No preview available
HomeMy WebLinkAboutResolution #1074- ~' RESOLUTION NO. 10 74 A RESOLUTION APPROVING AN AG12EII~NT BETWE~1 THE CITY OF CANTON AND IlV'TERNATIONAL PLASTICS RDCYCLING, INC., AND DIRECTING THE MAYOR AND CITY CLERK TO EXECUTE AND DELIVER SAID I~JAN AGREEP'lEDFT ON BEHALF OF THE CITY OF CANTON, ILLINOIS. ~5, the City of Canton has entered into negotiations with International Plastics Recycling, Inc. 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 agre?rr~nt 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, Vi1i-~RF,AS, 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 RESOLVID 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 International Plastics Recycling, Inc., 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 inmediately upon its passage by the City Council of the City of Canton, Fulton County, Illinois and approval by the Mayor thereof. PASSID by the City Council of the City of Canton, Fulton County, Illinois at a regular meeting this 21st ~Y of May , 1985, upon a roll call vote as follows: y Bohler, Workman, Sarff, Falcone, AYES: Aldermen Chapman , Ma , Zilly, Kovachevich. ~YS: None . ~~: None . APPROVED: ~.~~ ~~ Donald E. Edwards, Mayor AT'1~ST an White ,City Clerk R E C E I P T Receipt of Original Documents Pertaining to the City of Canton and International Plastics Recycling, Inc. On the date of April 25, 1986, the Canton City Clerk, Nancy Whites, received the below listed original documents to be placed in the official City records. These documents were removed from City Attorney James H. Malmgren's records and replaced with photocopies. Quit Claim Deed (Document #85-12622) Lot Number 22 of the EZ. Real Estate Mortgage (Document #85-12623)Lots Number 20, 22, and 23 of the EZ. - 5 pages. Note (Book 981 Page 201) $99,999.00 - Dated May 29, 1985. Personal Guarantee (Book 981 Page 202) Signed by Henry S. Dixon, James G. Burke, James D. Schoenhard, Carl B. Schoenhard. Cause for Preliminary Pre-Trial Conference (Document #85-12621) "Wheeler v. Juracek". Quit Claim Deed Lot Number 23 dated May 29, 1985. Pledge Agreement - James G. Burke, 2 Pages. Pledge Agreement - Carl B. Schoenhard, 2 Pages. Pledge Agreement - James D. Schoenhard, 2 Pages. Pledge Agreement - Henry S. Dixon, 2 Pages. Loan Agreement HHS/OCS - 99,999.00 - dated May 29, 1985 with unsigned attachments, Agreement 12 Pages. Note, Personal Guaran., Real Est. Mort. Plegde Agreement - Attachments are all unsigned. Agreement For Sale of Real Estate - 41457 with map. Rece ivPd By Nan Whit s, City Clerk. Dis bu d By: nda Vogel 821 ,- QUIT CLAIM DEED ration to Corporation Perfection Legal Forms & Printing Co., Rockford, III Document No. S Y V' `{ ~ !{led for Record in Recorder's office of ~ --~--r~-~'-u ~ County, Illinois Vo1.~17D .~`~~ ~~,~1 ~ ~ , ..r _ ~', / g ~ ~ at l ~ ~ ~ h o'cloLk -~M. QUIT CLAIM DEED Q-'-~ <~~ Recorder of Deeds. THIS INDENTURE WITNESSETH, That the Grantor PRECISION ENERGY SYSTEMS, INC. , an Illinois corporation, ~~~~duly organized and existing under and by virtue of the laws of the State of I 11 ino i s and duly authorized to transact business in the State where the following described real estate is located, for and in consideration of One Dollar and other good and valuable considerations, the receipt of which is hereby acknowledged, and pursuant to authority given by the Board of Directors of said corporation, CONVEYS AND QUIT CLAIMS to the CITY OF CANTON, an Illinois municipal corporation, ~~g~~~duly organized and existing under and by virtue of the laws of the State of I 11 ino i s and whose address is 210 E. Chestnut Street Canton, Illinois 61520 the following described real estate to-wit: Lot Number Twenty-three (23) of the Enterprise Industrial District per the Subdivision Plat thereof filed of record on October 26, 1984 at Slide 215 as Instrument Number 84- 8960, all being situated in the City of Canton, (Continue legal description on reverse aide) ~o~eted in the County of ~~ ~ t-nn in the State of I 1> ; noI s IN WITNESS WHEREOF, said Grantor has caused its corporate seal to be hereto affixed, and has caused its name to be signed to these presents by its President, and attested by its Secretary, this 31st day of January lg 85 . Precision ffix corporate ere) ~. ,/ / Attest ,~ '~L ~~~Z Pa agraph..~ Secretary. Real EstatwTn STATE OF ILLINOIS Z ss COOK COUNTY '~ I, the and igned a Notary Public, in and for said County, in the StatP~tl6R~s~ E~warc~ J . ,7uracek S terns, Inc., ~ President. ~~~~ THAT personall known to me to be the President of the Corporation who is the grantor, and 'Derrell J. Isselhard personally known to me to be the Secretary of said corporation, and personally known -~ -- to me to be the same persons whose names are subscribed to the foregoing instrument, appeared before me this dayin raon and severally acknowledged that as such President and Secretary, they signed and delivered the said instrument as President and '' ti t 'lam' !'Ctic eto,, Qursunnt„ and voluntary rr'I - ~ ci. to Secretary of said corporation, and caused the corporate seal of said corpora ~n~ o ~e~, ~. ty, given by the Board of Directors of said corporation as their free and voluntar,~-~`,~i!. ~e~~said corporation, for the uses and purposes therein set forth. ~~~`! 41j~~„Q a»•~~~~~' p.,.• •. . ~; • .` ,\ :~ ~f ~ , ~ :~ ~{>~pddress ~) Return this document to: ~ v~ '~'''~ Y O a J~~'-' ~`. City Attorney ,,,. ~~` ~!!ltS41~t~~ 210 E. Chestnut St. n.....~..,., TT F,l S~(1 This Instrument was Prepared by : James H Ma lmg r e n , Attorney a t Law Whose address is: __ 369 N. Main St. Canton IL. 61520 ,r.f ~J Form 821 -QUIT CLAIM DEED -Corporation to Corporation Document No. filed for Record in Recorder's office of '. 14.I .c ~ ~ ~ 4 ~ S at Urr i. ~ ~ ~ ~ ~ `~s ~~~~ QUIT CLAIM DEED Printing Co.. Rockford, I I1. ~-~-~-~(-~-yl i County, Illinois ' ~- o'clock ~M. ~ Recorder of Deeds. THIS INDENTURE WITNESSETH, That the Grantor DECONTAMINATION SYSTEMS , INC . , a corporation duly organized and existing under and by virtue of the laws of the State of Illinois and duly authorized to transact business in the State where the following described real estate is located, for and in consideration of One Dollar and other good and valuable considerations, the receipt of which is hereby acknowledged, and pursuant to authority given by the Board of Directors of said corporation, CONVEYS AND QUIT CLAIMS to INTERNATIONAL PLASTICS RECYCLING, INC. , a corporation duly organized and existing under and by virtue of the laws of the State of Illinois and whose address is 121 East First Street, Dixon, Illinois 61021 the following described real estate to-wit: Lot Number Twenty-two (22) of Industrial District pursuant Plat thereof filed in the Ful Recorder's Office on October Number 84-8960, subject to a and, further, subject to all and/or land use controls whi or, the City of Canton's suc place on said Lot #22, , the Enterprise to the Subdivision ton County (Illinois) 26, 1984, as Instrument 11 easements of record restrictive covenants ch the City of Canton, cessors and assigns may situated in the County of Fulton _ in the State of I1 ~ nog s. IN WITNESS WHEREOF, said Grantor has caused its corporate seal to be hereto affixed, and has caused its name to be signed to these presents by its President, and attested by its Secretary, this 29th day of May 19 8 5 (Affix corporate seal here Attest: , Secre STATE OF ILLINOIS ~,,,. James H. Mal FULTON COUNTY ~~ I, the undersigned, a Notary Public, in and for said County, in the State aforesaid, DO HEREBY CERTIFY THAT James G. Burke personally known to me to be the President of the Corporation who is the grantor, and Carl B. Schoenhard Jr. personally known to me to be the Secretary of said corporation, and personally known to me to be the same persons whose names are subscribed to the foregoing instrument, appeared before me this day in person and severally acknowledged that as such President and Secretary, they signed and delivered the said instrument as Secretary of said corporation, and c~ ~e~ ~{ty en by the Board of Directors of fr ~ain~ o u t~ar~y an 1 n o ,said orporation, for the uses an ~a grap~i ~~,~eon ~, Real Estate TransferJ~ax Act. 7~zs /~'sr President and the corporate seal of said corporation to be affixed corporation as their free and voluntary act, and as the rposes therein set foamy. , r, Da ,.,,,. ,,,,, , x Return this document to : ` ` ~ ~.~ ~ ~"~ .' ~ 1r .~~ , ,' OR o Int. Plastics Recyc~ ri~~~'In~._~.; f 121 East First Str~=~'~~~:r~ _ This Instrument was F Whose address is: 3 DECONTAMINATION SYSTEMS, INC., Granto By - ~ President. L ..... s v ~ ~ Oren, Attorney at Law " ` " Main St., Canton, I 61520 PH: 309) 647-0647 irm 821 -QUIT CLAIM DEED - Cor to Corporation Document No. filed for Record in Recorder's office of County, Illinois at o'clock M. QUIT CLAIM DEED R-ecorder of Deeds. THIS INDENTURE WITNESSETH, That the Grantor , INTERNATIONAL PLASTICS RECYCLING, INC., a corporation duly organized and existing under and by virtue of the laws of the State of I 11 in o i s and duly authorized to transact business in the State where the following described real estate is located, for and in consideration of One Dollar and other good and valuable considerations, the receipt of which is hereby acknowledged, and pursuant to authority given by the Boazd of Directors of said corporation, CONVEYS AND QUIT CLAIMS to the CITY OF CANTON, a corporation duly organized and existing under and by virtue of the laws of the State of Illinois and whose address is 210 E. Chestnut Street, Canton, Illinois, the following described real estate to-wit: Lot Number Twenty-three (23) of the Enterprise Industrial District pursuant to the Subdivision Plat thereof filed in the Fulton County (Illinois) Recorder's Office on October 26, 1984, as Instrument Number 84-8960, (Continue legal description on reverse side) situated in the County of Fulton in the State of Illinois. IN WITNESS WHEREOF, said Grantor has caused its corporate seal to be hereto affuced, and has caused its name to be signed to these presents by its President, and attested by its Secretary, this 2 9th day of Mak 19 8 5 INTERNATIONAL PLASTICS RECYCLING, INS STATE ILLINOIS ss FULTON COUNTY I, the undersigned, a Notary Public, in and for said County, in the State aforesaid, DO HEREBY CERTIFY THAT personally known to me to be the President of the Corporation who is the grantor, and personally known to me to be the Secretary of said corporation, and personally known to me to be the same persons whose names are subscribed to the foregoing instrument, appeared before me this day in person and severally acknowledged that as such President and Secretary, they signed and delivered the said instrument as Secretary of said corporation, and cau thereto, pursuant to authority, given by the Board of Directors of ~ free and voluntary act and deed of said corporation, for the uses and President and corporate seal of said corporation to be affized gyration as their free and voluntary act, and as the therein Future Tales to Grantee's Address (x~ Return this document to: City Attorney OR to City Building 210 E. Chestn~ut`~]S~ /, L_s T T _~ This Instrument was Prepared by: James H. Malmgren, Attorney at Law Whose address is: 36Y N. Main St. , Canton, A corporate here ~~ B President. Attest: y Secretary. PH: (309) 647-0647 . ;,~ International Plastics Recycling, Inc an Illinois corporation, promises to pay to the order of the CITY OF CANTON, an Illinois municipal corporation, the sum of 59_9___,999._0__0 _ _ tocether with interest thereon at the late of 9.0 o per r~n~._;<: from ---- the date hereof to and including December 31________.__, 19_88_, nd at the rate of 13.0 so per annum ti~er_ eaf ter to and incii:di ng May__2.9,_____ 2000.XXX~XXXXXX ` PAYMENT SCHEDULE: (a} PRINCIPAL: Principal shall be paid in thirty_ _(30) equal semi-annual installments of $__3_,333.30 eac'n commencing on the 1st day of December __, 19. 85 and cont~ nu i ng every six ;months t}~er~after until the principaa s~im of S 99,999__00 _ is laid in full, with the last such payment due May 29, 2000. (b) IN`T'EREST: Interest shall be paid on the ur,i_%aid r~rincir.al balance at the rate of g,_0% per annum with the first pad-:Went due on _De_ cember i st 19 8 5 a n d the n on .June _ 1st __ a I~ d December 1st _ of each year until and including _December lst_ 19_88. Alter such period, interest shall be paid on the uncaid principal balance in said semi-annual installments at the rate of 13.0 % per annum until said interest and principal is fully paid, with the last such interest pay- ment due May 29, 2000. Unoaid interest shall be added to principal and bear interest at the same rate as noted above for r~rincinal. Interest whall be con- sidered unpaid if not received by the City of Canton within 7 calendar days following the due date. International Plastics Recycling shall have the right to prepay any and all interest and principal at any time without penalty or additional interest. This Note is specifically made subject to the terms and conditions of a certain "Loan Agreement" between International Plastics Recycling and the City of Canton, dated ~ax~fx May 29 _, 1985 and approved by City of Canton Resolution Number 1074_ on May 21 , 19 85 (as amended) as fully as though all the terms and conditions of said Loan Agreement were fully set forth at this place verbatim. To secure the payment of this Note, International Plastics Recycling hereby irrevocably empowers any attorney at any time herLafter to appear for us in any court in term time or vacation, and conless judgment against us, each or any of us, including any guarantor(s) hereof, without process of this Note in favor of any legal holder, for all sums owing hereon, interest, costs, and reasonable attorney's fees, and to waive all right of appeal, release all errors and con- sent to i;ranediate execution. DATED: This 29th day of May , 19 85 . International Plastics Recycling, Inc an Illinois corporation, gy: ~~~<<1 r ~~_~_ .~c ~ . __ - -~- Its President and - ~~ Its Vice-President (Corporate H]~S/(ACS: JO/1/84 ,'~, ~' ; BOOK Q~~~ `rgF r-"_UiG PERSONAL GUARAN'T'EE gpR VALUE RECEIVID, the undersigned, Henry S. Dixon, James D. Schoenhard, James G. Burke and Carl B. Schoerihard, individually and collectively, hereby personally guarantee the payment of the foregoing Note at maturity or at any time thereafter, with interest as specified therein, waiving presentment, demand, notice, protest, and diligence in collecting, and we each of us hereby irrevoc- ably engxxaer any attorney at any time hereafter to appear for us, either or any of us, in any court in term time or in vacation, and confess judgment against us, each or any of us, including any within maker or makers, guarantor or guarantors hereof, without process on this Note in favor of the legal holder, for said within sum, interest, costs, and reasonable attorney's fees, and to have all right of appeal, to release all errors and consent to immediate execution. DATID: This 29th day of May, 1985. (James D. Schoerihard) (Carl B. Schoenhard) + ~- ;: THIS INDENTURE WITNESSETH: That the undersigned, International Plastics Recycling, Inc.__ ____ __, of the City o± ^ant~~n, In the COi]ntV Of rultOn and State O~ I11?n02S, ~;n=:=:;:after --r: ~ ""~'"'~ t0 a5 t}'ie nl/)OrtCa00r", QOeS hereby ?'''lOR`I'G?~GE ~.~'il i'~.~_i=.~'_~NT t0 t.~iC Ci l'1' GF CA?~TO?~, an Illinois municipal cor~orat~on, of t~~e City of C=Anton, ~• r;~~r~ir;after r~__":_rr~-c ~r. Lr,e Co~_~nty of Fulton and State of Illinois, to as the "l~iortgacee", the following described real proaerty, to-•wit: Lots Number 20, 22 and 23 of the Enterprise Industrial District pursuant to the Subdivision Plat thereof filed in the Fulton County (Illinois) Recorder's Office on October 26, 1984, as Instrument Number 84-8960, Together with all easements, rignLS aiici Y1~~11eges; all rents, isr~ues and profits thereof; all buildings and other improvements new or hereafter placed thereon, expressly including all heating, air conditioning, refrigerating, lighting, plumbing, water soften- ing, water heating, gas and electric equipment; all burners, stokers, boilers, tanks, ranges, refrigerators, awnings, scrceens, blinds, shades, and attached floor coverings; and all units or attachments of every kind attached to, built in or especially designed for use ripen said premises, all of ~•~hich 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 Fae:~ption T~~.ws of the State of I11 inois <,»d ~nll rlgrlt to retain po:~s~-ss~_on of t;ald pr~•_ni~_~es ~iftcr ~zny a~~`~3u1 t in •- h~~rei_n~3 f ter r~i?r r ~~d to or br~~a~~h the pay ~~ent of the „~?ebte~~nt~ss of any of the covcn~~nts or ayreen{~'nts herein contained. TO SECURE (1) the payment of a certain indebtedness in the principal amount of $99,999.00 __- together with .interest thereon, as stipulated in the note herein- after referred to, said principal being payable in semi-annual payments of 3 333.30 •_ each commencing on the 1st day of December , 19 85 and continuing every six months thereafter until principal is pa:~_d in full. I?dditionally, interest shall be paid on the unpaid principal balance at the rate of 9.0 ~ per annl)m from the c?ate herE~of up to nd including Decgnber 1st , 19__88 , and at the rate of 13_.0 0 ~,er 'annum for the re,nain~-~~~ term of the loan, ,_ a].l ,:S ,iit~r~' ~~~~~ c~ f--r~i]_ly ~r;c~t fort..h in one cc~i t ~~i_n n~~te ~.ie by ~. e ,_, , ~.~~ .,.~~~-t<,<<~~~e b~~al ~ "gig r.v~~•n <? 3te hf~~ e- ~oJ- . >"- ;~?c by i_he i~.~rt".~,<;~~e to the Cori ";-:gor, or its ~~,ccE-~~:nor in t~i.t:le, i or <~ny ~~i~r~~ose, ~~t any time ~~ef~~re the relc.~se and c.:ncellatio)z of t}pis ;{~ort~a"~o, but ~~t no limo shall i:his :v-:nce s ~~n .,cco~~~nt of ~~a d or i~~ ~ na 1 note and such ~~71-f_~j'~~,_ .~'CUre i . .-_<i~3i_t~ic~nal ~:dvanc~?s n a ~_ ~,m i_n ex~~ess of _ --------- --_- ($ 99,999.00 ) , pr<w~r't~d that nothing };e~rE~in c~~n~_ai.ned shall be ~on- si~~fr~~d as lirni_ti_ng the ~3!r,ounts that shall be se<,ured hereby ,n;h~n ~5.1~~623 .,~,s/~~cs: 1o/1/a4 ,A n11?~N ~ TFi{S ~' 1 " - ~~F,l~l.c.~F,t'~k ~ ~FrT~~ A7 ~ 03 CICCK *~ A"'D 7JLY RECCRDcD IN VOIAGE~ ~- , (niUNiY CiERK h RECORGER ~n~K ~~~~ ra9E ~~7 ~.... `. ~r.`~.,eln/port _.~~:~, :nd, (~l ti`,.: .'{~_ .~.,_~~ ,_ '. ..- -_. _.. ..,~ ac: c ~ :, =-nts herein contained. A. 7"r3E MORTGAGORS COVENANT: (1) To pay said indebtednr~ss and the in~~~rc -t ti:crecn as ;,c-r:~in :~,d 2 'To a i;rar,~di ately ~~:~~~-n ~?t:" ana _ _=ble a71 in said note provided; ( ) i- Y - __~ _,,~~ _,~<_~s ] cvi~~d or ~_. ~_ _r~d General taxes, special assessments and ot;,er ~_- _ uc,on said property, or any part therc_of , t,nless the a:.~~-.~:~`-'`::~=nts ~.r~cl ~,d'- in the monthly installments paid the mortgagee shall have provided it with sufficient funds for all such payments, and to pro:~~otly ~:,el i~Jr'r receipts therefor to the mortcagee upon dcmand; ( 3) To '~ccep tine is"-'rove- _ ments now and hereafter upon said premises insured acai_nst c<<T~ace by fire, windstorm, and such other razards as the mortcagee ?nay require o be in- sured against, until said indebtedness is fully paid, or in case of for~- clcsure until e-xpiration of the period of redemption, for the full insur- able ~%alue thereof, in s-~~ch companies and in such foT-m as. s'~all be sa+=~s- factory to the mortgagee; such i r.surance pol _~ ci ~>s steal l i ~_-~r,a ~ n with the mortcagee during said period or periods and shall contain the 1_sual clause making them payable to the mort~aeee, and, in case of for~clesure sale, payable to the owner of the certificate of sale, and in case of loss, the mortgagee is authorized to adjust, collect, and ccnuro;n~se, in its discretion, all claims under such oolic~es, and to apply the oroceocs of any insurance claim upon the indebtedness hereby secured in its dis- cretion, and the mortgagors agree to assign upon demand all receipts, vouchers, and releases required of them by the insurance companies; (4) To pay immediately when due and payable all premiums of said indebtedness herein referred to, unless the said advancements paid the mortgagee shall have provided it with sufficient funds for such payments; (5) Not to commit or suffer any waste of said property, and to maintain the same in good condition and repair; (6) To promptly pay all bills for such repairs and all other expenses incident to the ownership of said property in orde that no lien of mechanics or materialmen 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 diminish or impair the value of said pro- perty or the security intended to be effected by virtue of this mortgage by any act of omission to act; (9) To appear in and defend any proceed- ing -~ahich in the opinion of the mortgagee affects its security hereunder, and to pay all costs, expenses, and attorneys' fees incurred or paid by the mortcagee in any proceeding in which it may be made a party defendant by reason of this mortgage; (10) Not to suffer or pei:mit without the written permission or consent of the mortgagee b'ing first had and obta~- ed (a} any use of said property for a purpose other than that for ~.~hich the same is now used; (b) any alterations, additions to, demolition or removal of any of the improvements, apparatus, fixtures or equipment 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 upon said property; (d) a sale, assignment or transfer, of any right, title or interest in and to said property, or any portion thereof, or any of the improvements, apparatus, fixtures or equipment which may be found in or upon said property. B, THE MORTGAGORS FURTHER COVENANT: (1) That in case of their failure to perform any of their covenants herein, the mortgagee may do on their behalf everything so covenanted; that paid ,nortgagoe ,nay also c?o any act it may doom necessary to protect the lien of this mortgage, and that they will i~_"e~?lately red ay any moneys, tggether with interest thereon as provided in said note, shall become so :;:uch additional indebtedness secured by this mortgage and may be included in any decree foreclosing this ;nortgage and be paid out of rents or proceeds of the sale of said premises, if not otherwise paid by them; that it shall not be obligatory upon the mortgagee to inquire into the validity of any lien, encumbrance or claim in advancing moneys in that behalf as above authorized, but nothing herein contained shall t construed as requiring the mortgagee to advance any moneys for any pur- pose nor to do any act hereunder; that the mortgagee shall not incur personal liability because of anything it may do or omit to do hereunder -2- ~ ~. (2) That additional advances secured by this r,ortcage .-.ay be ;ryce to the mortgagors or their successors in title upon request of the party then holding title and at the option of the mortgagee, and it is agreed that in the event of such ad~•ances the :_;~~c~.:nt +- ~~-~-~'<~~ ~~;' ~~~ added to the mortgage debt ar,d shall increase the un;~a id ba : ance of i_-,e note hereby secured by the a;T,ount of such advanca and sha]1 be a _.~rt of said mortgace ir,debtF~dr,ess under all the terms or said note and ti~is mortgaee as fully as if a new note and mortgage were execuied and del~ver- ed. An additional advance agreement may be given ar,d Lscd for s.;c'r, ad- vance and provision may be made for different ,T~onthly cay;r,~nts, interest-- rate and other express modifications of the mortcaee contract, but in all other respects the same shall remain in full force and effect as ~_o said indebtedness, including all advances; that it is the intent hereof to secure payment of said note whether the entire amount shall h..ve peen advanced to the mortgagors at the date 'r,e?-eof o?- at a later cafe, or having been advanced, shall have been re aid in ~~~rt .end -u~ t;-,er .~~i~.~ync"s made at a later date and to secure any other a.~,ount or amo~~nts t~;at may be added to the mortgage indebtedness under the ~e?ms hereof. (3} That in the event the ownership of said c~roverty, or any ;art thereof, becomes vested in a person other than the mortgagors, t:,e ;mort- gagee may without notice to the mortgagors, deal with such successor or successors in interest with reference to this mortgage and the debt here- by secured in the same manner as with the mortgagors, and may forebear to sue or may extend time for payment of the debt secured hereby without discharging or in any way affecting the liability of the mortcagors here- under or upon the debt hereby secured. (4) That time is the essence hereof and if default be made in per- formance of any covenant herein contained or in making any payment under said note, or any extension or renewal thereof for a period of sixty (60) days, or if proceedings be instituted to enforce 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 if the mortgagors shall make an ass- ignment for the benefit of their creditors, or if their property be placed under control or in clzstody of any court, or if the mortgagors abandon any said property, then and in any of said events, the mortgagee is hereby authorized and empowered, at its option, and without affecting the lien hereby created or the priority of said lien or any right of the mortgagee hereunder, to d?clare, without notice, all sums secured ner~--by irr,,n~~diately due and payable, ~.ahether or not such cerault be re ~~~~died by the mortgagors, and said mortgagee may i;r~~nediately proceed to foreclose this mortgage. (5) That upon the comrr,encement of any foreclosure proceeding here- under, the court in which such complaint is filed may, at any time either before or after sale, and without notice to the mortgagors or any party claiming under them and without regard to the then value of said premises, or the solvency of. the mortgagors, or whether the same shall then be occupied by the owner of the equity of redemption as a homestead, appoint a receiver, who may be the mortgagee or its agent, with power to manage and rent and to collect the rents, issues, and profits or said premises during the pendency of such foreclosure suit and the statutory period of redemption, and such rents, .issues, and profits, ~::h~n colic>ctc~d, Tay be applied, before as -well as after the master's sale, to~.aards the payment of the indebtedness, costs, tares, insurance or ot_hc~r ite;ns nr•ces:~ary for the protection and preservation of the propF~rty, including the expens es of such receivership, or on any deficiency decree ~:~hether there be a c]ecree therefor in personarn or not; and upon foreclosure and sale of said premises there shall be first paid out of tine proceeds of such sale a reasonable sum for attorneys' fees, and also all expenses of advertisin selling, and conveying said premises, and all moneys advanced for insur- ance, taxes or other liens or assessments, outlays for documentary evi- dence, stenographers' charges, all court costs, master's fees, and the cost, either actual or estimated, of procuring or completing an abstract of title or guarantee policy showing the whole title to said premises, and inlcuding the foreclosure decree and the Master's Certificate of SalE -3- ~n~,~ ~~'~ ~.r~ ~~~ and there shall then be paid the principal indebtedness whether due and payable by the terms hereof or not, and the interest due thereon up to the time of such sale and the overplus, if any, shall be :.aid un':o the ilOrtgagGrs, and It Shall nOt b` the duty Of L'Ii:- JUrC~'~cS~3r i:O i O i l;e application of the purchase money and in case of _ a~~'!,~=nts o~ said ,p:i=bt- edness, after the filing of any complaint to for_eciee this :~or-__:~;~, and prior to t'r]e entry of a decree of sale, a reasonable sum `or 1;_~_,-~l services rendered to the time of such payment shall be a~ ic~~.~~d ::s attorneys' Tees, which, together with any seam paid for c~~nti^_,ation of abstract, court costs, and stenograpnors' charc~as and ~-~_~::~~~nsos of s~rch proceeding, shall be additional indebtedness thereby secured. In t's~~ event of foreclosure and any sale thereunder, any abstract of the .ao]t- gaoed premises deposited with the Association shall b~co~r~e the prop,'=ty of the Association. (6) T^at each right, power, and re;T!ody herein conferred upon the ;nortcaaee is cumulative of every other rigi]t or rerr,~dy of the rnor~~;~7~.:c.e, •,whether herein or by law conferred, and ,~,ay be enforced concurrently therewith; that no waiver by the mortgagee to require or enforce p<-rsor- mance of the sa;r~e or any other of said covcnts; that ~~:hcr,~ver ti,e cGnte~t 'r]ereof requires, the plural number, as .used herein, shall include the singular. In order to further secure the aforesaid indebtedness evidenced by said note, the morgagors hereby tranfer, set over, and assign unto the said City of Canton, an.Illin©is mur±ici_.al corporation, the possession of and all the rents, issues, and profits 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 the hereinbefore described premises, or any part thereof, whether here- tofore or hereafter made or agreed to either by the mortgagors or by the mortgagee, under the power herein granted, it being the intention to hereby effect an absolute transfer and assignment of all such leases and agreements and the avails thereunder. And the said ,mortgagors .hereby irrevocably appoint the said City of Canton, an Illinois municipal corporation their attorney in fact, with full power of substitution, for the management of the said hereinbefore described premises and it may let and relet said premiss, or any party thereof, according to its own discretion and collect and receive all the rents, issues, and profits derived therefrom, and it aay bring or defend in its own name or in the name of the mortgagors any suits in connection with said premises and make such repairs to said premises as it considers expedient, all its acts and doings in connection therewith as their said attorney being hereby expressly ratified by the said mortgagors. This assignment and power of attorney shall be construed as a coven- ant running with the land, it shall become operative only in the event of default in the payment of the aforesaid monthly installments, or in the event of the breach of any of the mortgagors' covenants in the foregoing mortgage contained, and it shall continue in full force and effect until the aforesaid note shall be fully paid, at which tine it shall terminate. All rents, issues, and profits collected hereunder shall, at the option of the ;nort~~agee, be applied either in pay;nent of taxes, special as~:_ss- rnents, ir.sur~3nce pr.emiurns, and operating expenses, or in paj:ent of ' ire aforesaid ~nof_e. In the event of the exercise of this agreement and po-,~er of attorney, the said mortgagors agree to pay such reasonable rent as the =~]ortgagee may demand for such portion of said premises as they may occupy and a failure on their part to promptly pay such rent shall constitute a forci- ble entry and detainer. -4- ~oaK 4~"~ ~,, ~ct~ It is expressly understood and agreed by and between the mortca~~ors and the mortcagee that all rlg~itS ~=?~d OD-11CatiO^~ 1 ;"l :r_r ~..' c ,fit' -~~Je, assignment, and power of attorney si,al l extend io ~:,,d :-e i-~-~ r,~: -:~a on ': ~,e respective heirs, executors, a~~minist ators, suc~, _~~so_rs, ~.~~c ~ =~=':s of the ;norcagors and the mortcag~es. IN ~tiIT'~~SS WHEREOF, we rave hereunto set our r•_:nds and ~ _ ~'~s t'-,,~s 2 9th day o f ._ Maw-_ _______ ~ 19. 8 5 - INTERNATIONAL PLASTICS RECYCLING, INC., an Illinois corporation, Mortgagor, --- --- - r---- --- -- - - is ~-. ~~id"nt. Its Vice-Fiosldcnt. (/ , I, the undersigned, a Notary Public in and for said County, .in the State aforesaid, DO CERTIFY that James D. Schoenhard ,_ President; Carl B Schoenhard,_, ice-President; and ~ James G. Burke Corporate Secretary, personally known to me to be the same persons whose names are subscribed to the foregoing instrument, appeared before me this day in person, and acknowledged that they signed, sealed, and delivered the said instrument as their free and voluntary act, for the uses and purposes therein set forth, including the release and ~Naiver of t'r,e right of homestead. GIVEN under my hand and notaria seal, this 29th day of May _, 19 85 - ,~, Nota'~~ ~ j4 ~ ~'. G~ ,YV - ~:.• p ~ •' \y,/' ` ~~ .. S1'A'1'~ Ut'' 1LL1NUlb 1 SS. COUNTY OF FULTON ) ~~ IN THE CIRCUIT COURT OF THE tiItiTE{ JUDICIAL CIRCUIT OF ILLINOIS, FULTON COUNTY. ROBERT WHEELER, d/b/a ROBERT WHEELER AND SONS, and CHARLES WILLETT, vs. Plaintiff.S ED JUP,ACLK, No.___ 84-L _59-----_- .- - ---~---------------------_ ORDER - - ---------------- Defendant. THIS CAUSE coming on f_or Prelirlinary Pre-Trial Conference this 25t:i day of July, 1985; and, It having been made to appear to the Court that this matter has been settled and compromised; and, it having been further made to 'appear to the Court that one certain Lis Pendens Notice entitled in t~-iis cause and filed of record in the Fulton County Recorder's Office on Dec~mher 26_x, 19 ~4 as Instrument Number 84-9947 , /~ ^~~.,~ Moer~ It is, therefore, hereby ORDERED, ADJUDGED, AND DECREED AS FOLLOWS: That the Lis Pendens Notice entitled in the above cause and filed of record in the Fulton County Recorder's Office on December 26 19 84 as Instrument Plumber 84-9947 and w ic. a ects t e fol owing described real property, to-wit: Lot Number Twenty-three (23) of the Enterprise Industrial District per the Subdivision Plat thereof filed of record on October 26, 1984 at Slide 215 as Instrurent Number 84-8960, all being situated in the City of Canton, Fulton County, Illinois, be, and the same hereby is, quashed, all with the same force and effect as though said Lis Pendens Notice had never been filed of record. It Is Hereby further ORDERED that a copy of this Order shall be filed of record with the Fulton County Recorder. DATED: This 25th day of July, 1985. ENTc.R: .~ ~~~~'vc'~ ~ t ~d ~~~ /a L (~ 1 O ~ JUDGE ~S-1~~~~ $Tr~'E ^.= ~ IIN111C Cn('tit1" ' nq_T~~y ~ ^ T ISit,~'I?l!!iE, 1L- Ft'RricCp;~~~pp1TN~ oSu~~AYOF p.~ AT b~rr~l C ki. AND DU Y RECOR^ED IN VO! A;E.~ /" ,~`~, Cu~JFIT L~'~ , ,.~0~~~F 35071-u!irwis Ott~ce Sw:::y Cc Ottawp, III. J ~~ 2-1078 1 , THIS PLEDGE AGREEMENT, dated this 29th 19 85 between James G. Burke of Canton, an Illinois municipal corporation day of May , ("Pledgor") and the City ("Lender"}: W I T N E S S E T H WHEREAS, International Plastics Recycling, Inc., ("Borrower"), has entered into one or more Lcan Agreement(s) with Lender, bearing even date herewith; and, tidHEREAS, the execution and delivery of this Pledge Agreement is repaired by the said Lcan Agree,~ient (s) . ?'SOW, ~i~H ~REFGRE, Pledgor and Lender agree as iollo~~~s: 1. P1:-~'<c;e of Stock. For valuable consideration received i.o the full satisfaction of Pledgor, Pledgor hereby pled~~es, assigns and sets l cycling, Inc., over to Lender; all of Pledgor's International Plastics Re- stock (the "Stock") to partially secure the payment of all principal and _ interest heretofore or hereafter o~.~ing or outstanding under the Lcan Agreement(s). 2. Distribution on Stock; Voting Rights. So long as Pledaor neither does nor suffers any act to be done inconsistent with the Loan Agree.-vent(s) and so Iong as no "event of default" as defined in the Loan Agreement(s) shall have occurred and be continuing, Pledgor shall (a) have the right to receive all dividends on the Stock, (b) have the right to vote and give proxies and consents with res~~cct to the Stock and consent to or ratify action taken at, or waive any notice of, any meeting of shareholders with the same force and of foot as if s~~;ch shares •.a~ re not p] edged hereunder and LE>nder =hc~11 1~1V~ ~i'7y I7%~Ci~~5.3ry ~tialV(_'CS Of l~Ot1Cf?, Ct~nSi:r]i_S, c:nd ~~(~'.:l?CS Of attorney or proxies necessary to enable Pledgor to exercise any of the for_ego_ing rights, and (c) be entitled to exercise a1y subscription privileges accruing to Pledgor as the o~.aner of the Stock. 3. Rc_t~resentations :nd Warranties. Pledgor represents and ~.,arrants to Lender that (a) the Stuck is free and clear of any other lien, encumberance, equity, or claim of a third party, (b) Pledgor has full power and authority to pledge the Stock, and (<.} e,~~-iz ~..l;~~ce of Stock pledged hei_eunder is a va7.idly i:~s~_~~d, ~,_~lly ~,.3i_c], ::nd ;:,o-z-assessable ~har~. I,~',S/OCS: ] 0/1_/34 •~_ 1 ~ ,, ~. Discharoe of Pledge This Pledce Hgree:-~~_nt and the ="_,,uYit}' interest of Lender in the Stock created hereb}~ shall cuss and termi- nate at such time that all principal and interest owing by Borrower to Lender under the Loan Agreement(s) has been paid in full. Upon such termination, all rights and interests assigned and pledged hereby shall revert to Pledgor, his heirs and assigns, and the right, title and interest of Lender therein shall cease and the Stock shall forthwith be transferred and delivered to Pledgor. 5. Sale of Stock Permitted. If Borro~.aer first substitutes collateral that is satisfactory to Lender, Lender hereby agrees to coi:sent to (a) the sale by Plodoor of thn Stock, or, (b) the /cyclin.g, Inc. , rede;r~tion of the Stock by International Plastic s_ Re-_ provsned that, after any such sale or redemDtion,the balance of the Stock of Tni-Frr~a.tional Plas~ic~Reo}~~ling~-I?1c:hen outstanding is ciedged to Lender. Lender shall retain a full security interest in all Stock sold pursuant to this Paragraph 5, excluding rede,~~~tions. 6. Default Remedies. If an "event of default" as defined in the Loan Agreement(s) shall occur and be continuing, Lender shall have the right (a) to vote the Stock and to give all consents, ~.caivers, and ratifications in respect thereof, and (b) to exercise any oti;er right available to Under under I11.inois law. 7. Pledge of Stock. All outstanding Stock o~~°ned or sold by Plodoor shall retrain pledged in conformity with the Loan Agreement(s) first <<bove :~entioned and this Pledge I-_gio~:rent. ~. -:?;iC'i1.1(~ "-~-1t~~='~'_iitllt. `1i~iS i1:'d~~t'_ ~i~~CC'':~~:nt :.hall 'r;e binding --- -- upon the parties hereto nd upon c..~ch of their r~,•.~nective heirs, EXeCU~~O:CS, c-3dm1n15t=ratorS, personal rt=prC~.`=LntatlVi S, SllGCe~SOrS, i?~~ ~,y~'i';~~1;~5 t,'---_,-ij~F, ~lt?d~~or aIId T~C_'ndtr h~:VC'_ _-;(_'~_l7LL?d c~11p11C~3t_E' o~-i~:'~~a1s of this Pl~due T~grc~:~~t~nt as of the crate first ,:move :arittt.n. ~7 pr~'~~,~G'_. ~ ' CI~iY OF C~~~N~1'O~, :~n =Illinois < ~ ;;1t;nici_p a t,~~r;,t„-;:tion, - " ~ItS rig:il%O .- -- -- --- -- ------__ ----------- - ~~n " ~it . Cleik. L - f • . f 'f ~ .. _ ~ _ a J THIS PLEDGE AGREEMENT, dated this 29th day of May , 19 85 , between James D. Schoenhard _ _ ("Plodgor") and the City of Canton, an Illinois municical corporation ("Lender"): W I T N E S S E T H ttiHF~:EAS, International Plastics Recycling, Inc., ("Borrower"), has entered into one or more Loan Agreement(s) with Lender, bearing even date herowith; and, Tv:arRF_T.S, the execution and delivery of this Pledge Agrcerr~~nt is rcauir~d by the said Loan Agre~rnent(s). i~OW, i;:=;~<F,FORE, Plodgor and Ler,dcr a~Jroe as iollcws: 1. P1C'y_e Of StOCk. 140r ~'.~li~.?ble COn~id:?rdtlOri rE,CC-1VE?d t0 th` full satisfaction of Plodgor, Plodgor hereby pledues, assigns and sets lcycling, Inc., over to Lender, all of Pledaor's International Plastics Re- stock (the "Stock") to partially secure the payment of all principal and _ interest heretofore or hereafter o:ving or outstanding under the Loan Agreement(s). 2. Distribution on Stock; Voting Rights. So long as Plodgor neither does nor suffers any act to be done inconsistent with the Loan Agreement (s) and so long as no "event of default" as defined in the Loan Agreement(s) shall have occurred and be continuing, Plodgor shall (a) have the right to receive all dividends on the Stock, (h) have the right to vote and give proxies and consents with respect to t_}~e Stock and consent t_o or ratify action taken at, or waive any notice of, any meeting of shareholders with the same force and e r. fact as if such snares .acre not ~le~.~:~~d herc~~.mder ~:?",d Lc7-,der L J Sha_l_1 JI1.Vt? <i:1y I;('Ct'SSa.ry `.tia]_VerS Of ?~~~t1Ct?, CG:":S~'t~i S, .?11d ,':;~'rS ~~f attorney or proxies necessary to enable P1F~dgor to e:~ercise any of the foregoing rights, and (c) be entitled to exercise~~y subscription privilec,~s ~~ccruing to Plodgor as the owner of the Stock. 3. R,_r~resr_nt_ations and. ~ti'arranties. Plodgor represents and '~~arrants to Lrnder that (a) the Stock is free and clear of any other lien, cncumberance, equity, or claim of a third party, (b) Plodgor has full power and authority to pledge the Si.o~~k, and (~.) each share of Stork plodc~od herc~ul:~~i~>r is a ~~a]_;_dly i:~:=>>cd, -tiny ~~,~i_d, ar~d n~>n-~~Us~--ss~_b]e s~aro. ~{ : • 3 ~ S. Discharo,a of Pledge This Piet,-~ i-ire.,..-,=nt =snd the .,__urit~~ interest of Lender in the Stock created hereby shall cease and termi- nate at such time that all principal and interest owing by Borrower to Leader under the Loan Agreement(s) has been raid in full. Upon such t=_rmi:~ation, all rights and interests assigned and pledged hereby shall revert to Pl~door, his heirs and a:sigr.s, and the right, title and interest of Lender therein shall cease and the Stock shall forthwith be transferred and delivered to Pledgor. 5. Sale of Stock Per;nitted. If Borro=.ver first substitutes collatoral that is satisfactory to Lender, Lander hereby agreos to consent to (a) the sale by Pledgor of ti;~ Stock, or, (b) the ~cYcl'-n.g-. Inc. , r:~demr~tion of t'r,e Stock by International Plastics Re- proviced that, after any such sale or redemption, the valance of t'r,e Stock of In~rrationaL_Plastic~~2ecycling,_~nc`~en outstanding is n,c~~~?cd to Lrndar. Lender shall retain a full socurity interest in all Stock sold pursuant to this Paragraph 5, excluding redemptions. 6. Default Remedies. If an "event of default" as defined in the Lcan Agreement(s) shall occur and be continuing, Lender shall have the right (a) to vote the Stock and to give all consents, waivers, and ratifications in respect thereof, and (b) to exercise any oti;er right available to Lender under Illinois law. 7. Pledge of Stock. All outstanding Stock owned or sold by Pledgor shall retain pledged in conformity with the Loan Agreement(s) first above :mentioned and this Pledge Agreement. 8. Binding Aarneinent. This Pledge Agreement shall be binding upon the parties hereto and upon each of their respective heirs, executors, administrators, personal rcpres~ntatives, successors, _.-~d ~r~~i,ns. Iti ?,il`~''~~SS ?~~i~~1'1-~OF, Pledgor and L,_ndc_r h~:ve ~-3e~_~uLC~d duplicate orig~rals of this Pledge P.gree:~~ent as of the date first above written. P ~G CITY OF CANTON, an Illinois municip corporation, 'Y ---- BY: Its Mayo ATTEST: A ~_:_ c ]___ Lek "~/ l~!~~~~~P~.. _. - 2- } THIS PLEDGE AGREEMENT, dated this 29th day of May _, 19 85 between _ Carl B. Schoenhard _ ("Pledgor") ~~r,d the City of Canton, an Illinois municipal corporation ("Lender"}: W I T N E S S E T H ttiHExEAS, International Plastics Recycling, Inc., ("gorrower"), has entered into one or more Loan Agreement(s) with L~-nder, boaring oven date here:aith; and, "'?r~~?:AS, the execution and delivery of this Pledge A.grce~~~,>nt is r~qu.ir.~d by the said Loan Agreement(s). ~~OW, ~i~~'F~x1-:t'CRE, Plcdaor and Lender agreo as rollows: 1. Pl._~lce of Stock. For valu•=blo cor.si_~:3eration rocoived to tho full satlsf~~ctlGn of Ply=agor, Pledgor },c-r.~by ~l:,dges, asS?gr.S and sets cycling, Inc., over to Under, all of Pledgor's International Plastics Re- stock (the "Stock") to partially secure the pa;-went of all principal and interest heretofore or hereafter o~.ving or outstanding under the Loan Agreement (s) . 2. Distribution on Stock; Voting Rights. So long as Pledgor neither does nor suffers any act to be done inconsistent with the Loan AgmeT~ent (s) and so long as no "event of default" as defined in the Loan Agreement(s) shall 'nave occurred and be continuing, Pledgor shall (a).have the right to receive all dividends on the Stock, (b) have the right to vote and give pr~~xies and consents with Y"C'SpC~Ct t0 trie Stock nd COnSC'rit t0 or ratify <~Ct1Gn ~,:en •zt, or waive any notice of, any meeting of shareholders with the same force ilnd eTi2Ct aS 1f Su Ch SllareS were P.Ot pli~di~i?d h(=?-f1~l.lni ~~r ~=:''d I~i_'~i ~~i?r S~"la]_1 g1VO ~:1y I-1t~CC'SS~~3ry C4a1VerS Of 110ti~~('_, CG!::;i:IILS, ~:'_i~d ~:~CW~_CS of ~3ttorney or proxies nF_~cssary to enable Pledgor to exerci:~e any of the foregoing rights, ~:nd (c) be entitled to exercise ~y subscription privi]_egos accruing to Pledgor as the o•..~ner of the Stock. 3. Re-~rc~s~ntations and ,ti'arranties. Pled~:or represents and :aarranf_s to Le:~der that (a) the Stock is free and clear of any other lien, encu:nberance, equity, or claim of a third party, (b) Pledgor has full power and authority to pledge the Stock, and (c) c~-~ch ;hare of Stock plr_.dged hereunder is a va]_;_dly isr;ued, silty paid, nd non-assessa}~le sharo. !31'S/OCS: -10/1/04 .. 7 rn ' ~i J' $~-. .n.~rOe Of t~l~ :r' i:~1S P1~:~C? I,~re~.=.-_;, ~.~iQ tr;G _~_ .'~~il-iL~' interest of Lender in the Stock created hereby shall cease and tFrmi- nate at such time that all principal and interest owing by Borroker to Lender under the Lcan Agree-,cnt(s} has been paid in full. L':ion uch termination, all rights and interests ssian~d and pledg~_d hereby shall revert to Pledgor, his heirs and assigns, and the right, title and interest of LF-nder therein shall cease and the Stock shall forthwith be transfr-rred and delivered to Pledgor. 5. Sale of Stock Permitted. If Borrc~,aer first substitutes collateral teat is satisfactory to Lender, Lender hereby agrees to consent to (a) the sale by Pl~~c3_.or of the Stock, or, (b) the /cyclin.g, Inc., r~de?r,ption of the Stock by International Plastics Re- proviaed gnat, after any S11Ch sale or r~~c~=,nation, ~?~e 3]ance of the Stock of I11=rl7u-t~_ OIlaLP1,3Sf1C_S_1~~~~ C11I7-g ,--_.1110 ; h :: n L) ~,i t S ~ i.~ :~ d i n g 1- S D l ~~ d ~? ~ d to Lender. Lender shall retain a full security interest in all Stock sold pursuant to this Paragraph 5, excluding redemptions. 6. Default Remedies. If an "event of default" as defined in the Lcan Agreement(s) shall occur and be continuing, Lender shall have the right (a) to vote the Stock and to give all consents, waivers, and ratificaticr.s in respect thereof, and (b) to exercise any other right available to header >'nder Illinois law. 7. Pledge of Stock. All outstanding Stock owned or sold by Pledgor shall regain pledged in conformity with the Lcan Agreement(s) first above :mentioned and this Pledge Agreement. 8. Binding :"_~~re,=:Went. `~i,~.s Pledge Agreem~`nt ~-'nall be binding upon the parties hereto and upon each of their respective heirs, executors, administrators, personal representatives, successors, end :";1~,::s. IV :dI'~'~:ESS j~~~H-~,~~L'OF, t'lcdyor and Lender have executed ct~pli~.~te originals of this Pledge Ac~reE-:r,ent as of the date first above written. PL~DGOR: CITY OF CI:Ni'GN, an Illinois ;~~~-in.ic' al ,,orporation, ~~~ ~ Its ~~layor. aT`l~r:sT: ~ .~mayy Ci~ Clerk:/ - 2- t .. l i ~r ~ DGh ALR :~~.' "~T THIS PLEDGE AGREEMENT, dated this 29th day of _May_ _ , 19 85 between Henry_S. Dixon ("Pledgor") and the City of Canton, an I11_inois ;municipal corporation ("Lender"): W I T N E S S E T H tti'HEREAS, International Plastics Recycling, Inc., ("Borrower"), has entered into one or more Loan Agreement(s) with Lender, bearing even date here~:,~ith; and, v;1~;REAS, the execution and delivery of this Pledge Agree,~~ent is required by tine said Lcan ~crec.m~~nt (s) . PJOW, THFR::rORE, Pl,~dcor and Lender agree as follo~,Ts: 1. P1:_~'c;e of Stock. Eor valuable cor.sidoration r~~ccived to t?-,e full satisfaction of Pledgor, Pledgor hereby pledges, ~ssi~r.s •_nd sits over to Lender, all of Pledgor's International Plastics Re-cstoekg, Inc (the "Stock") to partially secure the payment of all principal and interest heretofore or hereafter o~.Ying or outstanding undf:r the Lcan Agreement(s). 2. Distribution on Stock; Voting Rights. So long as Pledgor neither does nor suffers any act to be done inconsistent ~.aith the Loan Agreement(s) and so long as no "event of default" as defined in the Loan Agreement(s) shall have occurred and be continuing, Pledgor shall (a).have the right to receive all dividends on the Stock, (b) have the right to vote and give proxies and consents with respect to the Stock and co, sent to or ratify action taken at, or waive any notice of, any meeting of shareholders with the same force and effect as if such shares were not pledged 1-,„~reu;der and Ler!der `:n~1.1 ~~7 LVe ,illy ni?CCS3~3Yy a~31VGrS of 1!Ot1~~P_, ('(=fir;'. i_ ~, i.S, ~ ,-!d ~?'~'r.' CS ~~f attorney or proxies necessary to enable Pleu~~or to (.xercise a;zy of the foregoing rights, and (c) be entitled to exercise~ny subscription privileges accruing to P1.=dyor as t-ne owner of the Stock. 3. Renresc_ntations and ,Warranties. Pledgor represents and ~:.arrani.s to Lender that (a) t_he Stock is free and clear of any other lien, encumberance, equity, or claim of a third party, (b) Pledgor has full power and authority to pledge the Stock, and f,c) (each share of Stock pl.eryed h(~rc~un~?er i_s a val~_dly i_ssuc_(l, fully I~,iid, ~.nd non-ass,~ss•~b1.e ;h~~rr'- '.i~S/Oc'S: 10/1/a4 7 ,_ ~i. D1SC;,3r~:e OT Pled::e T}~1S Pli::..0 .'~.7ZC'. _.,= ".:,d ti ~ .~_.,U~lt`' interest of Lender in the Stock created hereby shall cease and termi- nate at such time that all principal and interest owing by 3orrewer to Lender under the Loan Agre _:rient (s) his boon paid in full . ~:~on such termination, all rights and interests assic:ned and pl~_;3c::_•d hereby shall revert to Pledoor, his heirs and a.signs, and the right, title and interest of Lender therein s'r,all case and the Stock shall forthwith be transferred and delivered to Pledgor. 5. Sale of Stock Pe rnitted. If Borrower first substitutes ~:ollateral that is satisfactory to Lender, Le=nder hereby agrees to consent to (a) the sale by Pledoor of the Stock, or, (b) she /cyclin.g`, Inc. , redemption of the Stock by International Plastics Rc--- ,~ro~i~ed that, aftC'r 3riy SUCK sale Or rod~ml~tlon, the '03~3nCe Of t}",e StOC}C Of InternatioraL.Elastics-BPCycling,_Inct}-,on outstanding i s u1~~1<:ed to Lender. Lender shall retain a full security intcr~st in all Stock sold pursuant to this Paragraph S, excluding redemptions. 6. refault Remedies. If an "event of default" as defined in the Loan Agreement(s) shall occur and be continuing, Lender shall have the right (a) to vote the Stock and to give all consents, :caivers, and ratifications in respect thereof, and (b) to exercise any other right available to Lender under Illinois law. 7. Pledge of Stock. All outstanding Stock owned or sold by Pledgor shall remain pledged in conformity with the Loan Agreement(s) first above :nentioned and this Pledge I>_gro,~ment. 8. Bi,~ding Agr,_:_~nent. ':ibis Pl-..dye '~.grcv:~,~.~nt shall be binding upon the parties hereto and upon each of their resc~octive heirs, Cx(?CUtOrS, c3 di111n1StratOrS, personal represF?ntatlVeS, SllCCeSSOrS, ciid u:~.=1'j=~S. I~ `,vi'i`^:~;SS i~~Ilt,.:1=;OF, Pl ~d~Jor and Ler,~.irr h`.ve =~;_~:u ~~_d c~~plicate origina_1_s of This Plodge T_are~~r,~ent as of the date first above written. PL DGOR: s- ~~ - CI`T'Y OF CANTON, an Illinois :~-ninicip 1 cornoration, i3Y: _ , Its Ma or. ATTEST: __ - _ ~ ., - 2-