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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: 7 ,, ~ ~~.4~--rte..<~ Donald E. Edwards, Mayor ATTEST: ~r 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. -2- 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. -2- ~{ Q" ~B~M-'~- 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 % W1 ar Eu ~" ~~ n'~ ~~l/' ~ Q . ~, ~ off' ~ ~,, ~ C ~9 i , ~ .~~~ .~.a ~a ~ ~ ~~ ~- .~ ~ ~ ,~ ~ ~ ,~`~ ~` 4~~ ~c, ~' ~~ ~~ l ~ ~~f ~ 9 /~ % ~ J 1 / 'J , -r/ r L%]} /~- /i ~ ~, /~_ ";~s''~..tc~t'" /G `;,,cis" ;~:L'~ r -2- r