Loading...
HomeMy WebLinkAboutResolution #1093i RESOLUTION N0. 1093 A RESOLUTION APPROVING AN AGREEMENT BETWEEN THE CITY OF CANTON AND FULTON COUNTY PELLETTING, AND DIRECTING THE MAYOR AND CITY CLERK TO EXECUTE AND DELIVER SAID LOAN AGREEMENT ON BEHALF OF THE CITY OF CANTON, ILLINOIS. WHEREAS, the City of Canton has entered into negotiations with Fulton County Pelletting for a loan for the City's Enterprise Zone Fund for the amount of $99,999.00, such funds to be made available through the City's loan agreement with the U.S. Department of Health and Human Services; and, WHEREAS, the City Council of the City of Canton has reviewed the terms of the proposed loan agreement, a copy of which is hereto attached and made a part hereof as Exhibit A; and, WHEREAS, the Canton City Council has determined that it is desirable and in the best interest of the City of Canton to approve said agreement. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CANTON, Fulton County, Illinois, as follows: 1. That the Loan Agreement between the City of Canton and Fulton County Pelletting which is attached hereto and made a part hereof as Exhibit A, is hereby approved, said Loan Agreement to be subject to and effective pursuant to the terms and conditions therein set forth. 2. That the Mayor and City Clerk are hereby authorized and directed to execute and deliver said Loan 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, Fulton County, Illinois and approval by the Mayor thereof. PASSED by the City Council of the City of Canton, Fulton County, Illinois at a regular meeting this ~,~,~ day of Jllly 1985, upon a roll call vote as follows: AYES: Aldermen Chapman, May, Bohler, Workman, Sar~f, Falcone, Zilly. NAYS: Alderman Kovachevich. ABSENT: None . APPROVED: ~f ~. Donald E. Edwards, Mayor. ATTEST: Nanc ites City Clerk. LOAr ACRLFN,ENT (HHS/UCS) This agreement dated July 5 19 85 is between the City of Canton, an Illinois Municical Corvoration Heritage Credit Finance Corpor- (hereinafter called "Lender"}, and ation and Prime Technology, Inc., d/b/a Fulton County Pelleting, a_~oint venture, , (hereinafter called "Borrower"}, In cor.si~sration of the rrrutT~al covenants end aUreements conta-~ned herein, Lender and Borrower agree as folio~.s: 1 . Lean t'errrs Le:-,cer acr:>~~s to lean the Urincipal 5urrr of Ninety-nine thousand nine hundred ninety-nine dollars ($99,999.00) (hereinafter referred to as "Loan"), to be disbursed aS hrP_lriaiter GrOV1Cr'd,• bearii;g interest at the rate of 9.0 r~ercent per anr,~.im from the date funds are advanced hereunder up to and including December 31, 1938, and at the rate of 13.Q percent per a~,num thereafter for the remaining term of this lean as more specifically set forth in para- graph 2 below. The term of the loan is for 5 years from the cafe hel-eof. This loan is evidenced by a promissory note of even date hcr,_with (Ex'r,ibit 1) made pay•:ble to the City of Canton, an Illinois ;'•~LinlC_i}:al COrpOrdtlOn. BOrrC'ror~r ~,<jt~'r?s t0 LSe the loan end 1tS p_~oceeds solely for activities as set forth in rorrewer's approved Rural Dcveloprnent Lc,~n Fund (hereinafter called "RDLF") application (i ncl siding ~-ny su}~,pl~_;rcnts or r~~odif i cations thereto) , approved Business Plan (includ.-ing any :upplcments or modifications thereto) , ~~ ch sr.~brnitt~=d to the Under, the terms and conditio>>s of this Loan ,tJ_Lt=i ~c=;7t ~,'-,d i~}lE~ _(~ct11C~'s a'ld- 1~r;C:171i:.tl_r-,2;~~ r~C,~;r-~-,-i,'1.'-?r~ 1-l;f? :!~T~F (!~~ (_1}~ 1076.50) in efff>ct on tl;e c?~~t.o l;c_r,_of., ~.r;~3 ;.3]_]_ ;~plic_i~J_~ :'c r-r-al and State of Illinois Laws, rules and regulations. 2 , ke ~avrr,ent: kepayment of this lean shall be rr.ade as follows: 2.1 Principal shall be said in Ten (10) equal semi-annual installments of ($ 9,999.90 ----------- ) each com- mencing on the lst day of •_~~~~~:: ~.-r 196 and continuing ever}' sip; months thereafter until said prir,ci :al is fully said. 2.2 Interest shall be _aid on the unpaid principal bal- ance at the rate of 9.0 1,ercent ;per annum With the f rst r,,v;r~ent Jam--. --- - ~'+~r.~„ ~ GC.F~r.~a.cr' ty~.-Na "~ ~i due or. _ lst, 19 and then on .,- ---~ ,.,..,-, lst, and /~ C _ r lst of each year until and including December lst, 1°88. Alter said period, interest shall b` .aid 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 pri_~,ci~~al and bE~ar 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 ~+orrower shall tray a late charge of 60 of the payment due of principal or interest if ~ y:r,~~nt for any of t}~ese is not re ~ei•~%ed within 7 calendar days fol l o•,a.lig the due date. Tr,e late ch~:rge shall be considered unpaid if not received within 15 calendar d~:ys of_ t}~e missed due date for ~ah.ich it ti•as imposed. Any unpaid 1~3te chaLCe shall }~e ad~.ed i_o pr_~ncil;al ~:r,d bear .interest at the r a-;.e rate a s noted above for said pr i_nc ipa ]_ . '~_cceptar,ce of a late ~'~:..) j(3 icy T,t_nder dOE'S not CO";Stl%iitt'_ a ., 1'J~~i C11 <(_' -:Lllt. -- ~ _ ~. ~ t+0i'_-:.'v:c?I Silt 11 ::.=A'e _'~e ~ ;C};t LO ~S'~:=;3y ail}' a:•~C ' all interest and princ__ al at any time without pe:;alty or acd=- tional interest and any such prepayments shall be applied to the next maturing installments of principal and interest. 3. Certification: Immediately before the date of the lean disbursement, the Borrower shall submit the following documentations to Lender: 3.1 A current copy of the Borrower's articles of incor- poration or charter. 3.2 Certifications that there has been no material adverse change in Borrower's financial condition or any condition which would adversely affect the Borrower's ability to carry out the terms and conditions of this agreement. 3.3 If a corporation, a certified copy of Borrower's corporate resolution authorizing and directing the execution and delivery by Borrower to Lender of this agreement ands all related documents. 4. Disbursement Procedure: 4.1 Disbursement shall take place after this loan agree- ment and the promissory note (Exhibit 1) are executed, the documenta- Pion called for in paragraph 3 above a?;d any other conditions precedent to disbursement 6f funds under this a~,aard arcs fully satisfied, and Borrower has delivered to Lender all requisite security instruments in form and sul.,~tance acceptable to Lender. 4.2 In addition to any of the foregoing, loan funds will only be disbursed uponc co;~~pletion of a]_1 of the following in form and sub- st~~nce satisf,~ctory Lo the Lender: (a) Collateral security agreement(s) specified in paragraph 8; (b) Lender's receipt of any necessary rival ;tiritt~~n appro~-al from OCS; end _ ~_ (c) Evidence of compliance with other terms and conditions specified in paragraph 18. 9.3 Borrower shall maintain a separate ledger for RDLF funds obtained hereunder. 5. Reporting and Access Requirements: (a) Within five (5) working days of Lender's written request, Borrower agrees to make all of its books, accounts and other financial data relating to this lean available to Lender, or, Lender's authorized aoents (to include Lender's auditors) within the City of Canton, Illinois. (b) Borrower, its consultants and contractors, shall permit on site inspections of records or assets (w'r~ereve-r located) by Lender or by Lender's authorized representatives and shall effect- tively require their agents, employees and board members to furnish such information as, in the judgment of Lender or Lender's author- i•z_ed representatives, may be relevant to the quc~sti.on of Borrower's compliance with the terms of Borrower's approved Rural Development Loan Fund application (i_ncluding any supplements or any modification thereto), t~ Borrower's apur_oved business plan' (including any supple- ments or any modifications thereto), to Borrower's compliance with this lean agreement, or to Borrower's compliance with the rules and regulations governing the RllLF (45 CFR 1076.50) in effect on the date hereof and to all applicable Federal and State of Illinois laws, rules and regulations. 6 . I? ~ _s _g i„;~e n t_ Except as expressly provided in the loan agreement, Borro~;er ;.hall not r~ssi_gn any right, tit? e or int~~,-+~st i.n ,end to t h i.s T_grce- n~~~nt, or, to any security p~dg~~d i_n rep.:yr~~ent of t}iis lo~_~~ ~,aithout n_ first obtaining Lender`s written consent thereto and, as applicable, prior OCS written approval. 7. Default: On the occurrence of any event of default as described below, Lender may declare all or any portion of the debt and inter- est created hereby to be immediately due and payable and may pro- ceed to enforce its rights under this loan agreement or any other instru,:~ents securing or relating to this lean and in accordance with the law and regulati-ens applicable hereto. Any of the follow- ing may, without limitation, be recard~d as an "event of default" in the sole discretion of the ender: (A) Failure, inability or unwillingness of Borrower to carry out or comply with the s:•ecific terms or condi- lions of this loan agreement, or any federal or state laws, rules, or regulations, applicable to this loan agreement, or with such OCS regulations as may become applicable at any time. (B) Failure of Borrower to pay any installment of principal or interest on its promissory note to Lender when due as specified in paragraph 2 above. (C) The occurrence of: (1) Borrower's h~~coming .insolvent or bankdupt, or ceasing, being nn-~blo, or ad;nitting in writing its inability, to pay its debts as they mature, or making a general assignment with creditors; (?_) proceedings for the appointrn_nt of a receiver, trustee of liquidator of Borrower, or of a substantial part of its assets, bc~5_ng authorized or instituted by or ag~~inst it; or -5- (3) proceedings under any bankruptcy, reorcanization, readjustment of debt, insolvency, dissolution, liquida- tion, or other similar law of any jurisdiction being authorized or instituted by or against this Borrower. (D) Submission or making of any report, statement, warranty, or representation by Borrower or agent on its behalf to Lender or OCS in connection with the financial assistance awarded hereunder which is false, incomplete, or incorrect in any material respect. (E) Failure of Borrower to remedy any material adverse c}-iange in its financial or other condition arising since the date hereof which condition was an induce=ment to this loan. (F) Except as expressly provided in this loan agreement, any attempt by Borro~.tier to assign any right, title, or interest in and to this agret~ment, or, to any security pledged in repayment of this loan without first obtaining Lender's written cons~.nt thereto. 8. Collateral: (A) A first mortgage per Exhibit 2 attached on the follow- described real property, to-wit: The East 600 feet of the East Fialf of the Southeast Quarter of Section 8, Township 46 north, Range 2 East of the Third Principal Meridian, being approximately 36 acres, EXCEPTING thel-efrom the Southerly 40 feet of said Southeast nuarter, and, also, EXCEPTING therefrom that portion conveyed to the State of Illinois by Quit-Claim Deed dated November 15, 1964 and recorded on Microf_i]_m No. 6^O1-1173, situated in Roscoe Town- ship, T~'innebago County, Il]_ii;ois. -6- (E) A first mortgage per Exhibit 2 attached on the following described real property. Since Borrower has not supplied Lender with a legal description, the following description of Certified Survey Map No. 2933 is used for purposes of identification, only. Parcel B of Certified Survey Map No. 2933, recorded May 6, 1977 in Volume 21 of Certified Survey Maps on Pages 329, 330 and 331 as Document No. 994883, being a part of the SWa of Section 4, T 7 N, R 19 E, Town of Pewaukee, County of '~'aukesria and State of Wisconsin. -7- 9. Other Parties: This loan agreement is not for the benefit of third parties. Lender shall not by under any obligation to any such parties, whether directly or indirectly interested in the loan agreement, to pay any charges or expenses incident to compliance by Borrower with any of the duties or obligations imposed hereby. 10. Costs and Exoer.ses: borrower agrees to reimburse Lender for costs and exner.ses, court costs, reasonable attorney fees, and all other out-of-rocket expenses paid by Lender in enforcing the terrr;s and conditions of this agreement occasioned by Borrower's failure to comply with such terms and conditions. Ilorro-~~er herby irrevocably consents that all such attorney fees, costs, and expenses, and out--of-pocket expenses rray be included in any judgment awarded to Lender in any proceeding at law or in equity to enforce this agreement. ~orrcwer hereby irrevocably empowers any attorney at any time hereafter to appear for Borrower in any court in term time or v~_acation, and confess judgmf~nt agai-nst Borrower, each or any of us, (as applicable), including any guy-grantor(s) hereof, without process of this Loan Agreement in favor of any legal holder, for all sums O`.ai?-lg hereon, Interest, COStS, and ri_'SOnable attOl-nEy'S i~i?S, cil~d tO ~•:•3ive all right of appeal, release all errors and consent to imn;ed- iate execution. 11. Retenti-on and Creation of ,Jobs: Lender and Borro-,aer recognize and agree that the lean pro- vided by Lender to Borrower is in direct support of Borro~•1er's ~r;i,i~~~_t1E''S •-~ ~[~]_~1_Ed 1n the ?~~~~rGV(~~~ --i;?pl_~C%itlon .nd }»lt>1;,t=',S p~:.~n, 3- Both Lender and Borrower recognize and agree that new jobs will be created and/or exisitng jobs retained; a majority of new jobs created shall be filled by persons whose family incomes are at or below the Foverty Guidelines as established by the Secretary, Health and Human Services, at the time the jobs are filled. Borrow- er covenants and agrees to not relocate jobs created by use of this lean from Lender's corporate limits as long as any indebtedness exists hereunder. 12. Notice: Notice shall be given to any party hereto by United States mall, certified mail, return receipt requested, and directed to the following addresses: To Lender: City Clerk City Building 210 Fast Chestnut Street Canton, Illinois 61520 Any notice given to the Lender shall include an informational copy, mailed as aforesaid, and addressed to the attention of the City Attorney at the above. stated address. T o th e B o r r c w e r: Heritage Credit Finance Corporation Town Hall Building Suite 202 Junction City Shopping Center Peoria, Illinois 61614 13. Successors and A~s.igns: The Loan Ayree~r~ent shall be binding upon Borrower and its successors and assigns and upon Lend~r_ and its successors and assigns, and shall survive the closing of the _r,oan and disbursement of pro- seeds. -9- 14. Applicable Laws: Interpretation of the terms and provision of this loan agreement shall be in accordance with applicable Federal laws and with the laws of the State of Illinois. 15. Management of Borrower: Except as provided to the contrary in this lean agreement, the Borrower shall have the right: (i} to merge with or into any other corporation with Lender's prior written consent, (ii} to make a public offering of i±s stock, or, (iii) to take any othr_-r corporate action that t}'ie Borrower deems to be in its best interest. 16. Insurance: Borrower agrees to keep the improvements now and 'noreafter upon the premises set forth in Exhibit 2 insured against damage by fire, windstorm, and such other hazards as the Lender may require to be insured against until the lean is paid in full, or, in the case of foreclosure until expiration of the period of redemption. The aggregate amount of such .insurance shall not be less than the aggregate sum of the unpaid principal or this loan and accrued interest and penalties thereto appertaining. Borrower shall pro- vide Lender with a copy of such insurance policy or policies and :.;hall show the Lender as mortgagee and less payee thereon. 17. Retention of Records: Bon o;aer hereby agrees to retain intact all of its books, accounts, and other financial data relating to this loan for a per- iod of four (4) years following the end of Borrower's fiscal year -10- of the last entry therein and, further, agrees to make the same available for Lender's inspection upon the same terms and conditions as set forth in numerical Paragraph 5 of this loan agreement. 18. Other Terms and Conditions: (A) No person in the United States shall on the grounds of race, color, religion, sex, age, handicap, marital status, or nat- ional origin, be denied the proceeds of, or be subject to discrimina- tion under the activities approved as a result of this lean. aorrower agrees to comply with the applicable regulations promulcated by the Civil Rights Act of 1964 and Section 623 of the Economic Opportunity Act of 1964, as amended, 42 U.S.C., ~2971c. (B) Borrower must, at its sole expense, provide Lender with legal descriptions satisfactory to Lender of the parcels of real property set forth in the foregoing paragraphs 8 (A) and 8 (B) prior to the disbursement of funds. (C) Borrower must, at its sole expense, provide Lender with proof of fee simple title to the real property described in the foregoing paragraphs 8 (A) and 8 (B) . Status of title shall be made by tender to Lender of one or more commitments to insure title to said real property issued by a nat.i.onally recognized title in- surance company acceptable to Lender. (D) Prior to the closing of this loan and the disbursal of any loan funds hereunder, Borrower must deposit with Lender a copy of either: (1) A copy of either an exclusive option /or, a lease, for a lease for a term in excess of this loan term to property owned by the Canton Industrial Corporation and located within the City of Canton Enterprise Zone; or, (2) other wr_itt~n proof accept,:~ble to -11- Lender of an exclusive option or lease, for a term in excess of the term of this loan, or, written proof of sole ownership of, other real property located within the City of Canton Enterprise Zone. (E) Prior to the disbursal of any loan funds hereunder, Borrower must deposit with Lender copies of legally binding commitments made by third party lenders to Borrower for the additional $400,000 of funding as set forth in Borrower's Loan Application, or, Borrower must deposit with Lender written proof of a cash balance of at least an additional $400,000 on hand and dedicated solely to the uses and purposes as set forth in Borrower's Loan Applicaiton, or, that Borrower provide proof of equipment and/or other equity minimally equalling $400,000 in value, or, other value sufficient to fulfill the business plan and loan appli- cation submitted to Lender by Borrower. (F) Any unilateral reduction in the size or scope of the proposed project from that set forth in Borro will automatically void this Loan Agreement. any such reduction in advance and in writing; Lender reserves the exclusive right to reduce of its loan, to place other and further terms loan, or, to decline to make such lean. wer's Loan Application Lender must approve in such event, the aggregate amount and conditions on such -12- IN WITNESS WHEREOF, Lender and Borrower have executed duplicate originals of this loan agreement as of the date first aUove-mentioned. BORROWER: Heritage Credit Finance Corporation, BY : ~ ~, , Its President. BORROWER: Prime Technology, Inc., Its President. 1TES~: / ~~ - .~ Corpora e Se ary. ATTEST. __ L ,. __ , Corpo to Sec t ry. LENDER: City of Canton, an Illinois municipal corp., BY : ~~~~hug~/~ C. Its Mayor. AT'T'EST: Ci _ L1_,~rk -13- (~~;~iBIT I) NOTE promises to pay to the orcer of the CITY OF CT-~NTOh, an Illinois municipal corporation, the sum of Nines-nine thousand nine hundr_~~~ty-nine together with interest thereon at the rate of g,p $ per annum from the date hereof to and including December 31 __, 19.8_, and at the rate of 13.0$ per annum thereafter to and including June__1_ 19 89 PAYT•;ENT SCHEDULE: (a) PRINCIPAL: Principal shall be paid in Ten J( 10) equal semi-annual installments of $ 9_,999.00 ------------ each co;rUr,encing on the lst cay of Ik~cember , 19 85__, and continuing every six months thereafter until the prir,ci~al sum of $ 99 999,_00._-_-is paid in full. (b) INTEREST: Interest shall be paid on t'r,e un_^aie princiual balance at the rate of 9.0 o per annum with the first payment due on December _1_, 19. 85_, of ~°ach year until and period, interest shall semi-annual installmen interest and principal -- a n d then on June l st _ __ __ ____ a n _ December -lst __ _ including D~.e,~l-per _31___-_-' 1 ~.-38_. Alter such be paid on the un.~aid rrincical balance in said is at the rate of __13_._0_0 _per annum until said is fully paid. Unsaid interest shall be added to principal ,;nd b^ar interest at the carne rate as noted above for ,arincir~al. I_r,torost whall be con- sidered unpaid if not received by~the City of Canton within 7 calendar days following the due date. _ _ _ _ , shall nave the right to prepay any and all interest and principal at any tine without penalty or additional interest. This Note is specifically made subject to of a certain "Lcan Agreement" between ___ _ and the City of Canton, dated as of _ _ _ ____ approved by City of Canton Resolution Number __ 19 (as amended) as fully as th~~u~,h all the of said Loan Agreement were fully set forth at the terms and conditions , 19 ~-~-and teens and conditions this place verbatim. To secure the payment of this Note, _____________ ____ ______, ----------- - hereby irrevocably empowers any attorney at any time hereafter to appear for us in any court in tez-m tune or va~~ation, and con~e~s judgment against us, each or any of us, incl,_;ding any guarantor (s) hereof, ~N~ithout process of this Note in favor of any legal holder, for all sums Owing hereon, interest, COStS, and reasonable attorney's foes, and to waive all right of appeal, rele<_se all errors and ccn- sent to i;n;r,cdiate execution. .~ ~~ y ----- _ - - - -_Its Presi~ent ~:l;d I~t ~~ Vi~•~-P, ~ si~„~~~t Corpor_ai_e ;, ores ,~r_y. ~,'u'S ; l ~~~ / t ,~'4 . ~ , ~ THIS INDENTURE Y~'ITNESSETA: That the undersigned, _ __ _ ____, of t;,e City of Canton, in the County of Fulton and State of Illinois, hereinafter referred to as the "2~iortcagor", does hereby P~GR'I'GAGE AND ~tiARRANT to the CITY OF CANTON, an Illinois municipal corporation, of the City of Canton, in the County of Fulton and State of~Illinois, hereinafter referred to as the "Nortcagee", the following described real property, to-wit: together with all easements, rights and privileges; all rents, issues and profits thereof; all buildings and other irnprovernents now or hereafter placed thereon, expressly including all heating, air condii=ioni_ng, refrigerating, lighting, plu)~,bir)g, water soften- ing, water heating, gas and electric eguipment; all burners, stokers, boilers, tanks, ranges, refrigerators, awnings, screeens, b1_inds, shades, and attached floor coverings; and all units or attachr~~=nts of every kind attached to, built in or especially designed for use upon .aid r~renises, a.]_1 of ;which for the purpose of this mortgage shall be considered part of the real estate, hereby releasing and waiving all rights under and by virtue of the Homestead Exernution Laws of the State of Illinois and all right Lo retain possession of said prEmises after any ,per-gulf in t}_,e p.ay;r~~-ant of L}~e ind~-bi,.dr,~_ ~s i~,~re ~ ):~~=~ter r~~feri~od i_o or breach of any of i_he cover~ynts or ,,ulr_c,~,,_n~.s },r_ren coma;)-,ed. TO SFCliRE (1) the ?%,.~-rncnt of a c:_Jrt.ain in~:cbtedness in }_he . principal a?nount of , -- -- - toocther with interest th~_rE~on, as st ipul ated i_n the note herein- after referred to, ~r,.id prir,ci.nal and ?nterc~st being pay,=hle .in sc-~ni-annual p~y;r~cnts of ~ c.-~ch co-;r-nci_r,g on t}-,e day of 19 and continui„g every si.x )nonths thcleafi_,~r until principal is paid in full. 7=ddii=ior,ally, interest shall be paid on the unpaid nr incipal bal~~nce at t-he rate of % per ~7r,num ,. - fr~m 1_he ,'~yi._e noreof_ up to .end ,r,cl~~c;~.~~g _ 19 _, ,7,-,d _ _ ,~~ ,- ~ , ~ n ~,,g ,_t~r;n ,~f ~',,~ 1,,;:n, ., , - ~ - - _ 3~ 1. ,:S :~~ULe ~f~(_l.)_1 )_i:<~~ 1 y :~;(.t 1CrL1_}l ,i7 1-,~,E3 C,_r i_d ! 17 „~J~.,? _..:u,_ .Jy i_ ,~ iti0i,_~<jCOr LO Cl~,e Or~~1?r of i_hC' riiGri_c~~_•~i?P_, I_7f'c32 il~,g ,_vE?n C:,3i_E? };t'i`G- ldli}]; i.?~d (7) .i)1y ai~v~i)-)(~,?S )'1~~d(_' by ?~I]C? ifi'Jrl_~~L;(~C?E_' LO 1.-}~C? i;~CJICCisi]or, or its snr,c<~~:;r;or in title, for ~~ny :-:~,)r~cse, ;~t ny tine ~efo:re i:he r~ - ;~r'~'1 1 ,31 l i~ ("~, 1 fl 1 S -I`-~, i_r; -!? ~-;l] i .9 1. tl(~ 1_ 1 -aL ,? i ,~ :~:~1,~ 1C~:i~3}_ i:C •. .:„~~'S ±n c3 :;L,iil Jn ~'~''~' .;`~ ,JL ($ ) ,~rovid,d tip-yt r,Ui i~,i:rs },ei ei_n cc~r~i.a~nc~d ~i;all be con- . - - - ' Skit?,-,_d ..s 17Jnltl.ng i_he ar,ouni~s } h.3t .`,all bc~ .,~curi~d h,,i e}~y -..hen . .,'.i5~~1C',S: ~ 0~1.~84 ' C~:\"a;,i,2u T.O %7l~i.CC, ~ ~..:° SP_ CL2' i t\' Qi li :. ..: Gr ~.~ ;)Ce ~ _ ,. r. 'v'.'=., _,, _ 5 CT...- tolnea ~r, tre morrca~~; anC, (3) tale v=]-fc::-ance Gr ~.,.. CC•~ _.,-~;;~S c.',~ agree;r,r-nts herein con~ained. ~:. THE A4OxTGAGORS COti'EN.~NT: (1) To pay said indebtedness and the interest thereon as herein and in said note provided; (2) To pay irJr~ediately when due ar,d payable all cone-gal taxes, special assessments and other taxes levied or assessed uvon said property, or any part thereof, unless the advancements included in the monthly installments paid the mortcacee shall have provided it with sufficient funds for all such payments, and to promr~tly deliver receipts therefor to the mortcacee upon dc,~,and; (3) To keep the improve- ments now and hereafter upon said premises insured acainst da,r,aoe by fire, windstorm, and such other hazards as the mortcacee may require Lo be in- sured acainst, until said indebtedness is fully paid, or in case of fore- closure until expiration of the period of redeil~ntion, for the full insur- able value thereof, in such cor.::anies and in such form as shall be satis- factory to the mortcacee; such ir.surar,ce aolicies shall regain with the mortcacee during said period or periods and shall contain the usual clause making them payable Lo the rr~ortgaoee, and, .in case of foreclosure sale, payable to the owner of the certificate of sale, and in case of lCSS, t'r)e ri,OrtC~70L'e 1 S aUtllOr 1LE-d tO ad]liSt, COl1t~Ct, and CO,TiUi"U:Li1Se, 1ri its discretion, all clairr:s under such policies, and to apuly the nroceecs of any ir_surunce claim upon the ir,debtc-dness hereby secured in its dis- cretion, and ti]e mortgagors ao_ree to assign upon de-„and all receipts, vouchers, and releases required of .them by the insurance co~.~anies; (4) To pay i;r~mediately when due and dyable all premi~.iins of said indebtedness herein referred to, unless the said advance,~~ents maid the inortcagee shall have provided it with sufficient funds for such payments; (5) lvot to co;r~-nit or suffer any waste of said property, and to Iz~~aintain the same in coed condition and repair; (6) To promptly pay all bills for such repairs and all other expenses incident to the ownership of said property in order that no lien of ;mechanics or rr,aterialrnen shall attach to said property; (7) Not to suffer or permit any unlawful use of or any nuisance to exist upon said property; (8) Not to di]T~inish or _~_mpair the value of said pro- perty or ti]e security intended to be effected by virtue of this mortgage by any act of omission to act; (9) To appear in and defend any prosy-ed- ing ~ah.ich in the opinion of the Inortgacee affects its security hereunder, al;d to pay all costs, expenses, and attorneys' fees incurred or paid by the mortcagee in any proceeding in which it gray be made a party defendant by reason of this mortcage; (10) Not to suffer or permit without the written permission or cons~_nt of the mortgagee being first };ad and obtain- ed (a) any use of said pro~,rrty ]:or a purpc~e other t}lan that for which t he :~3rme 1S nOW 12S2d; (b) any altC'rat~GnS, add1t1OnS tO, d~711O1_1t10n Or removal of any of~ the i_improve~r~ents, apparai.us, fixtures or equi_pr~cnt now or hereafter upon said property; (c) a purchase upon conditional sale, lease or agreement under which title is reserved in the vendor, or any apparatus, fixtures or equipment to be placed in or upon any building or improvement I.]pon said property; (d) a sale, assignment or transfer, of any right, title or interest in and to said pi~opc~rty, or any portion thereof, or ~:ny of ~_he -~iriprOVe7i;t-i,l"_S, ~'pparatuS, fiXturE'S or E'~lt]li-~TiC.'nt which may be found in or upon said property. B. '1'}iF ?•iC~=i`i'C~'-.G~~RS FUrZ`1'}3ER COVr~"~~;NT: "- -- - - .- - - ~ ~ ~- ~ ~ i r _ t - (1) ! _;~3 L ~ n Cc~.~C_' (~f ,_~,i-. )_r ~ ,31 l)i t_ O i;r?.r- ~ OT,Tl :;]y C>t ti7~~1r C(_~~t-~'-:r~i=S ._ _ __ ., f-,. i', !Zr '--;~• i~_~r Lg vg~: c' .,i~iy C7O Un l.!il'~r I; -};~31 - ,. ~~t?,. ~%~_'i _:~] :.;0 C~~~~% ~~;,7 ',i~. ]'( , ,_n.~t .,~]1d :i1(Jlt~' :~_~l'e il~<~y c91S0 ~,0 .any aCL 1t ._,~:y l7 (:(,rl L -C,t'_.`::,.ary t.C p],Ji_~'Ct the 1_it-n of this rnort~<~ge, ~:r,d th._~t thE:y '.ai]_1 ir~~~;,~diat,~ly relay a,ly iriVn,'_yS, t~.~gE:'c~,t?r '.41t}"1 ] Iltf?r('St f_r,("?i E'en ~:S pL OV 1(~t?(j ]_n S31d n~jtE3, S~;r311 _ - - - ;~,.,.~~.::F? SO ;~;,_n ,?r,~~l_1.1op~31 l~l~r~-'f~~_:~.,~ij~'~~`~ .,'~-Cl]~ r~t~ }may {_}17.5 )'`i ,tii<<~'~P_ ~.nCt~ ii1~3y :~? ! _~~, ~ ,_ ~"~~ i !~ ...iy 1: _~(' ( ,'C~ ~(Ji ~f (~ ~ Il l i~: ~~ 1. I~ ~ .`~ .".t:I }_r~ i~ -,11 ,_',!? ~i ~_d ~ ~t, 1_ (~f _ 7 ,_ 'i ~>1~ ~('_ ~~~%S Of 1_;it_' _,il(? U]_ ._,,ld ~;1(:,:!L'~~':~, l_L __i=i 1. ~ii_' i -:, f' ~~~3~cj ''~y ~_!,i•im; i }; ,,t it shall not be obl ig«toiy uh~~n i };~. ;~,~ortg.-:~]~'C ~.(J li?,-_~,111:e ~_!,i_o th,~ validity of .any 1 is-n, ;_r,~-t:~:~~br~a!~ce or cl~3i;n i_n acs :acing '~,='~;,=Ys i_n t',~]t bchal.f as ~3bovo ,jut},ot i::,.~d, u,]t not}] i.ng h~. r,~in contained _,~~-~11 be ,,~_~~lt~i Tu~_d ~.t; i,:~1~]1f.i:i~~ i_h~~ .::Ur j_r~ ;,~,(? ~(~ :?7,.,3110'_ ,:]iy ._ ,;x;_171 ~~~I~ i?~~ ~~iL- ~_ ~? _ '1tJr i Q ~.~] .1,~/ ~i~`t_ }1C`I_ _ ___. ~f ; i ..,_i~: i _. _ _ X117 , ,~,~~ !:~3 _1~~~ ~ i~:ilr 1 I"SUn3.l 11~:}~]-l.li_y b_C'<3U.`~E] (lf ~:,l~l_}71_ng l~ ;',c]y ,~O ~~r <~iil1~ 'f.O c~0 Ili'1_ ~.]''i~~,_'r. .i _ (2} That. additional oG~'anC°S SeCUrCd ~}' t~25 Tt:JrtC- ;`. .":5}' b°_ ;',~d~' to the mortgagors or their successors in title uvon recsuest of the warty then holding title and at the option of the ;r,ortgagc:e, and it is agreed that in the event of such advances the amount the--roof ;.ay be added to the mortgage debt and shall increase the unpaid balance of the note hereby secured by the amount of such advance and shall be a mart of said mortgage indebtedness under all the ter;r.s of said note and this mortcage as fully as if a new note and mortcage were executed and deli~,~~r- ed. An additional advance agree-meat .ray be oivc-n and used for suoh ad- vance and provision may be made for different monthly payments, interest- rate and other express modifications of the mortcage contract, but in all other respects the same shall remain in full force and effect as to said indebtedness, including all advances; that it is the intent hereof to secure payment of said note whether the entire a;;lount shall hive been advanced to the mortgagors at the date i,ereof or at a later cite, or 'r,aving been advanced, shall have been re-maid in part and further advances made at a later date and to secure any other «mount or amounts that may be added to the ;nortcaae indebtedness under t'r,e t~rn;s }-,ercof. (3) That in the event the c~anership of said r~r_aoerty, or any part tht-rGOf, beCG%ICS vested In a Ue~SOn other t~ an the 7nOrtC~00rS, tS,e IilOrt- gagee Tray wlthOUt nOt1Ce t0 the 7ilOrt~agOrS, Deal Wlth Su Ch SLiCCeSSOr Or successors in interest with reference to this mortcage and the debt here- by secured in the same manner as with the- mortc,~gors, and may forebear to sue or may extend time for p.}-Talent of the debt secured hereby without discharging or in any way affecting the liability of the ;nortgaoo?-s here- under or upon the debt hereby secured. (4) That time is the essence hereof and if default be made in per- for_;n~!7ce of any covenant 'r,erein contained or in making any payment under said note, or any excel;sion or rene~.aal thereof for a period of sixty (60) days, or if proceedings be instituted to enTorce any other lien or charge upon any of said property; or upon the filing of a proceeding in bankrupt- cy by or against the mortgagors, or i-f the mortgagors shall make an ass- ign;nr_-nt for the benefit of their creditors, or if their property be placee llndir Control Or 1n Cl]S%.,-idy Of any COUI"t, Or if the irl0rtgagOrS abandon any said property, then ~~r-,d in any of said events, the Tlortgagee is hereby authorized and e,~lpc~.aerid, at its option, and without affecting ti]e lien hereby created or the priority of ,aid lien or any right of the I;IOrtG:xCP_e }]irP_undir, t0 Q2Clare, t+~1tllOllt r,Ot!Ci, all SliTT',S S2CUrid fIF?i"Cby i;nn,~d atC~ly due and payable, ~~~'r]eT~hcr or not such c:,~faul t bi re~rl~~~died by i~-,e .'IU['tC3OO S, and a1d i`TIOrL~~c'~_,' ..:rjy i_~ 'l]1~~LE=1y ~>C~'C'd LO IOYi_'C1CSe this inortc,.ai. (S) 'lliat LpOn ti-,(? CO?t!iTIenCG?lent Of any OreclCSllri prOCeedlr!g nGr2- unde:r, the collet i.n w'r]ich such co;nplaint i.s filid.,~~ay, at any ti_ini either befor_~ or after sa7_~?, ar]d ~.+~ithout notice to the rso_rtgagors or a;-~y party claiming un~~hr t1_,_m ar!d '~.v1l.hol;t rt~gaid t0 the t})E'_n Value Of Said Lr,=IT11-.SC's, ur the solve;,cy of ~.he n~o:rtg~~~o~s, or ~•:he~_h~r the s._,ne .hall thF~n be occupied by the o~.~r]rr of the e~1uity of redcTlption as a ho,rlestead, ap~~oi_nt a rreceiver, .:~,o m ~y i~o the ::-sort :uo~~r~ -or its aar~nt, •.+%ith po-.aer to Ir,«~,ace ~~,d ic~nt ~-ihd i.0 ~.0~ ~ t?Ct t!-,(' r~~:TitS, 1~::,llt_'_S, c-.red pro, its ~r said pr,_m sF~s ~~!_i~. is-!g f-.i„'_ ,':r~:. l~~y (~~ ._-~.7i;'f] i~~ -.~~,1 r:t_L]l.-(? `~li-,_t ~iI~C~ is;E? ~~i~:.i'--~~t~~Ly :;t_I_l_ii~~ Of. ,. . _ r _-'~.. ~.,1~1~1r,!li ,..~-,~.7 .._~~-:I'll ~ '!~ - _. .:!l~ __ ~>>. _1:S .._ n _(~~_ -_-i:.'~, -.,~ J(? ._ _ _. - ~' '''' 'y c .. ~~~. If'(~, ~_)i'1 UI-(~_' 3S ,:<~~-1 _,5 a~t1:r 1_i;F? i;~. .`~L ~.L ~.`~ :l E?, 1-Cam`.... 1_l:S L1iC ~ iy.'.!~~~nt i } OL ~_hP_ ~nC".~f t~l.~",C_'~.S, ~ !'..~L_S, '_ ._. -Si -'rr''.il~_t:r,~_~F' t~~r (~~.l~,t~r 1~~inS nE/~'t .~._i~l-y LtJr 7-,~~,(~ L;rQl_C'Ct1Vn .~i-,(~ ~~I_('`~i'tt'i:tl~~n Of i:!)t~ i+r-~ _iLy, l_11(~~.1?C_~lT~g l}iE' ~>>i?iiS- ~:.~ Of ~Ji",h iC'~'r:11't_ t_ -'il ] il, O1 i~r~ ,=l~.y ~~r' i_ ~_C~~_: ~2r,y ~~ -~' r ;'F? :1;~: ~_i]~_'L tl;~:~r 7? ~~F~ .3 ,:~~t' J (-~~'_ i •: i?~f,~r ~ Il i I_ _ _ ..ii C.?L :-~1 ~ ~i~ _i : !~ '; ~ ~ _ ~ ~ ~. lI t. (? ~-_.l_j i~ i~ (~~ . ._ ~ +, .1t1 i. L~':~11 ~~ 1. iit~~7_~~ ~~~: ~, I ~_ lJi~ J l ._.., 1. ~ _. ill ~ 1. ~~I ~1:~ is J.f i. .- _ ::~ ~iJ_ IZ .__. ~_t~ : a t ~',? ~~~~.-ib~P_ :~l)Iil i_<~r ~ii:t0~-;;!'y5 i_c~ _S~ ...;d :1:~0 a~-1 ~_.~i. .n:;i'S O .: r1`~ '1_tl`.>>-' - ~ 7 '~t`?1-l-~_ng, c.nd (~(~:i'v'(:~1?~: ~-j .1 T_d Ll f.~(_1!11 (_'S, .i.~~l ~3 ~_1 .-a(~~~t-~}"_i 3!iV~+~1C?d LC~_C ll:_:ll.r- .~1)~'(', 1: :a(~S Or' t~t1:i'C ~ ~_-'?lS <7r ,. ~.~ _.,._.i ~'ni S, Oi)i.~ ~:}'S iOr !~~~'1':ili-:l~i:~ILy 'Vl- : , ~ 7 ~ (:~~~_~~f?~ `5 I. (_`i:t_,~!I. ~.'.i•;C'i~ (.',-.~ +_~_~,.~, ., ~_1 t,!~11 I~~_ ~~U ~_:. .>, .. ..~i t_"L .`~ 1_•-~1~'r, .--'(1 1. ~~t~ i ~'i' _t, r~•ii_i;,_'C ,:(,~ .,L „L _;1 ~-_ :i '~j, c>~ L.r :~, ~!-_.:.~; ~~~C l:t._,i)~~•t,:~l~~ :r1 -~--' t il,t llf ~it-li GZ gli,~I. cl?)i-!>t~ ,!C ~_i_,;y ~1~~~'.>i!,!g thc'_ .~,?)OIi.'_ tip-1c' tv :-, c])_d pl~,l~li E";, %ind 1111CL](~lr!g t.~he fOl~l_•(;l(~`;lirC' ~~GCr~'i =~:nd thE_' St(:r~S L,ertlt~lCate Uf J~31t'_, '~ - J and there shall then be :aid the prir,ci~al iri::«~-btedness „nether c•„~ and payable by the terms i-,ereof or not, and the interest due thereon up to the time of such sale and t'r,e overalus, if any, shall be paid unto the mortcagors, and it shall not be the duty of t~ne purchaser to see to the application of the purchase money and in case of payments of said indebt- edness, after the filing of any complaint to foreclose this mortcage, and prior to the entry of a decree of sale, a reasonable sum forJlccal services rendered to the time of such payment shall be allowed as attorneys' fogs, which, taa_zther with any sum paid for continuation of abstract, court costs, and stenographers' charges and expenses of such ' ~ proceeding, shall be additional indebtedness thereby secured. In the event of foreclosure and any sale thereunder, any abstract of the mort- caaed premises deposited with the P.ssociation shall become the property of~the Association. (6) That each right, power, and remedy i;erc-in conferred upon the rnortcaeee i_s cumulative of every other right or remedy of the mortcacee, whether herein or by law conferred, and Tray be nforced concurrently therewlt}:; tJ";at n0 :tialVer by t1'?e TTiOrt~=aCC~e t0 r _'QUlre Or GnfOrCe :JerfOr- i'~anCe Of the 2i •aTi,e Or any Otr,er Gf said CGS:=n~~5; that ::h~erever t'r,E'•COr,tOr>t hereGf rcCJUlreS, the plural nuii~DE'r, aS used herein, Sf,al-1 1nCiu~e the singular. In Grder t0 iurtha=r SECiIre t}"ie afGr~'S31d 1"!CC'L'tC'~:;ir cS CV.ld='>7C~~d b y sold note, the morcagors J-iera-by tranier, Set Over, and ~=ss_~~~n unto t}ie said City of Canton, an Illinois muT~ici_:al cor:~olation, the - pessession of and all the rents, issues, and nroflts now due or which may hereafter become due under and by virtue or any lease, whether writ- ten or oral, or any letting of or any agreement for the use or occupancy of tine hereinbefore descr.i}~~ed pre,nise._s, or any part thereof, =JJhether here- tofore or hereafter made or ~.gre~d to eit'r,er by the mortcagors or by the rnortcaeee, under the pc~~.aer 'r,erein graved, it being the intention to hereby effect an absolute transfer and assignment of all such leases and agreements and the avails thereunder. A;;d the said ;T,ort~~a~3o1-s hereby irrevocably appoint the said City of Canton; an Illi_l;o_is n-nanicir'al cor,r.~oiation their attorney in _ fact, with full power of substitution, for the Tr,ar,agement of the .said hereinbefore described premises and it :..ay lct and relet said premises, or any party thereof, according to its c~.an d iscr~>tiGn and collect and receive all the rents, issues, -and profits c,~r_i_vc'd therefrom, ..:nd it ;~~-y bring Or dC;iC'nd 1n 11...S G`.~n naTr,e Or ]_n the n,::1Tt~' Of t_}ie iiOrt~c~~orS .l"ly Sil1tS In CG_-i[lr'CtiOn with Sald prE'_Ti11SeS and Try',(' SuCf1 re~.alrS t0 sold prP_iTtl.`~,'S aS 1t CO?;S1dCrS ~=?:DedlGnt, all 1tS acts a?-ld dOlnCS In COrln~'~JCtIOn thcrt~wi_th as t'r,eir said attorney being hers by o~pressly ratified by the said ;T,oi iac,aor s . - ~1~'17]_S .?`_`~'igJ,riir=nt i~.:ld i~~(~rir'r O~ ~3i:t01.~,<-y `=1-;all }~C~ CGnStILC_'.d .:S d ( < <,=n- nnt running ~.ai_i=h tiio land, it shall b~_co;~,e operative only in the ,went of dGf~~lllt In the ?%uyi~~t=.!~t Of i:ilc a7GrE?Sa.ld ]T~Ont!~ly ]_nStalllT~C'71tS, Or _i_n i_ilE' i~Vent Of the i~tCaC}l Of any Of the i~,Ort~j.~~jGr 5 ~ COVenantS 1n the ~ Ot+'%Oi~g r_ t c iflCirt~-?r~1C' iU1~t_3].nPd, alJd it ~~i;all COnt~~liuC' i_lZ !_Ull fGrCe a:id ei!_~Ct lit~f=11 i_;,+' ~? ~C>r-C~.'~?],~ :!~~t,~ _x,._3]]71 '~:e ~ ~~,11y .;,1, .,t ..~, _,~h i ~__,~~ ;t. .. ~;lll ~_, i~_:;.e. ::~.1 , .',~i_S/ _c._ J(~'~, .l!, I1 .JL-L)I 11 J C._(7 ~_1 '1~1_i.'l_1 _i ~. _ ._1~.~(.'r '-,~]a~ ~_, ,]t 1-~~~(~ (ii)i_-i. lip ~_ ~. ~ ~ i Of i~I,C' ?i~Ui i_~~,+~~i'r?~ ;>(3 . _~i~11~_~~7 (?1 ~ ~1~?r In ~~. 1 ~;1=,",L ~~I= i_ _.('S, .:~ :C;•31 :._ _.;:i- .,':nts, '.`,Ur~;,i~i~C j.~i"r-.iii)- ,;"S, ~:r)d L~~~t~l.3t ~?!c~ ~ ~' `~.i_'S, Or 1n ~ 1: =I-, i= OI i.he .3fOtGS,iid i~OtP_, In ~ ;~~ ;- _~, rn,_ <~„_ ~. _ ~;., ~, i ,;i' ,~ ~ ;,_~ S ~.'~~ ; _ ~JI'i: ._ : ~ ... .r Ali ' i_: ,, r. ,~V, . ,, _ _ 't' ..;? ,_n ,;~ uL i <~ _,~c~.L s _'~; ~ :: 1 0 ..:y ~ ,,gi _ ~ i ~ ~_ n <.._ .,.,_ _ ( ~: ,t _ ~ i- ~f L~' (' '~ _ :y d~.., ,nd for ruch ~~ort~ion of <„3d i~r~~:n~ ~_ 's .s i i~,r_y ., y „r ~ ~-Y ~_~d a ~.~ ,_,,llure on ti-~,~~_r p„~~t to }~r~.~~~~}-,t1y ~~~~ y ~~~~~h i~-~~t _;i~<~L1 c-onr~tii-l;te a r~~rci- ~- -. ~ ' K It is expressly understood ar,d agreed by and between the n+ortc~oors and the mortcagee that all rights and oblications under this mortcace, assign;r+ent, and power of attorney shall extend to and be binding on~the respective heirs, executors, administrators, successors, and assigns of the morcagors and the mortcagees. IN WIT?~E'SS WHEREOF, we have hereunto set our hands and seals this _ day of _ l9 R`TTEST Caroorate Secretary. STR`I'E OF ILLINOIS ) ss. COUN'T'Y OF FUL'I'ON ) BY. , ----------- ------------------------------------------- Its Ps- _sidcnt. Py; , Iis Vice Freslc~nt. I, the undersigned, a Notary Public in and for said County, .in the State aforesaid, DO CERTIFY that ___ _.___ ___.____ ___ ___ _ _ ~ President ; --- _-- __ -- -------------__ -- -' Vice -President ; and _ ___,, Corporate Sec rotary, personally known to me to he the sane persons ~,a}-,ose n~--~~~s ~jie s,abscr.~b~~d to the foregoing instrurnent, aprcared before l:~e this c'ay in person, and acknowl~daed that they signed, sealed, and del..ivered the say-d instruz~ent as their free and voluntary act, for the uses and purposes therein set forth, including the release and wa.iv _~r of the right of homestead . GIVt.N under my rand ~1nd r,otar_ial :,Cal, this da• of , --- - - - - y --- --- - _ _ -- 19 . Notary Public.