HomeMy WebLinkAboutResolution #1117RESOLUTION NO. 1117
A RESOLUTION APPROVING AN ANNIENDNIIIVT TO AN AGREEN~NT BEI'~VEE~T THE CITY OF CANTON
AND LAFtOMA PIZZA, INC.
Wf3QtEAS, the City of Canton has entered into an agreement with LaRcgna Pizza,
Inc. dated September 28, 1984 for a loan from the City's Enterprise Zone Fund for
the amount of Thirty-seven thousand five hundred dollars; and,
WHEREAS, Page 2, Section 2.1 of the agreement between the City of Canton and
LaRoma Pizza, Inc. contain incorrect figures in regard to the number of instalments
and the amount of the installments to be paid by LaRoma Pizza, Inc.; and,
WHEREAS, both the City of Canton and LaRoma Pizza, Inc. desire to correct
such incorrect figures.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CAN'InN,
Fulton County, Illinois as follows:
1. That Page 2, Section 2.1 of the agreement between the City of Canton
and IaRoma Pizza, Inc. dated September 28, 1984, which is attached hereto and made
a part hereof as Exhibit A, is hereby corrected and approved.
2. That the corrected Page 2, Section 2.1 of said agreement be inserted into
said agreement, and, that said agreement be, and the same is hereby, amended.
3. That this Resolution shall be full force and effect immediately upon its
passage by the City Council of the City of Canton, Fulton County, Illinois at a
regular meeting this hth day of November 1985, upon a roll call vote
as follows:
AYES: Aldermen Kovachevich, Zilly, Falcone, SArff, Workman, Bohler,
May, Chapman.
NAYS: None .
ABSENT: None .
APPROVED:
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Donald E. Edwards, Mayor
ATTEST:
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Nan White , City Clerk
and State of Illinois Laws, rules and regulations.
2. Repayment:
Repayment of this loan shall be made as follows:
2.1 Principal shall be paid in Forty - eight (48)
equal semi-annual installments of ($ 781.25 --------- ) each com-
mencing on the lst day of ~/~1985 and continuing every
six months thereafter until said principal is fully paid.
2.2 Interest shall be paid on the unpaid principal bal-
ance at the rate of 9.0 percent per annum with the first payment
due on ~~~~/December lst, 19 84 and then on~93§~/June 1st, and
a~i~X~/December 1st of each year until and including December 1st,
1988. After said period, interest shall be paid on the unpaid
balance in said semi-annual installments at the rate of 13.0_percent
per annum until said interest and principal is fully paid.
2.3 Unpaid interest shall be added to principal and bear
interest at the same rate as noted above for said principal. Inter-
est shall be considered unpaid if not received by Lender within 7
calendar days following the due date.
2.4 Borrower shall pay a late charge of 6$ of the payment
due of principal or interest if payment for any of these is not
received within 7 calendar days following the due date. The late
charge shall be considered unpaid if not received within 15 calendar ,
days of the missed due date for which it was imposed. Any unpaid
late charge shall be added to principal and bear interest at the
same rate as noted above for said principal. Acceptance of a late
charge by Lender does not constitute a waiver of default.
2,5 Borrower shall have the right to prepay any and all
interestand principal at any time without penalty or additional interest.
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and State of Illinois Laws, rules and regulations.
2. Repayment:
Repayment of this loan shall be made as follows:
2.1 Principal shall be paid in' Forty - eight (48)
equal semi-annual installments of ($ 781.25 ~~`~=` =~ -- - ) each com-
e
mencing on the 1st day ofJ~~~~~ 1985 and continuing every
six months thereafter until said principal is fully paid.
2.2 Interest shall be paid on the unpaid principal bal-
ance at the rate of 9.0 .percent per annum with the first payment
due on ~k4}~I~/December 1st, 19 84 and then on ~~/June 1st, and
,~~i~f~/December 1st of each year until and including December lst,
1988. After said period, interest shall be paid on the unpaid
balance in said semi-annual installments at the rate of 13.0 percent
per annum until said interest and principal is fully paid.
2.3 Unpaid interest shall be added to principal and bear
t
interest at the same rate as noted above for said principal. Inter-
est shall be considered unpaid if not received by Lender within 7
calendar days following the due date.
2.4 Borrower shall pay a late charge of 6~ of the payment
due of principal or interest if payment for any of these is not
received within 7 calendar days following the due date. The late
charge shall be considered unpaid if not received within 15 calendar ,
days of the missed due date for which it was imposed. Any unpaid
late charge shall be added to principal and bear interest at the
same rate as noted above for said principal. Acceptance of a late
charge by Lender does not constitute a waiver of default.
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GUARANTEE
FOR VALUE RECEIVED, tbe.undersi~ned, .Willard Eugene.Kemper
. .. .. .. . individually
'' hereby guarantee the payment
of the foregoing Note at a ri at any time thereafter, with
interest as specified th a n, wing presentment, "demand, notice,
protest, and diligen i ecting, and we each of us hereby
irrevocably empo er y t orney at any time hereafter to appear
for us, either o a o us, in any court in term time or in vacation,
and confe s dg a against us, each or any of us, including any
within a r ers, guarantor or guarantors hereof, without
proc s t 's Note in favor of the legal holder, for said within
sum, in r s costs, and reasonable attorney's. fees, and to waive
all righ of appeal, to release all errors and consent to immediate
executio .
DATED : -~ This 20th day of December ~ 19 ~ 85 %
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