HomeMy WebLinkAboutResolution #3533S
RESOLUTION NO. 3533
A RESOLUTION APPROVING A LOAN AGREEMENT BETWEEN THE CITY OF
CANTON AND RONALD LONG, AND DIRECTING THE MAYOR AND CITY CLERK TO
EXECUTE AND DELIVER SAID AGREEMENT ON BEHALF OF THE CITY OF CANTON,
ILLINOIS.
WHEREAS, the Community and Industrial Development Committee has determined
that it is necessary and in the best interest of the City of Canton to enter into a loan agreement
with Ronald Long, hereto attached and herein incorporated as Exhibit "A"; and
WHEREAS, the Canton City Council has made a similar determination.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF CANTON, Fulton County, Illinois as follows:
1. That the loan agreement hereto attached as Exhibit "A" between the City of Canton
and Ronald Long is hereby approved.
2. That the Mayor and City Clerk are hereby authorized and directed to execute and
deliver said agreement on behalf of the City of Canton, Illinois.
3. That this Resolution shall be in full force and in effect immediately upon its passage
by the City Council of the City of Canton, Illinois.
PASSED by the City Council of the City of Canton, Fulton County, Illinois at a regular
meeting this 15th day of A~gtLGt- , 2000, upon a roll call vote as follows:
AYES: Al-dermen Molleck, Hartford, Sarff, Phillips, Nidiffer, Meade,
Shores, May.
NAYS: None.
ABSENT: Nose .
APP OVED:
onald E. dwards, Mayor
ATTEST:
a
an Whites, City Clerk
~' ~
LOAN AGREEMENT
This agreement dated ~'' ~ ~- ~ Q , 2000 is between the City of
Canton, an Illinois municipal corporation (hereinafter called "Lender"), and Ronald
Long, (hereinafter called "Borrower"). In consideration of the mutual covenants and
agreements contained herein, Lender and Borrower agree as follows:
1. Loan Terms:
Lender agrees to loan the principal sum of Eight Thousand Dollars ($8,000.00),
(hereinafter referred to as "loan"), to be disbursed as hereinafter provided, bearing
interest at the rate of five percent (5.0%) per annum from the date funds are advanced
hereunder. The term of the loan is for five (5) years from the above date.
This loan is evidenced by a promissory note of even date herewith made payable to
the City of Canton, an Illinois municipal corporation. Borrower agrees to use the loan
and its proceeds solely for activities as set forth in Lender's Revolving Loan Fund
Guidelines and in accordance with Lender's loan terms and conditions relating
thereto.
2. Repayment:
Repayment of this loan shall be made as follows:
2.1 Principal shall be paid in sixty (60) equal monthly installments of $150.97 each
commencing on the 1~` day of 9-~D - ~~ , 2000 and continuing every
month thereafter until said principal is fully paid.
2.2 Interest shall be paid on the unpaid principal balance at the rate of five percent
(5.0%) per annum with the first payment due on ~- ~ p ,
2000 and then continuing every month thereafter until said interest and principal
is fully paid.
2.3 Unpaid interest shall be added to principal and bear interest at the same rate as
noted above for said principal. Interest shall be considered unpaid if not received
by Lender within 7 calendar days following the due date.
2.4 Borrower shall pay a late charge of six percent (6.0%) of the payment due of
principal or interest if payment for any of these is not received within 7 calendar
days following the due date. The late charge shall be considered unpaid if not
received within 15 calendar days of the missed due date for which it was
imposed. Any unpaid late charge shall be added to principal and beaz interest at
the same rate as noted above for said principal. Acceptance of a late charge by
Lender shall not constitute a waiver of default.
2.5 Borrower shall have the right to prepay any and all interest and principal at any
time without penalty or additional interest.
3. Certifications:
On or before the date of the loan disbursement, the Borrower shall submit the
following documentations to Lender:
3.1 A current copy of the borrower's articles of incorporation or charter, if
corporation.
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 of Borrower's corporate resolution authorizing the
directing the execution and delivery by Borrower to Lender of this agreement and
all related documents.
4. Disbursement Procedure:
4.1 Disbursement shall take place after this loan agreement and the promissory note
(Exhibit 1) are executed, and the documentation called for in paragraph 3 above
and any other conditions precedent to disbursement of funds under this award are
fully satisfied.
4.2 In addition to any of the foregoing, loan funds will only be disbursed upon
completion of all of the following in form and substance satisfactory to the
Lender:
a. Collateral security agreement(s) specified in paragraph 8:
b. Evidence of compliance with other terms and conditions specified in
paragraph 18
4.3 Borrower shall maintain a separate ledger for funds obtained hereunder.
5. Reporting and Access Requirements:
Borrower understands that Lender is required to make annual, semi-annual, and other
periodic reports and audits to the Department of Commerce and Community Affairs
of the State of Illinois (DCCA) pursuant to Lender's agreement with DCCA.
Borrower agrees to make all of its books, accounts and other financial data available
to Lender, or, Lender's authorized agents (to include Lender's auditors) in support of
Lender's requirement to make such reports and audits. Borrower agrees at
borrower's expense, to provide Lender with certified abstracts of any such books,
accounts, or other financial data within (5) working days of Lender's written request
therefore.
6. Re-lending and Assignment:
6.1 Borrower shall not assign any right, title or interest in and to this agreement, or,
to any security pledged in repayment of this loan, or, relend any portion of the
loan funds received or to be received from Lender, without first obtaining
Lender's written consent thereto.
7. Default:
On the occurrence of any event of default as described below, Lender may declare all
of any portion of the debt and interest created hereby to be immediately due and
payable and may proceed to enforce its rights under this Loan agreement or any other
instruments securing or relating to this Loan and in accordance with the law and
regulations applicable hereto. Any of the following may, without limitation, be
regarded as an "event of default" in the sole discretion of the Lender
A. Failure, inability or unwillingness of Borrower to carry out or comply with the
specific activities in its loan application as approved by Lender, or Lender's loan
terms and conditions, or any terms or conditions of this Loan Agreement, or any
applicable federal or state laws, or with such DCCA 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 becoming insolvent or bankrupt, or ceasing,
being unable, or admitting in writing its inability, to pay its debts as they mature, or
making a general assignment with creditors; (2) proceedings for the appointment of a
receiver, trustee or liquidator of Borrower, as of a substantial part of its assets, being
authorized or instituted by or against it; or (3) proceedings under any bankruptcy,
reorganization, readjustment of debt, insolvency, dissolution, liquidation 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 DCCA 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 change in its financial or
other condition arising since the date of this agreement, which condition was an
inducement to this loan.
F. Any attempt by Borrower to assign any right, title or interest in and to this
agreement, or, to any security pledged in repayment of this loan without first
obtaining Lender's written consent thereto.
8. Collateral:
The Borrower pledges as collateral to secure its indebtedness under this loan
agreement, together with such other security as Lender may require, not to exceed in
value One Hundred Thirty Three percent (133.0 %) of principal and interest due
under this agreement.
A. The full and complete personal guarantee of Ronald Long
Per Exhibit 1 hereto attached and herein incorporated by reference.
9. Other Parties:
This loan agreement is not for the benefit of third parties. Lender shall not be 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 Expenses:
Borrower agrees to reimburse Lender for costs and expenses, court costs, reasonable
attorney fees, and all other out-of-pocket expenses paid by Lender in enforcing the
terms and conditions of this agreement occasioned by Borrower's failure to comply
with such terms and conditions. Borrower hereby irrevocably consents that all such
attorney fees, costs and expenses, and out-of-pocket expenses may be included in any
judgment awarded to Lender in any proceeding at law or in equity to enforce this
agreement.
Borrower hereby irrevocably empowers any attorney at any time hereafter to appear
for Borrower in any court in term time or vacation, and confess judgment against
Borrower, each or any of us, (as applicable), including any guarantor(s) hereof,
without process of this loan agreement in favor of any legal reasonable attorney's
fees, and to waive all right of appeal, release all errors and consent to immediate
execution.
11. Retention and Creation of Jobs:
Lender and Borrower recognize and agree that the loan provided by Lender to
Borrower is in direct support of Borrower's expressed intention of purchasing real
property and improvements thereto, industrial machinery and equipment, and other
diverse property to be located within Lender's corporate limits. Both Lender and
Borrower recognize and agree that presently existing jobs are expected to be retained
hereby and new jobs created. Borrower covenants and agrees to not remove jobs
retained or created by use of this loan from Lender's corporate limits during the term
of the loan as expressed in Paragraph 1 even though Borrower may sooner pay all
interest and principal hereunder without first obtaining Lender's written consent.
12. Notice:
Notice shall be given to any party hereto by United States mail, certified mail, return
receipt requested, and directed to the following addresses: To Lender -City Clerk,
City Building, 210 East Chestnut Street, Canton, IL 61520. To Borrower - 46 North
12th, Canton, IL 61520.
13. Successors and Assigns:
The loan agreement shall be binding upon Borrower and its successors and assigns
and upon Lender and its successors and assigns, and shall survive the closing of the
loan and disbursement of proceeds.
14. Applicable Laws:
Interpretation of the loan agreement shall be governed by the laws of the State of
Illinois.
15. Management of Borrower:
Except as provided to the contrary in this loan agreement, the Borrower shall have the
right: (1) to merge with or into any other corporation with Lender's prior written
consent, (2) to make a public offering of its stock, or, (3) to take any other corporate
action that the Borrower deems to be in its best interest.
16. Insurance:
Borrower agrees to keep the improvements now and hereafter 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 loan 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 of this loan and accrued interest and penalties thereto appertaining.
Borrower shall provide Lender with a copy of such insurance policy or policies and
shall show the Lender as mortgagee and loss payee thereon.
17. Retention of Records:
Borrower hereby agrees to retain intact all of its books, accounts, and other financial
data relating to this loan for a period of four (4) years following the end of
Borrower's fiscal year 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 national origin be denied the proceeds of, or be
subject to discrimination under the activities approved as a result of this loan.
Borrower agrees to comply with the applicable regulations promulgated by the Civil
Rights Act of 1964 and Section 623 of the Economic Opportunity Act of 1964, as
amended, 42, U.S.C., S 2971c.
IN WITNESS WHEREOF, Lender and Borrower have executed this agreement as of
the date first above-written.
PROMISSORY NOTE
Canton, Dlinois Date O -~ / -~~
For good and valuable consideration, I, Ronald Long, owner of property located at 26 South Main,
promise to pay to the order of the City of Canton, an Illinois Municipal Corporation, the sum of $8,000
together with interest, thereon at the rate of Five Percent (5%) per annum from the date hereof to and
including ~-.~,d •-GY~ (Date of 1" payment).
PAYMENT SCHEDULE:
(A) Payments shall be paid in sixty (60) equal monthly installments of $150.97 each commencing
on ~ •- X10 - CAD > and continuing every month thereafter until the principal is paid in full.
(B) Interest: Interest shall be paid on the unpaid principal balance at the rate of Five Percent (5%) per
annum with the first payment due on ~' ' ~O C~ O ,and then continuing every month
thereafter until said interest and principal is fully paid.
Unpaid interest shall be added to principal and bear interest at the same rate as noted above for
the principal. Interest shall be considered unpaid if not received by the City of Canton within 7 calendar
days following the due date. Borrower shall have the right to prepay any and all interest and principal at
any time without penalty or additional interest.
Ronald Long hereby irrevocably empowers any attorney at any time hereafter to appear for her in
any court in term time or vacation, and confess judgment against her including any guarantor 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 consent to immediate
execution. ~j
DATE his / of 2000
Sig ture ,
Address:
Ronald Long
46 North 12th
Canton, IL 61520
BORROWER:
Ronald Long
DATE: $ -/~ DD
ADDRESS: 46 North 120i
Canton, IL 61520
LENDER:
City of Canton, an Illinois municipal corporation
BY:
Mayor
DATE: $ -J ~- OO
ADDRESS: 210 E. Chestnut St.,
Canton, IL 61520
PHONE: (309) 647-4818 PHONE: (309) 647-0065/1288
GUARANTEE BY BORROWER
For value received, the undersigned, Ronald Long hereby guarantees payment of
the foregoing Note at maturity or at any time thereafter, with interest as specified therein,
waiving presentment, demand, notice, protect, and diligence in collecting, and we each of
us hereby irrevocably empower any attorney at any time thereafter to appear for us, either
or any of us, in any court in term time or in vacation, and confess judgment against us,
each of 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 waive all right of appeal, to release all errors
and consent to immediate execution.
/~~ ~
Si ned 4~'~a%~~/' l/Jn Date !~ "r ~~ ~d
g
Ronald Long
MORTGAGE AND LOAN ANALYSIS
Princi a 8,000.00
Ronald Long Annual interest rate a :8.25) 5.000
46 North 12th Len th ofloan in ears 5
Canton, IL 61520 Pa ment eriods er ear 12
Start date ofloan 9100
Payment due of each month
Month) a ments 150.97
Number of payments 60
Pay to: City of Canton, Community Development, 210 Princi a 8,000.00
East Chestnut St` , Canton, IL 61520 Total interest 1, 058.19
Total loan cost 9, 058.19
PAYMENT
NUMBER PAYMENT
DATE BEGINNING
BALANCE
INTEREST
PRINCIPAL
BALANCE ACCUMULATNE
INTEREST
1 9/00 8,000.00 33.33 117.64 7,882.36 33.33
2 10/00 7,882.36 32.84 118.13 7,764.24 66.18
3 11 /00 7, 764.24 32.35 118.62 7, 645.62 98.53
4 12/00 7,645.62 31.86 119.11 7,526.50 130.38
5 1/01 7,526.50 31.36 119.61 7,406.90 161.74
6 2/01 7,406.90 30.86 120.11 7,286.79 192.61
7 3/01 7,286.79 30.36 120.61 7,166.18 222.97
8 4/01 7,166.18 29.86 121.11 7,045.07 252.83
9 5/01 7,045.07 29.35 121.62 6,923.45 282.18
10 6/01 6,923.45 28.85 122.12 6,801.33 311.03
11 7/01 6,801.33 28.34 122.63 6,678.70 339.37
12 8/01 6,678.70 27.83 123.14 6,555.56 367.20
13 9/01 6,555.56 27.31 123.66 6,431.90 394.51
14 10/01 6,431.90 26.80 124.17 6,307.73 421.31
15 11 /01 6, 307.73 26.28 124.69 6,183.05 447.59
16 12101 6,183.05 25.76 125.21 6,057.84 473.36
17 1 /02 6, 057.84 25.24 125.73 5, 932.11 498.60
18 2/02 5,932.11 24.72 126.25 5,805.86 523.31
19 3/02 5,805.86 24.19 126.78 5,679.08 547.50
20 4/02 5,679.08 23.66 127.31 5,551.77 571.17
21 5/02 5,551.77 23.13 127.84 5,423.93 594.30
22 6/02 5,423.93 22.60 128.37 5,295.56 616.90
23 7/02 5,295.56 22.06 128.91 5,166.66 638.96
24 8/02 5,166.66 21.53 129.44 5, 037.22 660.49
25 9/02 5,037.22 20.99 129.98 4,907.23 681.48
26 10/02 4,907.23 20.45 130.52 4,776.71 701.93
27 11/02 4,776.71 19.90 131.07 4,645.64 721.83
28 12/02 4,645.64 19.36 131.61 4,514.03 741.19
29 1/03 4,514.03 18.81 132.16 4,381.87 760.00
30 2/03 4,381.87 18.26 132.71 4,249.16 778.25
31 3/03 4,249.16 17.70 133.27 4,115.89 795.96
32 4/03 4,115.89 17.15 133.82 3, 982.07 813.11
33 5/03 3, 982.07 16.59 134.38 3, 847.69 829.70
34 6103 3,847.69 16.03 134.94 3,712.76 845.73
35 7/03 3,712.76 15.47 135.50 3,577.26 861.20
36 8/03 3,577.26 14.91 136.06 3,441.19 876.11
37 9/03 3,441.19 14.34 136.63 3,304.56 890.45
38 10/03 3, 304.56 13.77 137.20 3,167.36 904.21
39 11 /03 3,167.36 13.20 137.77 3, 029.59 917.41
40 12/03 3, 029.59 12.62 138.35 2, 891.24 930.04
41 1 /04 2, 891.24 12.05 138.92 2, 752.32 942.08
42 2/04 2,752.32 11.47 139.50 2,612.82 953.55
43 3/04 2,612.82 10.89 140.08 2,472.73 964.44
44 4/04 2,472.73 10.30 140.67 2,332.07 974.74
45 5/04 2, 332.07 9.72 141.25 2,190.81 984.46
46 6/04 2,190.81 9.13 141.84 2, 048.97 993.58
47 7/04 2, 048.97 8.54 142.43 1, 906.54 1, 002.12
48 8/04 1,906.54 7.94 143.03 1,763.51 1,010.07
49 9/04 1, 763.51 7.35 143.62 1, 619.89 1, 017.41
50 10/04 1,619.89 6.75 144.22 1, 475.67 1, 024.16
51 11/04 1,475.67 6.15 144.82 1,330.85 1,030.31
52 12/04 1, 330.85 5.55 145.42 1,185.42 1, 035.86
53 1/05 1,185.42 4.94 146.03 1,039.39 1,040.80
54 2/05 1, 039.39 4.33 146.64 892.75 1, 045.13
55 3/05 892.75 3.72 147.25 745.50 1, 048.85
56 4/05 745.50 3.11 147.86 597.64 1, 051.95
57 5/05 597.64 2.49 148.48 449.16 1, 054.44
58 6/05 449.16 1.87 149.10 300.06 1, 056.32
59 7/05 300.06 1.25 149.72 150.34 1,057.57
60 8/05 150.34 0.63 150.34 0.00 1,058.19
Ctty Of Canton
DCCA Loan Account
210 E. Chestnut St.
Canton, lL 61520-2797
Pay to the
order
1002
8 70-130/711
/ 0~0 ~ ~ 5500700193
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/ 0'tJ
$ 8000, b o
Nonveat Bank Illinois, Nr4. S' ~/(j S
2 NoRh Main Sheet
Canton, IL 81520
i:07LL0L307~:
Dollars
.. /~ , ~ /,
5500 ?00L93~i' 69 Li 69L [i
LOAN AGREEMENT
This ageement dated , 2000 is between the City of
Canton, an Illinois municipal corporation (hereinafter called "Lender"), and Ronald
Long, (hereinafter called "Borrower"). In consideration of the mutual covenants and
ageements contained herein, Lender and Borrower agee as follows:
1. Loan Terms:
Lender agees to loan the principal sum of Eight Thousand Dollars ($8,000.00),
(hereinafter referred to as "loan"), to be disbursed as hereinafter provided, bearing
interest at the rate of five percent (5.0%) per annum from the date funds are advanced
hereunder. The term of the loan is for five (5) years from the above date.
This loan is evidenced by a promissory note of even date herewith made payable to
the City of Canton, an Illinois municipal corporation. Borrower agrees to use the loan
and its proceeds solely for activities as set forth in Lender's Revolving Loan Fund
Guidelines and in accordance with Lender's loan terms and conditions relating
thereto.
2. Repayment:
Repayment of this loan shall be made as follows:
2.1 Principal shall be paid in sixty (60) equal monthly installments of $150.97 each
commencing on the 1 ~` day of , 2000 and continuing every
month thereafter until said principal is fully paid.
2.2 Interest shall be paid on the unpaid principal balance at the rate of five percent
(5.0%) per annum with the first payment due on ,
2000 and then continuing every month thereafter until said interest and principal
is fully paid.
2.3 Unpaid interest shall be added to principal and bear interest at the same rate as
noted above for said principal. Interest shall be considered unpaid if not received
by Lender within 7 calendar days following the due date.
2.4 Borrower shall pay a late charge of six percent (6.0%) of the payment due of
principal or interest if payment for any of these is not received within 7 calendar
days following the due date. The late charge shall be considered unpaid if not
received within 15 calendar days of the missed due date for which it was
imposed. Any unpaid late charge shall be added to principal and bear interest at
the same rate as noted above for said principal. Acceptance of a late charge by
Lender shall not constitute a waiver of default.
2.5 Borrower shall have the right to prepay any and all interest and principal at any
time without penalty or additional interest.
3. Certifications:
On or before the date of the loan disbursement, the Borrower shall submit the
following documentations to Lender:
3.1 A current copy of the borrower's articles of incorporation or charter, if
corporation.
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 ageement.
3.3 If a corporation, a certified of Borrower's corporate resolution authorizing the
directing the execution and delivery by Borrower to Lender of this agreement and
all related documents.
4. Disbursement Procedure:
4.1 Disbursement shall take place after this loan agreement and the promissory note
(Exhibit 1) are executed, and the documentation called for in paragraph 3 above
and any other conditions precedent to disbursement of funds under this award are
fully satisfied.
4.2 In addition to any of the foregoing, loan funds will only be disbursed upon
completion of all of the following in form and substance satisfactory to the
Lender:
a. Collateral security agreement(s) specified in paragraph 8:
b. Evidence of compliance with other terms and conditions specified in
paragraph 18
4.3 Borrower shall maintain a separate ledger for funds obtained hereunder.
5. Reporting and Access Requirements:
Borrower understands that Lender is required to make annual, semi-annual, and other
periodic reports and audits to the Department of Commerce and Community Affairs
of the State of Illinois (DCCA) pursuant to Lender's agreement with DCCA.
Borrower agrees to make all of its books, accounts and other financial data available
to Lender, or, Lender's authorized agents (to include Lender's auditors) in support of
Lender's requirement to make such reports and audits. Borrower agrees at
borrower's expense, to provide Lender with certified abstracts of any such books,
accounts, or other financial data within (5) working days of Lender's written request
therefore.
6. Re-lending and Assignment:
6.1 Borrower shall not assign any right, title or interest in and to this agreement, or,
to any security pledged in repayment of this loan, or, relend any portion of the
loan funds received or to be received from Lender, without first obtaining
Lender's written consent thereto.
7. Default:
On the occurrence of any event of default as described below, Lender may declare all
of any portion of the debt and interest created hereby to be immediately due and
payable and may proceed to enforce its rights under this Loan agreement or any other
instruments securing or relating to this Loan and in accordance with the law and
regulations applicable hereto. Any of the following may, without limitation, be
regarded as an "event of default" in the sole discretion of the Lender
A. Failure, inability or unwillingness of Borrower to carry out or comply with the
specific activities in its loan application as approved by Lender, or Lender's loan
terms and conditions, or any terms or conditions of this Loan Agreement, or any
applicable federal or state laws, or with such DCCA 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 becoming insolvent or bankrupt, or ceasing,
being unable, or admitting in writing its inability, to pay its debts as they mature, or
making a general assignment with creditors; (2) proceedings for the appointment of a
receiver, trustee or liquidator of Borrower, as of a substantial part of its assets, being
authorized or instituted by or against it; or (3) proceedings under any bankruptcy,
reorganization, readjustment of debt, insolvency, dissolution, liquidation or other
similaz 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 DCCA in connection with the financial
assistance awazded hereunder which is false, incomplete or incorrect in any material
respect.
E. Failure of Borrower to remedy any material adverse change in its financial or
other condition arising since the date of this agreement, which condition was an
inducement to this loan.
F. Any attempt by Borrower to assign any right, title or interest in and to this
agreement, or, to any security pledged in repayment of this loan without first
obtaining Lender's written consent thereto.
8. Collateral:
The Borrower pledges as collateral to secure its indebtedness under this loan
agreement, together with such other security as Lender may require, not to exceed in
value One Hundred Thirty Three percent (133.0 %) of principal and interest due
under this agreement.
A. The full and complete personal guazantee of Ronald Long
Per Exhibit 1 hereto attached and herein incorporated by reference.
9. Other Parties:
This loan agreement is not for the benefit of third parties. Lender shall not be under
any obligation to any such parties, whether directly or indirectly interested in the loan
agreement, to pay any chazges or expenses incident to compliance by Borrower with
any of the duties or obligations imposed hereby.
10. Costs and Eapenses:
Borrower agrees to reimburse Lender for costs and expenses, court costs, reasonable
attorney fees, and all other out-of-pocket expenses paid by Lender in enforcing the
terms and conditions of this agreement occasioned by Borrower's failure to comply
with such terms and conditions. Borrower hereby irrevocably consents that all such
attorney fees, costs and expenses, and out-of-pocket expenses may be included in any
judgment awarded to Lender in any proceeding at law or in equity to enforce this
agreement.
Borrower hereby irrevocably empowers any attorney at any time hereafter to appear
for Borrower in any court in term time or vacation, and confess judgment against
Borrower, each or any of us, (as applicable), including any guarantor(s) hereof,
without process of this loan agreement in favor of any legal reasonable attorney's
fees, and to waive all right of appeal, release all errors and consent to immediate
execution.
11. Retention and Creation of Jobs:
Lender and Borrower recognize and agree that the loan provided by Lender to
Borrower is in direct support of Borrower's expressed intention of purchasing real
property and improvements thereto, industrial machinery and equipment, and other
diverse property to be located within Lender's corporate limits. Both Lender and
Borrower recognize and agree that presently existing jobs are expected to be retained
hereby and new jobs created. Borrower covenants and agrees to not remove jobs
retained or created by use of this loan from Lender's corporate limits during the term
PROMISSORY NOTE
Canton, Dlinois
Date
For good and valuable consideration, I, Ronald Long, owner of property located at 26 South Main,
promise to pay to the order of the City of Canton, an Illinois Municipal Corporation, the sum of $8,000
together with interest, thereon at the rate of Five Percent (5%) per annum from the date hereof to and
including (Date of 1'` payment).
PAYMENT SCHEDULE:
(A) Payments shall be paid in sixty (60) equal monthly installments of 5150.97 each commencing
on ,and continuing every month thereafter until the principal is paid in full.
(B) Interest: Interest shall be paid on the unpaid principal balance at the rate of Five Percent (5%) per
annum with the first payment due on and then continuing every month
thereafter until said interest and principal is fully paid.
Unpaid interest shall be added to principal and bear interest at the same rate as noted above for
the principal. Interest shall be considered unpaid if not received by the City of Canton within 7 calendar
days following the due date. Borrower shall have the right to prepay any and all interest and principal at
any time without penalty or additional interest.
Ronald Long hereby irrevocably empowers any attorney at any time hereafter to appear for her in
any wort in term time or vacation, and confess judgment against her including any guarantor hereof,
without process, of this Note in favor of any legal holder, for all sums owing hereon, interest, vests, and
reasonable attorney's fees, and to waive all right of appeal, release all errors and wnsent to immediate
execution.
DATED: This day of
2000
Signature
Address:
Ronald Long
46 North 12th
Canton, IL 61520
GUARANTEE BY BORROWER
For value received, the undersigned, Ronald Long hereby guarantees payment of
the foregoing Note at maturity or at any time thereafter, with interest as specified therein,
waiving presentment, demand, notice, protect, and diligence in collecting, and we each of
us hereby irrevocably empower any attorney at any time thereafter to appear for us, either
or any of us, in any court in term time or in vacation, and confess judgment against us,
each of 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 waive all right of appeal, to release all errors
and consent to immediate execution.
Signed
Date
Ronald Long
MORTGAGE AND LOAN ANALYSIS
Ronald Long rnna a 8,000.00
Annual interest rate a :8.25 5
000
46 North 1Zth Len of/oan m ears .
5
Canton, IL 61520 Pa ment nods rear 12
Start date of/oan 9/00
Payment due of each month
Monthry payments 150 97
Number of payments 60
Pay to: City of Canton, Community Development, 210 Princi a 8
000
00
East Chestnut St., Canton, IL 61520 rora~inrerest ,
.
1 058.19
Totalloan cost 9,058.19
PAYMENT
NUMBER
1 PAYMENT
DATE
9/00 BEGINNING
BALANCE
8,000.00
INTEREST
33.33
PRINCIPAL
117.64
BALANCE
7,882.36 ACCUMULATNE
INTEREST
33.33
2 10/00 7, 882.36 32.84 118.13 7, 764.24 66.18
3 11/00 7,764.24 32.35 118.62 7 645.62 98.53
4 12/00 7,645.62 31.86 119.11 7,526.50 130.38
5 1 /01 7, 526.50 31.36 119.61 7 406.90 161.74
6 2/01 7,406.90 30.86 120.11 7,286.79 192.61
7 3/01 7,286.79 30.36 120.61 7,166.18 222.97
8 4/01 7,166.18 29.86 121.11 7,045.07 252.83
9 5/01 7,045.07 29.35 121.62 6 923.45 282.18
10 6/01 6,923.45 28.85 122.12 6,801.33 311.03
11 7/01 6,801.33 28.34 122.63 6,678.70 339.37
12 8/01 6,678.70 27.83 123.14 6,555.56 367.20
13 9/01 6,555.56 27.31 123.66 6,431.90 394.51
14 10/01 6,431.90 26.80 124.17 6,307.73 421.31
15 11/01 6,307.73 26.28 124.69 6,183.05 447.59
18 12/01 6,183.05 25.76 125.21 6, 057.84 473.36
17 1/02 6,057.84 25.24 125.73 5,932.11 498.60
18 2/02 5, 932.11 24.72 126.25 5, 805.86 523.31
19 3/02 5,805.86 24.19 126.78 5,679.08 547.50
20 4/02 5 679.08 23.66 127.31 5,551.77 571.17
21 5/02 5,551.77 23.13 127.84 5,423.93 594.30
22 6/02 5,423.93 22.60 128.37 5,295.56 616.90
23 7/02 5,295.56 22.06 128.91 5,166.66 638.96
24 8/02 5,166.66 21.53 129.44 5, 037.22 660.49
25 9/02 5 037.22 20.99 129.98 4,907.23 681.48
26 10/02 4, 907.23 20.45 130.52 4, 776.71 701.93
27 11/02 4,776.71 19.90 131.07 4,645.64 721.83
28 12/02 4,645.64 19.36 131.61 4,514.03 741.19
29 1/03 4,514.03 18.81 132.16 4 381.87 760.00
30 2/03 4 381.87 18.26 132.71 4,249.16 778.25
31 3/03 4,249.16 17.70 133.27 4,115.89 795.96
32 4/03 4,115.89 17.15 133.82 3, 982.07 813.11
33 5/03 3,982.07 16.59 134.38 3,847.69 829.70
34 6/03 3,847.69 16.03 134.94 3,712.76 845.73
35 7/03 3,712.76 15.47 135.50 3,577.26 861.20
36 8/03 3,577.26 14.91 136.06 3,441.19 876.11
37 9/03 3,441.19 14.34 136.63 3,304.56 890.45
38 10/03 3,304.56 13.77 137.20 3,167.36 904.21
39 11 /03 3,167.36 13.20 137.77 3, 029.59 917.41
BORROWER: LENDER:
Ronald Long City of Canton, an Illinois municipal corporation
BY:
Mayor
DATE:
ADDRESS: 46 North 12~'
Canton, IL, 61520
PHONE: (309) 647-4818
DATE:
ADDRESS: 210 E. Chestnut St.,
Canton, IL 61520
PHONE: (309) 647-0065/1288