interest, and other amounts, costs
and an aai . _ .
� �t )_greeni nt sand the Promissory Note
attach_'th .eu_,, Do.:a 1 e- ?t:=i.c. v it, ad . malsk of, extensio:-s of rnoC;ificatiions
of. ;� Related Documents Documents an any amounts
eine ided o ail =:!et. .'_ ,,r ; o, :^ ' -ions or expenses incurred by Lender
So e'afo'c: C antc-t'S Cbl"1.ai1Gn_, tg,, e with :I te,'e t 0:. such amounts as
provfL, ,-.__, Vo,
Th... d _ s-. h1":_c, ,_ �C a,t� _ -� �.;_ �;successors?'1d/01'assigns. The
words _��i ,o-5.i�. _ r _, "..i . . _. � i a(.�1__..s �' ;r_e:est in he Loan.
;r'.-- be.. eea Grantor and Lender.
_ rC . "__ = ?C21. aathc` v ith all
P"ene a s
3f1, -a__c. J:. ,`;^,-jr< c:"'1^ �1 aoi s�:idatiors of and substitutions.
si
'ma
. __.;,. ,._ _- ;. ._- ._ --:lr',F.r_ al` o7(7mlSSvf-'i' notes. credit
agreements. '.oan as:ee.a ., .'c.. ,_. . -_ �r .e., s. aaranties, mortgages, deeds of trust,
- NV ,.etl,Zh
1 .:o , or _ eafte existing,
exec ed
(confd)
GRANTOR ACKNOWLEDCLS HAV1:NL ALL THE PROVISIONS OF THIS
MORTGAGE,AND GRANTOR AGREES _".'S TERMS.
GRANTOR:
Frank Rusaj.
Frank Rusaj
`_OR . : .=_GE (cont'd)
GRANTOR ACKNOWLEDGES HAV r AL ALL THE PROVISIONS OF THIS
MORTGAGE,AND GRANTOR AGREES 117S TERMS.
GRANTOR:
Frank Rusaj,
Frank Rusaj
MORTGAGE (confd)
•
INDIVIDUAL ACKNOWLEDGMENT
STATE OF ILLINOIS )
) SS.
COUNTY OF FULTON )
On th's day bore me, the undersigned Notary Public, personally appeared Frank Rusaj, to me
known to be the individuals described in .vho executed the Mortgage,and acknowledged that he signed
the Mortgage as i-is f-ec nd voluntary act and deed, for the uses and purposes therein mentioned.
Given under my hand and official seal this day of ,2021.
By ItEsictitzg
Notary Public in and for the State ofL�i9acis.
My commission ex pares
-13